| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.96% | -1.8% | 11.3% |
| 2025 | 2024 |
|---|---|
| 11.3% | 14.1% |
The Third Avenue Real Estate Value Fund generated an 11.61% return in 2025, outperforming its benchmark while maintaining focus on well-capitalized real estate enterprises trading at discounts to Net Asset Value. The quarter featured exceptional resource conversion activity with over one-third of portfolio companies engaging in value-surfacing initiatives including National Storage REIT's privatization, Rayonier's merger with PotlatchDeltic, and Brookfield's strategic partnerships. The Fund initiated a position in FirstService Corporation, a conservatively capitalized real estate services company trading at attractive multiples despite strong fundamentals. Portfolio allocation remains concentrated in U.S. residential real estate (40.3%) and North American commercial platforms (27.5%) with international exposure (27.6%) in developed markets. Fund Management believes listed real estate is positioned for a multi-year period of outperformance similar to the early 2000s, driven by compelling valuations relative to broader equities and expected capital flow reversals from private to public real estate vehicles.
The Fund targets well-capitalized real estate enterprises trading at significant discounts to Net Asset Value, focusing on strategic platforms with prospects for resource conversion activities including privatizations, mergers, and special dividends to surface value over time.
Fund Management believes the next five years could end up being analogous to the early 2000s when compelling valuations for listed real estate led to a multi-year period of net inflows and vastly differentiated returns relative to broader equities. This path is even more likely for global real estate strategies with international allocations where the price-to-value disconnect is more pronounced.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 22 2026 | 2025 Q4 | AMH, BKG.L, BRK-A, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WY | Commercial, Homebuilders, real estate, REIT, Residential, value |
HCC LUN CN CS CN HBR LN 2330 TT BIRG ID DBK GR |
Third Avenue Real Estate Value Fund delivered 11.61% returns in 2025 through concentrated exposure to discounted real estate platforms engaging in value-surfacing activities. With portfolio companies trading at 20%+ discounts to NAV and compelling relative valuations versus broader markets, the Fund is positioned for multi-year outperformance as capital flows reverse from private to public real estate. |
| Oct 21 2025 | 2025 Q3 | AC.PA, AMH, BKG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FR, JLL, LEN, PHM, PLD, RYN, SUI, SVS.L, UHAL, UTG.L, WY | Commercial, global, Homebuilders, Mortgage, real estate, REITs, Residential, value |
CS LUN HBR OR DBK BOISE ROG AC CHMP UTG ACCOR CHMP UTG |
Third Avenue Real Estate Value Fund delivered strong performance through selective global real estate investing, capitalizing on structural market bifurcation. The Fund increased U.K. exposure via Unite Group student housing and Accor hotels while maintaining core U.S. homebuilder and mortgage finance positions. Holdings trade at significant NAV discounts with strong balance sheets, positioned for potential rate-driven catalysts and fundamental recovery. |
| Jul 22 2025 | 2025 Q2 | AMH, BAM, BN, CBRE, DHI, FMCC, FNMA, FPH, FR, GRI.L, JLL, JM.SI, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WCC, WY | GSEs, Industrial, Manufacturing, Onshoring, real estate, REITs, Residential, value |
PLD WCC SKY JAR LN PLD WCC SKY J36.SI |
Third Avenue Real Estate Value Fund capitalizes on supply chain reshoring driving $2 trillion in announced initiatives since 2023. Fund increased industrial exposure via Prologis and WESCO while adding Champion Homes and Jardine Matheson. Portfolio trades at 22% NAV discount with strong balance sheets. Key catalyst is potential GSE reform unlocking residential markets currently constrained by record-wide mortgage spreads. |
| Mar 31 2025 | 2025 Q1 | 4.HK, AMH, BAM, BN, CBRE, DHI, FMCC, FNF, FNMA, FPH, GRI.L, INA.AX, JLL, LEN, PHM, RYN, SUI, SVS.L, UTG.L, WY | Commercial, demographics, Homebuilders, Mortgage, real estate, Student Housing, value |
PHM UTG.L |
Third Avenue Real Estate Value Fund maintains conviction in demographic-driven real estate opportunities, initiating positions in PulteGroup and Unite Group despite Q1 underperformance. The portfolio emphasizes well-capitalized homebuilders and commercial real estate platforms trading at significant NAV discounts. Demographic tailwinds from millennials and aging populations support long-term thesis, while potential policy reforms could unlock housing market liquidity. |
| Dec 31 2024 | 2024 Q4 | 1113.HK, AC.PA, AMH, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FPH, FR, JLL, LEN, PLD, RYN, SGRO.L, SUI, UHAL, WCC, WY | Commercial, Homebuilders, NAV, rates, real estate, REITs, Uk, value |
BKG.L BYG.L AC.PA |
Third Avenue Real Estate Value Fund delivered 14.37% returns in 2024 by investing in well-capitalized real estate companies trading at significant NAV discounts. The Fund increased U.K./European exposure where price-to-value gaps compensate for uncertainties, while maintaining focus on financially strong platforms with aligned management and value creation prospects in a higher real rate environment. |
| Sep 30 2024 | 2024 Q3 | AMH, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, LOW, PLD, RYN, SGRO.L, SUI, SVS.L, UHAL, WCC, WY | Commercial real estate, Homebuilders, Hotels, Housing, real estate, REITs, value |
AC.PA WCC |
Third Avenue Real Estate Value Fund targets undervalued real estate companies positioned for persistent housing supply shortages and industry consolidation. Core holdings include homebuilders gaining market share, asset-light hotel franchisors, and capital-efficient real estate services. The portfolio trades at a 10% NAV discount with strong balance sheets, positioned to benefit from housing market recovery and potential GSE reform. |
| Jul 19 2024 | 2024 Q2 | 1CKH.HK, 4WH.HK, AMH, BAM, BKG.L, BYG.L, CBRE, DHI, FMCC, FNMA, FR, GRI.L, JLL, LEN, LOW, PLD, SEGRO.L, SUI, SVS.L, WCC | Commercial, Data centers, Grid Upgrade, infrastructure, real estate, REITs, Residential, value |
WCC PLD |
Third Avenue Real Estate Value Fund outperformed its benchmark year-to-date despite Q2 weakness. The Fund targets well-capitalized real estate businesses trading at significant NAV discounts, with strategic exposure to data centers, grid infrastructure, and residential supply deficits. Portfolio emphasizes balance sheet strength and secular growth themes while avoiding overvalued sectors facing structural headwinds. |
| May 7 2024 | 2024 Q1 | AMH, BKG.L, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, GRI.L, JLL, LEN, LOW, PLD, RYN, SEGRO.L, SUI, SVS.L, UHAL, WY | active management, Data centers, Homebuilders, real estate, REITs, value | - | Third Avenue Real Estate Value Fund outperformed in Q1 with concentrated exposure to residential platforms positioned for housing recovery. The Fund avoids overvalued data center REITs while gaining indirect exposure through industrial conversions and energy solutions. Well-capitalized holdings trade at significant discounts to private market values with strong fundamentals supporting multi-year recovery thesis. |
| Jan 31 2024 | 2023 Q4 | 1113.HK, 4.HK, AMH, BAM, BKG.L, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FRT, GRI.L, ING.AX, IVT, JLL, LEN, LOW, NSA, PLD, RYN, SGRO.L, SUI, SVS.L, TPHS, UHAL, WY | Commercial, Homebuilders, interest rates, real estate, REITs, Residential, value | - | Third Avenue Real Estate Value Fund delivered 23.27% returns in 2023 through concentrated exposure to residential and commercial real estate companies trading at discounts to private market values. The portfolio benefits from housing supply shortages and secular commercial trends while positioned defensively for higher real rates with well-capitalized holdings averaging sub-20% debt ratios. |
| Oct 25 2023 | 2023 Q3 | 0004.HK, 1113.HK, AMH, BAM, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FR, GRI.L, INA.AX, INVH, JLL, LEN, LOW, NSA, PLD, RYN, SEGRO.L, SUI, SVS.L, UHAL, WY | Cap Rates, Commercial Property, interest rates, NAV, real estate, REITs, Residential, value |
SUI BYG.L |
Third Avenue Real Estate Value Fund underperformed in Q3 but outpaced benchmarks year-to-date, celebrating 25 years with strong long-term returns. Rising rates created opportunities in well-capitalized real estate companies trading below NAV. New positions in Sun Communities and Big Yellow capitalize on attractive cap rates and unique market positions in undersupplied segments. |
| Dec 31 2022 | 2022 Q4 | BAM | - | - | |
| Oct 25 2022 | 2022 Q3 | BAM, DHC, FNF, LEN, NWDHU | - | - | |
| Jun 30 2022 | 2022 Q2 | CBRE, DHI | - | - | |
| Mar 31 2022 | 2022 Q1 | TDW, UGP | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Defense SpendingManager maintains exposure to global armaments companies, noting the entire world is rapidly rearming off an extremely low base of defense spending. The position materially outperformed for the year despite Q4 underperformance, with top contributors including Rheinmetall, Palantir Technologies, and RTX. |
Defense Armaments Military Geopolitical Spending |
GoldManager holds both physical gold bullion and a leveraged gold exposure called 'Gresham's Wrath' that provides 1.5x gold exposure plus option income. Gold demand from global central banks is accelerating while US Treasuries are being reduced, with growing mistrust evidenced by physical deliveries. |
Gold Precious Metals Monetary Central Banks Inflation | |
Capital MarketsManager holds positions in exchanges like Nasdaq and CBOE, viewing them as essential high-margin toll roads for the economy with immense operating leverage. These exposures materially outperformed for the year, benefiting from trading volume and market volatility. |
Exchanges Trading Financial Infrastructure Technology Data | |
EnergyManager holds West Texas real estate with associated oil, gas, and water rights, describing it as a capital-light compounding machine with perpetual royalty income. However, the position underperformed both quarterly and annually despite the manager's long-term bullish views. |
Oil Gas Royalties Real Estate Permian | |
CryptoManager completely exited Bitcoin position in mid-November despite long-term bullish views, using a risk management framework similar to commodity trading funds. The exit was well-timed as Bitcoin continued falling while US Large Cap equities they rotated into increased in value. |
Bitcoin Digital Assets Risk Management Volatility Alternative | |
| 2025 Q3 |
Commercial Real EstateFund holds 27.5% in North American commercial real estate companies including CBRE Group, JLL, Brookfield Corp, Prologis, First Industrial, Wesco, and U-Haul Holdings. These represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate that favor long-term investors with structural demand drivers, limited maintenance capex, and prospects to self-finance accretive reinvestment. Commercial banks are estimated to be lending significantly less to commercial real estate, with current pace at less than half of the previous 10-year average. |
CBRE JLL Prologis Industrial Self-Storage |
HomebuildersU.S.-based homebuilders including D.R. Horton, Pulte Group, and Lennar were primary contributors to performance during the period. The Fund holds 41.9% of capital in U.S.-based residential real estate companies. These enterprises have well-established positions in the residential value chain with prospects to benefit from near record low levels of for-sale inventories, near record high demand for affordable product, and market dynamics seemingly favoring scaled players. |
D.R. Horton Pulte Lennar Housing Affordability | |
MortgageThe Fund holds preferred equity of Fannie Mae and Freddie Mac, leading providers of mortgage financing in the U.S. These holdings have rebuilt significant capital in recent years but are generally limited in providing more significant liquidity to counterbalance Federal Reserve quantitative tightening flows. The MBS market remains pressured with spreads between 30-Year Fixed-Rate Mortgages and 10-Year U.S. Treasury Notes well above historic levels, though there seems to be increasing focus on addressing this issue. |
Fannie Mae Freddie Mac MBS Spreads Liquidity | |
HotelsThe Fund added to its investment in Accor SA, a global hotel management and franchise platform with nearly 6,000 hotels across more than 110 countries, primarily in Europe, Middle East, Asia Pacific, and South America. Accor has leading market share positions in each region, which are earlier in the transition of hotel owners entering into management and franchise agreements with global platforms. Such arrangements allow property owners to side-step Online Travel Agencies for reservations, leading to higher margins and more repeat business. |
Accor Franchise Management OTA Global | |
Student HousingThe Fund increased its allocation to Unite Group plc, a U.K.-based REIT that is the leading owner of purpose-built student housing in the country. Unite's portfolio comprises more than 150 properties and 65,000 beds, which are more than 95% leased and centered on the U.K.'s top institutions. The past year has been one of transition due to evolving visa policies and elevated levels of new supply, leading to a sharp de-rating in Unite's stock to a 15-year low price-to-book multiple and implied cap rate of 7.5%. |
Unite Group Student Universities U.K. Visa | |
| 2025 Q2 |
OnshoringSupply chain disruptions from Covid-19 have accelerated efforts to reshore critical industries including defense, pharmaceuticals, semiconductors, and materials. U.S. manufacturing investment has increased three-fold over five years to $230 billion annually, with nearly $2 trillion of reshoring initiatives announced since 2023. |
Manufacturing Supply Chain Reshoring National Security Trade Policy |
LogisticsEvolving supply chains are driving demand for storage properties and emerging manufacturing hubs. Companies are carrying higher inventory levels, shifting to integrated networks, and investing in technology and automation, benefiting industrial real estate demand. |
Industrial REITs Storage Distribution Supply Chain Automation | |
Trade PolicyRecent U.S. trade policy mirrors historical protective measures, with effective tariff rates on construction materials exceeding 27% as of June 2025. This is driving efforts to diversify trading partners, increase manufacturing employment, and reduce trade deficits through reciprocal agreements. |
Tariffs Construction Costs Manufacturing Trade Deficits Reciprocal Agreements | |
Data CentersPrologis has nearly 10 GW of data center opportunities within its portfolio, representing a significant growth driver alongside its core industrial real estate platform. |
Data Center REITs Technology Infrastructure Real Estate Growth Development | |
MortgageThe gap between 30-year fixed-rate mortgage yields and 10-Year Treasury Notes sits near record highs, nearly 1.0% above long-term averages. This wide spread is restraining activity and affordability in U.S. residential markets, which could be addressed by well-capitalized GSEs under a revamped framework. |
Mortgage Spreads GSEs Fannie Mae Freddie Mac Housing Affordability | |
| 2025 Q1 |
HomebuildersFund initiated position in PulteGroup, recognizing demographic tailwinds from millennials entering prime home-buying years. Large-scale builders like Pulte, Lennar, and D.R. Horton have evolved to more defensive business models with land options versus ownership, strengthened balance sheets with net cash positions, and gained significant market share. These companies are positioned to maintain profitability and sustain share repurchases despite near-term headwinds. |
Demographics Market Share Balance Sheet Land Light Millennials |
