The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 26, 2026
During the third quarter of 2026, the Third Avenue International Real Estate Value Fund generated a net return of -1.46%, outperforming its benchmark, the MSCI ACWI ex USA IMI Core Real Estate Index, which fell -4.33%. Year-to-date, the strategy delivered a -2.87% net return compared to -6.24% for the benchmark index. The fund maintained an active capital recycling posture during the quarter, deploying capital into existing high-conviction positions while trimming several winners. Emerging market exposure was slightly dialed back, settling at 21.9% of portfolio assets, while developed markets comprised 78.1% of capital. The manager views the current international real estate landscape as closely mirroring the 1999 to 2000 tech bubble setup, characterized by extreme market concentration in technology equities and unprecedented valuation discounts for non-U.S. real assets. Key macro themes guiding portfolio positioning include deep value and special situations, undersupplied residential markets, industrial nearshoring logistics, and immature self-storage platforms. Fund management stresses that international real estate holdings trade at roughly 10 times forward earnings with inflation-hedged rental structures, low financial leverage, and repriced debt, providing substantial insulation against global macroeconomic volatility. Portfolio activity was concentrated across four key holdings with identifiable catalysts and wide discounts to net asset value. Management augmented allocations to Ingenia Communities Group amid buyout bids from Warburg Pincus, Belgian logistics owner Warehouses De Pauw following a major French merger, Savills after integrating Eastdil Secured, and data center operator SUNeVision. These purchases were funded by taking profits in Corp. Inmobiliaria Vesta, Amata Corporation, Hongkong Land Holdings, and Irish residential homebuilder Glenveagh Properties.
The strategy invests in deeply discounted, high-quality international real estate operating companies and real assets trading at attractive valuations relative to replacement cost and private market values, with structural growth drivers and sound balance sheets.
Management anticipates that international real estate is positioned for an extended multi-year bull market reminiscent of the 2000 post-tech bubble cycle, driven by closing valuation gaps, non-U.S. dollar diversification, and resilient earnings growth supported by inflation-linked cash flows.
High Conviction Bullish
Market Conviction
Growth Outlook
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Forward Guidance
Language Signal
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Top Conviction Themes
Key Catalysts
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