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The Journal of Alternative Investments

The Journal of Alternative Investments

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Primary Article

Timber as an Institutional Investment

Thomas Healey, Timothy Corriero and Rossen Rozenov
The Journal of Alternative Investments Winter 2005, 8 (3) 60-74; DOI: https://doi.org/10.3905/jai.2005.608033
Thomas Healey
Managing partner at Healey Development, Morristown, NJ.
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  • For correspondence: tom.healey@healeydev.com
Timothy Corriero
Managing director at FIA Timber Partners, Alameda, CA.
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  • For correspondence: tcorriero@fiatimberpartners.com
Rossen Rozenov
Head of Division, Monetary and Financial Research, at Bulgarian National Bank, Sofia, Bulgaria.
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  • For correspondence: rozenov.r@bnbank.org
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Abstract

From 1997 through the middle of 2005, the Harvard Management Company, one of the most respected institutional investors in the world, built a timberland portfolio valued at over $2 billion. In the summer of 2005, Harvard announced the sale of a significant portion of this portfolio to Hancock Timber Resource Group, an institutional investor. Given significant commitments to this asset class by investors like Harvard, institutional investors have expressed increasing interest in and questions about, this asset class. What drives institutional investor interest in this asset class? To answer that question, this article will discuss four unique attributes of timber investments. These are the economics of timber, characteristics of timber returns, the impact of including timber in a diversified portfolio, and some of the risks associated with such an investment.

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The Journal of Alternative Investments
Vol. 8, Issue 3
Winter 2005
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Timber as an Institutional Investment
Thomas Healey, Timothy Corriero, Rossen Rozenov
The Journal of Alternative Investments Dec 2005, 8 (3) 60-74; DOI: 10.3905/jai.2005.608033

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Timber as an Institutional Investment
Thomas Healey, Timothy Corriero, Rossen Rozenov
The Journal of Alternative Investments Dec 2005, 8 (3) 60-74; DOI: 10.3905/jai.2005.608033
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