Third Avenue Real Estate Value Fund

Jason Wolf, CFA

Lead Portfolio Manager

Ryan Dobratz, CFA

Lead Portfolio Manager

Inception

September 1998

Founded in 1998

Our 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.

A differentiated approach to Global Real Estate Investing

INSTITUTIONAL:  TAREX  |  INVESTOR:  TVRVX  |  Z CLASS:  TARZX

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.
READ THE PRESS RELEASE

Active Management,

High Active Share


89%

Active Share vs. NAREIT Developed Index1

30

Total Equity Holdings

as of September 30, 2020

Top 10 Holdings

  TAREX INDEX
Lennar Corp. 9.0%
Brookfield Asset Management, Inc. 6.8%
Prologis, Inc. 5.5% 5.4%
Segro PLC 4.8% 1.0%
Weyerhaeuser Co. 4.8%
Berkeley Group Holdings PLC 4.7%
Five Point Holdings, LLC, Class A 4.5%
CK Asset Holdings, Ltd. 4.5% 1.0%
Rayonier, Inc. 4.4%
JBG Smith Properties 4.3% 0.2%
Total 53.3% 7.6%

as of September 30, 2020

Asset Allocation

as of September 30, 2020

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. 

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.