Another South American sugar grower and refiner, Adecoagro ( AGRO), just sold equity in the U.S. for the first time in January, backed by George Soros, whose fund owns about a third of the company. The stock became a key holding of Knudsen's Passport as well; the fund bought nearly 640,000 AGRO shares during the first quarter. The company, however, is more diverse than Cosan. About half Adecoagro's balance sheet is made up of sugar plantations; the other half is corn and other cropland in Argentina and Uruguay, says Knudsen. (The company also grows coffee, soybeans and rice, and operates dairy farms.) Recently trading just above its offer price of $11, the stock is cheap, Knudsen says. The market, he says, is valuing the company at less than the appraised value of its roughly 500,000 acres of real estate. >>To see these stocks in action, visit the Four Overlooked Agriculture Stocks portfolio on Stockpickr. -- Written by Scott Eden in New York >To contact the writer of this article, click here: Scott Eden. >To follow the writer on Twitter, go to http://twitter.com/ScottEden. >To submit a news tip, send an email to: firstname.lastname@example.org.