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How the TIMO structure has evolved and the challenges that lie ahead since HTRG offered institutional investors their first timberland investment fund, ForesTree One, in 1984
Timberland Radio Feature Special Series - III
 
Friday, March 25, 2011
at The University of Georgia’s Timberland Investment Conference

In a conversation with Sona Blessing, Court Washburn, Managing Director and CIO of the Hancock Timber Resource Group (HTRG), shares how the timberland investment management organisation (TIMO) structure, management and investing strategy have evolved and the challenges that lie ahead since they offered institutional investors their first timberland investment fund, ForesTree One, in 1984.

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How the TIMO structure has evolved and the challenges that lie ahead since HTRG offered institutional investors their first timberland investment fund, ForesTree One, in 1984

Duration: 11:11 

 

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  • Q1 - The TIMO Landscape - then and now
    In 1984 they were US centric and capital sources were much less diverse
    Today’s business is much more global, in terms of where they invest and who, and where their clients are located
    Complexity - understanding the fundamentals, multiple timber markets and geographies, more diverse investor base, taxation policies, exposure to currencies
    Term of investment
    Types: co-mingled funds and individually managed accounts - open ended funds

    Duration: 03:03 


  • Q2 - Expected returns
    Nature of returns through up and down cycles
    Impact of compression in discount rates
    A lot more variation in realised returns than there has been in expected returns
    Understanding different currency exposures
    Productivity changes

    Duration: 02:51 


  • Q3 - Challenges and why investors should invest in timberland?
    Provides long tailed cash flows to match long tailed liabilities
    Investing outside the US
    The need to understand country specific risks - regulatory, legal etc.
    Exploring investing in Russia and Africa


    Duration: 03:06 


  • Q4 - The performance of timberland since 1984 has been very good for timberland investors
    Adapting to the ever changing landscape
    "The more you are in the business, the more you realise what you don’t know as opposed becoming more certain of what you do know and you become cognisant of the challenges and uncertainties "
    Weather related phenomenon and bio energy - evaluating the demand for timber going forward


    Duration: 02:10 



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