The Demeter Ag Aggregate comprises six sub-sectors and tracks the listed agriculture value chain worldwide. This monthly Total Shareholder Return bulletin tracks relative moves in its component sectors, identifies the largest individual contributors to moves and publishes the long-term record of the sub-sectors relative to equity benchmarks.
The Demeter Ag Aggregate returned -1.5% over the past four weeks. Beneath that, Upstream Production returned +5.0% and Crop Inputs -9.7%, a spread of 14.7 percentage points between the strongest and weakest sub-sectors. Over ten years the same two sit at +0.9% and +7.4% a year respectively.
# TSR by sub-sector, past four weeks
| Sub-sector | Return | |
|---|---|---|
| ▲ | Upstream Production | 5.0% |
| ▲ | Downstream Food | 2.1% |
| ▲ | Trading & Processing | 1.0% |
| ▼ | Equipment & Tech | (5.4%) |
| ▼ | Ag Finance | (6.4%) |
| ▼ | Crop Inputs | (9.7%) |
# Most significant individual contributors
| Company | Contribution | Own return | |
|---|---|---|---|
| ▲ | Nestle | 0.70 pp | 7.7% |
| ▲ | Mondelez International | 0.40 pp | 5.1% |
| ▲ | Zoetis Inc | 0.27 pp | 11.8% |
| ▲ | Constellation Brands | 0.23 pp | 13.9% |
| ▲ | International Flavors & Fragrances | 0.12 pp | 6.4% |
| ▼ | Deere & Company | (1.00 pp) | (10.7%) |
| ▼ | Bayer AG | (0.71 pp) | (13.3%) |
| ▼ | SQM | (0.25 pp) | (13.1%) |
| ▼ | Nutrien Ltd | (0.25 pp) | (7.4%) |
| ▼ | CNH Industrial | (0.23 pp) | (16.1%) |
# Breadth
Equal-weighted -2.3% against cap-weighted -1.5% over four weeks, a gap of -0.78 pp.
# Total return league table
| 3 mth | 1 yr | 5 yr | 10 yr | since 2005 | |
|---|---|---|---|---|---|
| p.a. | p.a. | p.a. | p.a. | ||
| Upstream Production | 10.1% | 5.9% | (5.8%) | 0.9% | 8.4% |
| DAA GP | 2.5% | 15.1% | 5.1% | 6.3% | 9.5% |
| DAA Equal | (0.2%) | 4.5% | 3.1% | 8.5% | 13.1% |
| Trading & Processing | (1.0%) | 0.5% | 0.1% | 4.5% | 8.1% |
| DAA Cap | (1.1%) | 1.8% | 0.5% | 5.5% | 8.2% |
| Ag Finance | (2.2%) | 7.4% | (4.1%) | 6.7% | 3.9% |
| Equipment & Tech | (2.9%) | (5.1%) | 4.9% | 12.6% | 13.8% |
| Downstream Food | (3.3%) | (4.5%) | 0.3% | 5.1% | 9.1% |
| Crop Inputs | (5.4%) | 15.2% | 3.0% | 7.4% | 9.8% |
| S&P 500 | 3.0% | 15.8% | 12.6% | 15.5% | 10.8% |
| MSCI ACWI (global) | 1.6% | 15.1% | 10.6% | 12.6% | n/a |
MSCI ACWI (global): series starts 2008-03-28, after the DAA base 2005-01-03, so it is not comparable over this column
# Long-term record since 2005
All series rebased to 100 at 3 January 2005. Logarithmic scale. Click a legend entry to show or hide that series.
DAA data to 2026-10-20. Index levels are total return in USD, based at 1,000 on 3 January 2005. Benchmark rows are traded funds shown for reference and are not Demeter indices.
