Немного про деревья, которые не растут до небес
Я очень странный инвестор. Нет, правда. Где-то с осени 2005 года я полностью вышел из российского рынка акций и сижу в паевом фонде облигаций. То есть я ничего не потерял, но ничего особо и не заработал. Для тех, кто не в теме, поясню: c тех пор российский фондовый рынок вырос более чем в два раза, а в фонде облигаций можно заработать ну чуть больше чем на банковском депозите.
Для меня это был повод для беспокойства, но также повод осознать кто я такой. И теперь я могу заявить совершенно откровенно: я понял, что я консервативный инвестор. Мне кажется аномалией, когда акции за год дорожают на 100% или на 70%. В моей консервативной голове не укладываются такие цифры. Беспрецедентное по своим масштабам ралли на всех абсолютно рынках (от фондового рынка до рынка золота, недвижимости, бордо и искусства), внушает мне опасения. Что же касается России, то я не верю в российский фондовый рынок и в российское экономическое чудо. Ну не могу я заставить себя покупать акции ворюги "Газпрома" или "Сбербанка". "Сбербанк" не ворюга, но я не хочу покупать акции банка, в котором такой чудовищный сервис. Как я уже говорил, я очень странный инвестор.
Примерно полтора года назад я решил инвестировать только на западных фондовых рынках. Туда и утекают все мои свободные деньги. И, конечно, я не был бы странным инвестором, если покупал бы акции признанных компаний, например McDonald's или Boeing. В прошлом я уже писал о том, как вложил деньги в воду. C водой, кстати, всё в порядке - денежки прибывают. Также в мае этого года я еще купил акции британского фонда Impax Environmental Markets, который торгуется на Лондонской бирже под тикером IEM. Этот фонд инвестирует в акции компаний водной промышленности, альтернативной энергетики и компании, которые занимаются waste management (не знаю как это точнее перевести на русский). Заработав 5% прибыли, я продал паи фонда. Нет, я не разочаровался в перспективности этого направления. Просто, на мой взгляд, рынки перегреты, и в случае серьёзного снижения инвесторы в первую очередь начнут "сливать" вот как раз такие акции - интересные, но с неясным потенциалом.
Произошло это два дня назад. Вчера я стал думать о том куда бы вложить эти денежки. И на своём любимом форуме Morningstar в разделе Alternative Investments, я прочитал интересный пост про лесную промышленность. Немного поразмышляв, я все свои фунты вложил в британский закрытый фонд Phaunos Timber Fund, который покупает леса.
Дальше - статья о том, почему стоит покупать лес long term. Внутренне хихикаю над тем, что я окончательно стал экологическим инвестором. Наверное, я единственный экологический инвестор в нашей нефтяной стране...
The Attractions Of Timber And The Phaunos Timber Fund
By Sally White
Massive flooding this month in Malaysia and Indonesia, the world’s top two exporters of tropical timber, has forced their timber prices to soar in the last few days and threatens much more to come. The full extent of the damage to the forests cannot be fully assessed for several months. This disaster comes at a time when the European Union and other countries are already seeing shortages as they curb sales of illegal timber products, created from over-logging. Armed military personnel are now checking the routes to Indonesian and Malaysian ports for illegal logs.
This is just the latest of news on shortages of timber of various sorts, for paper, packaging, building and furniture that can be heard from Latvia (where coniferous wood prices doubled last year) to the Americas, Europe and to Asia and the Pacific region. Vietnamese furniture makers cannot get enough New Zealand pine, Indonesia was already 20 per cent below production targets, and mid-West US prices have been putting firms out of business. Demand is soaring, of course, in China and India, which are both trying to increase forestations. Yet, the destruction of forests world-wide for faster-growing, higher added value agriculture, is legion and well publicised.
All of which is very good news for a very new investment trust, Phaunos Timber Fund, which was floated on AIM and in the Channel Island s in December last year - but it better get a move on with investing the US$115 million it raised (at us$1 a share). While it is setting no global or tree specie limits, and governments everywhere are encouraging forestations, competition for land is rising.
Phaunos is a multi-national vehicle in more ways than one. A Guernsey domiciled fund, it is managed by FourWinds Capital Management based in Boston with a Geneva office, and was placed in London by broker Shore Capital and by LCF Edmond de Rothschild Securities.
The aim is to provide opportunities from timber to a wider than usual range of investors. However, the long time frame of timber investment is likely to make it more attractive to institutions than most private investors. Funds run by F& C and Tilney are two named investors.
The company says its objective is “to provide shareholders with attractive long term total return appreciation, predominately expected to be in the form of capital appreciation but with some income through a diversified portfolio of timberland and timber related investments.” Investments will cover the entire range, from timber derivatives to the trees and woodland.
