Fund Structure & Key Features
| The Fund | Duxton Diversified Agriculture Fund ABN 59 652 277 220 |
| Trustee | Duxton Agri Services Pty Ltd ACN 652 277 220 |
| Investment Manager/ Custodian | Duxton Capital (Australia) Pty Ltd ABN 87 164 225 647, AFSL 450218 |
| Sub-Custodian | Sandhurst Trustees Limited ACN 004 030 737, AFSL 237906 |
| Administrator | Duxton Capital Services Pty Ltd ACN 644 440 675 |
| Investment Objectives & Strategy | The Fund aims to provide investors with exposure to the agriculture sector and thereby provide investors with capital gains and income. The Fund will predominantly invest in unlisted Australian direct agricultural investments, as well as global listed agriculture related securities and cash for liquidity purposes. |
| Eligible Investments | The Fund will only invest in global listed securities that have an exposure to agriculture, Australian direct agriculture businesses, Australian Water entitlements and cash. |
| Nature of the Fund | The Fund is an unregistered managed investment scheme established under Australian laws. Eligible investors must be Wholesale Clients. Investors will acquire Ordinary Units (Units) in the Fund. |
| Minimum Investment Amount | The minimum initial investment amount is $100,000. The minimum additional investment is $5,000. The Trustee may vary the above amounts from time to time. |
| Minimum Withdrawal Amount | The minimum withdrawal amount is $5,000. The Trustee may vary this amount from time to time. |
| Open Ended | The Offer opened on 30 December 2021. The fund is currently open for new applications. |
| Unit Pricing Policy | Units will initially be issued at $1.00 per Unit. Units will subsequently be issued in accordance with the Fund’s Unit Pricing Policy, generally at Net Asset Value (NAV) per Unit. |
| Distribution Policy | The Trustee anticipates that it will pay distributions annually, subject to Fund income and liquidity. |
| Redemption Policy | The Fund will offer limited liquidity via six monthly Redemption Requests which are subject to the Funds redemption rules . Given the nature of the majority of the Fund’s assets are illiquid, the Trustee and the Investment Manager will use reasonable endeavours to meet redemption requests but cannot guarantee timing of redemption payments. Redemptions are subject to a sell spread of 0.5%, payable to the Fund from redemption proceeds. |
| Valuation Policy | Listed equities will be valued at the close of business each Business Day. Holdings of unlisted direct agriculture assets will be valued annually based on independent valuer reports and or audited accounts of the underlying businesses. Investments in water entitlements will be valued monthly. |
| Fees & Costs | Management Fee: 0.85% of the net value of the assets of the Fund (Net Asset Value). Performance Fee: 10% of any outperformance over a return of 8% per annum (pro-rated for a part year), calculated and payable annually in arrears. The Performance Fee is subject to a High-Water Mark. The performance of the Fund is determined based on the Unit Price, and the amount of any distributions over the period. Expenses: All administration, custody and operating costs are paid from the assets of the Fund. |
| Gearing Policy | The Trustee does not intend to gear the Fund but may borrow in exceptional circumstances. |
| Liquidity | The Units in the Fund will not be quoted on any securities exchange and there is no active secondary market for Units in the Fund. Investment in the Fund should be considered a medium/long term investment. |