Agri Fund 참조자료

 

□. Chess Ag Full Harvest Partners

Chess Ag Full Harvest Partners, advises and manages the Full Harvest Agricultural Opportunities series of funds. The Chess Ag team is dedicated to a belief there will be many opportunities in row crop agriculture in North America over the next ten to twenty years. This would be due to a combination of a rapidly growing global middle class with changing dietary demands, a medium term continued use of bio-fuels that rely on row crops as input and small farm culture within North American that will be subject to pressure from economies of scale provided by very efficient technology and equipment.

Chess Ag believes in meeting the goals of our investors by marrying the need for intermediation of capital in the North American agricultural industry, to the desire for uncorrelated, low volatility investment return streams. Agriculture provides an added benefit of being positively correlated with inflation as well.

Diversification Benefits

• Going back to the 1880s the value of farmland has a 90-95% correlation with inflation 
• source: Kastens and Dhuyvetter, KSU
• Farmland is negatively correlated with REITS in down markets (1970-2004)
• Farmland is negatively correlated with stocks and bonds in down markets

Market demographics are changing

• Unique opportunity to acquire settled and retiring farmers' land in the next 10 years.

Few institutional players are involved at this stage

• Can you name anyone with agriculture in their portfolio?

Attractive risk adjusted rates of return
Secure stable asset using modest leverage on an industry wide basis

• Annual USDA growth rates on land value component
• 1880 to 2007, rate of return = 4%
• 1951 to 2007, rate of return = 5%
• Current cash rental yields range from 3% to 6%
• Current yields are a function of...
• Level of interest rates
• State (Illinois, Indiana, Nebraska, Kansas, etc.)
• Type of crops that can be produced on the land
• Irrigation availability

Potential for U.S. Agriculture to Change: The Full Harvest team has a strong belief that the difficult and static structure of agriculture we have experienced in the United States for the past thirty years is beginning to change.  This change will be under pinned by U.S. desire to move away from traditional petroleum based energy sources, and also by changing patterns of food consumption around the world.

Agriculture/Biofuel Synergies: Although $40 oil makes ethanol less attractive, Full Harvest believes that bipartisan support for alternative fuels and en eventual inflationary spike still makes a strong case for biofuels.  There are huge synergies between the biofuel industry and agriculture which will yield additional returns and opportunities.  

Well positioned:  Our offices are based in Dakota Dunes, South Dakota and Clarksdale, Mississippi.  This puts us in the heart of the U.S. breadbasket and also allows us to take advantage of local talent from the best agricultural universities as well as local knowledge that can make all the difference when it comes to buying land on the bid versus the offer side of the market.

 

 

 

 

 

 

 

Economy & Policy

America’s Hottest Investment: Farmland

By Stephen Gandel | @stephengandel | June 1, 2011 | 50

inShare0

Good times down on the farm (Getty Images)

This is usually a slow time of the year for farm sales. It’s past prime planting season. Yet, Sam Kain, Des Moines area manager for land sales at Farmers National, is busy. He has 3 auctions this week. Most of the 30 or so bidders who show up will be farmers. But an increasing number of people buying land these days have no intention of planting seeds, at least not themselves. They are investors and a growing number of them are getting interested in farmland.

Just how hot is American farmland? By some accounts the value of farmland is up 20% this year alone. That’s better than stocks or gold. During the past two decades, owning farmland would have produced an annual return of nearly 11%, according to Hancock Agricultural Investment Group. And that covers a time period when tech stocks boomed and crashed, and housing boomed and crashed. So at a time when investors are still looking for safety, farmland is becoming the “it” investment.

The New York Observer recently had a story saying more hedge funders have been talking farmland. Successful Canadian hedge fund manager Jean-Francois Tardiff, recently said he liked farmland. And a number of investors who gained fame for calling the housing crash, including Michael Burry and Passport Capital’s John Burbank have been buying up farmland in the past two years. Famed investor Jim Rogers, a long-time commodity bull, thinks farmland values will continue to rise.

There are good reasons to believe that is the case, and some not so good. Let’s start with the good.

Crop prices are up. That’s being driven in part by the emerging markets. Corn is America’s number one crop. And nearly half of the corn we grow goes overseas to feed cattle and other animals. As China and the rest of Asia get wealthier they are going to eat more meat, and will therefore need more corn. What’s more ethanol has had a huge impact on the price of corn as well. A higher oil price makes ethanol a more attractive substitute.

