BKGFY - Third Avenue Real Estate Value Fund Portfolio Manager Commentary Q4 2020

• Third Avenue Management LLC offers its services to private and institutional clients and is partially owned by Affiliated Managers Group, a publicly-traded asset management firm holding company.
• During the final quarter of the calendar year, the Fund generated a return of +12.73% (net) vs. +13.49% (before fees) for the Fund’s most relevant benchmark, the FTSE EPRA NAREIT Developed Index.
• During the quarter, Third Avenue Management LLC announced that it had entered into an agreement with Real Estate Management Services Group, LLC to add the REMS International Real Estate Value-Opportunity Fund to the Third Avenue lineup.
• The Fund also increased its investment in the common stock of American Homes 4 Rent.
• At year-end, the Fund also had 39% of its capital invested in Commercial Real Estate enterprises that are involved in long-term wealth creation.

For further details see: