Phaunos Timber Fund: London-Listed Closed End Fund Invested in Global Timber Assets

Dominic Fisher presented his in-depth investment thesis on Phaunos Timber Fund (London: PTF) at European Investing Summit 2013.

London-listed closed end fund invested in global timber assets. Capital protection from 44% discount to NAV. Upside potential due to: 1) discount narrowing; 2) timber revaluation; 3) share buy backs. Fisher expects annualized returns of 9-25%. Reasons to be cheerful include the new board (capable and incentivized), which commissioned independent valuation, gave manager notice, confirmed commitment to continuation vote and is committed to simplify business and better fundamentals (e.g. New Zealand lumber exports increasing; US housing starts increasing; Brazilian plantations to benefit from weaker currency).

About the instructor:

An investment manager since 1989, Dominic Fisher has worked for a significant number of charities as an investment manager, more recently he has acted as a charity trustee. He trained at Hambros Bank, joining Mercury Asset Management in 1992. As head of the team investing for charities he successfully resisted the dotcom mania and the pressure to invest in a ‘new era’. He joined Singer and Friedlander in 2001 but left in 2002 to run his own business for three years. He then worked at OLIM, a subsidiary of Close Brothers before establishing Thistledown in 2009. He is Chairman of the Officers’ Association, a charity that cares for ex-officers and head of the investment sub-committee of the Armed Forces Common Investment Fund. He is a director of Aberforth Geared Income Trust Plc. and a founder member of the Value Investors Special Interest Group of the Chartered Financial Analysts’ Institute (UK).

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