8923-T

8923-T

8923-T

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	May 7, 2024	Third Avenue International Real Estate Value Fund	11.7%	0.0%	3231.T, 8923.T, AED.MC, BWR.UN.TO, BYG.L, CTPNV.AS, GLV.L, GRNG.L, INA.AX, NSR.AX, SHUR.L, SVI.TO, VEST.MX	Industrial, international, Japan, Nearshoring, real estate, REITs, Self Storage, value	Nearshoring growth in Mexico is driving strong tenant demand that exceeds new supply, with broad speculative development restricted by infrastructure constraints and high financing costs. Industrial cap rates are compressing and values increasing due to institutional demand. Similar trends are playing out in Central and Eastern Europe through CTP's operations.	3231.T 8923.T	View
2024 Q4	Dec 31, 2024	Third Avenue International Real Estate Value Fund	-12.1%	-5.7%	0012.HK, 0194.HK, 1821.HK, 19.HK, 3182.KL, 8923.T, AEDAS.MC, BYG.L, CTP.AS, GLENP.L, GRI.L, INA.AX, MRL.MC, NSR.AX, SHUR.AS, SVI.TO, TAG.DE, VEST.MX	Asia, Discounts, Europe, international, real estate, REITs, Residential, value	International listed real estate trades at historically attractive valuations with 13x earnings multiple being the cheapest in the Fund's 10-year history. The sector trades at 0.66 times NAV, also the most attractive ratio over the past 10 years. Fund Management contends that a reversion to the mean could drive 40% upside for the overall international real estate sector.	1821.HK VEST.MX HKL.L TAG.DE GHV.L	View
2023 Q3	Oct 25, 2023	Third Avenue International Real Estate Value Fund	11.7%	0.0%	0019.HK, 1821.HK, 3231.T, 8923.T, BYG.L, CTP.AS, GLV.L, NSR.AX, SVI.TO, VEST.MX	Immigration, Industrial, international, Nearshoring, real estate, Self Storage, value	The Fund increased exposure to nearshoring through investments in industrial/logistics real estate companies like CTP NV and Vesta, which benefit from supply chain reshoring to European and Mexican markets respectively. Central and Eastern European markets offer significantly lower production costs and high-quality infrastructure.	CTPNV.AS NSR.AX BYG.L	View
2025 Q3	Oct 21, 2025	Third Avenue International Real Estate Value Fund	4.0%	-	0016.HK, 8923.T, AMATA.BK, BYG.L, CTP.AS, INA.AX, LLC.AX, NSR.AX, SHUR.L, SVI.TO, TEG.DE, VEST.MX	Asia, Europe, Industrial, international, Nearshoring, real estate, value	The nearshoring trend where manufacturing and supply chains move closer to end consumers remains strong, particularly benefiting Southeast Asian countries like Malaysia, Thailand, and Vietnam due to their proximity to China, low costs, and large workforce. This China plus one strategy aims to reduce risk from reliance on a single market and has accelerated due to geopolitical tensions.		View
2025 Q4	Jan 22, 2026	Third Avenue International Real Estate Value Fund	-1.2%	25.6%	8923.T, BYG.L, CTP.AS, GLV.L, HKL.L, LLC.AX, MPNGF, NSR.AX, SVI.TO, TEG.DE, VEST.MX	Asia, discount, international, NAV, Privatization, real estate, Self Storage, value	Fund focuses on international real estate companies trading at significant discounts to net asset value, with holdings across self-storage, residential development, hotels, and diversified real estate platforms. The portfolio emphasizes deep value opportunities in undersupplied markets and companies with resource conversion potential. Fund trades at 13x forward P/E versus 22x for S&P 500, representing the widest relative discount in a decade. Holdings trade at 30% discount to conservative NAV estimates, with privatization activity validating these discounts through meaningful premiums. Multiple self-storage holdings entered privatization negotiations during the quarter, including National Storage receiving a 27% premium offer from Brookfield and GIC. These platforms operate 10-20 years behind the mature U.S. market with significant scalability and structural growth potential.		View
2024 Q3	Sep 30, 2024	Third Avenue International Real Estate Value Fund	11.7%	0.0%	1821.HK, 8923.T, AED.MC, BYG.L, CTP.AS, G13.SI, GLENP.L, INA.AX, LVS, MRL.MC, NSR.AX, SHUR.L, SUN.HK, SVI.TO, VEST.MX	Asia, Data centers, Development, international, real estate, REITs, Self Storage, value	Fund sees significant opportunity in data center development across Spain, Portugal, and Hong Kong. Merlin Properties has developed three data centers with 60 mW capacity at 90% pre-commitment, delivering 10%+ net yield on cost, with additional US$2.3 billion pipeline for 200 mW. Sunevision Holdings benefits from constrained Hong Kong supply and accelerated cloud adoption across Asia.	MRL.MC	View
2024 Q2	Jul 19, 2024	Third Avenue International Real Estate Value Fund	11.7%	0.0%	1821.HK, 8923.T, BYG.L, CTP.AS, GLEN.L, GRI.L, HLI.L, INA.AX, MAND.HK, SHNG.HK, SVI.TO, VEST.MX	Asia, Data centers, international, Logistics, real estate, REITs, value	Fund focuses on international listed real estate across 40 countries and 14 asset types, with concentrated exposure to industrial/logistics, residential, and self-storage properties. Current positioning benefits from structural long-term growth drivers in these asset classes.	MDORF 1821.HK	View
2025 Q1	Mar 31, 2025	Third Avenue International Real Estate Value Fund	6.0%	6.0%	0016.HK, 3231.T, 8923.T, BYG.L, CTP.AS, G13.SI, GLV.L, INA.AX, MRL.MC, NSR.AX, SHUR.L, SUV.HK, SVI.TO, TAG.DE, UTG.L, WDP.BR	Currency, Dollar, international, Logistics, real estate, Regionalization, tariffs, value	Fund focuses on international real estate markets with deeply discounted valuations trading at 35% discount to real estate value. Portfolio emphasizes residential, industrial/logistics, and self-storage assets with pricing power and resilient cash flows. Limited new supply due to higher construction costs provides positive backdrop for long-term growth.	UTG.L WDP.BR CTP.AS	View
2023 Q4	Jan 28, 2024	Third Avenue International Real Estate Value Fund	11.7%	0.0%	0016.HK, 0019.HK, 8923.T, BEI.TO, BYG.L, CTPNV.AS, GEST.L, GLV.L, HLI.L, INA.AX, NSR.AX, SHUR.L, SVI.TO, VESTA.MX	Asia, international, Nearshoring, real estate, REITs, value	Fund focuses on international real estate companies trading at significant discounts to net asset value. Manager sees opportunity in residential real estate with strong immigration and limited supply, industrial properties exposed to nearshoring trends, and select Japanese real estate companies.	0016.HK 0101.HK 0019.HK HLCL.L	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Third Avenue International Real Estate Value Fund	Tosei Corp.	Real Estate	Real Estate Management & Development	Bull	Tokyo Stock Exchange	asset management, Environmental Standards, Japan, Management alignment, NAV discount, property development, Property Manager, Real Estate Management, Revitalization, Tokyo, value creation	View Pitch

BSD Shareholders of 8923-T

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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