April 2010 Monthly Report
May 13 2010 - 2:00AM
UK Regulatory
TIDMCROP
RNS Number : 8142L
Ceres Agriculture Fund Limited
13 May 2010
Ceres Agriculture Fund -
Release of April 2010 Monthly Report
The Ceres Agriculture Fund Limited ("Ceres" or the "Company"), the Guernsey
domiciled, closed-ended investment company established to invest in an actively
managed portfolio of exchange-traded agricultural commodity contracts and
derivatives managed by FourWinds Capital Management is pleased to announce its
results for the month of April 2010.
Overall Ceres was negative -1.85% during the month leading to a composite
annualised return of -2.53%. This was primarily driven by losses in the
tropicals, grains and other sectors.
A summary of performance is shown below.
Performance (USD Ordinary Shares):
+----------+------------+------------+-------------+
| DATE | Official | NAV/share | Fund |
| | Rounded | to four |Performance |
| |NAV/share* |decimals** | |
+----------+------------+------------+-------------+
|31/12/07 | 1.02 | 1.0170 | 1.70% |
+----------+------------+------------+-------------+
|31/01/08 | 1.03 | 1.0321 | 1.48% |
+----------+------------+------------+-------------+
|29/02/08 | 1.06 | 1.0558 | 2.30% |
+----------+------------+------------+-------------+
|31/03/08 | 1.04 | 1.0410 | -1.40% |
+----------+------------+------------+-------------+
|30/04/08 | 1.05 | 1.0452 | 0.21% |
+----------+------------+------------+-------------+
|31/05/08 | 1.05 | 1.0496 | 0.41% |
+----------+------------+------------+-------------+
|30/06/08 | 1.09 | 1.0903 | 3.88% |
+----------+------------+------------+-------------+
|31/07/08 | 1.07 | 1.0718 | -1.70% |
+----------+------------+------------+-------------+
|31/08/08 | 1.07 | 1.0706 | -0.11% |
+----------+------------+------------+-------------+
|30/09/08 | 1.05 | 1.0478 | -2.13% |
+----------+------------+------------+-------------+
|31/10/08 | 1.04 | 1.0422 | -0.54% |
+----------+------------+------------+-------------+
|30/11/08 | 1.04 | 1.0371 | -0.75% |
+----------+------------+------------+-------------+
|31/12/08 | 1.04 | 1.0371 | 0.01% |
+----------+------------+------------+-------------+
|31/01/09 | 1.03 | 1.0291 | -0.77% |
+----------+------------+------------+-------------+
|28/02/09 | 1.02 | 1.0235 | -0.54% |
+----------+------------+------------+-------------+
|31/03/09 | 1.02 | 1.0195 | -0.39% |
+----------+------------+------------+-------------+
|30/04/09 | 1.03 | 1.0292 | 0.62% |
+----------+------------+------------+-------------+
|31/05/09 | 1.05 | 1.0456 | 1.60% |
+----------+------------+------------+-------------+
|30/06/09 | 1.03 | 1.0322 | -1.28% |
+----------+------------+------------+-------------+
|31/07/09 | 1.03 | 1.0257 | -0.63% |
+----------+------------+------------+-------------+
|31/08/09 | 1.01 | 1.0148 | -1.06% |
+----------+------------+------------+-------------+
|30/09/09 | 1.01 | 1.0112 | -0.36% |
+----------+------------+------------+-------------+
|31/10/09 | 0.98 | 0.9834 | -2.74% |
+----------+------------+------------+-------------+
|30/11/09 | 0.98 | 0.9770 | -0.67% |
+----------+------------+------------+-------------+
|31/12/09 | 0.98 | 0.9779 | 0.05% |
+----------+------------+------------+-------------+
|31/01/10 | 0.99 | 0.9940 | 1.58% |
+----------+------------+------------+-------------+
|28/02/10 | 0.98 | 0.9776 | -1.64% |
+----------+------------+------------+-------------+
|31/03/10 | 0.96 | 0.9632 | -2.08% |
+----------+------------+------------+-------------+
|30/04/10 | 0.94 | 0.9423 | -1.85% |
+----------+------------+------------+-------------+
* Official NAV's are rounded to 2 decimals.
