FR

FR

FR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 2, 2025	Silver Beech Capital	3.7%	6.6%	CTRI, DNTL.TO, ET, FFH.TO, FR, GFR.TO, GSY.TO, MHC, PRKS, RTO, SWX, WSC	insurance, Regulated, small caps, undervalued, Utilities, value	Southwest Gas Holdings represents a pure-play regulated utility opportunity with multiple catalysts including deconsolidation from Centuri, deleveraging, understated rate base growth of 8-12% CAGR, and improving regulatory frameworks in Arizona and Nevada that will address regulatory lag.	FFH.TO SWX FFH CN SWX	View
2025 Q2	Jul 22, 2025	Third Avenue Real Estate Value Fund	6.8%	6.4%	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	Supply 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.	J36.SI SKY WCC PLD JAR LN SKY WCC PLD	View
2025 Q1	Jun 16, 2025	Silver Beech Capital	-2.8%	-2.8%	BN, BUR, DNTL.TO, ET, FFH.TO, FR, GFR.TO, GSY.TO, MHC, PRKS, RTO, WSC	Logistics, REITs, small caps, tariffs, value, volatility	The logistics real estate sector has been a top-performing asset class for over a decade, driven by structural shifts including e-commerce growth and U.S. manufacturing reindustrialization. Current supply constraints from high construction costs and elevated interest rates have created a compelling investment opportunity, with new supply projected 60% below peak 2022 deliveries.	FR	View
2026 Q1	Apr 22, 2026	Third Avenue Real Estate Value Fund	-10.1%	-10.1%	0101.HK, 1113.HK, BKG.L, BRK, BYG.L, CBRE, FMCC, FNMA, FR, J36.SI, JLL, LEN, PLD, SVS.L, WCC	Commercial, demographics, international, real estate, REITs, Residential, value		0010.HK BKD	View
2025 Q1	Apr 10, 2025	Ennismore Global Equity Fund	1.8%	1.8%	ADM.L, AUTO.L, BLTG.L, BZU.MI, CLMT, FLTR.L, FORY.PA, FR, GNS.L, LTO.MI, META, MRO.L, NNI, PM, SCHA.ST, STO.DE, TKA.DE, TSLA, WISE.L, XRX	defense, Europe, Gambling, geopolitics, Long/Short, tariffs, Trade Policy, Valuations	The Trump administration implemented extensive tariffs targeting key trading partners, with rates often surpassing 50% and creating unprecedented policy uncertainty. This has triggered retaliatory measures from multiple countries and forced a sharp reassessment of relative regional equity valuations, benefiting European equities while pressuring US markets.	LTO.MI	View
2025 Q3	Dec 4, 2025	Silver Beech Capital	-	3.5%	DNTL.TO, ET, FFH, FR, GFR.TO, GSY.TO, MHC, PLYM, PRKS, RTO, SWX, WSC	Canada, Consolidation, Cyclical, Industrial, small caps, value	Silver Beech's portfolio trades at over a 50% discount to the S&P 500's price-earnings ratio while possessing similar projected earnings-per-share growth and returns-on-capital. The fund focuses on finding disconnects between price and value, as demonstrated with WillScot trading at a 13% free cash flow yield despite being a dominant industrial services franchise.		View
2024 Q4	Dec 31, 2024	Third Avenue Real Estate Value Fund	0.4%	14.1%	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	Fund 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.	AC.PA BYG.L BKG.L	View
2023 Q3	Oct 25, 2023	Third Avenue Real Estate Value Fund	15.7%	0.0%	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	Fund 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.	BYG.L SUI	View
2025 Q3	Oct 21, 2025	Third Avenue Real Estate Value Fund	6.7%	-	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	Fund 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.	UTG CHMP ACCOR UTG CHMP AC ROG BOISE DBK OR HBR LUN CS	View
2024 Q2	Jul 19, 2024	Third Avenue Real Estate Value Fund	15.7%	0.0%	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	Fund 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.	PLD WCC	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Silver Beech Capital	First Industrial Realty Trust	Real Estate	Industrial REITs	Bull	NYSE	cap rate, Coastal Markets, development, e-commerce, industrial REIT, land bank, Logistics Real Estate, Replacement Cost, Same-Store NOI, supply chain, Supply Constrained	View Pitch
Aug 7, 2025	Seeking Alpha	Cain Lee	First Industrial Realty Trust	Real Estate	REIT - Industrial	Bull	NYSE	—	View Pitch

BSD Shareholders of FR

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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