Third Avenue Real Estate Value Fund Q1 2025 Commentary

2025-04-24 06:20:00 ET

Summary

• For the most recent period, the Fund generated a return of -0.47% versus +1.85% for the Fund’s most relevant benchmark, the FTSE EPRA/NAREIT Developed Index.
• The long-term, value-oriented approach utilized to invest in the listed real estate space over this span has certainly not wavered.
• The Fund also had 30.4% of its capital invested in North American-based companies involved with select pockets of Commercial Real Estate.

Dear Fellow Shareholders,

We are pleased to provide you with the Third Avenue Real Estate Value Fund’s (the “Fund”) report for the quarter ended March 31, 2025. For the most recent period, the Fund generated a return of -0.47% (after fees) versus +1.85% (before fees) for the Fund’s most-relevant benchmark, the FTSE EPRA/NAREIT Developed Index¹.

The primary contributors to performance during the period included the Fund’s investments in Five Point Holdings ( FPH ) (a U.S.-based land development company) and other niche residential businesses (i.e., Ingenia Communities ( INGEF ), Sun Communities ( SUI ), and FNF Group). Notwithstanding, these gains were more than offset by detractors during the quarter, including the Fund’s investments in U.S.-based homebuilders (Lennar Corp. ( LEN ) and D.R. Horton ( DHI )) and certain international holdings (Wharf Holdings ( WARFF ) and Savills plc ( SVLPF )). Further insights into these positions, portfolio allocations, and the Fund’s new investments (i.e., PulteGroup ( PHM ), Unite Group ( UTGPF ), and Millrose Properties ( MRP )) are included herein....

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