Commodities prices have been falling recently. And fears that the US economy and the world economy could be slumping again have brought down the price of oil and other commodities. But demand for food is not going away. one sign is that corn after dropping sharply with the rest of the commodity market in early May has rebounded to near its yearly highs, up to about $7.50 a bushel. That’s up from about $4.00 a year ago.

Then there is farm technology. Seeds are better than they used to be, requiring less water. Most tractors these days are equipped with GPS, many of which will allow farmers to map out the most and least productive areas of their land so they can better distribute seeds and fertilizer. And when I was recently out in Nebraska I saw a number of farmers just starting to experiment with double row planting – staggering seeds so they could fit two rows in space that is not much wider than what they used to use for one. The result is that crop yields are way up, and rising. If farmland is more productive than it was a few years ago, it should be worth more.

All of this, though – the hedge funds getting in, the 20-year track record of positive returns, emerging market riches – smells a little bubbly. Remember housing, mortgage bonds and auction rate securities were also once thought of as can’t lose investments. That was until the global pool of money rushed in and inflated the housing market. That global pool of money never really went away. It just went into hibernation or maybe into oil and gold. And now it is surfacing in farmland. The concern is that this is a fear trade, which people are making to protect themselves from inflation or worse. once the general economy rebounds, and fear abates, farmland could plummet. Remember, farmland was a great investment in the 1970s. Not so much in the 1980s or 1990s.

So is farmland overvalued now? Here’s the math: In Nebraska where I was, the farmland prices have reached about $6,000 an acre. Based on the current price of fertilizer and seeds, the farmers told me, it costs about $4 to grow a bushel of corn. That means at current prices, each bushel produces a profit of $3.50. Farmers these days get about 200 bushels per acre of corn. That means a $6,000 investment produces an annual income of about $650, which is an income yield of 10.5%. That’s more than double the earnings yield of the S&P 500. And it is three times the yield you would get with 10-year Treasury notes. So by that measure farmland doesn’t look overvalued.

That being said, it’s very hard to invest in farmland. There are no mutual funds that do it. Pension funds are getting into investing in farmland. So if you are one of the few people who have a pension, you may already be invested in agriculture in some small way. But even if you have no investment exposure to farmland, this all matters. The farm economy, while small relatively in the scheme of things, is playing a more important role in our economic growth. And as farm prices continue to go up that positive affect should remain, creating profits for farmers and jobs in Nebraska, Iowa and elsewhere. What’s more, the farm economy has rebounded much faster than the rest of the economy. The unemployment rate in Nebraska is about half that of the rest of the U.S. The reason in large part has to do with our weak dollar and exports. And that says something about where the U.S. economy is headed – I think in a positive way. We have the ability to make things here, even basic things and make money doing it and create jobs. That’s a bit of good news in an otherwise bad day.

Read more: http://business.time.com/2011/06/01/americas-hottest-investment-farmland/#ixzz1kGwe62zM

 

FDIC Symposium:

How Concerned Should We Be About

Farmland Prices?

Chess Ag Full Harvest Partners, LLC

Shonda Warner

1

Terry Kastens, PhD

Kevin Dhuyvetter, PhD

Chism Craig PhD

Bill Golden PhD

shonda@chesscapitalpartners.com

FDIC Farmland Symposium March 10, 2011

What Are

Investors Looking For?

 

Many investors lack confidence in the stock market, and are

unhappy with the high handed ways of many of Wall Streets

institutions

• Investors are looking for uncorrelated and diversified

investments

• Investments in asset classes lacking significant leverage

• Investors are worried about high deficits and possible ensuing

inflation that could possibly come from a normalized rate

environment at the end of QE2 and other governmental support

programs

• Investments in asset classes where there is not too much herd

participation.

• Many investors are worried about liability matching for their

plans, and are looking for investments with some kind of

coupon.

Ways to invest in agriculture

 

This may not seem relevant to the farmland discussion, but let’s just

cover other ways to invest in ag, we’ll come back to farmland in a

minute

Liquid Investments:

• Ag indexes– We believe this is where most investors currently

get their ag exposure– this is an area that could have trouble

3

with broad based ramifications.

• ETF investments

• Long/short ag equity strategies

• CTA’s focusing on soft commodities

Illiquid Investments:

• Direct farming

• Farmland ownership

• Private Equity

- With the increased interest in farming, this should be a growth area

over the next several year

 

Benefits of Direct

Farmland Investment

 

Farmland investment shows returns similar to the

stock market with less risk

• Returns not correlated to the stock market or other

commercial real estate markets

• In inflationary periods, returns tend to correlate

Benefits of Direct

Farmland Investment

4

positively to inflation

• Farmland is a hard asset not subject to the vagaries

of securitized asset price fluctuations

• Not heavily leveraged as a sector

• Farmland is the ultimate residual claimant of

returns to agriculture

• There is many years of data for farmland making

statistical and risk analysis more robust

 

Changes in Production

Agriculture Create Opportunities

 

There are large economies of size in farming

– We’ll soon see rapid consolidation in production

– Dramatic reductions in per-unit production costs will ensue

As they push for growth, farmers will prefer to rent (not

Changes in Production

Agriculture Create Opportunities

5

own) an increasing portion of the land they farm, thus

increasing rents

• Large economies of size could spark rapid growth

– Intergenerational wealth transfer coupled with debt will not

keep up with the growing demand for capital

– Both demand and supply of capital will commercialize

 

 

Land: comparable returns to stock market; less risk

 

39-state crop land and S&P fund returns, 1951-2009

S&P: avg 11.78%, std 16.97%; LAND: avg 11.60%, std 7.36%

S&P: growth 8.49%, div. 3.29%; LAND: growth 6.55%, div. 5.11%

 

correlation -0.09

 

 

 

http://www.fdic.gov/news/conferences/warner.pdf

 

 

 

 

 

 

 

 

 

 

Colvin & Co. LLP

 

About Colvin & Co.

Colvin & Co. is an agriculture-focused investment manager seeking to combine its expertise in the capital markets and knowledge of the agricultural sector to provide investors unique investment opportunities.

The management team’s family has owned and managed farmland for over 120 years, which provides Colvin & Co.  a depth of contacts, excellent relationship with farmers, and expertise. Colvin & Co. has offices in Anoka, Minnesota and New York, New York.

 

Colvin & Co. is the General Partner of two farmland funds and also manages separate accounts for individuals. We provide investors an opportunity to invest in Midwestern farmland, which is one of the fastest growing and exciting asset classes.

We are also the publisher of Farmland Forecast, a daily source of news and research about investing in farmland and agriculture.


See Colvin & Co. at:

2012 NATIONAL LAND CONFERENCE

The Westin Denver Downtown

Denver, Colorado
March 26 - 28, 2012 

 

 

 

 

 

Dr. Marc Faber "Investing in agriculture today will be like investing in oil in 2001"

 

Investment Strategy:

Our investment focus is Midwestern farmland and our strategy is to generate a steady stream of income and capital gains by identifying undervalued farmland properties that are well-positioned to benefit from the global demand for grains.

Colvin & Co. understands that all farmland is not created equal. We conduct an in-depth analysis of every potential and existing piece of farmland, which includes soil tests, appraisals, historical yield analysis, and relative value comparison.

Farmland Focused Funds:

       -   Sather Agriculture LP

       -   Colvin Farmland LP

We seek to provide our investors with the ability to participate in one of the most important sectors of the global economy that is difficult to access, with limited information available. We allow investors the opportunity to have a passive investment in farmland without having to identify and acquire property, manage the property, hire a farmer, and negotiate rental contracts. 

Separately Managed Accounts

Through a separately managed account, our clients are able to take direct ownership of farmland while becoming educated about their property through an extensive due diligence process completed prior to closing. Colvin & Co. listens to what their client's needs are for an investment in farmland and then sources properties that fit the specifics of the client, while using a value oriented purchase strategy. Separate account holders are able to retain all discretion on decision making issues, but are able to consult the experts at Colvin & Co. along the way to the property's closing.

Colvin & Co.'s separately managed accounts include features such as:

·         Analyzing the agricultural fundamentals of indentified farmland including, soil quality, productivity, crop potential and yields, crop off-takes, drainage, accessibility, and farmability.

·         Evaluating potential leasing opportunities, including historical rental rates, average rental rates in the local area, and future cash rent and crop sharing leasing rates.

·         Exploring additional revenue opportunities including development, alternative energy, mineral rights, and government conservation programs.

·         Provide a written report upon completion of the analysis of the farmland.

 

Farm Management Services

 

Colvin & Co. will help add value and maximize return on investment by providing the highest quality, value orientated, farm management services to your farmland property. Specializing in cash rent and flex leases, Colvin & Co. will help select a progressive operator and maximize annual rental income.

 

Colvin & Co.'s farm management service includes such features as:

 

·         Providing advice on farm plans, field arrangement, crop rotations, soil treatment, drainage maintenance and additions, erosion control, and rehabilitation and maintenance of improvements.

·         The supervision and carrying out of the plan of operation, the work of the tenants or operators, and advising them regularly in regard to conservation and other practices adapted to the farm.

·         The administration of the lease and advice on renewals or extensions of same.

·         Updates on the progress of the work on the farm.

·         Advice on contracts with the United States Department of Agriculture for crop control, sealing crops raised, and conservation programs.

·         The supervision of taxes and liability insurance for the farm.

 

Please contact Colvin & Co. at info@colvin-co.com for further information on our farmland services.

 

 

 

 

 

 

 

 

 

Selecting What to Own

 

Rent to Value

- The rough average for rent to value yields in the US over the last fifty years

is around 5%. Intelligent investment might suggest you’d want to buy around

that level or better

• Suitability for agriculture (always important)

10

– Soil quality (fertility, slope, etc.)

– Landowner-tenant relationship (critical)

• Suitability for non-ag benefits (recently important)

– Current or future home sites

– Hunting and other recreation

– Value of water (even wind) or carbon credits

– Value of minerals

• We believe 100-200 basis points can be added by

good geographical and tenant selection

 

 

 

Warning Bells, and Possible Pitfalls

 

What Can Go Wrong:

• Extreme run up in commodity prices due to massive Index Fund

investment. once the investors are no longer in love with these liquid

instruments and supply/demand economics in global production and

demand stabilize, prices for both grains and ultimately farmland could

come down in a more volatile fashion than they would normally do if

11

no futures speculation existed.

• Vastly increased institutional ownership could cause land prices to

rises faster than they should or normally would, given that farmers

and experienced investors are aware of the volatility of commodities

and know not to pay to much attention to short term volatility, and

inexperienced new investor entrants to the agricultural space do not

understand so well.

• A fast jump in interest rates or inflation could destabilize the sector,

probably more due to the levels of operating leverage than leverage of

farmland itself.

• Input cost rise even faster than grain price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Farmland fund looks fertile to Aim investors

By Andrew Bounds

 

The cover of the shares prospectus features a man in a pinstripe suit but beneath the desk he is wearing Wellington boots. The marketing message is clear: in uncertain times there is no safer asset than farmland.

Braemar, a niche fund manager based in Hale, Cheshire, is preparing to float its pioneering UK Agricultural Land fund. It is one of the few offerings this year on the Alternative Investment Market, which has suffered a slowdown in the recession.

Martin Robinson, chairman, is confident the vehicle will raise between £5m and £20m (£8m and £32m) for land acquisitions by the July 22 deadline.

“You have capital growth as well as income from farming,” he says, adding that there is no inheritance tax on land that is being farmed actively.

Farmland returned about 1.7 per cent in 2008, against minus 22 per cent for commercial property, and recent surveys show its value is rising again.

The £2.5m fund bought 300 acres in Lincolnshire last year. The money raised in the initial public offering would be used to buy arable land of good quality on the east coast, the UK’s grain basket. The fund has a contract farmer working the land and is chaired by Andrew Christie-Miller, a farmer who is deputy chairman of Openfield Group, which handles a fifth of the UK’s grain harvest.

“This is not a family company coming to market, there is a lot of experience there,” said Mr Robinson. There is no minimum investment and one client has put in just £200.

Braemar, which itself floated on Aim in 2005, searches for alternative investments that carry tax benefits. “Then we find the right wrapper to put them in,” says Mr Robinson.

Its usual vehicle is an open-ended investment company listed in Guernsey. That structure allows trading once a month to provide liquidity and allows investors to use offshore vehicles to minimise tax.

Last year it launched a fund to buy student accommodation, raising £11m which it used to purchase two buildings in Manchester and one in Bristol.

It also has a £1m ground rents fund that buys freeholds of apartments.

Marc Duschenes, Braemar chief executive, started the company to manage his and his friends’ property investments, and it now has 2,500 properties. But market turmoil has hit Braemar, which has postponed several investments. Group revenue for the year ended 31 March more than doubled from £1.26m to £2.61m. The pre-tax loss fell from £450,000 to £210,000.

