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From Precy Dumlao, Opalesque Asia:
The Lumix AgroDirect Fund, the Latin American agriculture-focused fund managed by Switzerland-based Lumix Capital Management returned 0.41% in May and 10.77% since inception in August ’09. The results came in after almost 95% of all the fund’s crops had been harvested, said the fund manager in a newsletter last week.
Lumix’ CEO Gonzalo Fernandez Castro said that they started to collect data on operating costs last month which would give them a better position to estimate the value of the fund’s investments.
At the same time, Lumix, which has $4m in AuM as at end of May this year, said that its commodity trade finance investments, which represent 25% of the fund’s portfolio, have continued to yield within the expected annual yield range of 10-12%, providing a solid basis of return for a significant part of the fund’s portfolio.
Lumix Capital opened the Lumix AgroDirect Fund to outside investors in September ’09, a month after the fund’s launching in the hope or raising $100m in AuM. It has yet to realize that target.
El Niño did not have major impact on yield
Castro explained that Lumix has to continue to have a well-thought geographical, managerial and crop diversification strat...................... To view our full article Click here
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