Timberland company Weyerhaeuser (WY, Financial) is an example of what we believe to be 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 maintain its dividend in the current environment, we’re pleased 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.
From First Eagle Investment (Trades, Portfolio)'s Global Income Builder Fund first-quarter 2020 shareholder commentary.
