OpenList — Real Assets

Panda Agriculture & Water Fund F.I.

Equity · Global · Sector

Figures refer to the share class ISIN ES0114633003, currency EUR.

Fund documents

For the share class shown above.

Factsheet (PDF, 31.08.2026)KID (PDF, 31.03.2026)

Key facts

Management company
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
Liquidity
Not available in this publication
UCITS
Yes
Risk grade (SRRI)
Not available in this publication
Registered in Switzerland
No (qualified investors only)

Price history

Fund and benchmark rebased to 100 at 30.09.2021.

8010012014016018020222023202420252026176.4132.9Fund (share class shown)Benchmark8010012014016018020222023202420252026176.4132.9Fund (share class shown)Benchmark
Table view
PeriodFromFund (100 at start)Benchmark (100 at start)
1Y03.10.2025113.3118.2
3Y29.09.2023146.5168.5
5Y30.09.2021132.9176.4
Since 201330.04.2013196.2449.4

Total return: distributions reinvested.
In EUR, the currency of the share class shown.
Fund history to 28.09.2026.
Benchmark history to 28.09.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.

Performance against the benchmark

025YTD: Fund 10.43%YTD: MSCI ACWI NR EUR 15.57%YTD1Y: Fund 11.58%1Y: MSCI ACWI NR EUR 23.29%1Y3Y p.a.: Fund 12.83%3Y p.a.: MSCI ACWI NR EUR 17.78%3Y p.a.5Y p.a.: Fund 5.37%5Y p.a.: MSCI ACWI NR EUR 11.24%5Y p.a.2025: Fund 14.77%2025: MSCI ACWI NR EUR 7.86%20252024: Fund 10.63%2024: MSCI ACWI NR EUR 25.33%20242023: Fund 4.76%2023: MSCI ACWI NR EUR 18.06%2023Fund (share class shown)BenchmarkYTDYTD: Fund 10.43%10.43YTD: MSCI ACWI NR EUR 15.57%15.571Y1Y: Fund 11.58%11.581Y: MSCI ACWI NR EUR 23.29%23.293Y p.a.3Y p.a.: Fund 12.83%12.833Y p.a.: MSCI ACWI NR EUR 17.78%17.785Y p.a.5Y p.a.: Fund 5.37%5.375Y p.a.: MSCI ACWI NR EUR 11.24%11.2420252025: Fund 14.77%14.772025: MSCI ACWI NR EUR 7.86%7.8620242024: Fund 10.63%10.632024: MSCI ACWI NR EUR 25.33%25.3320232023: Fund 4.76%4.762023: MSCI ACWI NR EUR 18.06%18.06Fund (share class shown)Benchmark
1M3M6MYTD2025202420231Y3Y5YVolatilitySharpe R.Max DD
FundISIN ES0114633003, currency EUR2.823.700.8010.4314.7710.634.7611.5812.835.3710.490.94-7.52
BenchmarkMSCI ACWI NR EUR1.692.3911.4115.577.8625.3318.0623.2917.7811.2411.571.24-11.88
Differencefund minus benchmark, in percentage points1.131.30-10.61-5.146.90-14.71-13.30-11.71-4.96-5.87–––

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.

This fundGroup medianPosition
Return 1Y11.5838.429 of 10
Return 3Y p.a.12.8321.139 of 10
3Y p.a. over its own benchmark-4.965.199 of 10
Volatility 3Y10.4916.792 of 10
Sharpe ratio 3Y0.940.988 of 10
Max drawdown 3Y-7.52-10.993 of 10
Management fee1.80%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.

Return against risk, 3 years

069Return 3Y p.a. (%)Volatility 3Y (%)041BNY Mellon Global Infrastructure Income Fund: volatility 13.40%, return 21.63% p.a.JPMorgan Global Natural Resources Fund: volatility 17.84%, return 21.20% p.a.TBF Smart Power: volatility 22.29%, return 23.07% p.a.Goldman Sachs North America Energy & Energy Infrastructure Equity Portfolio: volatility 15.62%, return 20.73% p.a.Amundi Aktien Rohstoffe: volatility 15.73%, return 17.58% p.a.NESTOR Gold Fonds: volatility 37.51%, return 63.91% p.a.DekaLux-GlobalResources: volatility 19.70%, return 21.05% p.a.UB EM Infra: volatility 9.29%, return 10.96% p.a.Isatis Investment Global Natural Resources Flex: volatility 23.25%, return 28.65% p.a.Panda Agriculture & Water Fund F.I.: volatility 10.49%, return 12.83% p.a.This fund069Return 3Y p.a. (%)Volatility 3Y (%)041BNY Mellon Global Infrastructure Income Fund: volatility 13.40%, return 21.63% p.a.JPMorgan Global Natural Resources Fund: volatility 17.84%, return 21.20% p.a.TBF Smart Power: volatility 22.29%, return 23.07% p.a.Goldman Sachs North America Energy & Energy Infrastructure Equity Portfolio: volatility 15.62%, return 20.73% p.a.Amundi Aktien Rohstoffe: volatility 15.73%, return 17.58% p.a.NESTOR Gold Fonds: volatility 37.51%, return 63.91% p.a.DekaLux-GlobalResources: volatility 19.70%, return 21.05% p.a.UB EM Infra: volatility 9.29%, return 10.96% p.a.Isatis Investment Global Natural Resources Flex: volatility 23.25%, return 28.65% p.a.Panda Agriculture & Water Fund F.I.: volatility 10.49%, return 12.83% p.a.This fund

WSP commentary

Draft commentary, machine-generated from the fund's monthly factsheet dated 31.08.2026; key information document (PRIIPs), not yet reviewed by WSP.

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 PRIIP document classifies it in risk class 3 on a 1-7 scale and states a recommended holding period of 4 years, while also noting 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.

Investment strategy

The stated 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.

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.

• Current positioning shows 97.22% net equity exposure, with top holdings including Sakata Seed Corp, AEP Plantations PLC, T Hasegawa Co Ltd, K+S AG, Kerry Group PLC ADR and Mowi ASA; sector allocation is led by consumer non-cyclicals and materials, while Japan is the largest country exposure.

Management team

The named manager is Marc Garrigasait Colomés. The documents identify him as the gestor of the fund.

The 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, and the manager information is presented together with Gesiuris Asset Management’s Barcelona address at Rambla Catalunya 38, 9th floor, 08007 Barcelona. The documents identify Caceis Bank Spain SA as depositary and Deloitte SL as auditor.

Strengths

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. Current positioning shows very high equity exposure and meaningful allocations to small-, mid- and micro-cap companies, which makes the portfolio different from broader global equity funds. The structure is daily-dealing, accumulation, and active with no benchmark constraint.

Risks

The PRIIP document assigns the fund a summary risk indicator of 3 out of 7, described as medium-low risk, but it also states that the fund has no capital protection and investors could lose part or all of their investment. The documents name market risks including 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. Risk drivers visible in the portfolio include 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.

WSP report

Ask WSP which research is available for this fund and what it covers.

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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. "Not available in this publication" means no value is shown here; it does not mean zero.
Period figures as of 31.08.2026.

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