U.S. farmland has outperformed virtually all major asset classes, declining  in value only six times over the past 50 years, while providing diversification benefits and a reliable inflation hedge. Within the broader asset class, almond  and pistachio farms have been standouts, averaging annualized returns of  14.8% and 19.4%, respectively, over the past 15 years. We believe that global  macro-economic circumstances support an equally bright future for tree nut farms. Supply is constrained, roughly 81% of the world’s almonds and 41% of  the world’s pistachios grow in the Central Valley due to its unique combination of soil and weather. Meanwhile, domestic demand and exports are increasing rapidly due to growing global GDP/capita and increasing awareness of the health  benefits and alternative uses of tree nuts.

• U.S. Farmland has been an excellent investment, outperforming virtually every major asset class.

• U.S. Farmland has been positively correlated to inflation but negatively correlated with most other investments.

• Total returns consist of annual cash-flow from crop sales as well as long-term asset appreciation.

5 Yr Annualized Return

10 Yr Annualized Return

15 Yr Annualized Return

All Farmland Annual Farmland Permanent Farmland Almond Farmland Pistachio Farmland

* For the period ended 12/31/17 Source: NCREIF



• California’s Central Valley is one of the few places in the world – and the only place in the U.S. – with an ideal Mediterranean climate, perfect for growing almonds.

• 82% of the world’s supply of almonds are grown in California’s Central Valley.

• Worldwide demand for almonds has grown at over 100 million pounds per year for the last 10 years.

• According to the California Almond Board, the average American eats 2 lbs. of Almonds per year.

• Almonds are versatile nuts with a number of well-documented health benefits and are used as an ingredient in a wide variety of foods and snacks.

• Almonds have been California’s largest cash crop with strong fundamental economics, driven by the global macro trends of population growth and changing consumption habits of the world’s rising middle class.

• Almond Farms have convincingly outperformed both annual and permanent farmland over virtually all-meaningful investment periods.



• Pistachios are Americas best-selling snack nut with global consumption growing at an annual rate of over 8%.

• The increase in demand is likely due to a rising health-conscious middle class and a growing body of scientific research that links pistachios to a wide range of health benefits including weight loss, lower risk of heart disease and blood sugar control.

• The United States remains the largest producer of pistachios in the world with 98% grown in California.

• United States grown pistachios have increased exports to Germany, Spain, Italy and France at a combined growth rate of 32% since 2015.

• China is the largest international consuming nation of pistachios increasing their consumption 182% since 2015. The U.S. share of this consumption is 96.6%

• The barrier to entry is extremely difficult and expensive for farmers as pistachio trees take 6 years to produce their first crop.