About Rachel Kelly

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So far Rachel Kelly has created 20 blog entries.

Timber, Land, and Optionality: Rethinking Risk in a Timberland Portfolio

Chung-Hong Fu: Managing Director Economic Research and Analysis DOWNLOAD (1.7Mb PDF) Timberland investment management professionals often find themselves working with investors who are focused on building their portfolio's exclusively with "core timberland" assets because they are interested in attaining "pure" exposure to the asset class.  Such investors often have limited appetites for acquiring timberland that also [...]

2018-12-07T14:54:13-04:00Aug, 2017|

Timberland Return Drivers: A Fresh Look Using Empirical Data

Chung-Hong Fu: Managing Director Economic Research and Analysis DOWNLOAD (1.6Mb PDF) One of the first things investors learn about the timberland asset class is that it offers three primary sources of investment return: (1) biological growth; (2) timber price appreciation; and, (3) land price appreciation. In large part because of a popular article published in 1998 [...]

2018-12-07T14:54:33-04:00Oct, 2016|

What is Timberland’s Role in a Real Assets Portfolio?

Chung-Hong Fu: Managing Director Economic Research and Analysis DOWNLOAD (2.6Mb PDF) Real assets have traditionally attracted investors because of their capacity to generate cash yields, like bonds, as well as their ability to generate long-term capital gains, like stocks. Within the real asset category of alternative investments, timberland often competes with farmland, real estate and infrastructure-focused [...]

2018-12-07T14:54:35-04:00Oct, 2016|

Timberland and Farmland Investments: Separating the Bark from the Chaff

Chung-Hong Fu: Managing Director Economic Research and Analysis DOWNLOAD (1.2mb PDF) Timberland and farmland are among the real asset categories that have garnered significant attention from investors. What makes an institutional investor choose farmland, timberland, or both? Given their similarities and key investment attributes, it can be challenging for an investor to decide which best [...]

2017-03-24T17:24:27-04:00Nov, 2013|