January 2010 Monthly Report

 

TIDMCROP 
 
RNS Number : 0269H 
Ceres Agriculture Fund Limited 
12 February 2010 
 

 
Ceres Agriculture Fund - 
Release of January 2010 Monthly Report 
 
The Ceres Agriculture Fund Limited ("Ceres"), 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 January 2010. 
 
Overall Ceres gained 1.58% during the month leading to a composite annualised 
return of -0.46%.  This was primarily driven by strong performance in grains, 
livestock and tropicals. 
 
Due to investor inquires about NAV, the Company will now be providing NAV and 
performance calculation to 4 decimals places.  Historical numbers will be 
updated to reflect this increase in detail. Official NAV's will continue to be 
rounded to 2 decimal places. 
 
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%    | 
+----------+------------+------------+-------------+ 
*  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   |  -0.04% |   -0.81% | 
| Return            |         |          | 
+-------------------+---------+----------+ 
| Largest Monthly   |   3.81% |   16.21% | 
| Return            |         |          | 
+-------------------+---------+----------+ 
| Largest Monthly   |  -2.97% |  -16.48% | 
| Loss              |         |          | 
+-------------------+---------+----------+ 
| Comp. Annualised  |  -0.46% |   -9.29% | 
| Return            |         |          | 
+-------------------+---------+----------+ 
| Percent Winning   |     65% |      54% | 
| Months*           |         |          | 
+-------------------+---------+----------+ 
| Sharpe Ratio (5%) |    Neg. |     Neg. | 
+-------------------+---------+----------+ 
| Standard          |   5.54% |   31.26% | 
| Deviation         |         |          | 
+-------------------+---------+----------+ 
| Maximum Drawdown  | -10.09% |  -46.82% | 
+-------------------+---------+----------+ 
| Months in Max     |      19 |       23 | 
| Drawdown          |         |          | 
+-------------------+---------+----------+ 
| Months to Recover |     N/A |      N/A | 
+-------------------+---------+----------+ 
* Positive months or flat 
 
Breakdown by sector: 
+-------------------+------+ 
| Grains            |  41% | 
+-------------------+------+ 
| Fibers            |   3% | 
+-------------------+------+ 
| Tropicals         |  15% | 
+-------------------+------+ 
| Livestock         |  16% | 
+-------------------+------+ 
| Other             |  14% | 
+-------------------+------+ 
| Cash              |  11% | 
+-------------------+------+ 
 
Breakdown by strategy: 
+-------------------+------+ 
| Discretionary     |  85% | 
| Trading           |      | 
+-------------------+------+ 
| Systematic        |   4% | 
| Trading           |      | 
+-------------------+------+ 
| Cash              |  11% | 
+-------------------+------+ 
 
Trade horizon allocation: 
+-------------------+------+ 
| Short term        |  30% | 
+-------------------+------+ 
| Medium term       |  41% | 
+-------------------+------+ 
| Long term         |  18% | 
+-------------------+------+ 
| Cash              |  11% | 
+-------------------+------+ 
 
Contribution by sector (during the month): 
+-------------------+--------+ 
| Grains            |  1.07% | 
+-------------------+--------+ 
| Fibers            | -0.02% | 
+-------------------+--------+ 
| Tropicals         |  0.30% | 
+-------------------+--------+ 
| Livestock         |  0.28% | 
+-------------------+--------+ 
| Other             | -0.05% | 
+-------------------+--------+ 
 
 
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] 
 
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. 
 
 
End. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCLLFVFFFILLII