Morningstar Fund Report  | 05/04/2025Print

Barings Global Agriculture Fund - Class I GBP Acc

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Barings Global Agriculture Fund - Class I GBP Acc
Fund26.714.8-16.1-9.2-0.5
+/-Cat11.918.8-9.8-9.21.5
+/-B’mrk-14.0-0.55.8-6.2-2.9
 
Category: Sector Equity Agriculture
Category Benchmark: Morningstar Gbl Agricul Inp...
Key Stats
NAV
04/04/2025		 GBX 291.10
Day Change -1.15%
Morningstar Category™ Sector Equity Agriculture
IA (formerly IMA) Sector Commodities and Natural Resources
ISIN GB00B3B9VD63
Fund Size (Mil)
03/04/2025		 GBP 65.90
Share Class Size (Mil)
03/04/2025		 GBP 46.83
Max Initial Charge -
Ongoing Charge
15/11/2024		  0.95%
Investment Objective: Barings Global Agriculture Fund - Class I GBP Acc
The Fund aims to provide a total return, including both capital growth and dividend income (after fees have been deducted), in excess of MSCI All Country World Index (ACWI) Net Total Return Index over a rolling five year period by investing in equity and equity related securities in the agricultural sector. The Fund will seek to achieve its investment objective by investing at least 70% of its Net Asset Value directly and indirectly in equities and equity-related securities in any issuer, including those in developed and emerging markets, where the majority of earnings of issuers or holding issuers are derived from activities related to any commodities which are grown or raised, commonly known as agricultural or soft commodities.
Returns
Trailing Returns (GBP)04/04/2025
YTD-3.48
3 Years Annualised-10.60
5 Years Annualised8.79
10 Years Annualised4.56
12 Month Yield 0.88
Management
Manager Name
Start Date
James Govan
30/10/2013
Piers Aldred
01/03/2021
Inception Date
26/02/2010

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI ACWI NR USDMorningstar Gbl Agricul Inputs NR USD
Portfolio Profile for  Barings Global Agriculture Fund - Class I GBP Acc28/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock99.250.0099.25
Bond0.000.000.00
Property0.000.000.00
Cash0.770.020.75
Other0.000.000.00
Top 5 Regions%
United States54.94
Europe - ex Euro15.76
Canada7.47
Eurozone5.64
United Kingdom4.75
Top 5 Sectors%
Consumer Defensive36.70
Basic Materials33.85
Industrials16.99
Real Estate5.80
Consumer Cyclical4.70
Top 5 HoldingsSector%
Nutrien LtdBasic MaterialsBasic Materials7.41
Corteva IncBasic MaterialsBasic Materials7.24
CNH Industrial NVIndustrialsIndustrials5.57
Deere & CoIndustrialsIndustrials4.39
Bunge Global SAConsumer DefensiveConsumer Defensive4.38
Increase Decrease New since last portfolio
Barings Global Agriculture Fund - Class I GBP Acc
Growth Of 1000 (GBP) 31/03/2025
Fund:  Barings Global Agriculture Fund - Class I GBP Acc
Category:  Sector Equity Agriculture
Category Index:  Morningstar Gbl Agricul Inputs NR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-7.4920.005.0226.6714.85-16.14-9.18-0.46
+/- Category2.276.99-3.4811.9318.79-9.76-9.191.47
+/- Category Index-7.2717.26-4.01-13.99-0.545.84-6.21-2.86
% Rank in Category4015777979526
Trailing Returns (GBP)04/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-1.15   0.121.92
1 Week-5.02   -3.08-2.41
1 Month-4.62   0.18-4.05
3 Months-4.37   -0.49-2.23
6 Months-8.95   -2.26-5.88
YTD-3.48   -0.52-3.30
1 Year-13.77   -7.44-7.33
3 Years Annualised-10.60   -1.491.56
5 Years Annualised8.79   3.39-3.51
10 Years Annualised4.56   1.17-0.84
 