Student HousingFund invested in Unite Group, the largest owner of purpose-built student housing in the U.K., benefiting from demographic tailwinds as 18-year-olds are projected to increase by more than 2% annually through 2030. Unite owns 150+ properties with 65,000 beds at 97% occupancy, strategically located near top universities. The company trades at significant discount to NAV despite best-in-class portfolio and premier platform. |
Demographics Occupancy Universities NAV Discount Platform | |
Commercial Real EstateFund maintains 30.4% allocation to North American commercial real estate companies including real estate services, asset management, industrial logistics, and self-storage. These holdings represent platforms that would be difficult to reassemble and focus on property types with structural demand drivers or capital-light services businesses with prospects for higher returns on capital over time. |
Services Industrial Logistics Self Storage Platform | |
MortgageFund discusses structural issues in mortgage markets, noting 30-year mortgage spreads to 10-year Treasury at 2.6%, nearly 1% above long-term average. Potential policy changes could normalize spreads through Federal Reserve reducing MBS sales pace and lifting stipulations on Fannie Mae and Freddie Mac to foster additional liquidity while returning to risk-based pricing. |
Spreads MBS Liquidity Policy Fannie Mae | |
| 2024 Q4 |
Commercial Real EstateFund maintains significant exposure to commercial real estate through REITs and operating companies focused on industrial, logistics, self-storage, and real estate services. Holdings include platforms like Big Yellow self-storage, Prologis industrial, and CBRE services that benefit from structural demand drivers and limited maintenance capex requirements. |
REITs Industrial Self-Storage Logistics Services |
HomebuildersFund holds entry-level homebuilders Lennar Corp and D.R. Horton positioned to benefit from near record low for-sale inventories, high demand for affordable housing options, and cost pressures favoring more efficient industry participants. These holdings represent well-established positions in the residential value chain. |
Entry-Level Housing Inventories Affordability Efficiency | |
ValueFund focuses on enterprises trading at discounts to Net Asset Value with well-capitalized balance sheets and aligned control groups. Holdings trade at conservative NAV estimates with an aggregate discount of 20.9% at quarter-end, while maintaining strong financial positions with average loan-to-value ratio of 14%. |
NAV Discount Well-Capitalized Balance Sheet Financial Strength | |
United KingdomFund increased allocation to U.K. real estate companies where price-to-value gaps compensate for political and economic uncertainties. Holdings include Berkeley Group residential development, Big Yellow self-storage, and other platforms trading at significant discounts to historical valuations despite strong operational fundamentals. |
Price-to-Value Political Risk Discounts Fundamentals Valuations | |
RatesManager discusses impact of higher real rates environment on real estate investing, noting 10-Year Treasury real rates exceeded 2.0% at year-end. Emphasizes importance of financial strength and durable value creation in higher rate environment, with focus on businesses less dependent on capital markets financing. |
Real Rates Treasury Financial Strength Capital Markets Financing | |
| 2024 Q3 |
HomebuildersFund holds major homebuilders like Lennar and D.R. Horton positioned to benefit from persistent housing supply deficits and consolidation trends. Large publicly traded builders have increased market share to 55% from 40% five years ago by focusing on attainable housing and offering rate buydowns through captive mortgage subsidiaries. |
Entry-level Market share Rate buydowns Supply deficit Consolidation |
HotelsFund added Accor SA, a leading global hotel management and franchise company with nearly 5,000 hotels. The hospitality industry has shifted toward asset-light models with 70% of US hotels now using management or franchise agreements rather than operating independently, similar to the fast food business model. |
Asset light Management agreements Franchise Scale advantages Conversion pipeline | |
Real Estate ServicesFund holds 25.3% in real estate services companies including CBRE Group, JLL, and Savills. These businesses are less capital-intensive than direct property ownership and historically offer higher returns on capital, provided they have favorable positioning and are capitalized to act countercyclically. |
Capital efficient Higher returns Countercyclical Brokerage Property management | |
Industrial DistributionFund increased position in Wesco International, a leading distributor of electrical, communications, and utility-related components. The company benefits from secular drivers including grid upgrades, nearshoring, automation, and data center investment, with management targeting 10% operating margins by 2030. |
Grid upgrades Nearshoring Data centers Margin expansion Cross selling | |
MortgageFund holds Fannie Mae and Freddie Mac, which have rebuilt substantial capital with combined net worth of $140 billion. Reform of these entities could provide additional liquidity to the mortgage market and reduce the spread between 30-year mortgage rates and 10-year Treasury yields. |
Conservatorship Capital rebuild Liquidity Rate spreads Reform | |
| 2024 Q2 |
Data CentersFund has approximately 30% of capital invested in companies with ties to the data center value chain, including leasing powered shells, realizing higher-and-better use opportunities by repositioning land for data center development, and providing energy and logistics services. The rapid adoption of AI and accelerated build out of energy-intensive data centers is driving demand for electrical grid infrastructure. |
AI Grid Upgrade Infrastructure Spending Energy Transition Logistics |
Grid UpgradeIEA estimates grid investment needs to nearly double to $600 billion annually by 2030, with emphasis on digitalization and distribution. There appears to be a scarcity of distribution and transmission availability in most developed markets with nearly 1,500 gigawatts of power projects in grid connection queues. Electricity grids are increasingly serving as a bottleneck for various secular shifts underway. |
Infrastructure Spending Energy Transition Electrical Equipment Power Equipment | |
Commercial Real EstateFund has 34.2% of capital invested in commercial real estate enterprises focused on companies capitalizing on secular trends, including structural changes driving demand for industrial properties, self-storage facilities, and fulfillment. Holdings are primarily well-capitalized businesses engaged in long-term wealth creation that trade at discounts to private-market values. |
Industrial REITs Self Storage REITs Logistics Value | |
| 2024 Q1 |
Data CentersAI and LLM advancements are driving enormous capital requirements for data center buildout and colossal power needs. Data center demand expected to increase 10% annually through 2030, requiring 18 Gigawatts of incremental power. Fund avoids direct data center REIT exposure due to supply concerns and low free cash flow yields of 2.5%. |
AI Power Infrastructure Supply Valuations |
HomebuildersFund maintains significant exposure to residential real estate companies positioned to benefit from multi-year recovery in residential construction. Supply deficits remain after years of under-building, combined with near record-low inventory levels and surge in immigration creating demand for affordable housing. |
Supply Deficit Immigration Affordable Housing Construction Recovery | |
Commercial Real EstateFund holds 34.5% in commercial real estate enterprises focused on secular trends including structural demand for industrial properties, self-storage, and last-mile fulfillment. Holdings are well-capitalized, trade at discounts to private-market values, and positioned for compelling real returns through rent increases and development. |
Industrial Self Storage Fulfillment Valuations Development | |
Real Estate Services20.9% allocation to less capital-intensive real estate services businesses that historically offer higher returns on capital. Holdings include franchises in brokerage, property management, investment management, and mortgage/title insurance with favorable positioning in their segments. |
Brokerage Management Capital Efficiency Returns Franchises | |
| 2023 Q4 |
Commercial Real EstateFund has 33% invested in commercial real estate enterprises focused on secular trends including industrial properties, self-storage, and last-mile fulfillment. Holdings include companies capitalizing on structural demand changes and urban densification. |
Industrial Self-storage Logistics Urban Properties |
HomebuildersFund maintains 38.5% allocation to residential real estate with strong ties to US and UK markets where supply deficits persist after years of under-building. Holdings positioned to benefit from multi-year recovery in residential construction. |
Housing Construction Supply Recovery Residential | |
Real Estate Services25.1% of capital invested in less capital-intensive real estate services businesses that historically offer higher returns on capital. Holdings include brokerage, property management, investment management, and mortgage/title insurance. |
Brokerage Management Insurance Services Capital | |
RatesManager discusses shift to positive real interest rates as durable given distortions from decade-plus period of negative real rates. Portfolio positioned for higher real rate environment with focus on well-capitalized entities. |
Real rates Interest Inflation Capital Financing | |
| 2023 Q3 |
Commercial Real EstateFund maintains 31% allocation to commercial real estate enterprises focused on secular trends including industrial properties, self-storage facilities, and last-mile fulfillment. Holdings include companies capitalizing on structural changes driving demand for these property types. |
Industrial Self Storage Warehouses Logistics Cap Rates |
HomebuildersFund holds homebuilding companies like Lennar Corp and D.R. Horton despite recent underperformance. These businesses possess strong balance sheets and prospects to gain market share over time, positioned to benefit from multi-year residential construction recovery. |
Housing Construction Residential Supply Deficit Market Share | |
RatesRising real rates from Treasury adjustments impacted real estate valuations and created elevated costs of capital. However, this offers opportunities for well-capitalized market participants with limited debt maturities and excess capital to deploy. |
Interest Rates Treasury Cost of Capital Real Rates Discount Rates | |
Real Estate ServicesFund allocates 23% to real estate services businesses that are less capital-intensive than direct property ownership and offer higher returns on capital over a cycle. Holdings include brokerage, property management, and investment management franchises. |
