But while investors may be increasingly interested in farmland, according to the survey, it currently represents only 1.3% of their portfolios. However, several large institutions now invest in farms, including sovereign wealth funds such as Temasek and the China Investment Corporation.Aquila’s study shows that, historically, the three most popular investment vehicles to access farmland have been specialist investment funds with 53%, ahead of closed-end funds with 40% and club deals/co-investments with 20%. Of those that have invested in farmland over the past 10 years, however, 57% said they were disappointed with the performance of closed-end funds, 42% with specialist investment funds, 29% with club deals and 14% with direct ownership of farms.This has forced a rethink in the investment models used by investors. Aquila Capital’s response has been to offer co-investment structures that give farmers a share in the operation to align investor and manager interests, rewarding farmers for high performance while giving them access to capital. Detlef Schoen, group head of farm investments at Aquila Capital, said: “The study highlights that one of the issues with funds in the agricultural sector is the lack of track records and realised returns.”Hornibrook agrees with this – citing lack of track record and education as the two main reasons why interest in the asset class continues to outweigh any actual commitments made.He said: “It is not an easily investable asset class for investors. It is not like infrastructure, where mega projects allow investors to allocate large amounts of capital. Because it is such a fragmented sector, we are typically aggregating a number of small assets into investable parcels.“The number of managers that have funds acceptable to institutions is also limited. However, if they wait for the track record and a large universe of institutional quality managers, the question is whether the return profile will be the same.”Hornibrook recommends investors diversify geographically and climatically to reduce weather risk and matching an investor’s appetite to risk relative to geography.He believes investors can avoid negative headlines related to land-grabbing and similar issues by investing in well-established agricultural markets.Aquila surveyed 71 European and UK institutional investors in October. Farmland is an increasingly popular asset class – but one that comes with its own type of challenges.Tim Hornibrook, executive director at Macquarie Agricultural Funds Management, Macquarie Infrastructure and Real Assets, told IPE: “Historically, agriculture has been portrayed by the media quite negatively, whether it has been about price volatility, extreme weather events or the average family farmer struggling to make ends meet. That has in some ways tainted people’s perception of the sector.“But the macro-environment for agriculture is a very attractive one, and those risks, while they can never be removed, can be managed. While the price is going to vary year to year due to predominantly environmental factors, it is the long-term demand that is attracting people to the sector. The asset class also has a relatively low correlation to financial assets and an attractive return profile as a standalone asset, with the majority of the balance sheet actually appreciating.”Hornibrook’s comments come in the wake of the research study by Aquila Capital, which revealed that 23% of institutional investors are looking to increase their exposure to farmland over the next year, while a further 74% will maintain farmland investment at current levels.
At its last session, the FB&H government approved the decision of the management board of the company BH Telecom d.d. Sarajevo for approving funds for advertising services through the sponsorship arrangements from the Bosna Agent d.o.o. and in connection with the activities of the basketball club Bosna in the amount of 100.000 BAM.The FB&H Ministry of Transport and Communications is in charge for the realization of these decisions, and the management bodies of BH Telecom d.d. Sarajevo, which would inform the Ministry of Transport and Communications on the realization of this decision, announced the Press Office of the FB&H government.(Source: klix.ba) read more
The Slovenian base Luka Doncic (Dallas Mavericks) will start in the ‘All Star’ that next February 17 will face in the United Center of Chicago the best players in the NBA, with the West and East teams led again by LeBron James (Los Angeles Lakers) and Giannis Antetokounmpo (Milwaukee Bucks), respectively.The NBA announced last morning to the ten players who will play at the start of the game with the most ‘glamor’ on the planet, where the former Real Madrid player has sneaked for the first time, reaffirming that with only 20 years he is already one of the stars more glittering in the NBA. It is the non-American who soon comes to an appointment like thisHe will start in the LeBron team, the one of the Western conference Photo: Reuters The players were divided into four categories, two per Conference: exterior and interior. In the section of western players outside, Doncic was the most voted by fans, players and specialized press. Only two other players raised such unanimity: James and Antetokounmpo.In this way, the Slovenian will share ownership in the outside game with James Harden (Houston Rockets), within a powerful alignment of the West where they will also form Kawhi Leonard (Los Angeles Clippers), Anthony Davis (Los Angeles Lakers) and the aforementioned LeBron James , who becomes the third player with more ‘All Star’ (16) and already has only Kobe Bryant (18) and Kareem Abdul-Jabbar (19) ahead of him.As for the East, in addition to Antetokounmpo, the MVP in force in the league, they will start the Trae Young (Atlanta Hawks), Kemba Walker (Boston Celtics), Pascal Siakam (Toronto Raptors) and Joel Embiid (Philadelphia 76ers) start-up match.The names of the ten owners are revealed, now we need to know the fourteen substitutes, seven per team. This election will be the task of the coaches of each team and will be officially announced on January 30.– HOLDERS OF THE ‘ALL STAR’ OF CHICAGO.WEST CONFERENCE: Luka Doncic (Dallas Mavericks), James Harden (Houston Rockets), Kawhi Leonard (Los Angeles Clippers), LeBron James (Los Angeles Lakers) and Anthony Davis (Los Angeles Lakers).EAST CONFERENCE: Bring Young (Atlanta Hawks), Kemba Walker (Boston Celtics), Pascal Siakam (Toronto Raptors), Giannis Antetokounmpo (Milwaukee Bucks) and Joel Embiid (Philadelphia 76ers). read more