Another detractor was Berkeley Group Holdings plc (LSE:BKG), a British property-development company whose shares we first purchased in the wake of the Global Financial Crisis. The stock has approached our sense of its intrinsic value, and we trimmed the position. We believe that the first-quarter weakness in Berkeley’s shares reflected the company’s more elevated valuation, as well as recent softness in the high-end London real estate market.
From First Eagle's Global Value Fund first quarter 2016 commentary.
