Third Avenue Real Estate Value Fund

Inception: September 1998

Jason Wolf, CFA | Lead Portfolio Manager
Ryan Dobratz, CFA | Lead Portfolio Manager

Founded in 1998, Third Avenue’s value-oriented real estate strategy seeks long term capital appreciation by investing globally across an expansive universe that includes both real estate and real estate-related securities worldwide and across the capital structure.

An Uncommon Approach to Global Real Estate Investing.

Focus on Real Estate & Real Estate-Related Securities
Our Real Estate Strategy seeks total return with a focus on capital appreciation over current income. The Strategy invests globally across the capital structure and has an expansive opportunity set that Includes Real Estate Operating Companies (REOCs), Real Estate Investment Trusts (REITs), and real estate-related companies. The Strategy is actively managed concentrating on highest conviction ideas and holding cash when there are fewer buying opportunities.

Named “Best Global Real Estate Fund” at 2018 Lipper Awards
The Third Avenue Real Estate Value Fund was recognized for the third consecutive year at the 2018 Lipper Fund Awards. This award recognizes TAREX as the top performer among 33 funds in Lipper’s Global Real Estate category based on five-year risk-adjusted performance for the period ending December 31, 2017.

Third Avenue Funds are distributed by Foreside Fund Services, LLC.  Investors should consider the investment objectives, risks, charges and expenses carefully before investing. Third Avenue Funds are offered by prospectus only.  The prospectuses and summary prospectuses are available on this website or by calling (212) 906-1160.  Read the prospectus or summary prospectus carefully before investing. 

1 Active Share is the percentage of a fund’s portfolio that differs from the benchmark index. The FTSE EPRA/NAREIT Developed Real Estate Index was developed by the European Public Real Estate Association (EPRA), a common interest group aiming to promote, develop and represent the European public real estate sector, and the North American Association of Real Estate Investment Trusts (NAREIT), the representative voice of the US REIT industry. The index series is designed to reflect the stock performance of companies engaged in specific aspects of the North American, European and Asian Real Estate markets. The Index is capitalization-weighted.

Indices are not securities that can be purchased or sold, and their total returns are reflective of unmanaged portfolios. The returns include reinvestment of interest, capital gains and dividends.

Past performance does not guarantee future results.

Lipper designates award-winning funds in most individual classifications for the three-, five- and 10-year periods and fund family awards covering three years.  Lipper Fund Awards are based on Lipper’s Consistent Return calculation.  Lipper scores for Consistent Return reflect funds’ historical risk-adjusted returns relative to funds in the same Lipper classification and include each funds’ expenses and reinvested distributions, but exclude sales charges.  Consistent Return values are calculated with all eligible share classes for each eligible classification.  The highest Lipper Leader for Consistent Return values with each eligible classification determines the fund classification winner over three, five or 10 years.  Any reference to ranking, a rating or an award provides no guarantees for future performance results and is not constant over time.

Active Management, High Active Share


Active Share vs. NAREIT Developed Index1


Total Equity Holdings
Figures above are as of December 31, 2019

Fund Information

Quarterly Fund Fact Sheet
Quarterly Fund Commentary/Shareholder Letter
Summary Prospectus

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