IVT - Third Avenue International Real Estate Value Fund Q1 2024 Portfolio Manager Commentary

2024-04-23 05:15:00 ET

Summary

• Third Avenue Management is a New York City-based asset manager founded in 1986 that utilizes a disciplined, value-oriented, and asset-based approach to investing in publicly traded securities.
• For the calendar year Q1, the Third Avenue Real Estate Value Fund generated a return of +2.81% (after fees) versus -1.11% (before fees).
• The primary contributors to performance during the period included certain holdings involved with Residential Real Estate (Lennar Corp., D.R. Horton, Lowe’s, and Ingenia Communities) as well as the Fund’s position in the preferred equity of the GSEs(Fannie Mae and Freddie Mac).
• Despite the performance in the period, Fund Management believes the Fund’s long-term results are the most relevant scorecard.

Dear Fellow Shareholders,

We are pleased to provide you with the Third Avenue Real Estate Value Fund's (the "Fund") report for the quarter ended March 31, 2024. For the first quarter of the calendar year, the Fund generated a return of +2.81% (after fees) versus -1.11% (before fees) for the Fund's most relevant benchmark, the FTSE EPRA NAREIT Developed Index 1.

The primary contributors to performance during the period included certain holdings involved with Residential Real Estate (Lennar Corp. ( LEN )( LEN.B ), D.R. Horton ( DHI ), Lowe's ( LOW ), and Ingenia Communities ( INGEF )) as well as the Fund's position in the preferred equity of the GSEs 3(Fannie Mae and Freddie Mac). Notwithstanding, these gains were somewhat offset by detractors during the quarter, which included the Fund's investments in self-storage related enterprises (U-Haul Holding ( UHAL )( UHAL.B ) and Big Yellow Plc ( BYLOF )) and various international holdings (CK Asset ( CHKGF )( CNGKY ) and Grainger plc ( GRGTF )). Further details on a number of these companies, other notable developments, and portfolio positioning are included herein....

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