The Campbell Group, LLC is a full-service timberland investment advisory firm founded in 1981, to acquire and manage timberland for investors. Our focus is exclusively on creating acquisition opportunities and managing them to produce superior risk-adjusted returns.
The Campbell Group manages over 2,350,000 acres representing over $4 billion in timberland assets. We are one of the largest timber investment managers in the world.
Twenty-five years ago, the firm began with five professionals, and now has about 250 employees in 21 offices.
WHAT WE DO
The Campbell Group's sole line of business is timberland investment management. The Campbell Group offers our clients complete and fully integrated timberland investment (also known as forestland investment) management services including Transaction Services (acquisition and sales), Property and Portfolio Management Services, Accounting and Reporting Services. Our revenues are exclusively generated from these services and we provide these services through our own employee base.
OUR ENTREPRENEURIAL SPIRIT IDENTIFIES OPPORTUNITIES. In the early 1980s, Duncan Campbell recognized the benefit to investors in an emerging trend in timberland ownership. As a result, he founded The Campbell Group, LLC in 1981 to acquire and manage timberland for institutional and high-net worth investors. Since our founding, the professional expertise and progressive approach of The Campbell Group have helped clients enhance their portfolios with the strong performance and unique growth attributes of timberland.
AN OPPORTUNISTIC FOCUS DELIVERS CLIENT VALUE. We create the best return for our clients by investing opportunistically. That is, we acquire timberlands (regardless of location) when an attractive opportunity arises that meets our clients' risk-return expectations.
SOLID INVESTMENT STRATEGIES OPTIMIZE RETURNS FOR OUR CLIENTS. We optimize returns through focused investment and management strategies for acquiring, managing and disposing timberlands.
Disciplined, large-scale acquisitions. We set clear standards for the properties we acquire, thoughtfully analyzing each potential purchase, and acquiring only those that meet our clients' goals. We generally target large transactions, so our clients benefit from economies of scale.
Active management. Our dedicated personnel implement proven forest management with state-of-the-art custom systems.
Liquidity. Our full range of in-house experts makes exiting the investment easier and more efficient than relying on third parties. We employ proven disposition strategies that provide optimal value to our clients.
THE CAMPBELL GROUP SERVICES are summarized as follows:
Timberland Management Services
- Acquisition and disposition support
- Contract negotiation and administration
- Log and stumpage sales and marketing
- Harvest planning and permitting
- Environmental enhancement
- Fire and insect protection
- Road permitting, construction, and maintenance
- Management of timber inventory and land records
- Acquisition outreach and acquisition analysis
- Acquisition due diligence
- Investment modeling
- Transaction negotiation and closing
- Financing evaluation and negotiation
- Investment vehicle evaluation and creation
- Disposition strategy and analysis
- Execution of disposition plan and process
Property and Portfolio Management Services
- Portfolio management
- Investor relations
- Existing timberland investment analysis
- Long-term management planning
- Inventory data and system maintenance
- Geographical Information System (electronic mapping)
- Harvest planning and support
- Timber economic research and forecasting
Accounting and Reporting Services
- Complete financial accounting
- Client reporting
- Cash management
- Log production accounting
WHAT MAKES US DIFFERENT
In delivering our services, our approach to timber investment management is what makes The Campbell Group different from other investment providers. Those differences include:An Opportunistic Approach to Investing
Transactions of Scale
The Campbell Group capitalizes on market inefficiencies to find undervalued timberlands.
Properties are sourced, evaluated and acquired on an opportunistic basis.
- Over time, this approach will lead to a diverse portfolio of timberlands of varying age classes, species and regions.
The Campbell Group's Disposition strategy seeks to capitalize on a wholesale to retail effect to enhance total investment return.
Transactions are generally in excess of $150 million dollars, giving us the best return for our clients.
- The larger transactions create economies of scale for our clients.
Vertically Integrated Company
A strong philosophy drives The Campbell Group decision-making in every facet of our forest operations.
