December 2009 Monthly Report

 

TIDMCROP 
 
RNS Number : 3498F 
Ceres Agriculture Fund Limited 
12 January 2010 
 

 
Ceres Agriculture Fund - 
Release of December 2009 Monthly Report 
 
 
The Ceres Agriculture Fund Limited ("Ceres"), a new 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 December 2009. 
 
 
Overall Ceres was flat (0.00%) during the month leading to a composite 
annualised return of -0.97%.  This was primarily driven by gains in the 
tropicals and offset by losses in grains, livestock and fibers sectors. 
 
 
A summary of performance is shown below. 
 
 
+-------------+---------+-----------------------------+-----------------------------+ 
| Performance (USD Share Class):                      | 
+-----------------------------------------------------+ 
|    Date     |  NAV    |                        Fund (Net)                         | 
|             |         |                                                           | 
+-------------+---------+-----------------------------------------------------------+ 
|  31/12/07   |    1.02 |                                                     2.00% | 
+-------------+---------+-----------------------------------------------------------+ 
|  31/01/08   |    1.03 |                                                     0.98% | 
+-------------+---------+-----------------------------------------------------------+ 
|  29/02/08   |    1.06 |                                                     2.91% | 
+-------------+---------+-----------------------------------------------------------+ 
|  31/03/08   |    1.04 |                                                    -1.89% | 
+-------------+---------+-----------------------------------------------------------+ 
|  30/04/08   |    1.05 |                                                     0.96% | 
+-------------+---------+-----------------------------------------------------------+ 
|  31/05/08   |    1.05 |                                                     0.00% | 
+-------------+---------+-----------------------------------------------------------+ 
|  30/06/08   |    1.09 |                                                     3.81% | 
+-------------+---------+-----------------------------------------------------------+ 
|  31/07/08   |    1.07 |                                                    -1.83% | 
+-------------+---------+-----------------------------------------------------------+ 
|  31/08/08   |    1.07 |                                                     0.00% | 
+-------------+---------+-----------------------------------------------------------+ 
|  30/09/08   |    1.05 |                                                    -1.87% | 
+-------------+---------+-----------------------------------------------------------+ 
|  31/10/08   |    1.04 |                                                    -0.95% | 
+-------------+---------+-----------------------------------------------------------+ 
|  30/11/08   |    1.04 |                                                     0.00% | 
+-------------+---------+-----------------------------------------------------------+ 
|  31/12/08   |    1.04 |                                                     0.00% | 
+-------------+---------+-----------------------------------------------------------+ 
|  31/01/09   |    1.03 |                                                    -0.96% | 
+-------------+---------+-----------------------------------------------------------+ 
|  28/02/09   |    1.02 |                                                    -0.97% | 
+-------------+---------+-----------------------------------------------------------+ 
|  31/03/09   |    1.02 |                                                     0.00% | 
+-------------+---------+-----------------------------------------------------------+ 
|  30/04/09   |    1.03 |                                                     0.98% | 
+-------------+---------+-----------------------------------------------------------+ 
|  31/05/09   |    1.05 |                                                     1.94% | 
+-------------+---------+-----------------------------------------------------------+ 
|  30/06/09   |    1.03 |                                                    -1.90% | 
+-------------+---------+-----------------------------------------------------------+ 
|  31/07/09   |    1.03 |                                                     0.00% | 
+-------------+---------+-----------------------------------------------------------+ 
|  31/08/09   |    1.01 |                                                    -1.94% | 
+-------------+---------+-----------------------------------------------------------+ 
|  30/09/09   |    1.01 |                                                     0.00% | 
+-------------+---------+-----------------------------------------------------------+ 
|  31/10/09   |    0.98 |                                                    -2.97% | 
+-------------+---------+-----------------------------------------------------------+ 
|  30/11/09   |    0.98 |                                                     0.00% | 
+-------------+---------+-----------------------------------------------------------+ 
|  31/12/09   |    0.98 |                                                     0.00% | 
+-------------+---------+-----------------------------+-----------------------------+ 
 
 
Performance Statistics: 
+-----------------------+---------+--------------+ 
|                       |   Ceres | DJ UBS AG TR | 
+-----------------------+---------+--------------+ 
| Average Monthly       |  -0.08% |       -0.47% | 
| Return                |         |              | 
+-----------------------+---------+--------------+ 
| Largest Monthly       |   3.81% |       16.21% | 
| Return                |         |              | 
+-----------------------+---------+--------------+ 
| Largest Monthly Loss  |  -2.97% |      -16.48% | 
+-----------------------+---------+--------------+ 
| Comp. Annualised      |  -0.97% |       -5.46% | 
| Return                |         |              | 
+-----------------------+---------+--------------+ 
| Percent Winning       |     64% |          56% | 
| Months*               |         |              | 
+-----------------------+---------+--------------+ 
| Sharpe Ratio (5%)     |    Neg. |         Neg. | 
+-----------------------+---------+--------------+ 
| Standard Deviation    |   5.61% |       31.30% | 
+-----------------------+---------+--------------+ 
| Maximum Drawdown      | -10.09% |      -46.82% | 
+-----------------------+---------+--------------+ 
| Months in Max         |      18 |           22 | 
| Drawdown              |         |              | 
+-----------------------+---------+--------------+ 
| Months to Recover     |     N/A |          N/A | 
+-----------------------+---------+--------------+ 
* Positive months or flat 
 
 
Breakdown by sector: 
+-----------------------+---------+ 
| Grains                |     44% | 
+-----------------------+---------+ 
| Fibers                |      4% | 
+-----------------------+---------+ 
| Tropicals             |     16% | 
+-----------------------+---------+ 
| Livestock             |     17% | 
+-----------------------+---------+ 
| Other                 |     15% | 
+-----------------------+---------+ 
| Cash                  |      4% | 
+-----------------------+---------+ 
 
 
Breakdown by strategy: 
+-----------------------+---------+ 
| Discretionary Trading |     92% | 
|                       |         | 
+-----------------------+---------+ 
| Systematic Trading    |      4% | 
+-----------------------+---------+ 
| Cash                  |      4% | 
+-----------------------+---------+ 
 
 
Trade horizon allocation: 
+-----------------------+---------+ 
| Short term            |     32% | 
+-----------------------+---------+ 
| Medium term           |     44% | 
+-----------------------+---------+ 
| Long term             |     20% | 
+-----------------------+---------+ 
| Cash                  |      4% | 
+-----------------------+---------+ 
 
 
Contribution by sector (during the month): 
+-----------------------+---------+ 
| Grains                |  -0.08% | 
+-----------------------+---------+ 
| Fibers                |  -0.03% | 
+-----------------------+---------+ 
| Tropicals             |   0.18% | 
+-----------------------+---------+ 
| Livestock             |  -0.04% | 
+-----------------------+---------+ 
| Other                 |  -0.03% | 
+-----------------------+---------+ 
 
 
 
 
A full report is available on the Company website: www.ceresagriculture.com 
 
 
 
 
Further enquiries: 
 
 
FourWinds Capital Management, Investment Manager and Co-Placing Agent 
Kimberly Tara     [e-mail] 
 
 
Cenkos Securities plc, Corporate Broker 
Will Rogers [phone] 
Dion Di Miceli [phone] 
 
 
HSBC Securities Services (Guernsey) Limited, Administrator 
Tel: [phone] 
 
 
Citigate Dewe Rogerson, PR Advisor 
Sarah Gestetner /Lindsay Noton [phone] 
 
 
 
 
End. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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