In This Story
Invesco DB Agriculture Fund (IVZ-0.89%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net asset value per share from $23.92 to $26.05. This increase is attributed to rising commodity futures contract prices for Cocoa, Coffee, Cotton, Lean Hogs, Live Cattle, Sugar, and Wheat, partially offset by falling prices for Corn, Feeder Cattle, Kansas City Wheat, and Soybeans.
Net income for the quarter was $59.8 million, primarily resulting from $9.2 million of income, net realized loss of $33.5 million, net change in unrealized gain of $85.7 million, and net operating expenses of $1.6 million.
Cash provided by operating activities was $124.7 million, while cash used in financing activities was $129.4 million, resulting in a net change in cash of negative $4.7 million for the nine months ended September 30, 2024.
The fund's market risk is primarily influenced by changes in the prices of commodities such as Cocoa, Coffee, Corn, Cotton, Feeder Cattle, Lean Hogs, Live Cattle, Soybeans, Sugar, and Wheat.
The fund's exposure to market risk is also influenced by factors such as the volatility of interest rates and foreign currency exchange rates, as well as the liquidity of the markets in which the contracts are traded.
The fund reported that its net cash flow provided by operating activities was $124.7 million for the nine months ended September 30, 2024, primarily due to net income and net purchases and sales of money market mutual funds and United States Treasury Obligations.
The fund's net cash flow used in financing activities was $129.4 million, including $96.4 million from shares purchased by Authorized Participants and $225.4 million from shares redeemed by Authorized Participants.
The fund's trading value at risk (VaR) as of September 30, 2024, was $15.2 million, with the fund exceeding its VaR seven times during the nine months ended September 30, 2024.
The filing also details various financial and operational risks, including market risk, credit risk, and liquidity risk, as well as the fund's strategies for managing these risks.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Invesco DB Agriculture Fund quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.