- 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.
- Through the first nine months of the calendar year, the Fund generated a return of +17.02% (after fees) versus +15.26% (before fees) for the Fund’s most relevant benchmark, the FTSE EPRA NAREIT Developed Index.
- The most notable contributors to performance during the period included the Fund’s investments in a select-set of leading real estate management and services enterprises (Brookfield Asset Management, CBRE Group, and Savills and the preferred equity of the Federal National Mortgage Association.
- The primary detractors during the quarter included theFund’s investments in Asia (CK Asset Holdings, Wharf, and Henderson Land)—each of which remains a positivecontributor year-to-date, and importantly, very well capitalizedand strategically positioned long-term in Fund Management’sview.
For further details see:
Third Avenue Real Estate Value Fund Portfolio Manager Commentary Q3 2021