Milltrust Agricultural Investments

INVESTMENT UNIVERSE

Australia, New Zealand and Latin America, where we believe there exists comparative advantage in food and fibre production due to climate, land availability and efficient farming practices.

Our Strategies

MAI’s farmland strategies provide investors with exposure to the farmland asset class but with different risk and return characteristics. The MAI approach provides investors with an income generating, inflation adjusted, long duration investment that is lowly correlated with other asset classes.

The strategies focus on identifying high quality and attractively priced farmland assets, and credit worthy and experienced lessees (Buy & Lease strategy) or operating partners (Global Diversified strategy) to lease and manage the farms.

Buy & Lease Strategy

The Buy & Lease strategy focuses on purchasing established cashflow-positive farms and leasing to pre-identified regional and international operators. This strategy provides the investor with ownership of the land with all the exposure to land appreciation and a fixed lease income without the operational risk of running the farm.
The current focus of this strategy is predominantly in Australia and New Zealand, however Uruguay and Chile are also attractive geographies for the strategy.

Global Diversified Strategy

The Global Diversified strategy has a heavy focus on regeneration and improvement, targeting farmland which has a high productive potential, but is undervalued due to lack of infrastructure, development or management skill, and would benefit significantly from targeted investment, the introduction of state-of-the-art technology and agronomic skills.
MAI partners with local (usually family offices) operating partners who are incentivised to grow the value of the assets along with our investment.

Investments

Cottrell Farms

Four adjacent properties in Mildura, VIC, Australia, comprising approximately 225 hectares planted to a variety of premium quality citrus and a smaller area of table and wine grapes and avocados. The lessee entity is a third-generation family business that has been involved in developing and managing horticultural properties for over 60 years. MAI has further improved the farms with the construction of a new cool room and packing shed, and establishing some 40 hectares of new plantings.

Lurline North

A large-scale mixed cropping farm in Emerald, QLD, Australia, with a total area of approximately 1,900 hectares, of which 940 hectares are developed to centre pivot irrigation and 100 hectares developed to dryland cultivation. The farm produces Chickpeas, Cotton, Hay, Maize, Mung Beans, Peanuts, Potatoes, Pumpkins, Rice, Dolicots, Sorghum and Wheat in rotation. MAI has further developed the farm including increasing the area under centre pivot irrigation as well as establishing a 1,650 megalitre ring tank and silos.

Invergelly Aggregation

Invergelly and Taminga and neighbouring dairy farms in Finley, NSW, Australia. Together the farms comprise approximately 550 hectares of laser levelled bordercheck pastures setup for strip grazing and additional support land. The farms managers had owned and have managed the farms for over 50 years, and are experts in the dairy industry, with consistently above average milk production. MAI has further developed the farms including building a calf rearing shed and a 750 head feedlot

Waitonui Milltrust Agricultural Holdings

Waitonui Milltrust Agricultural Holdings is a newly established New Zealand dairy, beef and cropping entity, which owns a proven portfolio of assets in both the North and South Islands of New Zealand. With total asset value >NZD 125 million, the portfolio covers an aggregate of 3,500 hectares, of which 2,400 hectares comprise the milking platform, milking 10,000 cows and producing over 4 million kilograms of milk solids annually. The integrated business allows for lower cost production of support fodder.

ESG INVESTING

MAI emphasises a strict environmental, social and governance (ESG) framework and aims to enhance the productivity of its farms.

Key ESG focuses include minimising water usage through efficient irrigation systems, ensuring fertiliser use is within acceptable agronomic guidelines, and prioritising crop/animal health and welfare. All of which our lessees are obliged to report on through periodic agronomic reports.

Our farms are leased to local operators who benefit from the enhanced profitability following completion of development works. These works are undertaken by local contractors, creating jobs in the area.

Finally, Milltrust is highly committed to the OECD’s guidelines for land management and was instrumental in drafting the animal welfare section of these guidelines. Milltrust has been represented at the International Sustainability Unit of the Prince’s Trust.

MAI TEAM

Our team of executive asset managers and advisors have an average of 20 years’ investment management experience and includes specialist farmers, agronomists, financiers and ecologists. Our lessees and operating partners further enhance the collective experience with their track records, skills and local networks.

Fund Terms

Fund profile

Platform:	Milltrust International Managed Investments ICAV
Investment Manager:	Milltrust International LLP
Investment Adviser:	Milltrust Agricultural Investments Ltd
Structure:	Open-ended Investment Company
Strategy:	Buy & Lease Farmland
Domicile:	Dublin, Ireland
Inception Date:	13 June 2016
Currency:	Local (AUD/NZD)
Share Classes:	Class (A), Class (B)
Income Fee:	15% of lease income (net of costs)
Performance Fee:	15% over Hurdle Rate
Hurdle Rate:	5%
Subscription Terms:	10 years
Investor Types:	For Professional and Accredited Investors Only
Registered for Distribution in:	United Kingdom, Ireland

Service Providers

Administrator:	MUFG Alternative Fund Services (Ireland) Ltd.
Custodian:	Mitsubishi UFJ Investor Services & Banking (Luxembourg) S.A.
Auditor:	KPMG
Legal:	William Fry

MILLTRUST - AGRI TEAM

BOARD OF DIRECTORS

STRATEGY

Customised farmland portfolios for investors seeking specific agriculture investment exposures

Milltrust Agri Team

Welcome to British Innovation

The British Innovation Fund

Despite British universities being consistently high in global rankings, Britain has historically struggled to raise sufficient capital to commercialise its world-class research. The British Innovation Fund supplies capital to support early stage spin out companies forming as a result of this research. The Fund invests into leading British University commercialisation companies and spin out companies emanating from these Universities.

