Key information
The fund invests primarily in equities that are directly or indirectly involved in agriculture or the food value chain. The asset allocation is managed independently of any benchmark constraints and the investment level can be reduced to 51% in difficult periods. Agricultural and food companies are expected to benefit from the structurally rising world population and drive long-term value appreciation. However, in the short term significant price fluctuations in agricultural commodities are possible. The fund refrains from investing in physical commodities or any derivatives, which benefit from rising food prices.
Responsible manager since inception
Key information
| ISIN: | LU0350835707 |
| WKN: | A0NGGC |
| Category: | Fund Sector Equity Agriculture |
| Minimum Equity: | 51% |
| Partial Exemption of Income ¹: | 30% |
| VG/KVG: | DJE Investment S.A. |
| Fund Management: | DJE Kapital AG |
| Risk Category: | 4 |
| This sub-fund/fund promotes ESG features in accordance with Article 8 of the Disclosure Regulation (EU Nr. 2019/2088). | |
| Type of Share: | distribution |
| Financial Year: | 01.01. - 31.12. |
| Launch Date: | 02/06/2008 |
| Fund currency: | EUR |
| Fund Size (05/09/2024): | 29,53 Mio EUR |
| TER p.a. (29/12/2023): | 2,06 % |
| Reference Index: | - |
Fees
| Initial Charge: | 5,000 % |
| Management Fee p.a.: | 1,650 % |
| Custodian Fee p.a.: | 0,060 % |
|
Performance Fee p.a.: 10% of the [Hurdle: exceeding 6% p.a.] unit value performance, provided the unit value at the end of the settlement period is higher than the highest unit value at the end of the previous settlement periods of the last 5 years [High Water Mark Principle]. The settlement period begins on 1 January and ends on 31 December of a calendar year. Payment is made at the end of the accounting period. For further details, see the sales prospectus. |
Ratings & Awards (05/09/2024)
| Morningstar*: |
|
|
Awards: €uro Eco Rating A Finanzen Verlag, Mountain View Q3 2023 |
All ESG information presented here relates to the fund portfolio shown and is sourced from MSCI ESG Research, a leading provider of environmental, social and governance analysis and ratings.
| MSCI ESG RATING (AAA-CCC): | AA |
| ESG-Qualityrating (0-10): | 8,006 |
| Environment Rating (0-10): | 5,369 |
| Social Rating (0-10): | 5,427 |
| Governance-Rating(0-10): | 6,987 |
| ESG rating in comparison group (0% lowest, 100% highest value): | 89,580 % |
| Peergroup: |
Equity Theme - Agribusiness
(48 Fonds) |
| Coverage rate ESG rating: | 99,775 % |
| Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 175,804 |
Portfolio allocation according to ESG rating of individual securities
Report date: 30/08/2024
- The fiscal treatment depends on the personal circumstances of the respective client and can be subject of change in the future.
- is proprietary to Morningstar and/or ist content providers may not be copied or distributed and is not warranted ob e accurate, complete or timely. Neither Morningstar nor ist content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Perfomance Chart
Performance in Percent
Rolling performance in %
Risk metrics (05/09/2024) |
|
|---|---|
| Standard Deviation (2 years): | 8,40 % |
| Tracking Error (1 years): | - |
| Value at Risk (99% / 20 days): | -5,58 % |
| Maximum Drawdown (1 year): | -6,14 % |
| Sharpe Ratio (2 years): | -0,86 |
| Correlation (1 years): | - |
| Beta (1 years): | - |
| Treynor Ratio (1 years): | - |
Country allocation total portfolio (% NAV)
*Note: Cash position is included here because it is not assigned to any country or currency.
Data: Anevis Solutions GmbH, own illustration 30/08/2024
Top Country Allocation in % of Fund Volume (30/08/2024) |
|
|---|---|
| United States | 19,88 % |
| United Kingdom | 16,12 % |
| Switzerland | 10,07 % |
| Japan | 5,77 % |
| Denmark | 4,74 % |
Asset allocation in % of the fund volume (30/08/2024) |
|
|---|---|
| Stocks | 85,21 % |
| Cash | 14,79 % |
Investment strategy
Aside from world population growth, the increasing demand for protein-rich foods resulting from rising living standards in developing countries is the main driver of agricultural prices. Moreover, increasing urbanisation is contributing to a shortfall of farmland, which is slowing the closing of the supply gap. According to the Food and Agriculture Organization of the United Nations (FAO), droughts and floods could reduce worldwide crop yields by another 20% to 40% in future. To alleviate this looming food shortfall, the demand for modern farm machinery and irrigation equipment, efficient seeds, pesticides and fertilizers, aquaculture and suitable animal feed is likely to increase significantly. The investment concept of DJE - Agrar & Ernährung is to select companies that benefit from these trends. In the case of falling commodity prices the fund, can benefit from investments within the food sector. To reduce risk the fund seeks to diversify the portfolio both thematically and regionally.
Chances
- Active portfolio management constantly monitors the industry
- Risk spreading via the professional selection of securities
- Attractive growth prospects in the agriculture and food sector
Risks
- Issuer country and credit risks
- Increased risk of price fluctuations resulting from focus on specific sectors
- Equity prices may exhibit relatively strong fluctuations depending on market conditions
- Price risks for bonds, particularly when interest rates on the capital markets rise
Target group
Der Fonds eignet sich für Anleger
- who wish to take advantage of global investment opportunities in this sector
- who seek a promising but more speculative mix of investments
- with a medium- to long-term investment horizon
Der Fonds eignet sich nicht für Anleger
- who are not prepared to accept increased volatility
- with a short-term investment horizon
- who seek safe returns
Monthly Commentary
Due to the escalation of the political conflict in the Middle East, renewed disruptions along the food value chain cannot be ruled out. Delivery delays and higher freight costs could well fuel the price spiral that had calmed down in the meantime. However, given the relatively high export share of the fertilizer market, the failure of Iranian and Israeli fertilizer deliveries in particular is likely to make global market supplies more difficult. Since China is also currently restricting its fertilizer exports, it would not be surprising if major importing countries such as India soon came up with a new import tender procedure in order to be able to continue to ensure their own food security. Despite seasonally weak results in the second quarter, the equity positions in the fertilizer segment were largely maintained in July. With the positioning with one of the largest Australian grain traders, the portfolio also continues to benefit from the increasing demand for wheat in various developing countries that are not adequately served by Russia.