March 2, 2015
Real Estate Value

Ryan Dobratz Promoted to Co-Lead Portfolio Management of Third Avenue Real Estate Team

Third Avenue Management LLC, an investment adviser to private and institutional clients, announced today that Ryan Dobratz, CFA, has been promoted to Co-Lead Portfolio Manager of the Third Avenue Real Estate Value Fund (TAREX, TVRVX), effective February 27, 2015. Mr. Dobratz has served as a Portfolio Manager of the Fund since 2013 and has worked closely with the Fund’s Co-Lead Managers, Michael Winer and Jason Wolf, since joining the firm in 2006. In his new role, Mr. Dobratz will share full responsibility for managing the Fund with Mr. Winer and Mr. Wolf.

In making the announcement, Chief Executive Officer David Barse stated, “Ryan has been an integral part of Third Avenue for the past nine years and has been a major contributor to the Real Estate Fund’s success – evidenced by its consistent excellent long-term performance and 5-Star Morningstar Rating. Ryan exemplifies our firm’s steadfast commitment to delivering superior long-term results to our investors, and his promotion to Co-Lead Portfolio Manager ensures that the success the team has achieved over the Fund’s nearly 17 years will continue.”

“Ryan has proven himself to be an invaluable member of the Real Estate team since he joined the firm, and Jason and I are pleased to recognize him with this well-deserved role and responsibility,” said founding Portfolio Manager Mr. Winer. Mr. Wolf added, “Having worked with Ryan for over nine years, I am immensely proud of his growth as an Analyst and Portfolio Manager. He is a prime example of Third Avenue’s ability to develop talent from within the organization.”

“I am sincerely honored to share the responsibility of managing this highly regarded Fund along with Mike and Jason. Having followed Marty Whitman and his teachings long before I joined Third Avenue, it has been the highlight of my career to be a part of this investment team and to practice value investing alongside such esteemed mentors as Marty, Mike and Jason. I look forward to continuing to work with our entire team to uncover unique investment ideas in the global real estate sector that characterize the differentiated strategy our investors have come to expect in the Fund.”
– Ryan Dobratz

Prior to joining Third Avenue Management in 2006, Mr. Dobratz was a research analyst at Morningstar where he was the primary analyst on several North American Real Estate Investment Trusts (“REITs”), real estate holding companies and homebuilders, including some companies that had been long held in Third Avenue portfolios. Mr. Dobratz holds an M.B.A. with distinction and a B.S. with honors in Business Administration from the University of Missouri. He also studied at the Imperial College of Science & Technology in London, England. He is a Chartered Financial Analyst (CFA) charterholder, member of the New York Society of Security Analysts and the New York Private Equity Network Real Estate Group.

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