The shares have risen from 1.75p to 2.75p over the year so far.

 

 

 

 

 

 

 

First Publicly Traded Farmland Fund To Be Launched

Mike Fritz

Oct. 28, 2010 4:02pm

 

Investors’ appetite for a publicly traded farmland fund could soon be tested with the planned initial public offering of Gladstone Land Corp. The McLean, VA- based company filed registration papers in August to sell up to $222.6 million in common stock.

Investors’ appetite for a publicly traded farmland fund could soon be tested with the planned initial public offering of Gladstone Land Corp. The McLean, VA- based company filed registration papers in August to sell up to $222.6 million in common stock.

If the offering is successful, Gladstone Land will seek to qualify in 2011 as a Real Estate Investment Trust (REIT) – a mutual fund-like structure that distributes at least 90% of its income to investors and is generally exempt from corporate income taxes.

This would be the first publicly-traded U.S. farmland REIT. Other groups, such as Optima Fund Management, New York, and Chess Ag Full Harvest Partners, Clarksdale, MS, have formed private farmland REITs they hope to eventually take public.

Gladstone Land’s initial portfolio consists of two farms totaling 737 tillable acres in Watsonville and Oxnard, CA, purchased in the late 1990s.

David Gladstone, 68, organizer of the planned IPO, acquired the land as part of a seven-year private equity investment in Coastal Berry Company LLC, a controversial Westlake Village strawberry farming and packing operation purchased from Monsanto in 1997. Gladstone sold Coastal Berry to Dole Food Co. in 2004 and kept the Watsonville and Oxnard farms and continues to lease them to Dole.

Gladstone is also founder & CEO of Gladstone Management Corp., which oversees three publicly traded funds that invest in commercial real estate and make business loans.

Gladstone Land plans to buy cropland near urban areas and lease it to farmers until the property can be sold for commercial or residential development. Gladstone plans to strike mostly short-term (one to two-year), fixed-rate, triple-net leases to grow annual crops, aiming to increase its opportunities to raise rental rates as leases are renewed.

The fund also plans to market farm mortgages to under-capitalized growers or those unable to secure conventional financing. Gladstone intends to offer higher-interest, interest-only mortgages, lending up to 80% of the purchase price on land loans with an eye toward taking ownership of the collateralized land in the event of a default.

The fund will also seek to boost returns by borrowing up to $2 for each dollar of equity in its properties.

Gladstone Land expects to raise $157 million in net proceeds and invest most of these funds in land and mortgages within 12 months of its IPO. The company projects 4% to 6% initial rent-to-value income yields, and notes it intends to initially scout for properties along California’s central coast near its current land in Ventura and Santa Cruz Counties. In the future, it expects to expand to northern Florida, Georgia, the Southeast, Midwest and Mid-Atlantic.

The venture plans to utilize triple-net leases, in which tenants maintain the property while paying rent, property taxes and insurance. These leases are common in the commercial property market, but unusual for the broader farming sector.
Contact Mike at: www.farmlandinvestorletter.com or m_fritz@charter.net
-- Mike Fritz

 

Heritage from the Heartland.

 http://www.capitaline.net/index.html

Capitaline is a Midwestern private equity firm that serves individual and institutional investors, providing visionary and focused investment opportunities in farmland, agribusiness, renewable energy and financial services.

 

With passion and respect for our heartland, we bring hands-on experience and knowledge of agriculture and extensive experience in banking and investments to assist you in building a legacy. We believe in creating value like the original workers of the land – using intellectual strategy to amplify hard work and ultimately, results. We are your boots on the ground farmland and agribusiness investment team.

 

 Investing in Farmland

 

Capitaline’s land investments are concentrated in the Western Corn Belt of the US and the state of Bahia, Brazil.

 

Capitaline builds and manages custom private land portfolios, such as BlackFork, LLC, as well as sponsors a private investment fund: US Farmland Fund, LP.

 

US Farmland Fund, LP

 

We created US Farmland Fund, LP, to provide an investment vehicle for those that want take part in owning a piece of America’s Heartland. The fund allows others to capitalize on our knowledge, skills, and relationships around agriculture and private equity. Our strategy is simple: buy and manage farmland. The strategy of the fund is to purchase farmland in the Western Corn Belt and cash rent it to local operators.

