What are the historical returns for timberland vs. other asset classes?
• As an asset class, investment timberland has provided returns that are competitive with most major asset classes. Historical Returns for Timberland vs. Other Asset Classes* 1-Year 5-Year 10-Year 20-Year U.S. Timberland 3.3% 13.6% 8.7% 12.8% Large Cap Stocks -26.2% -2.2% -2.2% 7.8% Small Cap Stocks -23.5% -3.1% 5.8% 9.3% International Stocks -31.0% 2.8% 1.6% 4.2% Direct Real Estate -19.6% 7.6% 8.5% 7.0% U.S. 30-Day T-Bills 0.59% 3.0% 3.0% 4.0% * Returns are for 7/1/89 through 3/31/09. Historical performance is reflective of various indices. The above indices reflect gross returns and do not reflect the deduction of sales loads, fees, or expenses; if those deductions had been subtracted, performance would be lower. One cannot invest directly in an index. * NCRIEF index returns do not account for expenses and are based upon tax-exempt institutions invested without leverage. The historical data represented by the NCREIF Timberland Index should not be used to project future returns. The I
