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Program

Tuesday, May 1, 2018

Day One

7:50am

Registration

**The Convene Conference Center is located in the TIAA-CREF building located at 730 Third Ave.   A valid ID is required to enter the building.   Please allow an extra few minutes to obtain your pass to the building. 

8:50am

Jon Rager

Senior Vice President, Analytics

RISI

Welcome Remarks

9:00am

A New Entrant into Timberland Investment

9:30am

Balancing Agriculture vs. Forestry in an Investment Portfolio

Discussion will take a comparative view of farmland and timberland investment strategies, assessing risks/returns and opportunities.

10:00am

Mike Clutter

Vice President and Director of U.S. Investments and Operations

Forest Investment Associates

North American Timberland Investments: How Will TIMOs Prosper?

This presentation will focus on (1) the current structure of the TIMO space in North America, (2) recent history and expectations looking forward, and (3) a few observations about private placement versus public timberland investments.

10:30am

Coffee and Tea Networking Break

11:00am

Dave Rumker

Managing Director and Chief Investment Officer

Campbell Global

Is it Time for TIMOs to Start Moving Back into the Old-Style FP Company "Vertical Integration" Model?

Vertically-integrated ownership of timberlands and forest products manufacturing can add substantial value for institutional investors, but under what set of circumstances?  This presentation will highlight key strategic considerations, using a Campbell Global case study.

11:30am

Erin Robert

Head of Capital Strategies, Sustainable Finance Team

JP Morgan Chase

Conservation Investments and Institutional Investors

12:00pm

Andriy Hrytsyuk

Portfolio Manager Forestry

IKEA Group Financial Asset Management

IKEA Group Financial Asset Management Investments in Timberlands

The presentation will introduce IKEA Group investments into forestland, which is part of the Financial Asset Management.

12:30pm

Networking Lunch

1:30pm

Family Offices and Timberland Investment

The presentation will review the timberland investment strategies for Family Offices investors.

2:30pm

Alternative Investment Possibilities for Timberlands in Asia

Plantation investments in Asia have been traditionally focused on supplying demands of the pulp industry. Declining natural forest supplies in combination with strong demand however is creating alternate investment possibilities for solidwood plantations for sawntimber & plywood in the region.

The presentation will address:

  • What are the key demand drivers in Asian solidwood end markets?
  • Which plantation species (including rubberwood) and countries present opportunities for investors?
  • What are some of the most important considerations for investors into Asian Timberland?

 

 

3:00pm

Coffee and Tea Networking Break

3:30pm

Chip Dillon

Wall Street Analyst

Vertical Research Partners

REITs in 2018: What are the Opportunities?

4:00pm

Henry Lin

CEO

 China Forestry Group New Zealand

An Integrated Approach to Securing China’s Future Timber Supply

4:30pm

Outlook for Timberland Investments in New Zealand and Australia

  • After USA, Oceania (Australia + New Zealand) has been the most popular TIMO timberland investment haven – with TIMOs New Forests, Hancock, GFP, Campbell Global, GMO RR (now Rohatyn Group) and RMS all invested, as well as Canadian pension fund PSP
  • Domestic and export pulpwood (in Australia) and sawlog (both countries) markets are all strong; and with woodchip export prices set to reach record levels in Australia in 2018
  • Australian Government policy has always been strongly pro-overseas investment, while New Zealand policy has been mixed, although mostly supportive; but -
  • - A new NZ government is in 2018 thinking about seriously hobbling future opportunities for overseas investment in trees.  But will it “take the plunge”?  
5:00pm

Conference Day One Close

5:00pm

Cocktail Reception

Wednesday, May 2, 2018

Day Two

7:50am

Registration

**The Convene Conference Center is located in the TIAA-CREF building located at 730 Third Ave.   A valid ID is required to enter the building.   Please allow an extra few minutes to obtain your pass to the building. 

