Agriculture investment
Creating value through the sustainable management of agriculture assets
Why invest in agriculture?
Why invest in agriculture? Agriculture investments have a long history of generating strong financial results. The low correlation of farmland returns with the returns of other classes means that farmland can provide diversification benefits within investor portfolios. Farmland investments may also offer moderate inflation protection.
As a nature-based solution, farmland can provide positive social and environmental benefits by sequestering carbon, maintaining biodiversity, and contributing to rural economic vitality. As the global population grows, demand for food and fiber is expected to increase. Investors can capitalize on this trend while also benefiting from opportunities to reduce greenhouse gas emissions and help mitigate climate change.
Opportunities for climate impact
Farmland market indicators
Investing in nature
Investing in agriculture can help investors naturally reduce carbon in their investment portfolio.
Agriculture investment basics
Agriculture remains one of the most compelling opportunities available today.
Rooted in sustainability
Our commitment to sustainability and responsible investing has been a core guiding principle embedded in our strategy and operations since the inception of our business.
Global scale
Our operating history demonstrates that scale may provide enhanced acquisition access, production efficiencies, cost savings, innovation, and revenue enhancement opportunities.
Integrated property management
Integrating property management with our business reduces costs and ensures that our commitment to sustainability is carried through from strategy to execution.
Focus on performance
Our agriculture investment program has provided competitive performance since inception.
Proprietary research
Our research capabilities inform our investable universe, underpin our investment strategy, and support portfolio management decisions.
1 IPE research, as of January 29, 2024. Ranking is based on total natural capital assets under management (AUM), which includes forestry/timberland and agriculture/farmland AUM. Firms were asked to provide AUM and the as of dates vary from December 31, 2022, to December 31, 2023.
Adding value through investment in sustainable agriculture
Learn how we help meet increasing global demand for nutritious food while enhancing efficiency and profitability through sustainable agricultural practices.
Watch nowSustainable operating improvements over time
Regenerative farming practices
Investing in the agricultural supply chain
We’re committed
We conduct our business activities in a manner that recognizes the need to preserve and enhance the quality of our environment and local communities.
We’re credible
Working collaboratively with industry peers and nonprofit organizations, we developed an industrywide sustainability standard for agriculture, Leading Harvest. To date, 100% of our U.S. farmland is certified to the Leading Harvest Farmland Management Standard.3
We’re accountable
We manage agriculture investments to achieve key priorities of our sustainability and responsible investing program, sustainably managing the resources entrusted to us and supporting climate change mitigation across our farmland.
3 Data is as of December 31, 2023. Certification is by Leading Harvest and is based on an annual assessment of the conformation to the Farmland Management Standard. Most current data shown. Please see https://www.leadingharvest.org.
Click here to read our recent annual sustainability and responsible investing report, which includes our performance against metrics aligned with each of our five key sustainability and responsible investing priorities as well as other external standards, such as the Global Impact Investing Network (GIIN), the Sustainable Development Goals (SDGs), and third-party certification system objectives.
Certifications, memberships, and selected affiliations
Important disclosures
All logos are registered trademarks of the respective organizations/firms represented.
4 Leading Harvest. 5 Global Impact Investing Network. 6 PRI. 7 World Business Council for Sustainable Development (WBCSD).
Our diversified portfolio
Our global, high-quality, diversified agriculture portfolio includes annual and permanent crops along with farmland plus integrated processing operations. We offer investors the ability to invest in portfolios diversified by crop type, geography, and management style as well as portfolios that target a particular region or market segment.
Farmland assets
Annual row crops
Replanted every year, our annual row crops generally priced comparably across the globe. They may include commodity corn, soybeans, cotton, wheat, rice, or specialty crops such as vegetables.
Perennial permanent crops
Perennial permanent crops are higher-value niche crops that grow on a tree or vine and vary in pricing by location—and where best management practices can enhance value. They may include tree nuts, cranberries, apples, citrus, or blueberries.
Farmland plus agriculture assets
Integrated processing operations
Operations may include value chain integration focused on processing, storage, packaging, and marketing various agriculture commodities.
These assets may include vertically integrated permanent crop operations or indoor growth spaces.
Vehicles
Our agriculture strategy invests in global core and core-plus farmland assets through open- or closed-end commingled funds for the benefit of institutional investors. Individually managed accounts tailored to meet investor needs are also available.
Commingled funds
A commingled fund—open or closed end—can offer investors access to a broadly diversified portfolio at lower levels of invested capital than could be attained by investing directly, but the commingled structure offers less individual investor control than an individual account. An open-end portfolio allows investors to buy into an existing asset base.
Individual accounts
Individual accounts can offer investors a greater level of control over the strategies employed to meet their objectives and constraints. Individual accounts allow for portfolios to be tailored to meet investor-specific levels of risk tolerance, return targets, diversification, and cash flow needs but require a much larger capital contribution.
Oliver S. Williams IV, CFA
Global Head of Agriculture Investments
Oliver is responsible for the overall direction and growth of Manulife Investment Management’s institutional agriculture investment program. He’s a member of the senior management team for the firm’s timberland and agriculture businesses and serves on the executive committee. He also leads the farmland management team, serves on the farmland investment committee, and chairs company boards for the firm’s Australian investment vehicles. Previously, Oliver headed the farmland asset management function. Prior to joining the firm in 1997, he spent five years with First Pioneer Farm Credit, where he was responsible for evaluating and appraising farmland and farm businesses for potential loans. Oliver holds the Chartered Financial Analyst designation and is a member of the American Society of Farm Managers and Rural Appraisers, the Association for Investment Management and Research, and the Boston Security Analysts Society.
