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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 25, 2025 | Third Avenue International Real Estate Value Fund | 15.3% | - | 12.HK, 16.HK, 19.HK, 1928.HK, 8293.HK, ABG.AX, BYG.L, CTP.AS, G13.SI, GLV.L, HLCL.L, INA.AX, LLC.AX, MRL.MC, NSR.AX, SHUR.L, STV.TO, TAG.DE | Asia, Australia, deep value, Hong Kong, real estate, REITs, value | Fund focuses on deep value real estate investments trading at significant discounts to net asset value, particularly in Hong Kong, Australia, and Europe. Manager sees substantial upside potential as companies progress through resource conversion processes and cyclical earnings improve. | LLC.AX LLC AU |
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| 2024 Q1 | May 7, 2024 | Third Avenue Value Fund | 1.2% | 0.0% | 6856.T, BIRG.L, BMW.DE, BZU.MI, C6B.SI, CAPS.TO, DB, EZJ.L, G13.SI, HBR.L, HCC, IFP.TO, LUN.TO, MBG.DE, ORI, SFOR.L, SUBC.OL, TDW, VAL | Banking, Buybacks, contrarian, Copper, dividends, Europe, value | Fund focuses on buying significantly undervalued, well-financed businesses run by honest and competent people. Manager emphasizes price-conscious, fundamental value investing approach that has become less competitive due to industry shift toward growth strategies. | HBR.L |
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| 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 |
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| 2025 Q1 | Mar 31, 2025 | Third Avenue Value Fund | 2.9% | 2.9% | 5285.T, 6856.T, 6951.T, 7270.T, BIRG.L, BMW.DE, CBG.L, CSCU.TO, DB, EZJ.L, G13.SI, HBR.L, HCC, ORI, SFOR.L, SUBC.OL, TDW, VAL | defense, energy, Europe, inflation, Japan, tariffs, Trade Policy, value | The manager extensively discusses the global tariff war initiated on Liberation Day (April 2, 2025), describing it as an economic mistake with lasting negative implications. He analyzes the reciprocal tariff structure, challenges of eliminating trade deficits, and the breakdown of trust and predictability affecting corporate investment decisions. | 6951.T |
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| 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 |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||