KEY FEATURES

The British Innovation Fund recognises the world-class science and technology development that is being carried out in many of Britain’s top universities. The Fund nurtures impactful, early-stage companies – helping them reach their full potential and guiding them to world-wide recognition and success.

STRATEGY

The Fund carefully picks spin out companies from the established, in-house university commercialisation companies which the Fund has invested in – spin out companies that demonstrate a viable commercial business and are already generating revenue. This significantly reduces investment risks and enhances the probability of outsized returns for investors.

INVESTMENT PROCESS

1) The academics at the universities will bring promising IP and commercially reliable ideas to the attention of the university commercialisation company.
2) The eyes and ears of the experienced technologists and venture capitalists at the commercialisation company view these ideas and invest into the most promising opportunities.
3) The investment advisory committee of the British Innovation Fund assesses the recommendations of the commercialisation companies before deploying capital.

INVESTMENTS

Oxford Sciences Innovation:

Oxford Sciences Innovation (OSI) is the commercialisation partner of Oxford University’s sciences departments. Its vision is to turn a thousand years of world-beating science into the next generation of world-leading companies by linking Oxford’s research to the best human and financial capital.

Learn More

Roslin Technologies

Roslin Technologies is the technology commercialisation company of the University of Edinburgh’s Roslin Institute. Based at Easter Bush Campus, the largest concentration of animal science expertise in Europe, Roslin Technologies exists to deliver breakthrough commercial solutions in the Animal Health, Breeding/Genetics and Animal Nutrition space based on the expert agricultural research of the Institute.

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PragmatIC

PragmatIC, backed by Cambridge Innovation Capital, is a world leader in the manufacturing of ultra low cost flexible electronics, enabling the potential for trillions of smart objects that can engage with consumers and their environments. PragmatIC’s unique technology platform delivers flexible integrated circuits that are thinner than a human hair and can be easily embedded into everyday objects.

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Attomarker

Attomarker, a spin out from the University of Exeter, is a digital health technology company which has developed a small, simple-to-use blood-testing device that can perform blood tests from a single pin-prick of blood, with results in around five minutes. This multi-patented technology collects the blood sample on a disposable credit-card sized chip which slots into a fully mobile device, docked to an iPhone. The iPhone camera visualises the blood tests which are then interpreted by the iPhone.

View Video

Fund Terms

Fund profile

Platform:	Milltrust International Managed Investments ICAV
Investment Manager:	Milltrust International LLP
Investment Adviser:	Milltrust Agricultural Investments Ltd
Structure:	Open-ended Investment Company
Strategy:	Commercialisation of research emerging out of UK universities
Domicile:	Dublin, Ireland
Inception Date:	25 November 2016
Currency:	GBP
Share Classes:	Class (A), Class (B), Class (C), Class (D)
Management Fee:	2%
Performance Fee:	20% over Hurdle Rate
Hurdle Rate:	8%
Subscription Terms:	10 years
Investor Types:	For Professional and Accredited Investors Only
Registered for Distribution in:	United Kingdom, Ireland

Service Providers

Administrator:	MUFG Alternative Fund Services (Ireland) Ltd.
Custodian:	Mitsubishi UFJ Investor Services & Banking (Luxembourg) S.A.
Auditor:	KPMG
Legal:	William Fry

MILLTRUST TEAM

BOARD OF DIRECTORS

Milltrust International Managed Investments ICAV

The offering documents for the Milltrust International Managed Investments ICAV are only available to residents of the European Union, as follows:

1. To persons who qualify as a “Professional client” in accordance with Annex II of the Directive 2014/65/EU (Markets in Financial Instruments Directive), as may be amended, replaced, supplemented or novated.

The following qualify as professional clients:

· Entities which are required to be authorised or regulated to operate in the financial markets:

(a) Credit institutions

(b) Investment firms

(d) Insurance companies

(e) Collective investment schemes and management companies of such schemes

(f) Pension funds and management companies of such funds

(g) Commodity and commodity derivatives dealers

(h) Other institutional investors

· Large undertakings meeting two of the following size requirements on a company basis:

(a) balance sheet total: EUR 20 000 000

(b) net turnover: EUR 40 000 000

· National and regional governments, public bodies that manage public debt, Central Banks, international and supranational institutions such as the World Bank, the IMF, the ECB, the EIB and other similar international organisations.

· Other institutional investors whose main activity is to invest in financial instruments.

I/We hereby certify that I/we am/are a professional client as defined above.

2. To persons who have received an appraisal from an EU credit institution, a MiFID firm or a UCITS management company that they have the appropriate expertise, experience and knowledge to adequately understand the potential investment in the Milltrust International Managed Investments ICAV.

I/We hereby certify that I/we am/are an investor who has received an appraisal as set out above.

I/We hereby indemnify and hold harmless Milltrust International Managed Investments ICAV, Milltrust International LLP, any other member of the group of entities owned by Milltrust International Group (Singapore) Pte. Ltd. and their respective directors, members, partners, agents, officers and anyone acting on their behalf from and against all damages, losses, costs and expenses (including, without limitation, reasonable attorneys’ fees) which they may incur by reason of any material breach of the above representations and warranties made by me/us.

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