**NAV/share provided to 4 decimals for informational purposes.
Performance Statistics:
+-------------------+---------+----------+
| | Ceres | DJ UBS |
| | | AG TR |
+-------------------+---------+----------+
| Average Monthly | -0.21% | -0.79% |
| Return | | |
+-------------------+---------+----------+
| Largest Monthly | 3.81% | 16.21% |
| Return | | |
+-------------------+---------+----------+
| Largest Monthly | -2.97% | -16.48% |
| Loss | | |
+-------------------+---------+----------+
| Comp. Annualised | -2.53% | -9.12% |
| Return | | |
+-------------------+---------+----------+
| Percent Winning | 59% | 55% |
| Months* | | |
+-------------------+---------+----------+
| Sharpe Ratio (5%) | Neg. | Neg. |
+-------------------+---------+----------+
| Standard | 5.57% | 30.14% |
| Deviation | | |
+-------------------+---------+----------+
| Maximum Drawdown | -11.76% | -46.82% |
+-------------------+---------+----------+
| Months in Max | 22 | 26 |
| Drawdown | | |
+-------------------+---------+----------+
| Months to Recover | N/A | N/A |
+-------------------+---------+----------+
* Positive months or flat
Breakdown by sector:
+-------------------+------+
| Grains | 39% |
+-------------------+------+
| Fibers | 3% |
+-------------------+------+
| Tropicals | 19% |
+-------------------+------+
| Livestock | 21% |
+-------------------+------+
| Other | 13% |
+-------------------+------+
| Cash | 5% |
+-------------------+------+
Breakdown by strategy:
+-------------------+------+
| Discretionary | 93% |
| Trading | |
+-------------------+------+
| Systematic | 2% |
| Trading | |
+-------------------+------+
| Cash | 5% |
+-------------------+------+
Trade horizon allocation:
+-------------------+------+
| Short term | 41% |
+-------------------+------+
| Medium term | 46% |
+-------------------+------+
| Long term | 8% |
+-------------------+------+
| Cash | 5% |
+-------------------+------+
Contribution by sector (during the month):
+-------------------+--------+
| Grains | -0.14% |
+-------------------+--------+
| Fibers | -0.06% |
+-------------------+--------+
| Tropicals | -1.41% |
+-------------------+--------+
| Livestock | 0.05% |
+-------------------+--------+
| Other | -0.28% |
+-------------------+--------+
A full report is available on the Company's website: www.ceresagriculture.com
Further enquiries:
FourWinds Capital Management, Investment Manager
Kimberly Tara info@fourwindscm.com
Cenkos Securities plc, Corporate Broker
Peter Hindmarsh +44 (0)20 7397 1983
Will Rogers +44 (0)20 7397 1920
HSBC Securities Services (Guernsey) Limited, Administrator
Tel: +44 (0) 1481 707 000
Citigate Dewe Rogerson, PR Advisor
Kevin Smith /Lindsay Noton +44 207 638 9571
Ceres is a Guernsey-domiciled Authorised Closed-ended investment scheme pursuant
to section 8 of the Protection of Investors (Bailiwick of Guernsey) Law 1987, as
amended and rule 6.02 of the Authorised closed-ended Investment Schemes Rules
2008.
The ordinary shares of the Company ("Shares") have not been and will not be
registered under the US Securities Act of 1933, as amended ("Securities Act") or
the US Investment Company Act of 1940, or with any securities regulatory body or
any state or other jurisdiction in the United States and, subject to certain
exceptions, may not be offered or sold in the United States or to or for the
account or benefit of US persons (as such term is defined in Regulation S under
the Securities Act) absent registration under the Securities Act or an
applicable exemption from such registration. No public offering of any shares in
the Company is being, or has been, made in the United States.
FUTURES AND OPTIONS TRADING HAS LARGE POTENTIAL REWARDS, BUT ALSO LARGE
POTENTIAL RISKS. YOU MUST BE AWARE OF THE RISKS AND BE WILLING TO ACCEPT THEM IN
ORDER TO INVEST IN THE FUTURES AND OPTIONS MARKETS AND IN ORDER TO INVEST IN THE
COMPANY. DO NOT TRADE OR INVEST WITH MONEY YOU CAN'T AFFORD TO LOSE. THIS
ANNOUNCEMENT AND ITS CONTENTS ARE NEITHER A SOLICITATION NOR AN OFFER TO BUY OR
SELL FUTURES, STOCKS OR OPTIONS ON THE FUTURES OR OPTIONS MARKETS. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT OR INVESTMENT WILL OR IS LIKELY TO
ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE DISCUSSED IN THIS ANNOUNCEMENT (IF
ANY). THE PAST PERFORMANCE OF ANY TRADING SYSTEM OR METHODOLOGY IS NOT
NECESSARILY INDICATIVE OF FUTURE RESULTS.
PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN
CONNECTION WITH POOLS WHOSE PARTICIPANTS ARE LIMITED TO QUALIFIED ELIGIBLE
PERSONS, AN OFFERING MEMORANDUM FOR THE COMPANY IS NOT REQUIRED TO BE, AND HAS
NOT BEEN FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION
DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A POOL OR UPON THE ADEQUACY OR
ACCURACY OF AN OFFERING MEMORANDUM. CONSEQUENTLY, THE COMMODITY FUTURES TRADING
COMMISSION HAS NOT REVIEWED OR APPROVED ANY OFFERING BY THE COMPANY OR ANY
OFFERING MEMORANDUM FOR THE COMPANY.
End.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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