The NCREIF Timberland Fund and Separate Account Index (NTFSAI) represent time-weighted returns. Index inclusion criteria consist of the following policies:
- Commingled funds and individually managed separate accounts, held in a fiduciary setting for any combination of tax-exempt and taxable investors.
- At least 90% of a fund’s net asset value must be comprised of timber, timberland, timber deeds, leases, cutting rights (non-fee ownership) and cash equivalents, without regard to geographic ownership.
- Funds must be invested at least 95% in the United States.
- Fund properties must be externally valued at least annually in accordance with USPAP standards.
The table below represents gross total returns for both commingled funds and separate accounts in the NTFSAI.
Commingled funds and individually managed separate accounts, held in a fiduciary setting for any combination of tax-exempt and taxable investors are included in the NTFSAI. The funds comprising the Index can change quarterly on a prospective basis as new funds are established, existing funds are liquidated, and/or new members join NCREIF.
At least 90% of a fund’s net asset value must be comprised of timber, timberland, and cash equivalents, without regard to geographic region. Funds must be invested at least 95% in the United States. Future fund indices will account for other geographic locations.