May 21, 2024
International Real Estate Value

Third Avenue International Real Estate Value Fund Celebrates 10-Year Anniversary

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

New York, NY – May 21, 2024 – Third Avenue Management LLC ("the Firm" or "Third Avenue"), a United States-based investment adviser and leading value investing firm, is pleased to announce that the Third Avenue International Real Estate Value Fund ("the Fund"; NASDAQ: REIFX) recently celebrated its 10-year anniversary.

Since making its first investments, the Fund has generated annualized returns exceeding its Benchmark1 by more than 425 basis points per year2. Alongside these results, the Fund has received a 5-Star overall rating3 from Morningstar (based on risk-adjusted returns out of 179 funds in the Global Real Estate category as of April 30, 2024) and been recognized with a Silver Medalist rating4.

The Fund's Portfolio Manager, Quentin Velleley, CFA, established the strategy in 2014 with the view that a rigorous, concentrated, and value-oriented investing approach could produce attractive risk-adjusted returns in the expansive universe of international listed real estate. The Fund’s specific focus on long-term, value-oriented opportunities provides a differentiated real estate exposure that can potentially benefit from pricing inefficiencies and uncorrelated returns often associated with international market investing.  

"We are pleased with the International Real Estate Fund’s performance over the past decade and are grateful for the support our shareholders have provided during that time,” said Quentin Velleley. “We also believe that the Fund’s distinct style, the significant price-to-value disconnects in international real estate securities, and the limited number of competing strategies continue to provide an exciting backdrop for the decade ahead.”

To learn more about the Third Avenue International Real Estate Value Fund, please visit the strategy overview page at

About Third Avenue Management

Third Avenue Management is a New York City-based investment adviser founded in 1986 by legendary value investor Martin J. Whitman. For more than 35 years, the Firm has consistently pursued a value approach to investing by focusing on the company’s balance sheet, the value of its underlying assets, the discounted price of its securities, and the ability of the enterprise to increase its corporate net worth over time. Today, the Firm is partnered with AMG (NYSE: AMG) and has $1.5 billion in assets under management across its five core strategies – Global Value, U.S. Small-Cap Value, Real Estate Value, International Real Estate, and International Value – which are available to investors through Mutual Funds, UCITS, Separate Accounts, and Sub-Advisory Arrangements.


For Press Related inquiries related to Third Avenue Management:

Gagnier Communications
Dan Gagnier, +1 646-569-5897

Fund Performance

As of March 1, 2024 REIFX Gross/Net Expense Ratio: 1.62%/1.00%, REIZX Gross/Net Expense Ratio: 1.54%/1.00%

The Adviser has contractually agreed to waive its fees and reimburse expenses so that the annual fund operating expenses for the Fund do not exceed 1.00% of the Fund’s average daily net assets until March 1, 2024. This limit does not apply to distribution fees pursuant to Rule 12b-1 Plans, brokerage commissions, taxes, interest, short-sale dividends, acquired fund fees and expenses, other expenditures capitalized in accordance with generally accepted accounting principles or other extraordinary expenses not incurred in the ordinary course of business. If fee waivers had not been made, returns would have been lower than reported.

Past performance is no guarantee of future results; returns include reinvestment of all distributions. The chart represents past performance and current performance may be lower or higher than performance quoted above. Investment return and principal value fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For the most recent month-end performance, please call 1-800-673-0550.

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