Panda Agriculture & Water Fund F.I.
Equity · Global · Sector
Figures refer to the share class ISIN ES0114633003, currency EUR.
Recent performance
The EUR class returned +11.91% over one year to 2026-09-30. The WSP comparator (MSCI ACWI NR EUR) returned +20.97%, a difference of -9.05 percentage points. Over the final three months, the fund returned +4.94%.
Key facts
- Associated firm
- Gesiuris Asset Management SGIIC
- Asset class
- Equity
- Geography
- Global
- Strategy
- Sector
- Share class currency
- EUR
- Share class inception
- 30.04.2013
- Fund size
- 17 million (as at 14.09.2026)
- Management fee
- 1.80%
- Performance fee
- No
- UCITS
- Yes
- Registered in Switzerland
- No (qualified investors only)
Performance in context
Growth from the same starting value
Fund · WSP comparator: MSCI ACWI NR EUR
Exact chart values
| Month | Fund | WSP comparator: MSCI ACWI NR EUR |
|---|---|---|
| 2023-09 | 100.00 | 100.00 |
| 2023-10 | 92.48 | 96.51 |
| 2023-11 | 97.76 | 101.98 |
| 2023-12 | 104.65 | 105.96 |
| 2024-01 | 103.95 | 108.79 |
| 2024-02 | 102.70 | 113.51 |
| 2024-03 | 105.61 | 117.55 |
| 2024-04 | 103.45 | 115.04 |
| 2024-05 | 107.43 | 117.84 |
| 2024-06 | 107.87 | 121.90 |
| 2024-07 | 112.15 | 122.54 |
| 2024-08 | 112.87 | 122.74 |
| 2024-09 | 114.68 | 124.96 |
| 2024-10 | 112.31 | 125.28 |
| 2024-11 | 117.70 | 133.61 |
| 2024-12 | 115.77 | 132.41 |
| 2025-01 | 121.94 | 136.97 |
| 2025-02 | 120.85 | 136.18 |
| 2025-03 | 119.84 | 125.67 |
| 2025-04 | 120.68 | 121.18 |
| 2025-05 | 124.60 | 127.54 |
| 2025-06 | 124.62 | 128.65 |
| 2025-07 | 125.56 | 134.54 |
| 2025-08 | 131.49 | 134.82 |
| 2025-09 | 129.89 | 139.06 |
| 2025-10 | 129.53 | 144.18 |
| 2025-11 | 132.39 | 143.82 |
| 2025-12 | 132.86 | 143.50 |
| 2026-01 | 138.24 | 145.05 |
| 2026-02 | 145.56 | 148.94 |
| 2026-03 | 143.48 | 140.98 |
| 2026-04 | 143.40 | 153.27 |
| 2026-05 | 141.48 | 162.23 |
| 2026-06 | 138.52 | 164.31 |
| 2026-07 | 142.69 | 162.86 |
| 2026-08 | 146.72 | 165.86 |
| 2026-09 | 145.36 | 168.21 |
Growth of 100 · EUR total returns. Monthly observations, income reinvested.
Fund valuations: 2023-09-29 to 2026-09-30. Comparison valuations: 2023-09-29 to 2026-09-30. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Figures as of 30.09.2026. Calendar-year returns cover the years shown.
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN ES0114633003, currency EUR | -0.92 | 4.94 | 1.31 | 9.41 | 14.77 | 10.63 | 4.76 | 11.91 | 13.28 | 5.69 | 10.39 | 0.99 | -4.83 |
| BenchmarkMSCI ACWI NR EUR | 1.42 | 2.38 | 19.32 | 17.23 | 8.37 | 24.96 | 17.70 | 20.97 | 18.93 | 12.06 | 11.70 | 1.32 | -11.53 |
| Differencefund minus benchmark, in percentage points | -2.35 | 2.56 | -18.01 | -7.82 | 6.39 | -14.33 | -12.94 | -9.05 | -5.65 | -6.36 | – | – | – |
Reporting dates by figure
- ES0114633003 — 30.09.2026: 1M, 3M, 6M, YTD, 1Y, 3Y, 5Y, Volatility, Sharpe R., Max DD, Benchmark 1M, Benchmark 3M, Benchmark 6M, Benchmark YTD, Benchmark 1Y, Benchmark 3Y, Benchmark 5Y, Benchmark Volatility, Benchmark Sharpe R., Benchmark Max DD; 31.12.2025: 2025, Benchmark 2025; 31.12.2024: 2024, Benchmark 2024; 31.12.2023: 2023, Benchmark 2023
Has the advantage depended on the entry date?