- Education: B.S., Agricultural Economics, Cornell University
- Joined the company: 1997
- Began career: 1997
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Daniel Baker
Director, Global Water Resources, Timberland and Agriculture
Dan is responsible for leading the global water team of the firm’s timberland and agriculture businesses by working closely with investment and property management functions to develop and execute the water investment, policy, and operations strategy. Prior to joining the firm, Dan was a principal at Aither, an Australian consulting firm, where he led the rural water and water markets consulting practice area.
- Education: First Class Honours, B.S., Interdisciplinary Studies—Environmental Policy and International Relations, Australian National University
- Joined the company: 2019
- Began career: 2013
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David Baughman, AFM
Managing Director, Acquisitions and Dispositions, the Americas, Agriculture
Dave leads the firm’s farmland acquisition and divestiture programs in North and South America. In this role, he manages a team that focuses on sourcing and disposing of farmland investment opportunities, managing the due diligence and escrow process, and developing strategic alliance opportunities. Previously, Dave was managing director of U.S. farmland acquisitions and dispositions, and earlier, he was senior vice president at Hancock Farmland Services, providing oversight for the management of the firm’s leased row crop properties in the United States, as well as providing support for acquisitions and sales east of the Rocky Mountains. He was also responsible for oversight of the development and direct farming operations for 2,270 acres (~918 hectares) of cranberries in Wisconsin. Prior to joining Farmland Management Services, he worked as a farm manager for JHUSA. Earlier in his career, he promoted crop protectants to distributors, dealers, and farmers for the company now known as Aventis Crop Science. Dave is a licensed managing broker in the state of Illinois and holds the Accredited Farm Manager designation with the American Society of Farm Managers and Rural Appraisers.
- Education: B.S., Agronomy, Ohio State University
- Joined the company: 1988
- Began career: 1981
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Julie Koeninger, CFA®
Managing Director, Senior Portfolio Manager, Agriculture
Julie serves as a senior agricultural portfolio manager and leads business development for Manulife Investment Management’s global agriculture strategy. Julie's 30-plus years of experience in agriculture investing include portfolio management, product development, relationship management and consultancy. Prior to joining Manulife Investment Management in 2018, Julie was director of agriculture at Conservation Resource Partners and, before that, was the product strategist for timber and agriculture at Grantham Mayo Van Otterloo & Co. LLC where she led the development of and fundraising for GMO Renewable Resources’ first agriculture fund. Previously, she was an independent consultant in agricultural investment. Earlier in her career, Julie was instrumental in the development of the Hancock Agricultural Investment Group where she served as portfolio manager for the agricultural platform for several years. At Hancock, she also led the first-ever securitization of U.S. agricultural mortgages through Farmer Mac. Julie is a CFA® charterholder and is a member of the CFA Society Boston.
- Education: B.A., Dartmouth College; M.B.A., Tuck School of Business at Dartmouth College
- Joined the company: 2018
- Began career: 1985
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Hugues Rinfret, CFA, FRM
Managing Director, Global Head of Valuations, Agriculture
Hugues leads all farmland valuations, financial plans, and farmland analyses for the firm’s global agriculture clients. In addition, he serves as a liaison across diverse functional groups within the organization in preparing, managing, and/or reviewing farmland investment models, property plans and investment analyses. Prior to joining the firm in 2017, Hugues was director of research with MetLife Investments, where he headed agricultural investment research to support the underwriting and analysis for the firm’s agriculture portfolio. Before joining MetLife, he was a senior industry analyst with SunTrust Bank, where he developed a market risk analysis platform for the food and agribusiness portfolios. Hugues holds the Chartered Financial Analyst and Financial Risk Manager designations.
- Education: A.D., Farm Management, B.S., Agronomy, M.S., Agricultural Economics, McGill University
- Joined the company: 2017
- Began career: 1993
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Andrew Strahley
Managing Director, Head of Australasia Agricultural Investments
Andrew leads the ongoing strategy, management, and growth of the firm’s Australasian farmland platform. Andrew has extensive experience in farmland agriculture in Australia and other countries. Prior to joining the firm, Andrew held senior management positions with ConAgra and Mitsubishi. Andrew has been a managing director of Hancock Farming Company and Hancock Natural Resource Group Australasia, the property manager for Manulife Investment Management’s Australian assets since its inception. Andrew serves on the farmland investment committee, company boards for the firm’s Australian investment vehicles, chairing each of the firm’s Australian investment vehicles and is a member of the Australian Institute of Agricultural Science and Technology.
- Education: B.S., Applied Science in Agriculture, Charles Stuart University at Wagga
- Joined the company: 2000
- Began career: 1987
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Kevin Wright
Chief Operating Officer, Farmland Services
Kevin leads the teams responsible for operations, management, and support of the North American row crop portfolio. In this capacity, Kevin oversees the teams that manage, operate and support our client’s row crop properties in the United States and Canada. Prior to joining the firm in 2020, Kevin was president of E. Ritter Agribusiness, Inc., a fifth-generation family owned vertically integrated agricultural business, where he led the management of the family’s agricultural land and business portfolio.
- Education: B.S. Agriculture Business, Arkansas State University
- Joined the company: 2020
- Began career: 1992
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Related viewpoints
May 10, 2024
Regenerative agriculture: definition, implementation, and impact
March 6, 2024
Expanding the efficient frontier with natural capital investments
January 17, 2024
Investing in the power of nature
August 17, 2023
Enhancing farmland value through sustainable improvements
Contact us
Julie Koeninger, CFA
Managing Director, Senior Portfolio Manager, Agriculture
Manulife Investment Management
1 617-747-1559
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