The discussion dives into Third Avenue’s distinct approach to investing in real estate securities, current opportunities in the sector, the benefits of REOCs vs REITs, as well as certain pockets of the property markets they are avoiding.

Watch Ryan’s full discussion with David Auerbach about the current state of listed real estate and where the team is finding opportunities amid a diverging market backdrop.

Of special note, Ryan and Bill discuss these entities likely path out of conservatorship, the potential impact on mortgage spreads, and the major developments since their last conversation.

During the International Value Panel at the 12th Annual Ben Graham Conference, Matthew Fine describes Third Avenue’s investment philosophy, shares his views on the macro challenges investors face today and the strategy Third Avenue employs to pick what we believe to be the winners.

Gain exclusive insights from Third Avenue's latest shareholder letters that are available now. Read the Q2 '25 commentaries for further perspective one performance, activity, and positioning.

Global Value Strategy overview and insights 2025

International Real Estate: June 2025 Update

The Awards Recognize the Fund for Consistently Strong Risk-Adjusted Performance Relative to its Peers in the U.K., France, Switzerland, and Europe Region. The 2025 Distinction Marks the Team’s Seventh Time Receiving a Lipper Award in the Category

Gain exclusive insights from Third Avenue's latest shareholder letters that are available now. Read the Q1 '25 commentaries for further perspective one performance, activity, and positioning.

The Barron's Live discussion with Matthew Fine explores value investing in an overvalued market.

The article highlights Matthew Fine’s leadership at Third Avenue Management and his commitment to deep value investing.

The Awards Recognize the Fund for Consistently Strong Risk-Adjusted Performance Relative to its Peers over Three and Five Years. The 2025 Distinction Marks the Team’s Seventh Time Receiving a Lipper Award in the Category.

Overview and insights for 2025

Read the full article on Barron's.

In this insightful episode of “The Business Brew”, host Bill Brewster sits down with Ryan Dobratz, Portfolio Manager of the Third Avenue Real Estate Value Fund, to delve into the firm’s distinct approach to real estate investing.

International Real Estate: Overview and Insights 2024

In a recent episode of Value: After Hours, Third Avenue's Matt Fine, Portfolio Manager of the Third Avenue Value Fund, joined hosts Tobias Carlisle and Jake Taylor to discuss the current market dynamics, the evolution of value investing, and insights into the distinctive investment philosophy pioneered by Third Avenue's founder, Marty Whitman. Fine shared his journey of joining Third Avenue during the dot-com bubble, a period that taught him invaluable lessons about fundamental value investing amid market extremes.

Gain exclusive insights from Third Avenue's latest shareholder letters that are available now. Read the Q3 '24 commentaries for further perspective one performance, activity, and positioning.

Read the full article on Forbes.

Real Estate Value Strategy overview and insights 2024

Read the full article on Barron's.

Third Avenue International Real Estate Value Fund – Key Takeaways from Quentin Velleley’s Recent Interview with Hedge Fund Alpha

Gain exclusive insights from Third Avenue's latest shareholder letters that are available now. Read the Q2 '24 commentaries for further perspective one performance, activity, and positioning.

Quentin Velleley, CFA, was featured in a Value Investor Insight.

Elite Investor Matt Fine explains how he’s produced bumper returns by focusing on beaten-up, asset-rich companies and why there are good times ahead for his value-focused approach

The Strategy has outperformed its Benchmark by more than 425 basis points annually over the past decade. The Fund is recognized by Morningstar with a 5-Star Overall Rating and as a Silver Medalist in the Global Real Estate Category.

The 2024 Award Recognizes the Fund for Consistently Strong Risk-Adjusted Performance Relative to its Peers in the U.K., France, Switzerland, and Europe Region. The Awards Mark the Team’s Sixth Year Receiving a Lipper Award in the Global Real Estate Category

Gain exclusive insights from Third Avenue’s latest shareholder letters that are now available. Read the Q1 '24 commentaries for further perspective on performance, activity, and positioning.

The Award Recognizes Third Avenue Funds for Consistently Strong Risk-Adjusted Performance Across the Value, Small-Cap, and Real Estate Strategies

Global Value Strategy overview and insights 2024

Third Avenue Management LLC is pleased to announce the launch of the Third Avenue Global Value Fund.

Gain exclusive insights from Third Avenue’s latest shareholder letters that are now available. Read the Q4 '23 commentaries for further perspective on performance, activity, and positioning.

Third Avenue is pleased to announce that Adam Ermanis has rejoined the Firm as Managing Director, Client Services.