The fund finished ahead in 13 of 25 overlapping one-year windows ending 2024-09 to 2026-09. These windows overlap; this is historical frequency, not a forecast probability.
Rolling one-year relative wealth
Exact chart values
| Month | Rolling one-year relative wealth |
|---|---|
| 2024-09 | -8.23 |
| 2024-10 | -6.45 |
| 2024-11 | -8.11 |
| 2024-12 | -11.47 |
| 2025-01 | -6.83 |
| 2025-02 | -1.91 |
| 2025-03 | 6.14 |
| 2025-04 | 10.75 |
| 2025-05 | 7.17 |
| 2025-06 | 9.46 |
| 2025-07 | 1.97 |
| 2025-08 | 6.07 |
| 2025-09 | 1.78 |
| 2025-10 | 0.22 |
| 2025-11 | 4.50 |
| 2025-12 | 5.90 |
| 2026-01 | 7.05 |
| 2026-02 | 10.12 |
| 2026-03 | 6.73 |
| 2026-04 | -6.06 |
| 2026-05 | -10.73 |
| 2026-06 | -12.97 |
| 2026-07 | -6.12 |
| 2026-08 | -9.30 |
| 2026-09 | -7.49 |
Relative wealth = (1 + fund return) ÷ (1 + benchmark return) − 1. It differs from subtracting percentage returns.
Behaviour in rising and falling markets
Up-market capture was 58.7% across 26 rising benchmark months; down-market capture was 33.4% across 10 falling months. Window: 2023-09-29 to 2026-09-30. Capture compares geometric monthly returns; it is not a measure of maximum loss.
The dashed mark is 100%: the same geometric monthly move as the benchmark.
How far below its previous high?
Fund · WSP comparator: MSCI ACWI NR EUR
Exact chart values
| Month | Fund | WSP comparator: MSCI ACWI NR EUR |
|---|---|---|
| 2023-09 | 0.00 | 0.00 |
| 2023-10 | -7.52 | -3.49 |
| 2023-11 | -2.24 | 0.00 |
| 2023-12 | 0.00 | 0.00 |
| 2024-01 | -0.66 | 0.00 |
| 2024-02 | -1.86 | 0.00 |
| 2024-03 | 0.00 | 0.00 |
| 2024-04 | -2.05 | -2.14 |
| 2024-05 | 0.00 | 0.00 |
| 2024-06 | 0.00 | 0.00 |
| 2024-07 | 0.00 | 0.00 |
| 2024-08 | 0.00 | 0.00 |
| 2024-09 | 0.00 | 0.00 |
| 2024-10 | -2.07 | 0.00 |
| 2024-11 | 0.00 | 0.00 |
| 2024-12 | -1.64 | -0.90 |
| 2025-01 | 0.00 | 0.00 |
| 2025-02 | -0.89 | -0.58 |
| 2025-03 | -1.72 | -8.25 |
| 2025-04 | -1.04 | -11.53 |
| 2025-05 | 0.00 | -6.89 |
| 2025-06 | 0.00 | -6.08 |
| 2025-07 | 0.00 | -1.78 |
| 2025-08 | 0.00 | -1.57 |
| 2025-09 | -1.22 | 0.00 |
| 2025-10 | -1.49 | 0.00 |
| 2025-11 | 0.00 | -0.25 |
| 2025-12 | 0.00 | -0.47 |
| 2026-01 | 0.00 | 0.00 |
| 2026-02 | 0.00 | 0.00 |
| 2026-03 | -1.42 | -5.35 |
| 2026-04 | -1.48 | 0.00 |
| 2026-05 | -2.80 | 0.00 |
| 2026-06 | -4.83 | 0.00 |
| 2026-07 | -1.97 | -0.88 |
| 2026-08 | 0.00 | 0.00 |
| 2026-09 | -0.92 | 0.00 |
Deepest month-end decline for this class: -7.52%.
2023-09-29 to 2026-09-30 · EUR total returns. Declines are measured against the highest month-end value within this window. Intra-month falls are not shown; this is not daily maximum drawdown.
Where did the gains and setbacks occur?
