VTMX - Third Avenue International Real Estate Value Fund Q4 2024 Commentary

2025-01-24 10:05:00 ET

Summary

• The Third Avenue International Real Estate Value Fund outperformed its benchmark, returning -12.09% versus -14.57% for the quarter and -5.67% versus -7.04% for the year.
• Currency fluctuations, particularly the U.S. dollar's appreciation, negatively impacted performance; however, Asian and European residential investments showed strong returns.
• The Fund's price-to-earnings multiple is at its most attractive level in over a decade, with significant potential for earnings and NAV growth.
• New strategic investments in TAG Immobilien, Hong Kong Land Holdings, and Corp Inmobiliaria Vesta aim to capitalize on undervalued markets and restructuring opportunities.

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 and year ended December 31, 2024. During the period, the Fund generated a return of –12.09% (after fees) compared to the most relevant benchmark, the FTSE EPRA/ NAREIT Global ex U.S. Index ¹ (the “Index”), which returned -14.57% (before fees) for the same period. During the calendar year, the Fund generated a return of -5.67% (after fees) versus -7.04% (before fees) for the Index. ...

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