BYLOF - Third Avenue Real Estate Value Fund Q4 2024 Commentary
2025-01-24 09:30:00 ET
Summary
- The Third Avenue Real Estate Value Fund achieved a +14.37% return in 2024, outperforming its benchmark FTSE EPRA NAREIT Developed Index's +2.00% return.
- Key contributors included investments in Fannie Mae, Freddie Mac, CBRE Group, and Brookfield Corporation, while detractors were tied to residential construction and U.K.-based companies.
- The Fund focuses on well-capitalized real estate enterprises trading at discounts to Net-Asset Value, emphasizing financial strength, durable value, and prospects to increase NAV.
- Increased allocations to undervalued U.K. and European real estate holdings like Berkeley Group, Big Yellow, and Accor SA, capitalizing on favorable price-to-value gaps.
Dear Fellow Shareholders,
Annualized |
Third Ave Real Estate Value Fund (Inst. Class) |
3Mo |
1Yr |
3Yr |
5Yr |
10Yr |
Inception |
Inception Date |
0.47% |
14.37% |
1.17% |
4.41% |
4.13% |
8.86% |
9/17/1998 |
Third Ave Real Estate Value Fund (Inv. Class) |
0.42% |
14.12% |
0.93% |
4.15% |
3.87% |
6.78% |
12/31/2009 |
Third Ave Real Estate Value Fund (Z Class) |
0.48% |
14.47% |
1.28% |
4.51% |
N/A |
3.38% |
3/1/2018 |