Pick: Weyerhaeuser (WY)
Timber and paper: They're Weyerhaeuser's businesses, and Michael Winer sees value. The Third Avenue Real Estate Fund (TAREX), which he co-manages with Jason Wolf, has generated annualized returns of 7.3% over the past 10 years, beating the MSCI World index's 4.6% growth. The shares have plunged 53% over the past two years as demand dropped because of declining home starts. But Winer expects a recovery, and revenue is already up 23% in the past two years. Weyerhaeuser could benefit patient investors. "If you don't cut your trees this year, you can always cut them next year," says Winer. "It's an asset that continues growing whether you leverage it or not." The stock comes with a 3% yield and a tax quirk that usually treats lumber dividends as long-term capital gains. --R.D.This story is from the July 12, 2012 issue of Fortune.
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