Third Avenue International Real Estate Value Fund

Quentin Velleley, CFA

Portfolio Manager

Inception

May 2014

A Sustainable Approach to International Real Estate Investing

Focus on Total Return through Real Estate & Real Estate-Related Securities
Our International Real Estate Strategy seeks to achieve long-term capital growth and current income through a portfolio of securities of publicly traded real estate companies located outside the U.S. that may include REITs, real estate operating companies and other publicly traded companies whose asset base is primarily real estate.  The concentrated investment strategy is actively managed and only invests in entities that exhibit strong Environmental, Social, and Governance principles which we believe can have a positive impact on returns.

Share Classes Available (Tickers)
INSTITUTIONAL (REIFX) | INVESTOR (REIFY) | Z CLASS (REIFZ)

Active Management,

High Active Share


96%

         Active Share vs. MSCI World Index1       

22

Total Equity Holdings

as of March 31, 2021

Top 10 Holdings

  REIFX
Glenveagh Properties Plc 5.9%
Big Yellow Group PLC 5.8%
CapitaLand Limited 5.8%
Irish Residential Properties REIT PLC 5.6%
Swire Pacific Limited Class B 5.1%
National Storage REIT 5.1%
Wharf Holdings Ltd. 5.0%
Sunevision Holdings Ltd. 4.8%
Boardwalk REIT 4.8%
Grainger plc 4.7%
Total 52.6%

as of March 31, 2021

Asset Types

as of March 31, 2021

Country Exposure

as of March 31, 2021

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 (800) 443-1021.  Read the prospectus or summary prospectus carefully before investing. 

FUND RISKS: Stock Market Risk Stock prices in general rise and fall as a result of investors’ perceptions of the market as a whole. If the stock market drops in value, the value of the Fund’s portfolio investments is also likely to decrease in value. The increase or decrease in the value of the Fund’s investments, in percentage terms, may be more or less than the increase or decrease in the value of the market. Real Estate Market Risk Since the Fund concentrates its assets in the real estate industry, your investment in the Fund involves many of the risks of investing directly in real estate such as declining real estate values, changing economic conditions and increasing interest rates. Foreign Investment Risk/Emerging Market Risk/Foreign Currency Risk The Fund may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of US companies due to smaller markets, less liquid ex-changes, differing reporting, accounting, auditing and taxation standards, exchange rate fluctuations vs the US Dollar, and political changes. Investment in Smaller Companies Risk The Fund may also be focused on smaller companies (having a market capitalization of less than US$1 billion). Smaller real estate company stocks can be more volatile and speculative than, and perform differently from, larger real estate company stocks. Certain securities generally trade in lower volume and may be less liquid than securities of large established companies. Leverage Risk/Short Sales Risk The Fund may use leverage in executing its investment strategy. Leverage will increase the volatility of the Fund’s performance and its risk. Stocks sold short have the risk of unlimited losses. Non-Diversification Risk The Fund is non-diversified and takes larger positions in a smaller number of issuers than a diversified fund. The change in the value of a single stock in the Fund’s portfolio may have a greater impact on the Fund’s net asset value than it would on a diversified fund. The Fund’s share price may fluctuate more than the share price of a comparable diversified fund. The Fund pursues a “value style” of investing, which focuses on companies with stocks that appear undervalued in light of factors such as the company’s earnings, book value, revenues or cash flow. Read the prospectus to learn more about these and other risks associated with an investment in the Fund.


1 Active Share is the percentage of a fund’s portfolio that differs from the benchmark index. The MSCI World Index is an unmanaged, free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 of the world’s most developed markets.

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.