 

In addition to our US Farmland Fund, LP, we offer individually managed portfolios that can be established for a minimum commitment of $1 million. We work closely with clients, developing a strategy to build and manage these portfolios to meet their specific profiles.

 

Farmland Management

 

Capitaline provides a variety of farm management services to help those that want to enjoy the benefits of owning farmland but don’t feel they have the time or expertise to manage it themselves. Clients can choose from one or all of our services that include purchasing property, representation in lease negotiations, enrolling property in government farm programs, and providing financial analysis and statements.

 

 

Monday, December 5, 2011

U.K. Group Plans $400 Million Australian Farmland Fund

.
From The Land (Australia):
British combing for cotton

UK-based investors are planning a $400 million rural land fund to buy cotton and wheat properties in eastern Australia.

The fund known as Southern Agricultural Resources whose non executive director is Derek Shaw –a board member of the AIM listed MP Evans Limited and the North Australian Pastoral Company – has identified 24 properties to be purchased covering over 100,000 hectares in NSW and Queensland.

The proposed fund, for which an executive summary has been quietly shuffled around investment circles in the UK and US, builds on a growing number of funds seeking to raise money for rural land in Australia, The Australian Financial Review reports.

There is at least $4 billion being sought from such funds with well over $1 billion already deployed in purchases over the last three years.

Farming conditions in Australia have rapidly improved with good rains and historically high commodity prices, though high debts and political concerns over water cuts have made investment in the sector slow going.

MP Evans trades London-AIM (MPE.L), 400 pence last.

 

 

 

ETF may stand for exchange-traded farmland

Peter Koven  Jan 19, 2012 – 5:58 PM ET

Canada could soon get its first exchange-traded farmland management stock.

A company called Bonnefield Canadian Farmland Corp. has applied for an initial public offering on the Toronto Stock Exchange to try to capitalize on the growing farmland-management industry, a business that is very big globally but only beginning to take off in Canada. The company hopes to raise as much as $100-million in the IPO.

Bonnefield’s plan is to act like a real-estate investment trust that owns farmland instead of office towers or shopping malls. The company acquires farmland and then leases it back to farmers. It wants to find aggressive farmers looking to grow, do sale-leaseback deals on the land they own, and help them acquire more land. Lease income is collected and returned to shareholders through dividends, with a targeted yield of 3%to 4%.

A number of similar firms have popped up in Canada in recent years that offer investors exposure to farmland through limited partnerships. But they have not listed on the TSX because public companies cannot own farmland in Saskatchewan or Manitoba. Bonnefield is trying to get around those rules by just owning mortgages on farmland in those provinces.

The farmland management business has been slow to pick up in Canada, partly due to the regulations around farm ownership. But it is a big global business that has attracted tens of billions of dollars of capital. TIAA-CREF, the big U.S. pension fund, owns about US$2-billion of farmland on its own.

According to industry insiders, farmland works for investors because it offers reliable returns and gives investors a way to play the food industry without being so vulnerable to volatile fluctuations in crop prices.

In its prospectus, Bonnefield makes a lot of the same points that other agricultural companies have made: The global population is more than seven billion and growing, and the United Nations estimates that food production needs to increase 70% by 2050 (relative to 2009) in order to keep up.

In terms of farmland specifically, Bonnefield argued that it is recession-resistant, is not correlated with financial assets, and has proven to be an effective hedge against inflation.

“If you’re concerned about inflation, farmland is like gold with yield,” said Stephen Johnston, head of Agcapita, a Calgary-based farmland fund management firm.

“It’s got a lot of interesting qualities. The reason for its growing appeal is that there’s something in there for everyone,” he said.

Mr. Johnston said the farmland asset class has consistently beaten stock markets over periods of 10 years or longer. According to Bonnefield, Canadian farmland declined in value just seven years out of 60 between 1951 and 2010, while Canadian stocks fell 15 years out of the same period.

Bonnefield also argues that Canadian farmland is relatively cheap compared to the United States, and is also more productive than most other large food-producing nations.

On the other hand, farmland management firms are also vulnerable to the problems faced by farmers themsel□ves, such as inclement weather and crop diseases.

Bonnefield launched back in 2010 with a private fund, which now owns more than 15,000 acres of farmland.

Posted in: Investing  Tags: Bonnefield Canadian Farmland Corp., Canada, stock markets, TIAA-CREF Individual & Institutional Services LLC, Toronto Stock Exchange