Category: Sector Equity Agriculture
Category Index: Morningstar Gbl Agricul Inputs NR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-0.46---
20241.99-5.70-0.31-5.28
2023-2.88-7.77-0.76-5.65
202217.14-10.136.612.33
202117.05-0.164.124.11
2020-23.0712.498.0712.29
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearBelow AverageAbove Average2 star
5-YearAbove AverageHigh3 star
10-YearAbove AverageHigh3 star
Overall*Above AverageHigh3 star
 
Category :  Sector Equity AgricultureClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev15.79 %
3-Yr Mean Return-8.29 %
 
3-Yr Sharpe Ratio-0.80
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar Gbl Agricul Inputs NR USD  Morningstar Gbl Agricul Inputs NR USD
3-Yr Beta0.740.74
3-Yr Alpha-2.66-2.66
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 11000-
Market Capitalisation% of Equity
Giant2.13
Large27.78
Medium43.85
Small26.25
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings14.900.85
Price/Book1.500.72
Price/Sales0.930.89
Price/Cash Flow9.020.84
Dividend-Yield Factor2.801.17
 
Long-Term Projected Earnings Growth8.390.93
Historical Earnings Growth-13.732.97
Sales Growth-0.38-0.11
Cash-Flow Growth1.880.20
Book-Value Growth7.141.10
 
Category: Sector Equity Agriculture
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock99.250.0099.25
Bond0.000.000.00
Property0.000.000.00
Cash0.770.020.75
Other0.000.000.00
World Regions28/02/2025
 % of EquityRelative to Category
United States54.941.23
Canada7.471.24
Latin America3.052.63
United Kingdom4.750.71
Eurozone5.640.32
Europe - ex Euro15.761.06
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan2.490.74
Australasia1.611.29
Asia - Developed4.302.85
Asia - Emerging0.000.00
 
Category: Sector Equity Agriculture
Sector Weightings28/02/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials33.851.68
Consumer CyclicalConsumer Cyclical4.700.48
Real EstateReal Estate5.806.73
Consumer DefensiveConsumer Defensive36.700.98
HealthcareHealthcare1.950.25
IndustrialsIndustrials16.990.82
 
Category: Sector Equity Agriculture
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings35
Total Number of Bond Holdings0
Assets in Top 10 Holdings48.10
NameSectorCountry% of Assets
Nutrien Ltd101Canada7.41
Corteva Inc101United States7.24
CNH Industrial NV310United States5.57
Deere & Co310United States4.39
Bunge Global SA205United States4.38
CF Industries Holdings Inc101United States4.34
Weyerhaeuser Co104United States4.00
The Mosaic Co101United States3.88
Darling Ingredients Inc205United States3.62
Novonesis (Novozymes) B Class B101Denmark3.28
 
Increase Decrease New since last portfolio
Category: Sector Equity Agriculture
 
Management
Name of CompanyBaring Fund Managers Ltd
Phone+44 20 76286000
WebsiteBeaufort House
Address51 New North Road
 Devon   EX4 4EP
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date26/02/2010
Fund Advisor(s)
Baring Asset Management Ltd
Fund ManagerJames Govan
Manager Start Date30/10/2013
Career Start Year2002
 
Biography
James joined Barings as an investment analyst on the Global Resources Fund in 2008 and was promoted to portfolio manager in 2010. He is the co-manager of the Barings Global Resources Fund and the Barings Global Agriculture Fund. Prior to Barings, James worked as an Assistant Fund Manager on a UK equity long/short hedge fund at BC Asset Management between June 2002 and January 2008. James holds a BSc in Banking and International Finance from Cass Business School, City University, London. He was awarded the Investment Management Certificate in 2002 and the CFA designation in 2006.
Fund ManagerPiers Aldred
Manager Start Date01/03/2021
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.75%
Ongoing Charge0.95%
Purchase Details
Minimum Investments
Initial10000000  GBP
Additional500  GBP
Savings-
Tax Free Savings Schemes
ISAsYes