MNOIY - Third Avenue International Real Estate Value Fund Q2 2024 Commentary

2024-07-26 03:45:00 ET

Summary

• During the quarter, the Third Avenue International Real Estate Value Fund generated a return of -3.98% (after fees) compared to the most relevant benchmark, the FTSE/EPRA NAREIT Global ex US Index, which declined -6.79% for the same period.
• In the most recent quarter, the Fund benefited from its investments in several ‘special situation’ real estate investments, with solid share price performance from investments such as Helical plc and the Fund’s deeply discounted Asian luxury hotel exposure through Shangri-La and Mandarin Oriental.
• Consistent with the prior quarter, industrial/logistics, residential, and self-storage real estate asset types continue to make up the majority (72%) of the Fund’s exposure.

Dear Fellow Shareholders,

We are pleased to provide you with the Third Avenue International Real Estate Value Fund's (the "Fund") report for the June 30, 2024 quarter. During the quarter, the Fund generated a return of -3.98% (after fees) compared to the most relevant benchmark, the FTSE/EPRA NAREIT Global ex US Index[1] (the "Index"), which declined -6.79% for the same period. Over the past year, the Fund generated a return of +3.20% (after fees) versus +2.59% (before fees) for the Index....

For further details see: