Third Avenue Real Estate Value Fund Q4 2024 Commentary
Source: SeekingAlpha
2025-01-24 09:30:00 ET
Summary
- The Third Avenue Real Estate Value Fund achieved a +14.37% return in 2024, outperforming its benchmark FTSE EPRA NAREIT Developed Index's +2.00% return.
- Key contributors included investments in Fannie Mae, Freddie Mac, CBRE Group, and Brookfield Corporation, while detractors were tied to residential construction and U.K.-based companies.
- The Fund focuses on well-capitalized real estate enterprises trading at discounts to Net-Asset Value, emphasizing financial strength, durable value, and prospects to increase NAV.
- Increased allocations to undervalued U.K. and European real estate holdings like Berkeley Group, Big Yellow, and Accor SA, capitalizing on favorable price-to-value gaps.
Dear Fellow Shareholders,
Annualized | |||||||
Third Ave Real Estate Value Fund (Inst. Class) | 3Mo | 1Yr | 3Yr | 5Yr | 10Yr | Inception | Inception Date |
0.47% | 14.37% | 1.17% | 4.41% | 4.13% | 8.86% | 9/17/1998 | |
Third Ave Real Estate Value Fund (Inv. Class) | 0.42% | 14.12% | 0.93% | 4.15% | 3.87% | 6.78% | 12/31/2009 |
Third Ave Real Estate Value Fund (Z Class) | 0.48% | 14.47% | 1.28% | 4.51% | N/A | 3.38% | 3/1/2018 |
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Third Avenue Real Estate Value Fund Q4 2024 Commentary
Berkeley Group Holdings
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