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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| 2025 Q4 | Jan 14, 2026 | HMC Capital Partners Fund I | -9.2% | 0.0% | BBN.AX, GNC.AX, INA.AX, LIC.AX, LLC.AX | active management, Australia, capital recycling, demographics, real estate, value creation | Fund holds significant positions in Australian real estate companies including Lendlease, Lifestyle Communities, and Ingenia Communities. These companies are executing simplification strategies, capital recycling, and benefiting from structural tailwinds including aging population and housing undersupply. The fund sees meaningful upside through improved capital allocation and strategic execution. Fund actively engages with portfolio companies to unlock trapped value through improved management, simplified structures, and better capital allocation. The fund has had tangible impact on strategic direction of several portfolio companies and continues to see scope for growth and value creation within current holdings. Multiple portfolio companies benefit from structural tailwinds driven by Australia's aging population and baby boomer downsizing trends. This demographic shift supports demand for land lease communities and retirement-focused housing solutions, providing long-term growth drivers for Lifestyle Communities and Ingenia Communities. | GNC AU INA AU LIC AU BBN AU LLC AU |
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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. | ||||||||