Brokerage Property Management Asset Management Returns on Capital Franchises |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Sep 30, 2023 | Fund Letters | Third Avenue Real Estate Value Fund | SUI | Sun Communities Inc. | Real Estate | Specialized REITs | Bull | NYSE | cash flow growth, defensive, Manufactured housing, Marinas, Niche Real Estate, Pricing power, REIT, RV Communities, Sunbelt, Value | Login |
| Sep 30, 2023 | Fund Letters | Third Avenue Real Estate Value Fund | BYG.L | Big Yellow Group plc | Real Estate | Specialized REITs | Bull | London Stock Exchange | defensive, Fixed Costs, London, Occupancy Upside, REIT, Scale Advantages, Self-storage, UK, underpenetrated market, Value | Login |
| Jan 22, 2026 | Fund Letters | Matthew Fine | HCC | Warrior Met Coal, Inc. | Materials | Metallurgical Coal | Bull | New York Stock Exchange | cashflow, coal, dividends, metallurgical, Production | Login |
| Jan 22, 2026 | Fund Letters | Matthew Fine | LUN CN | Lundin Mining Corporation | Materials | Copper | Bull | New York Stock Exchange | Copper, Electrification, infrastructure, Mining, Scarcity | Login |
| Jan 22, 2026 | Fund Letters | Matthew Fine | CS CN | Capstone Copper Corp. | Materials | Copper | Bull | New York Stock Exchange | Copper, Electrification, Mining, Reserves, Scarcity | Login |
| Jan 22, 2026 | Fund Letters | Matthew Fine | HBR LN | Harbour Energy plc | Energy | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | Acquisitions, Freecashflow, Gas, Offshore, oil | Login |
| Jan 22, 2026 | Fund Letters | Matthew Fine | 2330 TT | T.S. Lines Ltd. | Industrials | Marine Transportation | Bull | New York Stock Exchange | Asia, cashflow, Container, dividends, Shipping | Login |
| Jan 22, 2026 | Fund Letters | Matthew Fine | BIRG ID | Bank of Ireland Group PLC | Financials | Diversified Banks | Bull | New York Stock Exchange | banking, Capital, Regulation, Returns, valuation | Login |
| Jan 22, 2026 | Fund Letters | Matthew Fine | DBK GR | Deutsche Bank AG | Financials | Diversified Banks | Bull | Xetra | banking, Capital, rerating, Returns, turnaround | Login |
| Oct 21, 2025 | Fund Letters | Jason Wolf | UTG | Unite Group plc | Real Estate | Residential REIT | Bull | NYSE | NAV discount, REIT, student housing, Universities, valuation | Login |
| Oct 21, 2025 | Fund Letters | Matthew Fine | CS | CCO Capstone Copper Corp. | Materials | Copper Mining | Bull | TSX | Chile, Copper, expansion, FCF, Production, Supply, valuation | Login |
| Oct 21, 2025 | Fund Letters | Matthew Fine | LUN | Lundin Mining Corp. | Materials | Copper & Gold Mining | Bull | TSX | cash flow, Copper, Gold, Hedge, Mining, Operations | Login |
| Oct 21, 2025 | Fund Letters | Matthew Fine | HBR | Harbour Energy plc | Energy | Oil & Gas Exploration & Production | Bull | NYSE | cash flow, Gas, North sea, oil, Regulation, Taxation | Login |
| Oct 21, 2025 | Fund Letters | Matthew Fine | OR | Old Republic International Corp. | Materials | Property & Casualty Insurance | Bull | NYSE | capital return, Insurance, turnaround, underwriting, valuation | Login |
| Oct 21, 2025 | Fund Letters | Jason Wolf | CHMP | Champion Homes (Skyline Champion Corp.) | Industrials | Homebuilding & Manufactured Housing | Bull | NYSE | affordability, Housing, manufacturing, Regulation, vertical integration | Login |
| Oct 21, 2025 | Fund Letters | Matthew Fine | DBK | Deutsche Bank AG | Financials | Banks | Bull | - | banking, capital return, restructuring, ROE, turnaround | Login |
| Oct 21, 2025 | Fund Letters | Jason Wolf | UTG | Unite Group plc | Real Estate | Residential REIT | Bull | NYSE | NAV discount, REIT, student housing, Universities, valuation | Login |
| Oct 21, 2025 | Fund Letters | Matthew Fine | BOISE | Boise Cascade Co. | Other | Building Materials | Bull | NYSE | Building materials, cash, consolidation, Housing, valuation | Login |
| Oct 21, 2025 | Fund Letters | Jason Wolf | ACCOR | Accor SA | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Bull | Euronext Stock Exchange | asset-light, buybacks, diversification, franchise, hospitality, valuation | Login |
| Oct 21, 2025 | Fund Letters | Matthew Fine | ROG | Rogers Corporation | Information Technology | Electronic Components | Bull | NYSE | Activism, electronics, EV, Margins, materials, restructuring | Login |
| Oct 21, 2025 | Fund Letters | Matthew Fine | AC | AC Ayala Corporation | Industrials | Diversified Holdings | Bull | Philippine Stock Exchange | assets, buybacks, conglomerate, Emerging markets, Philippines, valuation | Login |
| Oct 21, 2025 | Fund Letters | Jason Wolf | CHMP | Champion Homes (Skyline Champion Corp.) | Industrials | Homebuilding & Manufactured Housing | Bull | NYSE | affordability, Housing, manufacturing, Regulation, vertical integration | Login |
| Jul 22, 2025 | Fund Letters | Jason Wolf | PLD | Prologis, Inc. | Real Estate | Industrial REIT | Bull | New York Stock Exchange | Balance_Sheet, Industrial, Logistics, NAV, Rents | Login |
| Jul 22, 2025 | Fund Letters | Jason Wolf | WCC | WESCO International, Inc. | Industrials | Industrial Distribution | Bull | New York Stock Exchange | cashflow, Cyclicality, Distribution, Electrification, infrastructure | Login |
| Jul 22, 2025 | Fund Letters | Jason Wolf | SKY | Skyline Champion Corporation | Consumer Discretionary | Homebuilding | Bull | New York Stock Exchange | affordability, Balance_Sheet, Cyclicality, Housing, manufacturing | Login |
