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

2024-04-23 05:40:00 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.
• Through the calendar year Q1, the Third Avenue International Real Estate Value Fund generated a return of - 1.70% (after fees) vs. the most relevant benchmark, the FTSE/EPRA NAREIT Global ex US Index, which returned -2.43% for the same period.
• Over the past three years, the Fund, on average, has outperformed the Index by 8.5% per year, as highlighted in the chart below, which shows the rolling three-year excess return.
• During the quarter, Fund Management attended various conferences and met with senior executives from almost half of the Fund’s holdings.

Dear Fellow Shareholders,

We are pleased to provide you with the Third Avenue International Real Estate Value Fund's (the "Fund") report for the quarter that ended March 31, 2024. Through the first quarter of the calendar year, the Fund generated a return of - 1.70% (after fees) compared to the most relevant benchmark, the FTSE/EPRA NAREIT Global ex US Index 1(the "Index"), which returned -2.43% for the same period. Over the past year, the Fund generated a return of +8.59% (after fees) versus +4.49% (before fees) for the Index....

For further details see: