TARGET FUND SIZE
$150 Million
Focused Portfolio
Maximum number of holdings : 20
Positions that go over a 10% weighting are scaled back
BENCHMARK
S&P Global Timber & Forestry Index (SPGTTF)
HIGH WATERMARK
Perpetual
TURNOVER RANGE TARGET
25-30% -Ongoing evaluation
MACRO THEMES
- Current cycle is “supply-driven” as opposed to previous cycles that were largely “demand-driven”.
- Global supply and demand balance tilting to a greater deficit.
- Natural disasters: insect infestations, weather, and wildfire, coupled with ongoing deforestation are having a material effect on timber supply.
- Demographics in developed countries have held back normal demand, while demand from emerging markets continues to grow.
- New uses for timber –Mass Timber Construction, Cross-Laminated Timber (CLT), and Industrialized Wood-Based Offsite Construction.
- Trade wars and tariffs.