Third Avenue Real Estate Value Fund

Jason Wolf, CFA

Lead Portfolio Manager

Ryan Dobratz, CFA

Lead Portfolio Manager

Inception

September 1998

A differentiated approach to Global Real Estate Investing

Long-Term Value Investors within Real Estate
Third Avenue’s real estate strategy seeks total return with an emphasis on long-term capital appreciation and low levels of portfolio turnover. The Fund invests across an expansive universe that includes the securities of real estate and real estate-related enterprises globally.

Property Specialists with Aligned Interests
The Portfolio Management team has more than two decades of experience, on average, in real estate securities and direct real estate ownership globally. The managers are also principals in the Firm and have significant personal capital invested in Third Avenue’s real estate strategy aligning long-term interests.

20+ Year Track Record in Listed Real Estate
Launched in 1998, the Real Estate Value Fund’s two decade-plus year track record makes it one of the longest tenured Global Real Estate strategies. Third Avenue Real Estate Funds have received the Best Global Real Estate Fund distinction from Lipper five-times under the existing portfolio managers.

Share Classes Available (Tickers)
INSTITUTIONAL (TAREX) | INVESTOR (TVRVX) | Z CLASS (TARZX)

Active Management,

High Active Share


91%

Active Share vs. NAREIT Developed Index1

30

Total Equity Holdings

as of March 31, 2021

Top 10 Holdings

  TAREX INDEX
Lennar Corp. 7.9%
Five Point Holdings, LLC, Class A 7.1%
Brookfield Asset Management, Inc. 6.2%
Weyerhaeuser Co. 4.9%
CK Asset Holdings, Ltd. 4.8% 0.9%
Prologis, Inc. 4.7% 4.7%
Rayonier, Inc. 4.4%
AMERCO 4.3%
Berkeley Group Holdings PLC 4.3%
Lowe’s Companies, Inc. 4.0%
Total 52.6% 5.6%

as of March 31, 2021

Asset Allocation

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: In addition to general market conditions, the value of the Fund will be affected by the strength of the real estate markets. Factors that could affect the value of the Fund’s holdings include the following: overbuilding and increased competition, increases in property taxes and operating expenses, declines in the value of real estate, lack of availability of equity and debt financing to refinance maturing debt, vacancies due to economic conditions and tenant bankruptcies, losses due to costs resulting from environmental contamination and its related clean-up, changes in interest rates, changes in zoning laws, casualty or condemnation losses, variations in rental income, changes in neighborhood values, and functional obsolescence and appeal of properties to tenants. For a full disclosure of principal investment risks, please refer to the Fund’s Prospectus.


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.