| Jul 22, 2025 | Fund Letters | Jason Wolf | JAR LN | Jarvis Securities plc | Financials | Investment Banking & Brokerage | Bull | New York Stock Exchange | Brokerage, Netcash, recovery, Regulation, Trading | Login |
| Jun 30, 2025 | Fund Letters | Third Avenue Real Estate Value Fund | SKY | Champion Homes Inc. | Consumer Discretionary | Homebuilding | Bull | NYSE | affordable housing, consolidation, Factory-Built, Financing, homebuilding, manufactured homes, Modular Homes, North America, Value | Login |
| Jun 30, 2025 | Fund Letters | Third Avenue Real Estate Value Fund | PLD | Prologis Inc. | Real Estate | Industrial REITs | Bull | NYSE | asset management, data centers, development, Global, Industrial, Logistics, REIT, Solar, Value, Warehouses | Login |
| Jun 30, 2025 | Fund Letters | Third Avenue Real Estate Value Fund | J36.SI | Jardine Matheson Holdings Ltd. | Industrials | Industrial Conglomerates | Bull | Singapore Exchange | Asian Conglomerate, capital allocation, holding company, Hong Kong, Hotels, Real Estate, Southeast Asia, Sum-of-parts, Value | Login |
| Jun 30, 2025 | Fund Letters | Third Avenue Real Estate Value Fund | WCC | WESCO International Inc. | Industrials | Trading Companies & Distributors | Bull | NYSE | Communications, consolidation, data centers, Distribution, Electrical, Grid Upgrades, North America, Reshoring, utilities, Value | Login |
| Mar 31, 2025 | Fund Letters | Third Avenue Real Estate Value Fund | PHM | PulteGroup | Consumer Discretionary | Homebuilding | Bull | NYSE | Active Adult Communities, Del Webb, Demographics, homebuilder, Land Light Model, net cash, Prefab Production, share repurchases, Sunbelt | Login |
| Mar 31, 2025 | Fund Letters | Third Avenue Real Estate Value Fund | UTG.L | Unite Group | Real Estate | Specialized REITs | Bull | LSE | cap rate, Demographics, European REITs, NAV discount, Purpose-Built, REIT, Russell Group Universities, student housing, UK | Login |
| Dec 31, 2024 | Fund Letters | Third Avenue Real Estate Value Fund | BKG.L | The Berkeley Group Holdings PLC | Real Estate | Real Estate Development | Bull | London Stock Exchange | capital allocation, land bank, London Housing, net cash, Residential Development, Supply Constrained, UK Real Estate, Value | Login |
| Dec 31, 2024 | Fund Letters | Third Avenue Real Estate Value Fund | BYG.L | Big Yellow Group PLC | Real Estate | Specialized REITs | Bull | London Stock Exchange | consolidation, London, Operational Leverage, REIT, Self-storage, UK Real Estate, Vacancy Fill-up, Value | Login |
| Dec 31, 2024 | Fund Letters | Third Avenue Real Estate Value Fund | AC.PA | Accor SA | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | Euronext Paris | asset-light, capital allocation, Europe, franchise, Global Hospitality, Hotel Management, transformation, Value | Login |
| Sep 30, 2024 | Fund Letters | Third Avenue Real Estate Value Fund | AC.PA | Accor SA | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | Euronext Paris | asset-light, Europe, franchise, Hospitality Platform, Hotel Management, Luxury Brands, transformation, Value | Login |
| Sep 30, 2024 | Fund Letters | Third Avenue Real Estate Value Fund | WCC | Wesco International | Industrials | Trading Companies & Distributors | Bull | NYSE | cross-selling, data centers, Distribution, Electrical, Grid Upgrades, infrastructure, margin expansion, secular growth | Login |
| Jun 30, 2024 | Fund Letters | Third Avenue Real Estate Value Fund | WCC | Wesco International | Capital Goods | Trading Companies & Distributors | Bull | NYSE | B2b, data centers, Distributor, Electrical, Free Cash Flow, Grid modernization, infrastructure, supply chain, utilities, working capital | Login |
| Jun 30, 2024 | Fund Letters | Third Avenue Real Estate Value Fund | PLD | Prologis | Real Estate | Industrial REITs | Bull | NYSE | cap rate, data centers, development, Global, industrial REIT, Logistics, Rent Roll-up, Replacement Cost, Solar, Warehouses | Login |
| TICKER | COMMENTARY |
|---|---|
| AMH | Invitation Homes, the largest owner and manager of single-family rental homes in the US, operates a high-quality portfolio across the Western US, Sunbelt and Florida. The company has faced near-term pressure from slower job growth and reduced immigration, but its portfolio has benefited from limited new supply, renter demographics favoring single-family homes and a favorable rent-versus-buy dynamic. Long term, we believe Invitation will benefit from higher rents and strategic acquisitions to further build its portfolio. |
| BRK-A | Miles mentioned that he had been a long-term shareholder of Berkshire Hathaway and had never sold his shares. Over roughly twenty-five years, his investment compounded at about 10.9% annually. The first dollar he invested became approximately thirteen dollars. Since around 1990, Berkshire has only marginally outperformed the S&P 500. By Buffett's own historical standards, this period could be described as mediocre. And yet, admiration for Buffett has not faded—if anything, it has intensified. |
| BYG.L | Blackstone's discussions with Big Yellow in the U.K. did not result in a transaction; however, we believe that any future privatization would likely require a premium of ~35% above the current share price. The founders—who collectively own more than £100 million of shares—appear open to a sale at the right valuation. |
