GRI-L

GRI-L

GRI-L

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
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 PSKY WCC APLD JAR LN SKY WCC PLD	View
2024 Q1	May 7, 2024	Third Avenue Real Estate Value Fund	15.7%	0.0%	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	AI 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%.		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	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
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.	APLD WCC	View
2025 Q1	Mar 31, 2025	Third Avenue Real Estate Value Fund	-0.5%	-0.5%	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	Fund 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.	UTG.L PHM	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of GRI-L

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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