The Strategy has outperformed its Benchmark by
more than 425 basis points annually over the past decade
The Fund is recognized by Morningstar with a
5-Star Overall Rating and as a Silver Medalist in the Global Real
Estate Category
Third Avenue Management LLC ("the Firm" or "Third Avenue"), a
United States-based investment adviser and leading value investing
firm, is pleased to announce that the Third Avenue International
Real Estate Value Fund ("the Fund"; NASDAQ: REIFX) recently
celebrated its 10-year anniversary.
Since making its first investments, the Fund has generated
annualized returns exceeding its Benchmark1 by more than 425 basis
points per year2. Alongside these results, the Fund has received a
5-Star overall rating3 from Morningstar (based on risk-adjusted
returns out of 179 funds in the Global Real Estate category as of
April 30, 2024) and been recognized with a Silver Medalist
rating4.
The Fund's Portfolio Manager, Quentin Velleley, CFA, established
the strategy in 2014 with the view that a rigorous, concentrated,
and value-oriented investing approach could produce attractive
risk-adjusted returns in the expansive universe of international
listed real estate. The Fund’s specific focus on long-term,
value-oriented opportunities provides a differentiated real estate
exposure that can potentially benefit from pricing inefficiencies
and uncorrelated returns often associated with international market
investing.
"We are pleased with the International Real Estate Fund’s
performance over the past decade and are grateful for the support
our shareholders have provided during that time,” said Quentin
Velleley. “We also believe that the Fund’s distinct style, the
significant price-to-value disconnects in international real estate
securities, and the limited number of competing strategies continue
to provide an exciting backdrop for the decade ahead.”
To learn more about the Third Avenue International Real Estate
Value Fund, please visit the strategy overview page at
https://www.thirdave.com/strategy-reifx.
About Third Avenue Management
Third Avenue Management is a New York City-based investment
adviser founded in 1986 by legendary value investor Martin J.
Whitman. For more than 35 years, the Firm has consistently pursued
a value approach to investing by focusing on the company’s balance
sheet, the value of its underlying assets, the discounted price of
its securities, and the ability of the enterprise to increase its
corporate net worth over time. Today, the Firm is partnered with
AMG (NYSE: AMG) and has $1.5 billion in assets under management
across its five core strategies – Global Value, U.S. Small-Cap
Value, Real Estate Value, International Real Estate, and
International Value – which are available to investors through
Mutual Funds, UCITS, Separate Accounts, and Sub-Advisory
Arrangements.
Fund Performance:
Annualized
3Mo
1Yr
3Yr
5Yr
10Yr
Inception
Inception Date
Third Ave International Real
Estate Value Fund (Institutional Class)
-1.70%
8.59%
2.00%
4.25%
5.07%
5.05%
3/19/2014
Third Ave International Real
Estate Value Fund (Z Class)
1.65%
8.68%
1.99%
4.26%
N/A
4.15%
4/20/2018
As of March 1, 2024 REIFX Gross/Net Expense Ratio: 1.62%/1.00%,
REIZX Gross/Net Expense Ratio: 1.54%/1.00%
The Adviser has contractually agreed to waive its fees and
reimburse expenses so that the annual fund operating expenses for
the Fund do not exceed 1.00% of the Fund’s average daily net assets
until March 1, 2024. This limit does not apply to distribution fees
pursuant to Rule 12b-1 Plans, brokerage commissions, taxes,
interest, short-sale dividends, acquired fund fees and expenses,
other expenditures capitalized in accordance with generally
accepted accounting principles or other extraordinary expenses not
incurred in the ordinary course of business. If fee waivers had not
been made, returns would have been lower than reported.
Past performance is no guarantee of future results; returns
include reinvestment of all distributions. The chart represents
past performance and current performance may be lower or higher
than performance quoted above. Investment return and principal
value fluctuate so that an investor’s shares, when redeemed, may be
worth more or less than the original cost. For the most recent
month-end performance, please call 1-800-673-0550.
Important Information
- The FTSE EPRA Nareit Global Index and FTSE EPRA Nareit Global
ex US Index are designed to track the performance of listed real
estate companies and REITS in both developed and emerging markets.
By making the index constituents free-float adjusted, liquidity,
size and revenue screened, the series is suitable for use as the
basis for investment products, such as derivatives and Exchange
Traded Funds (ETFs).
- The Fund commenced investing in securities other than cash on
May 8, 2014, which coincides with the Fund’s subscription of its
first investors. The excess return of 429 basis points over the
10-year period reflects May 8, 2014 through May 8, 2024. Past
performance is not a guarantee of future results.
- Overall Morningstar rating, as of April 30, 2024, vs. 179
funds. REIFX was rated against the following numbers of Global Real
Estate Category Funds over the following time periods: 179 funds in
the last three years and 179 funds in the last five years. With
respect to these Global Real Estate funds, REIFX received a
Morningstar Rating of 5 stars for the three-year period and 5 stars
for the five-year period, respectively. Ratings based on risk
adjusted return. Past performance is no guarantee of future
results.
