Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
Third Avenue Real Estate Value Fund holds strategic real estate platforms at a 20% discount to NAV, double the historical average. The Fund added to Brookdale Senior Living, Lennar, and Savills where value gaps widened, while Segro received a takeover bid from Prologis that was rejected as inadequate. With U.S. REITs at 23x cash flow versus 10x historically, the Fund's value-focused, globally diversified approach is well-positioned for long-term outperformance.
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Third Avenue Real Estate Value Fund holds strategic real estate platforms at a 20% discount to NAV, double the historical average. The Fund added to Brookdale Senior Living, Lennar, and Savills where value gaps widened, while Segro received a takeover bid from Prologis that was rejected as inadequate. With U.S. REITs at 23x cash flow versus 10x historically, the Fund's value-focused, globally diversified approach is well-positioned for long-term outperformance.