Forest management is vertically integrated within The Campbell Group. All on-site forestry professionals are internally employed.
We are committed solely to the resources of timber and timberland.
Because we offer a full continuum of services, we can begin intermediate operation of a newly acquired tree farm. This provides immediate cash flow for our clients and a smooth transition from the previous owner.
- We employ personnel who have expertise at each phase of the forest life cycle.
We encourage our clients to be as informed and involved as they want to be at every step of their investing including:
Full evaluation of acquisition analysis and research.
Detailed review of quarterly property budgets.
Complete disposition analyses and information.
- Review of financing alternatives and analysis.
Our goal is continuous communication with no surprises.
Competitive Cost Structure and Fees
The Campbell Group does not charge any acquisition or disposition fees.
Asset management fee and cost reimbursements are designed to cover all services at approximate cost.
- The majority of our compensation is performance-based.
"We helped create the timber investment business and, by definition, are entrepreneurial. In terms of day-to-day business, we're creative and resourceful, unlike a lot of larger businesses that have become bureaucratic. You can see it, whether it's in the acquisition strategies that we pursue, the day-to-day management of our people, our resource planning or the technologies we employ."
- Duncan Campbell, Founder and Chairman
OVERVIEW OF TIMBERLAND INVESTMENT MANAGEMENT
The Campbell Group's approach to timber management distinguishes us from other investment providers.
Our unique vertical integration delivers superior management of client's timberlands and investments. We handle all aspects of a client's investment. Our in-house professionals conduct various timber management functions including: acquisitions, financial engineering, log marketing, disposition services.
We manage holdings for long-term productivity, growth and solid investment results. Our investment professionals manage client holdings to balance cash flow, timber growth, and capital appreciation.
Our Investment Management Services include the following:
Property and Portfolio Management Services
Existing timberland investment analysis
Long-term management planning
Inventory data and system maintenance
Geographical Information System (electronic mapping)
Harvest planning and support
- Timber Economic Research and Forecasting
Research is one of our strong suits. We continually research domestic and global economic trends to understand how they affect our clients' investments. We are experienced in timberland evaluation, price forecasting, forest economics, forest operations analysis, harvest scheduling analysis, and growth and yield analysis.
Accounting and Reporting Services
Complete financial accounting
- Log production accounting
TCG offers its clients the most proficient accounting, reporting and performance measurement reporting capabilities in the industry today. The company's accounting professionals have extensive experience and include timber and investment industry experts, as well as tax specialists.
OVERVIEW OF FOREST MANAGEMENT
The Campbell Group has developed a strong and recognized philosophy regarding our forest management operations. We continue to be a pioneer in developing and implementing the standards by which institutional owners can measure results and performance.
TCG has considerable expertise in timberland management and forest management. We have managed timberland operations that have generated over $100 million annually in log sales and produced significant cash flow to our investors. Through our annual operations, we have marketed logs to over 200 destinations, processed over 6,000 payments and traveled over one million road miles.
TCG has excellent relationships with major landowners, as well as the federal and state agencies that regulate timberland and forest management operations. We have been publicly recognized several times by these agencies for our forest management practices, stewardship and performance.
The following is a brief outline of our philosophies and practices.
- Forest management is vertically integrated within TCG. We internally employ all on-site forestry professionals.
- We are committed solely to the resource of timber and timberland as contrasted with integrated forest products companies. We apply sound business practices in our daily and long-term operations and are not forced to supply fiber to a mill. Our capital structure blends with the long-term economics of the forest.
- Our foundation principle is to add value to the assets we acquire. Because we offer a full-continuum of services, we can begin immediate operation of a newly acquired tree farm. This provides immediate cash flow for our clients, as well as a smooth transition from the previous owner for people and facilities dependent on the tree farm operation.
- Our goal is to enhance long-term value by blending historically proven forestry practices with new forestry techniques. We move each acquisition to sustained production over time with the objective of improving the composition and value of the forest after harvest.
