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Schweizer Wald als Geldanlage: Win-win-Strategie für Waldwirtschaft und Pensionskassen? : Swiss forest as an investment opportunity: a win-win situation for both the forestry sector and pension funds?

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abstract Could there be a win-win situation for both pension funds and the Swiss forestry sector? On the one hand, developments in the forestry sector suggest that the Swiss forest presents a new lucrative investment opportunity. If this is so, then pension funds could be particularly interested, as the low correlation between Swiss forest and other classes of investment, and the long investment periods involved are ideal for pension fund portfolios. On the other hand, large investments made by pension funds could mean that existing problems in Swiss forestry, in connection with its fragmented nature, could be more rapidly solved, and the potential for rationalization in the wood value chain could be fully realized. This would in turn make investments in the forest even more profitable. This hypothesis was investigated through a comprehensive literature analysis, yield calculations for private forestry enterprises of over 50 ha made by the Swiss Federal Office for Statistics 2004–2008, and an interview with the investments director of a large Swiss pension fund. Despite the optimistic assumption that the greater efficiency gained by the investment of pension funds into the forestry sector could lead to costs lower by 50% and a 20% increase in profits, the hypothesis must be rejected, because a calculated annual return of only 0.82% is too low for pension funds. The conclusion is that the price for forest land is high, and forest owners are not only interested in the monetary value of holding forest. Other immaterial values influence prices. It is suggested that a greater emphasis on socioscientific studies concerning the link between the price of forest land and the motivation to buy and sell forest could lead to some important findings.
   
type journal paper
   
keywords investment, forest, pension fund, portfolio, Wald, Investition, Pensionskasse, Portfolio
   
language Deutsch
kind of paper journal article
date of appearance 1-2-2011
journal Schweizer Zeitschrift für Forstwesen
publisher Schweizer Forstverein (Zürich)
ISSN 0036-7818
ISSN (online) 2235-1469
DOI 10.3188/szf.2011.0027
volume of journal 162
number of issue 2
page(s) 27-31
review not reviewed
   
citation Haeuptli, D. (2011). Schweizer Wald als Geldanlage: Win-win-Strategie für Waldwirtschaft und Pensionskassen?: Swiss forest as an investment opportunity: a win-win situation for both the forestry sector and pension funds?. Schweizer Zeitschrift für Forstwesen, 162(2), 27-31, DOI:10.3188/szf.2011.0027.