Our International Real Estate Value strategy employs a high-conviction approach to investing in listed real estate securities outside the U.S., with a differentiated style focused on high-quality compounding real estate entities, complemented with special situation opportunities.
Third Avenue International Real Estate Value Fund
DATE OF INCEPTION
March 2014
Institutional: REIFX | Class Z: REIZX
PORTFOLIO MANAGER
MORNINGSTAR RATING
As of May 31, 2024
as of April 30, 2024
Overall Morningstar rating, as of September 30, 2024, 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, 172 funds in the last five years and 118 funds in the last ten years. With respect to these Global Real Estate funds, REIFX received a Morningstar Rating of 5 stars for the three-year period, 5 stars for the five-year period and 5 stars for the ten-year period, respectively. Ratings based on risk adjusted return. Past performance is no guarantee of future results.
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 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 Share1
93%
Active Share vs.
FTSE EPRA/Nareit Global ex US Index
PERFORMANCE
as of September 30, 2024
Performance Data is best viewed in landscape on your mobile device.
Third Avenue International Real Estate Value Fund
FTSE EPRA/Nareit Global ex US Index
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. For the most recent month-end performance, please visit the Fund’s website at www.thirdave.com or call 1-800-443-1021.
The Gross/Net expense ratio for the International Real Estate Value Fund’s institutional share class is 1.62%/1.00%, as of March 1, 2024. The adviser has contractually agreed to waive fees for a period of one year from the date of the prospectus, dated March 1, 2024.
Institutional Share Class Inception Date: March 19, 2014.
*Annualized
Allocations are subject to change without notice
RELATED MEDIA
For more information regarding Separate and Sub-Advised Accounts, including GIPS-compliant performance please contact us at clientservice@thirdave.com.
DATE OF INCEPTION
December 2020
PORTFOLIO MANAGER
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.
Allocations are subject to change without notice
MORNINGSTAR RATING
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.