- The Morningstar Analyst RatingTM is not a credit or risk
rating. It is a subjective evaluation performed by Morningstar’s
manager research group, which consists of various Morningstar, Inc.
subsidiaries (“Manager Research Group”). In the United States, that
subsidiary is Morningstar Research Services LLC, which is
registered with and governed by the U.S. Securities and Exchange
Commission. The Manager Research Group evaluates funds based on
five key pillars, which are process, performance, people, parent,
and price. The Manager Research Group uses this five-pillar
evaluation to determine how they believe funds are likely to
perform relative to a benchmark over the long term on a risk
adjusted basis. They consider quantitative and qualitative factors
in their research. For actively managed strategies, people and
process each receive a 45% weighting in their analysis, while
parent receives a 10% weighting. For passive strategies, process
receives an 80% weighting, while people and parent each receive a
10% weighting. For both active and passive strategies, performance
has no explicit weight as it is incorporated into the analysis of
people and process; price at the share-class level (where
applicable) is directly subtracted from an expected gross alpha
estimate derived from the analysis of the other pillars. The impact
of the weighted pillar scores for people, process and parent on the
final Analyst Rating is further modified by a measure of the
dispersion of historical alphas among relevant peers. For certain
peer groups where standard benchmarking is not applicable,
primarily peer groups of funds using alternative investment
strategies, the modification by alpha dispersion is not used.
The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and
Negative. For active funds, a Morningstar Analyst Rating of Gold,
Silver, or Bronze reflects the Manager Research Group’s expectation
that an active fund will be able to deliver positive alpha net of
fees relative to the standard benchmark index assigned to the
Morningstar category. The level of the rating relates to the level
of expected positive net alpha relative to Morningstar category
peers for active funds. For passive funds, a Morningstar Analyst
Rating of Gold, Silver, or Bronze reflects the Manager Research
Group’s expectation that a fund will be able to deliver a higher
alpha net of fees than the lesser of the relevant Morningstar
category median or 0. The level of the rating relates to the level
of expected net alpha relative to Morningstar category peers for
passive funds. For certain peer groups where standard benchmarking
is not applicable, primarily peer groups of funds using alternative
investment strategies, a Morningstar Analyst Rating of Gold,
Silver, or Bronze reflects the Manager Research Group’s expectation
that a fund will deliver a weighted pillar score above a
predetermined threshold within its peer group. Analyst Ratings
ultimately reflect the Manager Research Group’s overall assessment,
are overseen by an Analyst Rating Committee, and are continuously
monitored and reevaluated at least every 14 months.
For more detailed information about Morningstar’s Analyst
Rating, including its methodology, please go to
https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.
The Morningstar Analyst Rating (i) should not be used as the
sole basis in evaluating a fund, (ii) involves unknown risks and
uncertainties which may cause the Manager Research Group’s
expectations not to occur or to differ significantly from what they
expected, and (iii) should not be considered an offer or
solicitation to buy or sell the fund.
©2024 Morningstar. All Rights Reserved. The information
contained herein: (1) is proprietary to Morningstar and/or its
content providers; (2) may not be copied or distributed; and (3) is
not warranted to be accurate, complete or timely. Neither
Morningstar nor its content providers are responsible for any
damages or losses arising from any use of this information. Past
performance does not guarantee future results.
Fund Risks: In addition to general market conditions, the value
of the Fund will be affected by the strength of the real estate
markets. Factors that could affect the value of the Fund’s holdings
include the following: overbuilding and increased competition,
increases in property taxes and operating expenses, declines in the
value of real estate, lack of availability of equity and debt
financing to refinance maturing debt, vacancies due to economic
conditions and tenant bankruptcies, losses due to costs resulting
from environmental contamination and its related clean-up, changes
in interest rates, changes in zoning laws, casualty or condemnation
losses, variations in rental income, changes in neighborhood
values, and functional obsolescence and appeal of properties to
tenants. The Adviser’s use of its ESG framework could cause it to
perform differently compared to funds that do not have such a
policy. The criteria related to this ESG framework may result in
the Fund’s forgoing opportunities to buy certain securities when it
might otherwise be advantageous to do so, or selling securities for
ESG reasons when it might be otherwise disadvantageous for it to do
so. For a full disclosure of principal investment risks, please
refer to the Fund’s Prospectus.
The fund's investment objectives, risks, charges, and expenses
must be considered carefully before investing. The prospectus
contains this and other important information about the investment
company, and it may be obtained by calling 800-443-1021 or visiting
www.thirdave.com. Read it carefully before investing.
Distributor of Third Avenue Funds: Foreside Fund Services,
LLC.
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version on businesswire.com: https://www.businesswire.com/news/home/20240522719919/en/
For Press Related inquiries related to Third Avenue Management:
Gagnier Communications Dan Gagnier, +1 646-569-5897
dg@gagnierfc.com