Merricks Capital Agriculture Credit Fund Portfolio and Market Update – November 2025

The Merricks Capital Agriculture Credit Fund (the Fund) returned 0.7%* in November and 10.0%* on an annualised basis since inception.

There were no material loan-level portfolio updates during the month. Seasonal conditions across the portfolio remain broadly favourable. Rainfall early in November improved soil moisture in NSW and Queensland, pasture growth was strong across southern regions, and irrigation allocations held steady in northern systems. Parts of Western Australia remained dry, although improved harvest conditions helped offset yield impacts.

Commodity markets were stable. Cotton prices remained supported by global supply tightness, red meat export demand was firm, and vegetable pricing into major retailers held steady, supporting borrower cashflows.

Borrower demand for private capital remains solid, particularly across processing, irrigated cropping and pasture-based protein sectors. With disciplined credit selection and diversified exposure across commodities and geographies, the Fund is well placed to deliver resilient income and capital stability through the summer period.