FourWinds has a timberland investment specialist on the board in the form of Liane Luke. She has worked across the world for Hancock Timber Resources Group and Resource Management Group, two companies that are among the leaders in the US timber investment industry. She went on to found Greenway Investments to work with an institutional investor to design innovative investment structures in timberland. FourWinds also has a team of timberland consultants.
The US, the globally the world leading producer of timber products (27 per cent) and consumer (30 per cent) as well having the largest investment pool (circa US$19 billion of institutional money) is acknowledged as being a bit pricey. More attractive opportunities are on offer in Brazil, New Zealand, Australia, Canada and Scandinavia, according to Phaunos’s prospectus. The warmth of the tropical or semi-tropical latitudes, such as New Zealand or Australia, makes them faster growing regions, and thus the most attractive of all.
Making money from timber involves very much more than just growing the trees. Given that it will be operating in a range of different tax regimes, Phaunos makes a point of saying that it also has on call a wide range of tax advisers. Plus, timberland investment is often done in with a limited number of sophisticated investors in a “club” investment. Management also raises the need for due diligence and access to technical analysis and scientific analysis as well as financial, and even, given the need to be able to get timber out, knowledge of how to go about road construction and capital improvements.
Timber growing enjoys tax privileges in many countries, including the UK, as well as a decent return. The UK IPD Forestry index put forestry’s total return, (income and capital gain), at 14.4 per cent in 2005, the highest figure since the index began in 1992. Timber prices rose by 15 per cent in the year to July 2006, pushing up the return from forestry, making it particularly attractive to higher rate tax payers, since the income is tax free.
“Commercial woodland prices moved upwards, influenced by confidence in the future timber market and by a shortage of supply in all regions,” says Alistair Sandels of forestry management company Fountains. This view is echoed by his colleague Alan Guy. “Over recent months, forestry property prices have seen an upturn due to an increase in timber prices and the attraction of inheritance tax relief. Properties are much in demand and guide prices are being achieved and in most cases exceeded. We expect the strong demand to continue throughout for both lowland amenity woodlands as well as commercial coniferous plantations.”
In fact, finance and tax feature large in the management feature very large in Phaunos’s management. That is why the board includes not only John Le Provost, a specialist in off-shore trusts and investment and the managing director of Anson Group, Phaunos’s administrator, secretary and registrar, but it is led by a former M&S deputy chairman, managing director and finance director. This is Keith Oates, now chairman of Phaunos, who, apart from M&S, has been on the boards of BT, John Laing and Diego.
And why “Phaunos”? Because Phaunos or Faunus was the name of the Greek and Roman rustic god of the forests, of course! The name is also associated with Pan, who had a lot of fun looking after the shepherds and their flocks! A benign icon for Phaunos Timber Fund!
Это с сайта Agripods.Com (чтобы читать статьи, нужно регистрироваться).
Для меня это был повод для беспокойства, но также повод осознать кто я такой. И теперь я могу заявить совершенно откровенно: я понял, что я консервативный инвестор. Мне кажется аномалией, когда акции за год дорожают на 100% или на 70%. В моей консервативной голове не укладываются такие цифры. Беспрецедентное по своим масштабам ралли на всех абсолютно рынках (от фондового рынка до рынка золота, недвижимости, бордо и искусства), внушает мне опасения. Что же касается России, то я не верю в российский фондовый рынок и в российское экономическое чудо. Ну не могу я заставить себя покупать акции ворюги "Газпрома" или "Сбербанка". "Сбербанк" не ворюга, но я не хочу покупать акции банка, в котором такой чудовищный сервис. Как я уже говорил, я очень странный инвестор.
Примерно полтора года назад я решил инвестировать только на западных фондовых рынках. Туда и утекают все мои свободные деньги. И, конечно, я не был бы странным инвестором, если покупал бы акции признанных компаний, например McDonald's или Boeing. В прошлом я уже писал о том, как вложил деньги в воду. C водой, кстати, всё в порядке - денежки прибывают. Также в мае этого года я еще купил акции британского фонда Impax Environmental Markets, который торгуется на Лондонской бирже под тикером IEM. Этот фонд инвестирует в акции компаний водной промышленности, альтернативной энергетики и компании, которые занимаются waste management (не знаю как это точнее перевести на русский). Заработав 5% прибыли, я продал паи фонда. Нет, я не разочаровался в перспективности этого направления. Просто, на мой взгляд, рынки перегреты, и в случае серьёзного снижения инвесторы в первую очередь начнут "сливать" вот как раз такие акции - интересные, но с неясным потенциалом.
Произошло это два дня назад. Вчера я стал думать о том куда бы вложить эти денежки. И на своём любимом форуме Morningstar в разделе Alternative Investments, я прочитал интересный пост про лесную промышленность. Немного поразмышляв, я все свои фунты вложил в британский закрытый фонд Phaunos Timber Fund, который покупает леса.
Дальше - статья о том, почему стоит покупать лес long term. Внутренне хихикаю над тем, что я окончательно стал экологическим инвестором. Наверное, я единственный экологический инвестор в нашей нефтяной стране...
