In the six months since terminating its management agreement with FourWinds Capital Management, the board of Phaunos Timber Fund (PTF) has been undertaking reviews of the portfolio and its management and governance structure. With both complete, the board has published the findings and recommendations of its portfolio review and has appointed Stafford Timberland as manager. Stafford brings the expertise that will be needed to show a meaningful performance improvement in the period up to the continuation vote in 2016. The report highlights some very good portfolio assets, but also a concentration of riskier assets, although arguably this is recognised in the 45% share price discount to NAV.

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