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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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| 2026 Q1 | Apr 15, 2026 | HMC Capital Partners Fund I | -29.1% | -29.1% | BBN.AX, INA.AX, LLC.AX | active management, Australia, Concentration, consumer discretionary, real estate, value | INA.AX BBN.AX LLC.AX |
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| 2025 Q3 | Oct 8, 2025 | HMC Capital Partners Fund I | 6.8% | - | BBN.AX, GNC.AX, INA.AX, LIC.AX, LLC.AX | Agriculture, Australia, consumer, Engagement, real estate, turnaround, value | The Fund focuses on unlocking trapped value through active engagement with portfolio companies, targeting undervalued situations caused by management discount, conglomerate discount, cyclical factors or poor capital allocation. The disciplined screening process identifies diamonds in the rough where the Fund can drive real change and unlock significant value. | 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 | |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Apr 23, 2026 | Fund Letters | HMC Capital Partners Fund I | Lendlease | Real Estate - Diversified | Real Estate Development | Bull | Australian Securities Exchange | Asset recycling, Australia, Build-to-Rent, construction, Equity, life sciences, real estate development, turnaround, Value trap | View Pitch |
| Apr 13, 2026 | Fund Letters | Third Avenue International Real Estate Value Fund | Lendlease Corp Ltd | Real Estate | Real Estate Development | Bull | Australian Securities Exchange | asset sales, Australia, Business Simplification, construction, deep value, Mixed-Use, NAV discount, real estate development, Share Buyback, turnaround | View Pitch |
| 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. | ||||||||