Fund return · % in EUR
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | -7.52 | +5.71 | +7.04 |
| 2024 | -0.66 | -1.21 | +2.84 | -2.05 | +3.84 | +0.42 | +3.97 | +0.64 | +1.61 | -2.07 | +4.80 | -1.64 |
| 2025 | +5.33 | -0.89 | -0.84 | +0.70 | +3.25 | +0.01 | +0.75 | +4.73 | -1.22 | -0.28 | +2.21 | +0.35 |
| 2026 | +4.05 | +5.29 | -1.42 | -0.06 | -1.33 | -2.10 | +3.01 | +2.82 | -0.92 | — | — | — |
Benchmark return · % in EUR
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | -3.49 | +5.66 | +3.91 |
| 2024 | +2.67 | +4.34 | +3.56 | -2.14 | +2.44 | +3.44 | +0.53 | +0.17 | +1.81 | +0.25 | +6.65 | -0.90 |
| 2025 | +3.44 | -0.58 | -7.71 | -3.58 | +5.25 | +0.87 | +4.58 | +0.21 | +3.14 | +3.68 | -0.25 | -0.22 |
| 2026 | +1.08 | +2.68 | -5.35 | +8.72 | +5.85 | +1.28 | -0.88 | +1.84 | +1.42 | — | — | — |
Fund minus benchmark · percentage points
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | -4.03 | +0.05 | +3.14 |
| 2024 | -3.34 | -5.54 | -0.72 | +0.09 | +1.40 | -3.02 | +3.44 | +0.47 | -0.20 | -2.32 | -1.85 | -0.75 |
| 2025 | +1.89 | -0.31 | +6.88 | +4.28 | -2.00 | -0.85 | -3.83 | +4.52 | -4.36 | -3.96 | +2.46 | +0.58 |
| 2026 | +2.97 | +2.61 | +3.92 | -8.78 | -7.18 | -3.38 | +3.89 | +0.99 | -2.35 | — | — | — |
Green: positive; red: negative. Grey cells are outside the displayed history. Month-end observations; no missing month is filled or interpolated.
Fund valuations: 2023-09-29 to 2026-09-30. Comparison valuations: 2023-09-29 to 2026-09-30. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Within the list: OpenList — Real Assets
Compared with the equity funds on OpenList — Real Assets (10 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
Performance and risk figures as of 30.09.2026.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 11.91 | 27.71 | 9 of 10 |
| Return 3Y p.a. | 13.28 | 18.56 | 9 of 10 |
| 3Y p.a. over its own benchmark | -5.65 | 5.32 | 9 of 10 |
| Volatility 3Y | 10.39 | 16.91 | 2 of 10 |
| Sharpe ratio 3Y | 0.99 | 0.95 | 5 of 10 |
| Max drawdown 3Y | -4.83 | -10.99 | 1 of 10 |
| Management fee | 1.80% | 1.05% | 10 of 10 |
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall. Only figures with the same reporting date are compared.
Return against risk, 3 years
Price history
Fund and benchmark rebased to 100 at 29.10.2021.
Table view
| Period | From | Fund (100 at start) | Benchmark from | Benchmark (100 at start) |
|---|---|---|---|---|
| 1Y | 31.10.2025 | 110.4 | 31.10.2025 | 118.7 |
| 3Y | 31.10.2023 | 154.6 | 31.10.2023 | 177.4 |
| 5Y | 29.10.2021 | 126.9 | 29.10.2021 | 172.7 |
| Since 2016 | 31.10.2016 | 165.1 | 31.10.2016 | 322.5 |
Total return: distributions reinvested.
In EUR, the currency of the share class shown.
Comparison: MSCI ACWI NR EUR.
Fund history to 28.10.2026.
Benchmark history to 28.10.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Fund documents
Check the share class and reporting date in each document.
Factsheet (PDF, 31.08.2026)KID (PDF, 31.03.2026)Chart methodology
Charts use dated total-return observations, including reinvested income. Each calendar month uses the last available observation. Fund and comparison valuation dates may differ. Month-end drawdowns exclude falls within a month. Past performance does not predict future returns.
WSP report
Ask WSP which research is available for this fund and what it covers.
Enquire about WSP researchBack to the list: OpenList — Real Assets
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle
– means not applicable.
