DWS Invest Global Agribusiness FC

ISIN: LU0273147834Koers per datum: 13-5-2022Uitgiftekoers: 253,90
 Valuta: EURVerkoopkoers: 253,90

Stephan Werner


Fondsbeheerder sinds: 15-9-2016
Beheer locatie: Duitsland


Huidige opmerking

Performance in February was driven by a recovery in nutrient scarcity, speciality food and seed technology. The market looked through a potential trough quarter for fertilizer stocks. Prices across the NPK complex increased worldwide and early indication shows optimism of farmers could be reflected soon in good volume purchases. In seeds and nutrients climate issues in Brazil, Australia, California and parts of SE Asia improved the sentiment of soft commodities and hence the mood of farmers. Given the recent strong demand data one could see a continuation of this trend. Within the detractors there are mainly. Eastern European companies to be found. The recent political stand off in the Ukraine, although structurally highlighting the omni present threat of a food supply shock, had a negative impact on a couple of holdings. The reports of fourth quarter earnings has been strengthening our view of disciplined capital usage by managements, a continued positive trend in health food market shares as well as fundamentals turning around for nutrients, seeds and crop prices.

Vorige opmerkingen

  • 01/2014: Fundamentally, the Agribusiness theme recovered during the month of January. Crop prices stabilized, fertilizer prices flattened or trended upwards as in the case of nitrogen and some managements gave a realistic 2014 operational outlook. The market, however, only rewarded specific food producers in the field of convenience and organic, predominantly with exposure to the US and Europe. Emerging market exposed companies such as SAB and Shoprite took an operational unjustified hit. Equity markets were concerned about exchange rates, growth expectations and deficits in emerging markets. Unfortunately, there are early signs of supply disruptions occurring: Australia got hit by another major drought which influenced our holding in Graincorp, California reported centennial drought with massive implications for global fruit, vegetable and almond supply and Brazil faces record temperature in parts of the country. Crop volumes might have to be revised down and demand is on the way up. China boosted imports for corn in December 2013 to record levels. This is a function of cheaper prices, higher demand and very low domestic inventories.

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  • 12/2013: Stabilization in the global nutrient market, expectation for good fertilizer demand for 2014 and more positive talks about a renewal of BPC, the Russian/Belarussian potash marketing and distribution association helped many of our upstream exposed stocks in December. The continuation of balance sheet optimization at PotashCorp, CF Industries specifically led investors to take a new look at these companies mid to long-term performance potential. This positive performance has been accompanied by selective midcap success stories such as Greencore, the Irish producer of sandwiches and snacks. Exposure via KWS, Vilmorin, where the global farmers’ next year balance sheets give hope for decent volume and price increases going forward. On the negative side, some emerging market exposure has hurt the performance. The performance was less driven by company and business fundamentals but rather macro fears for South Africa and market sentiment for Brazil. With recent food trade trends we continue to see stronger demand from emerging food markets that take up all of the recently observed good crop sizes from the US and Brazil.

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