| CBRE | CBRE Group Inc. was an excellent investment for us. As the world's largest commercial real estate services company, CBRE has a market-leading position in leasing and property sales brokerage. We purchased shares in June 2022 at peak concern regarding the future of the office due to remote work, rising interest rates, and a weakening economy. CBRE's value grew over the course of our ownership, but its share price rose faster, and we reallocated capital to more discounted businesses. |
| DHI | Conversely, our biggest detractors this quarter were DR Horton (DHI), Lennar Corp (LEN), Home Depot (HD). |
| FMCC | Fannie and Freddie shares more than tripled in 2025 as the Trump administration reiterated its commitment to an eventual privatization. We believe YTD share price declines greatly underestimate how quickly President Trump can act to drive a re-rating of shares and unveil a taxpayer asset worth ~$300 billion. |
| FNF | Fidelity National Financial, the largest provider of title insurance for residential and commercial properties in the U.S. distributing a near $500 million stake in its life insurance affiliate F&G Annuities and Life (F&G). The transaction will increase the public float of the separately listed entity, with the aim of improving (i) F&G's cost of capital (i.e., implied multiple) relative to other market comparables in this line of insurance and (ii) the sum of the parts value for Fidelity National when also factoring in its other distinctive title insurance and transactions businesses. |
| FNMA | Fannie and Freddie shares more than tripled in 2025 as the Trump administration reiterated its commitment to an eventual privatization. The administration has repeatedly emphasized three key objectives: Enhance home affordability by compressing the spread of mortgages over Treasuries, Demonstrate a near-term mark to market for the taxpayers' ownership in the GSEs, Maximize long-term value of the taxpayers' interest in Fannie and Freddie. |
| FPH | The largest negative performance contributions this quarter derived from Atlanta Braves Holdings, FivePoint Holdings and BlueLinx Holdings. The latter two investments have faced headwinds from the slowdown in U.S. housing construction activity. |
| JLL | Leading commercial real estate service company Jones Lang LaSalle Incorporated contributed positively to performance during the fourth quarter, aided by the company's beat and raise third quarter financial report, coupled with broad-based strength across the business. We expect the company to continue benefiting from structural and secular tailwinds: the outsourcing of commercial real estate, the institutionalization of commercial real estate, and opportunities to increase market share in a highly fragmented market. |
| LEN | LEN: $5B authorized January 2024; $4B completed |
| PHM | PulteGroup, in the homebuilding industry, struggled due to slowing orders and margin pressures despite a slight decrease in mortgage rates. We continue to hold PulteGroup in the Fund. |
| PLD | Best-in-class industrial REIT Prologis, Inc. contributed positively to performance during the fourth quarter, aided by the company's strong third quarter financial report, coupled with management's robust multi-year business outlook. We continue to believe the appreciation potential for Prologis' shares remains compelling given the strong runway for future cash flow and earnings growth in the next several years and an undemanding valuation. |
| RYN | Rayonier, one of the largest owners of timberlands in the U.S. completing the divestiture of its New Zealand venture, paying a special dividend, and announcing a merger with industry peer PotlatchDeltic. Once completed, the combined company will benefit from additional efficiencies within its timber segment, in Fund Management's opinion, as well as more scale in its real estate and resources portfolio that includes substantial sub-surface rights in the Smackover Formation. |
| SKY | We began acquiring shares of Champion Homes, Inc. during the quarter. Champion Homes is one of America's largest manufacturers of factory-built housing, having sold over 26,000 homes during its most recent fiscal year. Factory-built homes are potentially a key solution to housing affordability issues. The average home built by Champion Homes costs $93,000 compared to approximately $400,000 for the average site-built home in America. |
| UHAL | The largest detractors were Lennar Corp (LEN), U-Haul Holdings (UHAL/B), and Occidental Petroleum (OXY). |
| UTG.L | This thesis was ultimately borne out, as in mid-2025 ESP announced it had received a merger proposal from a larger rival, Unite Group (UTG), on terms that represented – in theory – a 10% premium based on ESP's and UTG's undisturbed share prices. However, shortly after the merger was announced, UTG and ESP's prices came under pressure, amid evidence of a slower student booking cycle and fears of what this might mean for future earnings growth. The fall was particularly pronounced in October when UTG confirmed that its occupancy levels for academic year 25/26 had undershot the company's targets. |
| WY | GreenFirst and Weyerhauser have both been poor performers over the last several years, we expect lumber prices to be inflecting finally, and EPS should begin to improve from here meaningfully. |
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