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Third Avenue International Real Estate

REIFX

Institutional Class
Class Z: REIZX

DATE OF INCEPTION

March 2014
Institutional: REIFX | Class Z: REIZX

PORTFOLIO MANAGER

Matthew Fine, CFA
Quentin Velleley, CFA
Portfolio Manager
View Bio >

MORNINGSTAR RATING

Cheryl Smith, CFA, PhDCheryl Smith, CFA, PhDCheryl Smith, CFA, PhDCheryl Smith, CFA, PhDCheryl Smith, CFA, PhD
Overall Morningstar rating, as of December 31, 2023, vs. 179 funds. REIFX was rated against the following numbers of Global Real Estate Category Funds over the following time periods: 179 funds in the last three years and 179 funds in the last five years. With respect to these Global Real Estate funds, REIFX received a Morningstar Rating of 5 stars for the three-year period and 5 stars for the five-year period, respectively. Ratings based on risk adjusted return. Past performance is no guarantee of future results.

Fund Documents

as of December 31, 2023
Shareholder Letter
Fact Sheet

Key Differentiators

Value Investor with a Long-Term Horizon

A focus on compounding long-term value investments and special situation opportunities utilizing Third Avenue’s investment philosophy.

Expansive Real Estate Universe

Our investment universe includes both developed and emerging markets with an emphasis on REITS or REOCs generating rental income. In addition to land developers, homebuilders, real estate asset managers, and companies with substantial real estate.

Active Portfolio Management

We actively manage the portfolio by prudently concentrating on our highest conviction ideas, hedging where appropriate, and holding cash when there are fewer buying opportunities.

Environmental, Social, and Governance Principles

Investments must exhibit ESG rigor. Good corporate citizenship can have a positive impact on shareholder returns.

Statutory Documents

as of December 31, 2023
Annual Report
Statement of Additional Information
Semi-Annual Report
Full Prospectus

Objective:

The Third Avenue International Real Estate Value Fund seeks to achieve long-term capital growth and current income through a portfolio of securities of publicly traded real estate companies located outside the U.S. that may include REITs, real estate operating companies and other publicly traded companies whose asset base is primarily real estate.

Active Management, High Active Share*

92%

Active Share vs.
FTSE EPRA/Nareit Global ex US Index

25

Total Equity
Holdings

25%

Portfolio
Turnover2

GEOGRAPHIC EXPOSURE

as of December 31, 2023

*South Korea, Malaysia, Vietnam, Philippines, Thailand

PERFORMANCE

as of December 31, 2023
Performance Data is best viewed in landscape on your mobile device.
QTR
1 Year
3 Year*
5 Year*
Inception*
Third Avenue International Real Estate Value Fund
13.86
13.86
3.41
7.12
5.37
FTSE EPRA/Nareit Global ex US Index
13.30
5.31
-5.01
-0.77
1.67
Performance is shown for the Third Avenue International Real Estate Value Fund (Institutional Class). 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.
Institutional Share Class Inception Date: March 19, 2014.
*Annualized

Top 10 Holdings

as of December 31, 2023
FUND
Glenveagh Properties PLC
5.9
%
CTP NV
5.8
%
Big Yellow Group PLC
5.4
%
Corp Inmobiliaria Vesta SAB de CV
5.3
%
National Storage REIT
5.3
%
Ingenia Communities Group
5.2
%
Shurgard Self Storage Ltd.
4.8
%
Tosei Corp.
4.7
%
Swire Pacific Ltd.
4.6
%
Storagevault Canada Inc.
4.4
%
TOTAL
51.4
%

Allocations are subject to change without notice

REAL ESTATE ASSET TYPE

as of December 31, 2023
FUND
Logistics
24.0
%
Self Storage
21.0
%
Multifamily
13.0
%
Residential Development
13.0
%
Office
12.0
%
Lodging/Hotels
5.0
%
Retail
5.0
%
Datacenters
4.0
%
Services
3.0
%

RELATED MEDIA

Important Risk Disclosures

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. The Adviser’s use of its ESG framework could cause it to perform differently compared to funds that do not have such a policy. The criteria related to this ESG framework may result in the Fund’s forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. For a full disclosure of principal investment risks, please refer to the Fund’s Prospectus.

1Active Share is the percentage of a fund’s portfolio that differs from the benchmark index. The FTSE EPRA/Nareit Global ex US Index is designed to track the performance of listed real estate companies and REITS in both developed and emerging markets. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products.

2 3-year average for the period ended October 31, 2023.

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.

Overall Morningstar rating, as of December 31, 2023, vs. 179 funds. REIFX was rated against the following numbers of Global Real Estate Category Funds over the following time periods: 179 funds in the last three years and 179 funds in the last five years. With respect to these Global Real Estate funds, REIFX received a Morningstar Rating of 5 stars for the three-year period and 5 stars for the five-year period, respectively. Ratings based on risk adjusted return. Past performance is no guarantee of future results.

The Morningstar Rating™ for funds, or “star rating,” is calculated for mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period has the greatest impact because it is included in all three rating periods.

©2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results.

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For more information regarding Separate and Sub-Advised Accounts, including GIPS-compliant performance please contact us.

DATE OF INCEPTION

December 2020

PORTFOLIO MANAGER

Matthew Fine, CFA
Quentin Velleley, CFA
Portfolio Manager
View Bio >

PORTFOLIO CHARACTERISTICS

as of December 31, 2023
Weighted Market Cap
$12.5B
Median Market Cap
$4.9B
Price to Book
0.8x

Key Differentiators

Value Investor with a Long-Term Horizon

A focus on compounding long-term value investments and special situation opportunities utilizing Third Avenue’s investment philosophy.

Expansive Real Estate Universe

Our investment universe includes both developed and emerging markets with an emphasis on REITS or REOCs generating rental income. In addition to land developers, homebuilders, real estate asset managers, and companies with substantial real estate.

Active Portfolio Management

We actively manage the portfolio by prudently concentrating on our highest conviction ideas, hedging where appropriate, and holding cash when there are fewer buying opportunities.

Environmental, Social, and Governance Principles

Investments must exhibit ESG rigor. Good corporate citizenship can have a positive impact on shareholder returns.

Objective:

The Third Avenue International Real Estate Value strategy seeks to achieve long-term capital growth and current income through a portfolio of securities of publicly traded real estate companies located outside the U.S. that may include REITs, real estate operating companies and other publicly traded companies whose asset base is primarily real estate. The Third Avenue International Real Estate Value separately managed account strategy seeks to mimic the mutual fund.

Top 10 Holdings

as of December 31, 2023
PORTFOLIO
Glenveagh Properties PLC
5.9
%
CTP NV
5.8
%
Big Yellow Group PLC
5.4
%
Corp Inmobiliaria Vesta SAB de CV
5.3
%
National Storage REIT
5.3
%
Ingenia Communities Group
5.2
%
Shurgard Self Storage Ltd.
4.8
%
Tosei Corp.
4.7
%
Swire Pacific Ltd.
4.6
%
Storagevault Canada Inc.
4.4
%
TOTAL
51.4
%

Allocations are subject to change without notice

REAL ESTATE ASSET TYPE

as of December 31, 2023
PORTFOLIO
Logistics
24.0
%
Self Storage
21.0
%
Multifamily
13.0
%
Residential Development
13.0
%
Office
12.0
%
Lodging/Hotels
5.0
%
Retail
5.0
%
Datacenters
4.0
%
Services
3.0
%

GEOGRAPHIC EXPOSURE

as of December 31, 2023

*South Korea, Malaysia, Vietnam, Philippines, Thailand

Important Risk Disclosures

Sources for data noted above are from FactSet as of the date specified. Material presented is based on composite holdings and not a representative account. The firm maintains a complete list of composite descriptions, which are available upon request.  

Investors should consider the investment objectives, risks charges and expenses carefully before investing.  Risks that could negatively impact returns include: fluctuations in currencies versus the US dollar, political/social/economic instability in foreign countries where investments are made, lack of diversification and adverse general market conditions.

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MORNINGSTAR RATING

Cheryl Smith, CFA, PhDCheryl Smith, CFA, PhDCheryl Smith, CFA, PhDCheryl Smith, CFA, PhDCheryl Smith, CFA, PhD
Overall Morningstar rating, as of June 30, 2023, vs. 444 funds. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.