Third Avenue International Real Estate Value Fund Q1 2025 Commentary
2025-04-24 12:32:00 ET
Summary
- During Q1 2025, Third Avenue International Real Estate Value Fund generated a return of +5.99% (after fees) compared to FTSE EPRA/NAREIT Global ex-U.S. Index.
- The Fund’s unique exposures to listed international real estate markets helped it act as a portfolio diversifier in the quarter, with its almost +6% return compared to a -2% decline in global equities.
- The Fund’s most significant investment at quarter-end was in European industrial owner and developer CTP, which owns over 160 million square feet of light manufacturing and logistics real estate across central and Eastern Europe.
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 ended March 31, 2025. During the period, the Fund generated a return of +5.99% (after fees) compared to the most relevant benchmark, the FTSE EPRA/NAREIT Global ex-U.S. Index 1(the “Index”), which returned +2.68% (before fees) for the same period.
PERFORMANCE AND EXCESS RETURN
As of March 31, 2025
Annualized | ||||||
3 Mo | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception* | |
Third Ave Int’l Real | ||||||
Estate Value Fund ( REIFX ) | 5.99% | 1.71% | -1.23% | 9.27% | 4.98% | 4.75% |
FTSE EPRA/NAREIT Global ex US Index1 | 2.68% | -2.33% | -7.04% | 0.67% | 0.24% | 1.05% |
Third Ave Int’l Real Estate Value Fund Excess Return2 | 3.31% | 4.04% | 5.81% | 8.60% | 4.74% | 3.70% |
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Third Avenue International Real Estate Value Fund Q1 2025 Commentary
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