- We employ personnel with expertise at each phase of the forest life cycle. We replant immediately, allow for natural regeneration where economics are favorable, focus upon vegetation and animal control to ensure success, and actively manage the thinning process to optimize growth of the forest. The species of trees we plant and manage are dependent upon which species are the most economically suited to the characteristics of the tree farm.
- Professional forest management goes beyond the growing of timber. Our practices include developing strong relationships with regulators, environmental concerns, customers, contractors, and property neighbors. The ability to efficiently perform harvest operations strongly depends upon our actions in the field. We have been publicly recognized several times by federal and state agencies for our forest management practices.
- Forest management generally involves timber stumpage sales and log sales when appropriate. TCG's foresters provide an unequaled pool of experience. These foresters, with an average of over 25 years experience, work directly on the ground at the tree farm level, managing each property to optimal performance.
- We manage timberlands in a manner designed to balance current cash flow, timber growth, capital appreciation, and prudent environmental management in order to maintain and increase the economic and productive capacity of the forest over time.
OUR PERFORMANCE (NB: de redactie snapt niet goed waar dit precies op slaat. Wie kan het me vertellen ?)
- We believe that opportunities exist to improve timberland productivity and yield through concentrated silviculture practices on a species and site-specific basis. In particular, we accelerate the adoption of state-of-the-art silviculture and management techniques in our operations.
TCG has extensive expertise in structuring transactions and in underwriting acquisitions. It is a major function and capability in our firm, along with forest management, acquisitions, and portfolio management.
Our approach to structuring transactions always begins with the results of our economic and due diligence on the property, overlayered with the objectives and goals of our clients.
Timberland transactions can be structured in a wide variety of ways, which is one of the unique aspects of the asset. Depending upon the property-specific characteristics, transactions can often be created which meet the client’s needs, plus the needs of the sellers.
TCG has researched, developed and implemented several tailored structures for tax-exempt investors, which fit the spectrum of investor tolerance, with respect to the risk of providing Unrelated Business Taxable Income (UBTI).
Three elements are essential to The Campbell Group’s ongoing strategy of adding value with respect to marketing timber.
- "In The Market" at All Times
The first of these is to continually access the largest possible market for our timber products. We regularly communicate with a wide range of potential customers, are “in the market” at all times and sell our products to a multitude of buyers. This approach helps keep our markets fair and competitive. Without exception, our policy is to deal with people on an arm’s-length basis.
- Strategic Sales Process
The second element is to design and implement a process (e.g., competitive bid, negotiated sale, stumpage sale, delivered log sale, or some combination of these) for each timber sale developed to deliver the highest price for the logs we market. Our strategy always has been to control the way our trees are “cut into logs” so we can maximize value of the trees in relation to what is selling best in that market.
- Capitalize On Market Inefficiencies
The third element of our timber marketing strategy is to capitalize on supply/demand imbalances. We do this by the timing of timber sales and our management of strategic market information. The Campbell Group designs timber marketing plans for each offering that ensures all parties potentially interested in buying stumpage or logs know the details of our offering process, and have adequate time to evaluate our offerings and make competitive offers.
THE CAMPBELL GROUP, LLC
Per Annum Returns: Net of all fees 9.78% 19.45% 13.27% 10.33% Gross of fees 10.99% 21.33% 14.69% 11.57% NCREIF Timberland Property Index 11.90% 15.18% 11.37% 7.58%
The Campbell Group, LLC (TCG) is a registered investment advisor specializing in timberland investment management. TCG uses a fundamental value approach when evaluating and acquiring timberland properties. TCG targets high quality properties that have appreciation potential and can generate operating cash flow. Once acquired, TCG manages these timberlands on a sustainable basis. The TCG return composite has $1,019 million in assets as of 06/30/07 and includes all timberland assets managed by the firm. All valuations and returns are calculated in U.S. dollars.
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