Panda Agriculture & Water Fund FI

This fund’s exposure to variable income is at least 75% and its investments are exclusively in companies in the agri-food and water sector. The portfolio is divided among companies that produce, process and market agricultural products, suppliers of machinery, equipment and fertilizers, and any company in the water sector, apart from those that operate under the utility model – i.e., that are regulated and normally operate under a public concession contract. The latter – companies in the water sector that are not utilities – can account for as much as 20% of the funds. There are no limits in terms of geographic distribution or capitalization. The Panda Agriculture & Water Fund is not a commodities fund; it invests in the leading companies in the global agricultural and water sector.