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Ceres Agriculture Fund Limited (“Ceres”) is a Guernsey domiciled, closed-ended investment company established to invest in an actively managed portfolio of primarily exchange-traded agricultural commodity contracts and derivatives.
The Company is managed by FourWinds Capital Management.
Ceres raised US$134 million in a placing by Landsbanki Securities (UK) Limited and FourWinds Capital Management and joined the London Stock Exchange and the Official List of the Financial Services Authority in November of 2007.
The Company ticker is CROP.
The Company aims to provide capital appreciation through diversified exposure to an actively managed portfolio of primarily exchange-traded agricultural commodity contracts and derivatives and other agricultural commodity related investments.
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THE RISK OF LOSS IN TRADING COMMODITIES CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IN CONSIDERING WHETHER TO AUTHORIZE SOMEONE ELSE TO TRADE FOR YOU, YOU SHOULD BE AWARE OF THE FOLLOWING: IF AN ENTITY PURCHASES A COMMODITY OPTION YOU MAY SUSTAIN A TOTAL LOSS OF THE PREMIUM AND OF ALL TRANSACTION COSTS.
IF AN ENTITY PURCHASES OR SELLS A COMMODITY FUTURE OR SELLS A COMMODITY OPTION, IT MAY SUSTAIN A TOTAL LOSS OF THE INITIAL MARGIN FUNDS AND ANY ADDITIONAL FUNDS THAT ARE ON DEPOSIT WITH THEIR BROKER TO ESTABLISH OR MAINTAIN THE POSITION. IF THE MARKET MOVES AGAINST THAT POSITION, THE ENTITY MAY BE CALLED UPON BY THE BROKER TO DEPOSIT A SUBSTANTIAL AMOUNT OF ADDITIONAL MARGIN FUNDS, ON SHORT NOTICE, IN ORDER TO MAINTAIN THE POSITION. IF THE ENTITY DOES NOT PROVIDE THE REQUIRED FUNDS WITHIN THE PRESCRIBED TIME, THE POSITION MAY BE LIQUIDATED AT A LOSS, AND THE ENTITY WILL BE LIABLE FOR ANY RESULTING DEFICIT IN THE ACCOUNT.
UNDER CERTAIN MARKET CONDITIONS, THE ENTITY MAY FIND IT DIFFICULT OR IMPOSSIBLE TO LIQUIDATE A POSITION. THIS CAN OCCUR, FOR EXAMPLE, WHEN THE MARKET MAKES A “LIMIT MOVE”.
THE PLACEMENT OF CONTINGENT ORDERS BY A TRADING ADVISOR, SUCH AS A “STOP-LOSS” OR “STOP-LIMIT” ORDER, WILL NOT NECESSARILY LIMIT YOUR LOSSES TO THE INTENDED AMOUNTS, SINCE MARKET CONDITIONS MAY MAKE IT IMPOSSIBLE TO EXECUTE SUCH ORDERS.
A “SPREAD” POSITION MAY NOT BE LESS RISKY THAN A SIMPLE “LONG” OR “SHORT” POSITION. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY TRADING CAN WORK AGAINST THE INVESTOR AS WELL AS FOR THE INVESTOR. THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS.
IN SOME CASES, MANAGED COMMODITY ACCOUNTS ARE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT AND ADVISORY FEES. IT MAY BE NECESSARY FOR THOSE ACCOUNTS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A COMPLETE DESCRIPTION OF EACH FEE TO BE CHARGED TO THE INVESTORS ACCOUNT BY THE COMMODITY TRADING ADVISOR OR ITS MANAGER.
THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ASPECTS OF THE COMMODITY MARKETS. THE INVESTOR SHOULD THEREFORE CAREFULLY STUDY THE FULL DISCLOSURE DOCUMENT AND COMMODITY TRADING AGREEMENT BEFORE INVESTING IN THE TRADE PROGRAM, INCLUDING THE DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT AS DESCRIBED IN THE DISCLOSURE DOCUMENT.
THIS COMMODITY TRADING ADVISOR IS PROHIBITED BY LAW FROM ACCEPTING FUNDS IN THE TRADING ADVISOR’S NAME FROM A CLIENT FOR TRADING COMMODITY INTERESTS. YOU MUST PLACE ALL FUNDS FOR TRADING IN THIS TRADING PROGRAM DIRECTLY WITH A FUTURES COMMISSION MERCHANT OR THE FUND ADMINISTRATOR.
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