The Attractions Of Timber And The Phaunos Timber Fund
By Sally White
Massive flooding this month in Malaysia and Indonesia, the world’s top two exporters of tropical timber, has forced their timber prices to soar in the last few days and threatens much more to come. The full extent of the damage to the forests cannot be fully assessed for several months. This disaster comes at a time when the European Union and other countries are already seeing shortages as they curb sales of illegal timber products, created from over-logging. Armed military personnel are now checking the routes to Indonesian and Malaysian ports for illegal logs.
This is just the latest of news on shortages of timber of various sorts, for paper, packaging, building and furniture that can be heard from Latvia (where coniferous wood prices doubled last year) to the Americas, Europe and to Asia and the Pacific region. Vietnamese furniture makers cannot get enough New Zealand pine, Indonesia was already 20 per cent below production targets, and mid-West US prices have been putting firms out of business. Demand is soaring, of course, in China and India, which are both trying to increase forestations. Yet, the destruction of forests world-wide for faster-growing, higher added value agriculture, is legion and well publicised.
All of which is very good news for a very new investment trust, Phaunos Timber Fund, which was floated on AIM and in the Channel Island s in December last year - but it better get a move on with investing the US$115 million it raised (at us$1 a share). While it is setting no global or tree specie limits, and governments everywhere are encouraging forestations, competition for land is rising.
Phaunos is a multi-national vehicle in more ways than one. A Guernsey domiciled fund, it is managed by FourWinds Capital Management based in Boston with a Geneva office, and was placed in London by broker Shore Capital and by LCF Edmond de Rothschild Securities.
The aim is to provide opportunities from timber to a wider than usual range of investors. However, the long time frame of timber investment is likely to make it more attractive to institutions than most private investors. Funds run by F& C and Tilney are two named investors.
The company says its objective is “to provide shareholders with attractive long term total return appreciation, predominately expected to be in the form of capital appreciation but with some income through a diversified portfolio of timberland and timber related investments.” Investments will cover the entire range, from timber derivatives to the trees and woodland.
FourWinds has a timberland investment specialist on the board in the form of Liane Luke. She has worked across the world for Hancock Timber Resources Group and Resource Management Group, two companies that are among the leaders in the US timber investment industry. She went on to found Greenway Investments to work with an institutional investor to design innovative investment structures in timberland. FourWinds also has a team of timberland consultants.
The US, the globally the world leading producer of timber products (27 per cent) and consumer (30 per cent) as well having the largest investment pool (circa US$19 billion of institutional money) is acknowledged as being a bit pricey. More attractive opportunities are on offer in Brazil, New Zealand, Australia, Canada and Scandinavia, according to Phaunos’s prospectus. The warmth of the tropical or semi-tropical latitudes, such as New Zealand or Australia, makes them faster growing regions, and thus the most attractive of all.
Making money from timber involves very much more than just growing the trees. Given that it will be operating in a range of different tax regimes, Phaunos makes a point of saying that it also has on call a wide range of tax advisers. Plus, timberland investment is often done in with a limited number of sophisticated investors in a “club” investment. Management also raises the need for due diligence and access to technical analysis and scientific analysis as well as financial, and even, given the need to be able to get timber out, knowledge of how to go about road construction and capital improvements.
Timber growing enjoys tax privileges in many countries, including the UK, as well as a decent return. The UK IPD Forestry index put forestry’s total return, (income and capital gain), at 14.4 per cent in 2005, the highest figure since the index began in 1992. Timber prices rose by 15 per cent in the year to July 2006, pushing up the return from forestry, making it particularly attractive to higher rate tax payers, since the income is tax free.
“Commercial woodland prices moved upwards, influenced by confidence in the future timber market and by a shortage of supply in all regions,” says Alistair Sandels of forestry management company Fountains. This view is echoed by his colleague Alan Guy. “Over recent months, forestry property prices have seen an upturn due to an increase in timber prices and the attraction of inheritance tax relief. Properties are much in demand and guide prices are being achieved and in most cases exceeded. We expect the strong demand to continue throughout for both lowland amenity woodlands as well as commercial coniferous plantations.”
In fact, finance and tax feature large in the management feature very large in Phaunos’s management. That is why the board includes not only John Le Provost, a specialist in off-shore trusts and investment and the managing director of Anson Group, Phaunos’s administrator, secretary and registrar, but it is led by a former M&S deputy chairman, managing director and finance director. This is Keith Oates, now chairman of Phaunos, who, apart from M&S, has been on the boards of BT, John Laing and Diego.
And why “Phaunos”? Because Phaunos or Faunus was the name of the Greek and Roman rustic god of the forests, of course! The name is also associated with Pan, who had a lot of fun looking after the shepherds and their flocks! A benign icon for Phaunos Timber Fund!
Это с сайта Agripods.Com (чтобы читать статьи, нужно регистрироваться).