8:50am

Bob Flynn

Director, International Timber

RISI

Welcome Remarks

9:00am

Timberland Investments in Environmental Markets: Forests as a Climate Solution?

Since the Paris agreement in 2015, forests and land use have emerged as a key policy area related to action on climate change, second only to the transition to renewable energy and electrification.  The presentation will review the background to forest and land use climate policy and how this will provide growing opportunities for forestry investors.

 

9:30am

Teak Investment in Latin America

10:00am

Creating Value in Forestry Assets in Sub-Saharan Africa

10:30am

Coffee and Tea Networking Break

11:00am

Panelists

Investment Opportunities in Latin America

Our three speakers will discuss institutional investment in timberland in Latin America by focusing on their experiences in Brazil, Colombia and Central America.

11:40am

Natural Capital and Impact Investing: A Real Assets Perspective

12:05pm

Sustainable Forestry in Ireland

Ireland is emerging as a new destination for forestry investment. At the same time, Continuous Cover Forestry is being increasingly embraced as a commercially viable alternative to clearfell-replant systems, with many environmental benefits. The presentation will explore this geography and management approach, in the context of a new sustainable forestry fund that has been established in Ireland with the backing of institutional investors.  

12:20pm

Networking Lunch

1:30pm

Bret Vicary

Vice President Forestry & Natural Resource Consulting

Sewall

Expectations on Return Premiums for Timberland Investments: USA and Global, and Trends in Last Decade Outside of the USA

Bret Vicary, VP of Sewall on its Investor Survey results for acquisition IRR premia vs. US timber investments, for more than 40 country/region/species options. 

2:00pm

Global Pulp and Paper Market Outlook

Growth in world paper demand is accelerating along with the general economies. Packaging and tissue continue to lead the upswing while graphic papers are still declining, albeit less rapidly. Pulp usage is being boosted by tightening environmental policies in China.

 

2:30pm

North American Timber: Predicting a Depression Echo

Markets are cyclical. In August 2017, the Financial Times posted an article highlighting RISI's claim that the long-term outlook for the timber asset class is positive, introducing what RISI refers to as a potential "depression echo." We start by highlighting that the depression in US solid wood product demand and the consequent low pricing for timber in some producing regions has never been so deep for so long. We postulate that this unique market cycle will have distinctive consequences in the future which includes a potential timber shortage over the long-term. In this presentation, we will demonstrate how the seeds are already being sown for sawlog prices to eventually return to inspiring levels for the timber asset class.

 

3:00pm

Coffee and Tea Networking Break

3:30pm

Outlook for US Housing, Lumber and Wood Panels: US Housing Gains and the Impact on the North American Wood Products Market

The recovery in the US housing market has been restrained in the last few years, but indicators point to greater growth ahead. The strongest evidence yet that housing is ready for higher construction levels is the complete absence of excess inventory. Shelter prices are rising rapidly as a result and vacancy rates are hovering near historic lows. Meanwhile, household formations have only recently approached their historic trend, leaving pent-up demand for shelter at extraordinarily high levels. The main obstacle to higher construction levels continues to be supply side impediments, which should ease in response to stronger pricing and demand. The pace of the recovery in the US housing market will be a key determinant in the outlook for demand for softwood lumber and structural panels produced in the USA and Canada.

 

 

4:00pm

Bob Flynn

Director, International Timber

RISI

Key International Log and Woodchip Markets for Timberland Investor

China has been by far the world’s largest log import market, for both softwood and hardwood logs. However, the industry is changing rapidly, and President Xi’s agenda will drive further dramatic changes in China’s demand for imported logs and lumber in the decade ahead. This talk will summarize findings of a new RISI forecast on China’s timber import demand.

A number of pension funds and TIMOs have invested in forests where the woodchip export market represents an important component of financial returns. This talk will also highlight major changes coming in the important Asian woodchip import markets.

4:30pm

Conference Wrap-Up

4:35pm

Close of Conference