Reporting dates are shown above the figures; exceptions are dated individually.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
How this fund works
Investment rationale
Panda Agriculture & Water Fund FI is an international equity UCITS fund designed to maximise the return/risk relationship through concentrated exposure to the agriculture and water theme. The fund has a risk indicator of 3 on a 1-7 scale and a recommended holding period of 4 years, and it may not be suitable for investors planning to withdraw money in less than 4 years. It is aimed at investors able to assume losses consistent with the fund’s risk level and time horizon. Given its exclusive focus on agrarian companies and up to 20% in water-related companies excluding regulated utilities, it is a distinct thematic allocation rather than a broad market holding.
2026-08-31
How the strategy works
The objective is to maximise the return/risk relationship, and the fund is actively managed without reference to any benchmark index. It invests at least 75% in equities, exclusively in companies in the agriculture and water sectors, including producers, processors and distributors of agricultural products and suppliers of machinery, equipment and fertilisers; up to 20% may be invested in water-related companies, excluding utility-model water supply businesses. There is no predefined limit by geography or market capitalisation, and the fund may invest in emerging markets without limit. The remainder may be invested in fixed income and money market instruments, listed or unlisted, public or private, mainly from OECD markets, with no credit rating limit and average portfolio duration below 7 years; it may invest up to 10% in eligible financial collective investment schemes and can use exchange-traded derivatives for hedging and investment, with maximum market exposure through derivatives equal to net assets. The fund is accumulation share class, calculates NAV daily, allows daily dealing, and has a recommended holding period of 4 years.
2026-08-31
Investment philosophy
• The investment universe is defined thematically: the fund invests exclusively in agriculture and water-related companies, focusing on agricultural producers, processors, distributors, and suppliers of machinery, equipment and fertilisers, with water exposure capped at 20% and excluding regulated utility-model water suppliers.
• The fund is actively managed with no benchmark index and no predefined limits by geography or market capitalisation; it may also invest in emerging markets without limit and in small-capitalisation companies.
• Equity exposure must be at least 75%, while the balance may be invested in fixed income and money market instruments from mainly OECD markets with no credit-quality limit and average duration below 7 years; up to 10% may be invested in eligible investment funds.
• Derivatives traded on organised markets may be used for both hedging and investment, and the maximum market-risk exposure through derivatives may reach 100% of net assets; up to 10% may be invested in assets with higher risk due to liquidity, issuer type or investor protection characteristics.
• At 31 August 2026, net equity exposure was 97.22%, with top holdings including Sakata Seed Corp, AEP Plantations PLC, T Hasegawa Co Ltd, K+S AG, Kerry Group PLC ADR and Mowi ASA; consumer non-cyclicals and materials were the largest sector allocations, and Japan was the largest country exposure.
2026-08-31
Management team
The fund manager is Marc Garrigasait Colomés.
2026-08-31
Distinctive features
The fund is distinguished by its narrow thematic focus on agriculture and water, with explicit exclusion of regulated water utilities and a portfolio built only around agrarian and related businesses. It combines this specialist mandate with broad implementation flexibility, as there are no stated geographic or market-cap limits and the fund can invest in emerging markets, small caps and selected fixed income instruments. At 31 August 2026, the portfolio had very high equity exposure and meaningful allocations to small-, mid- and micro-cap companies, which makes it different from broader global equity funds. The structure is daily-dealing, accumulation, and active with no benchmark constraint.
2026-08-31
Risks
The fund has a summary risk indicator of 3 out of 7, described as medium-low risk, but it has no capital protection and investors could lose part or all of their investment. Risks include equity, interest-rate and foreign-exchange risk, as well as risks from investment in emerging markets, liquidity risk, geographic or sector concentration risk, credit risk, and sustainability risk. Derivatives create risks from leverage and imperfect hedging, and the fund may invest up to 10% in assets that can carry higher risk because of liquidity, issuer type or investor protection characteristics. At 31 August 2026, key risk drivers included very high net equity exposure, no predefined currency limit, concentration in the agriculture and water theme, and significant non-euro exposures including yen, US dollar, sterling, Norwegian krone and Swedish krona.
2026-08-31
Asset manager
The management company is Gesiuris Asset Management SGIIC SA, regulated in Spain by the CNMV. The fund’s legal name is Panda Agriculture & Water Fund FI, a Spanish-law UCITS IV investment fund. Caceis Bank Spain SA is the depositary and Deloitte SL is the auditor.
2026-08-31