Brazilian sugarcane processor and ethanol producer Cosan ( CZZ), the prize of billionaire Rubens Ometto Silveira Mello, is another Knudsen favorite, though it's a bit pricier than the others. It has a forward P/E of about 12.2. Still, says Knudsen, the company's stock has been trading "at a substantial value to the current sugar price." If the market is pricing the company's stock at 15-cent sugar, for example, while sugar itself trades at 22 cents per pound, Knudsen can still make money on the appreciation of the equity even if sugar prices remain stagnant at these levels. Of course, it's not always that simple. Ag companies may have hedges on, for instance. "You may have years when earnings don't show up. But, ultimately, that works through," Knudsen says. Knudsen's Passport held 463,600 shares of Cosan as of March 31, up 73,000 shares from the previous quarter.