These amounts are for informational purposes only and the final tax numbers may vary.

Jason Wolf, CFA, Ryan Dobratz, CFA, and Quentin Velleley, CFA, were featured in a Value Investor Insight interview with John Heins. The Real Estate Team discusses how they approach investing in real estate, how they are managing through the “potentially scary pressure points” within the sector today, and where they are seeing pockets of opportunity.

Recent whitepaper from the Third Avenue International Real Estate Value strategy.

Matthew Fine, CFA, Portfolio Manager of the Third Avenue Global Value Strategy, recently joined fellow value managers in the Citywire Value Equities Panel to discuss the state of value investing today and share perspectives gathered from decades of global value investing.

For nearly 25 years, the Real Estate Value Fund’s versatile approach “has always been distinct, but rarely as strategic” and “has vaulted the fund to the top of Morningstar’s Global Real Estate category” as noted in this Citywire feature by John Coumarianos.

Third Avenue Value PM, Matthew Fine is featured in this Business Insider piece where he describes the opportunities he is finding in small-cap and international companies as a ‘once-in-generation event’.

Read the full article on Barron's.

Read the full article on Barron's.

Coal, Copper, Contrarian Picks Power Third Avenue Value’s Turnaround

Matthew Fine, CFA and the Third Avenue Value Fund were featured in a Value Investor Insight interview with John Heins. Matt discusses his career, Third Avenue’s investment philosophy, getting back to the basics, and finding unrecog­nized opportunities.

You aren't getting paid to invest in U.S. large cap stocks

Global equity markets, the U.S. in particular, remain virtually all-consumed with the timing and trajectory of rising U.S. Federal Reserve policy rates.

This Fund is trouncing the S&P 500 by focusing on international stocks

These amounts are for informational purposes only and the final tax numbers may vary.

Matthew Fine, CFA, Portfolio Manager of the Third Avenue Value Fund sees fertile ground for bottom-up stock picking in the UK.

Matthew Fine, CFA, Portfolio Manager of the Third Avenue Value Fund and Victor Cunningham, CFA Portfolio Manager of the Third Avenue Small-Cap Value Fund were interviewed by Bill Hortz of the Institute for Innovation Development.

Third Avenue Management LLC (“Third Avenue” or “the Firm”), a U.S.-based investment adviser and leading value investing firm, announced today that it has joined the FLX Networks (“FLX”) platform, the innovative network that modernizes, simplifies, and drives unique engagement between asset managers and financial advisors.

Real Estate Value Fund PM Ryan Dobratz discusses real estate as an inflation hedge, housing deficits, mergers & acquisitions and international opportunities in NAREIT’s April 2022 REIT Report Podcast.

Third Avenue Management LLC (“Third Avenue” or “the Firm”), a New York-based investment advisor, and Longevity Partners (“Longevity”), a global, multi-disciplinary energy and sustainability consultancy, today announced the formation of a strategic relationship to strengthen Third Avenue’s framework for assessing Environmental, Social, and Governance (“ESG”) factors within publicly-traded real estate securities.

Real estate is a diverse sector and the potential lasting impacts of the pandemic vary widely by the type of business in it. Surveying the global field, Quentin Velleley offers his choice for the sector's most attractive investment option.

REMS International Real Estate Fund to be added to Third Avenue’s Fund Lineup Quentin Velleley to join Third Avenue as Portfolio Manager, International Real Estate

On June 18, 2020 Ryan Dobratz Portfolio Manager of the Third Avenue Real Estate Value Fund, participated in the “GR8 Debate” segment on Octo TV. Watch the video of Ryan and his comments on Third Avenue’s balanced approach to investing in real estate, the importance of a strong financial position, and the advantages (and disadvantages) of accessing property through the listed markets.

Ryan Dobratz, Co-Lead Portfolio Manager of the Real Estate Value Fund, to Manage Office Firm is Adding Resources to Support Strategic Investment Initiatives

Third Avenue Management LLC (“Third Avenue”), a New York-based registered investment adviser, is pleased to announce that Erik C. Kleinbeck has rejoined the Firm as Head of Business Development. In this capacity, Mr. Kleinbeck will lead Third Avenue’s institutional and intermediary sales, consultant relations, and marketing and client relationship functions. Mr. Kleinbeck was previously with Stralem & Company as Director of Business Development and Relationship Management. He was also a member of Stralem’s investment committee.

Third Avenue Real Estate Value Fund PM Ryan Dobratz discusses the advantages of accessing real estate through the public markets and current opportunities in the listed space.

Investors say focus on the finalists for Amazon’s second headquarters is a way to bet on places with a growing pool of tech talent

In the first of this four-part Big Question, industry leaders and commentators reflect on the last ten years and discuss how the financial system has improved since the Global Financial Crisis (GFC), where more work needs to be done and what could trigger the next crisis.

Real Estate Operating Companies have two key advantages: They are a more reliant business model, as the companies can typically self-finance their expansion, whereas REITs are more often forced to rely on asset sales. Retaining capital and reinvesting in the business is a more tax-efficient way to compound capital over the longer term. "Scared money never wins", and I suppose I am just a bystander now waiting for round three of “This High-Yield REIT Dropped Again, We Are Buying More”.

Co-Portfolio Manager Ryan Dobratz discusses the importance of real estate as a key diversifier in a rising inflationary environment.

Third Avenue Management LLC (“Third Avenue”), a registered investment adviser based in New York, today announced that it has completed the previously announced merger of the Third Avenue International Value Fund (TAVIX/TVIVX) into the Third Avenue Value Fund (TAVFX/TVFVX), after successfully obtaining Board and shareholder approvals. The Value Fund is led by Co-Portfolio Managers Matthew Fine, CFA and Michael Fineman, CFA, CFP®. Mr. Fine previously served as Lead Portfolio Manager of the International Value Fund.

Ryan Dobratz and Jason Wolf of The Third Avenue Real Estate Value Fund have bought lumber companies, home-improvement retailers and a land developer to produce returns that have far exceeded the S&P 500 real estate sector.

Third Avenue Management LLC (“Third Avenue”) today announced that the Third Avenue Real Estate Value Fund Institutional Class (TAREX) was named the Best Global Real Estate Fund at the 2018 Lipper Awards among the 33 funds in Lipper’s Global Real Estate category. This award was bestowed for the U.S.-based Fund’s performance over the last five years ended December 31, 2017 and marks the fifth consecutive year that the team has been recognized by Lipper for providing consistently strong risk-adjusted performance relative to its peers.

Third Avenue Management LLC (“Third Avenue”), a registered investment adviser based in New York, today announced it was taking significant steps to strengthen its focus on value investing, by deepening the Firm’s investment team, establishing new portfolio management teams, and streamlining its lineup of funds. These changes reflect Third Avenue’s history and approach to deep value investing, developed by legendary investor and founder Martin J. Whitman.

GemCap Investment Funds (Ireland) Plc (GIF plc) is one of the leading UCITS fund platforms in Ireland; and the addition of Third Avenue Management (“Third Avenue”), as an investment manager, has pushed assets under management to over $1bn.

Ryan Dobratz, co-lead manager of the Third Avenue Real Estate Value Fund, talks to Lawrence Gosling @ Investment Week UK on global, value-oriented opportunities and improving sentiment towards London and Hong Kong.

After Brexit, are there any bargains among U.K. real estate investment trusts?

Long considered a commercial real estate development powerhouse, Forest City Enterprises took it on the chin in the financial crisis, forced to raise equity at dilutive prices after overextending both its balance sheet and development pipeline. From a high above $70 in 2007, the shares fell below $3.50 in March 2009.

Third Consecutive Year That The Third Real Estate Value Fund (“TAREX”) Has Been Recognized by Lipper for Superior Performance in the Global Real Estate Category

Top International Picks With TheStreet.com

Third Avenue Real Estate Value Team Wins 5th Lipper Award

Like the sword of Damocles, Greece’s sovereign debt troubles have been looming over the European Union, the Euro and global financial markets since 2009. Slowly but surely these issues have continued to escalate, making a potential Greek exit from the Euro a feasible outcome.

Third Avenue Real Estate Fund was awarded Best Global Real Estate Fund over a 3 year period

Third Avenue Promotes Ryan Dobratz to Co-Lead Portfolio Manager of Third Avenue Real Estate Value Fund

Third Avenue Real Estate Value Team Honored For Second Consecutive Year at Lipper Awards

Each year, as Fund Action and Fund Directions scout the market for nominees for its mutual fund awards, it looks for up-and-comers who are making strides in the industry. We are pleased to congratulate Jason Wolf, Co-Lead Portfolio Manager of Third Avenue Real Estate strategies, on being named among the 2015 Rising Stars of the Mutual Fund industry

Inmobiliaria Colonial (Colonial) is in the early innings of what should be a multi-year recovery in property values in Spain, and if one factors in the company’s enormous deferred tax asset, Colonial’s shares remain a compelling value investment.