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: | LU0350836341 |
WKN: | A0NGGE |
Category: | Fund Sector Equity Agriculture |
VG/KVG: | DJE Investment S.A. |
Fund Manager: | 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: | |
Financial Year: | 01.01. - 31.12. |
Launch Date: | 02/06/2008 |
Fund currency: | |
Fund Size (27/03/2024): | 31,68 Mio |
TER p.a. (29/12/2023): | 1,06% |
Reference Index: | - |
Fees
Management Fee p.a.: | 0,650% |
Custodian Fee p.a.: | 0,060% |
Ratings & Awards (27/03/2024)
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): | 8,021 |
Environment Rating (0-10): | 5,433 |
Social Rating (0-10): | 5,571 |
Governance-Rating(0-10): | 6,653 |
ESG rating in comparison group (0% lowest, 100% highest value): | 100,000% |
Peergroup: |
Equity Theme - Agribusiness
(36 Fonds) |
Coverage rate ESG rating: | 97,629% |
Weighted average CO₂ intensity (tons of CO₂ per 1 million US dollars in sales): | 192,285 |
Portfolio allocation according to ESG rating of individual securities
Report date: 29/02/2024
- 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
Risk metrics (27/03/2024) |
|
---|---|
Standard Deviation (2 years): | 9,70% |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -6,49% |
Maximum Drawdown (1 year): | -6,09% |
Sharpe Ratio (2 years): | -0,86 |
Correlation (1 years): | - |
Beta (1 years): | - |
Treynor Ratio (1 years): | - |
Top Country Allocation (29/02/2024) |
|
---|---|
United States | 27,47% |
Japan | 7,91% |
United Kingdom | 6,92% |
Switzerland | 6,46% |
Ireland | 5,72% |
Asset Allocation (29/02/2024) |
|
---|---|
Stocks | 86,16% |
Cash | 13,84% |
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
- Price risks for bonds, particularly when interest rates on the capital markets rise
- 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
Monthly Commentary
The risks to the supply of raw materials undoubtedly increased in February due to the ongoing attacks by Houthi rebels on ships in the Red Sea. Many shipping companies are now rerouting their cargo ships via the Cape of Good Hope. However, this inevitably increases freight costs and consequently the price for the end customer in Europe and the USA. As a result, fertilisers produced in the Middle East are now increasingly sold in Asia and no longer reach Europe or the east coast of North America. Competitive pressure in the area of fertilisers and other raw materials, e.g. pulp, should therefore tend to decrease further in this country. In the event of an expansion of the military conflict, even stronger price increases cannot be ruled out. Thanks to the predominantly mild weather in the northern hemisphere, there are also signs of early sowing, which should benefit agricultural companies. As part of the reporting season, the fund's performance also benefited from convincing annual results from suppliers of water treatment plants.