Timberland company Weyerhaeuser (WY, Financial) is what we consider an example of a stock whose attractive long-term prospects have been swamped by short-term concerns. Lumber tends to see its best pricing when housing starts pick up, as they did in December and January before momentum was derailed by the coronavirus. While it may be difficult for the company to main-tain its dividend in the current environment, we’re pleased that the Fund owns the company’s long-duration assets—timberland harvest cycles run more than 25 years—at what we believe to be a discount to our estimate of its intrinsic value.
From First Eagle Investment (Trades, Portfolio)'s Global Value Team first-quarter 2020 shareholder commentary.
