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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 7, 2024 | Third Avenue International Real Estate Value Fund | 11.7% | 0.0% | 3231.T, 8923.T, AED.MC, BWR.UN.TO, BYG.L, CTPNV.AS, GLV.L, GRNG.L, INA.AX, NSR.AX, SHUR.L, SVI.TO, VEST.MX | Industrial, international, Japan, Nearshoring, real estate, REITs, Self Storage, value | Nearshoring growth in Mexico is driving strong tenant demand that exceeds new supply, with broad speculative development restricted by infrastructure constraints and high financing costs. Industrial cap rates are compressing and values increasing due to institutional demand. Similar trends are playing out in Central and Eastern Europe through CTP's operations. | 3231.T 8923.T |
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| 2025 Q1 | May 12, 2025 | Langdon Canadian Smaller Companies | -7.2% | - | AND.TO, ATS.TO, ATZ.TO, BYD.TO, DND.TO, EQB.TO, GCG.TO, GRGD.TO, RCH.TO, SVI.TO, SYZ.TO, TVK.TO | Acquisition, Canada, healthcare, Logistics, small caps, Trade Policy, value | Andlauer Healthcare Group represents a critical logistics provider transporting 85% of pharmaceutical products used in Canada and serving 35% of the Canadian healthcare industry. The company demonstrates best-in-class operating ratios, sticky customer base, and defensible market position with value-add logistics driving outsized margins. UPS acquired Andlauer at a 30% premium, validating the investment thesis. | AND.TO |
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| 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 GHV.L |
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| 2023 Q3 | Oct 25, 2023 | Third Avenue International Real Estate Value Fund | 11.7% | 0.0% | 0019.HK, 1821.HK, 3231.T, 8923.T, BYG.L, CTP.AS, GLV.L, NSR.AX, SVI.TO, VEST.MX | Immigration, Industrial, international, Nearshoring, real estate, Self Storage, value | The Fund increased exposure to nearshoring through investments in industrial/logistics real estate companies like CTP NV and Vesta, which benefit from supply chain reshoring to European and Mexican markets respectively. Central and Eastern European markets offer significantly lower production costs and high-quality infrastructure. | CTPNV.AS NSR.AX BYG.L |
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| 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 | |
| 2024 Q4 | Jan 30, 2025 | Langdon Canadian Smaller Companies | 2.8% | 13.1% | ATS.TO, ATZ.TO, AW.TO, BYD.TO, DFY.TO, SKWD, SVI.TO, TOI.TO, TVK.TO, WED.TO | Canada, Culture, private equity, QSR, small caps, value | Management emphasizes culture as a key investment criterion, noting that culture attracts like-minded talent, motivates organizations, and fosters employee tenure. A&W exemplifies this with founders owning 35% after 35 years and senior management averaging over 20 years tenure. Culture shapes decision-making and drives long-term success measurement timeframes. | WED.TO AW.TO |
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| 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 | Langdon Canadian Smaller Companies | 5.7% | 19.7% | FSV.TO, GYM.TO, RCH.TO, SVI.TO, TVK.TO | Canada, Pharmaceuticals, real estate, retail, small caps, value | The portfolio focuses on Canadian smaller companies with market caps under $1 billion. The manager emphasizes that this segment remains materially underfollowed and inefficient, providing opportunities for patient and flexible capital to be rewarded. The investment approach centers on ensuring appropriate compensation for risks taken rather than avoiding risk altogether. The manager focuses on disciplined portfolio construction anchored in business fundamentals and clear assessment of downside risk. Top contributors included Groupe Dynamite, a founder-led specialty apparel retailer operating the Garage and Dynamite banners, demonstrating the portfolio's exposure to retail businesses with strong fundamentals. | View | |
| 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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| 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 |
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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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| 2023 Q4 | Jan 28, 2024 | Third Avenue International Real Estate Value Fund | 11.7% | 0.0% | 0016.HK, 0019.HK, 8923.T, BEI.TO, BYG.L, CTPNV.AS, GEST.L, GLV.L, HLI.L, INA.AX, NSR.AX, SHUR.L, SVI.TO, VESTA.MX | Asia, international, Nearshoring, real estate, REITs, value | Fund focuses on international real estate companies trading at significant discounts to net asset value. Manager sees opportunity in residential real estate with strong immigration and limited supply, industrial properties exposed to nearshoring trends, and select Japanese real estate companies. | 0016.HK 0101.HK 0019.HK HLCL.L |
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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. | ||||||||