Third Avenue Management, an investment management company based in New York City, released its “Third Avenue Real Estate Value Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Third Avenue Real Estate Value Fund posted a return of +11.61% (after fees) in the calendar year, compared to the MSCI ACWI IMI Core Real Estate Index’s +9.86% (before fees) return. Since its inception in 1998, the Fund has generated an annualized return of +8.96% (after fees). This year marks the 40th anniversary of Third Avenue Management, highlighting its commitment to its core principles and its adaptability in seeking long-term wealth creation for its clients. The Fund had 40.3% of its capital invested in U.S.-based companies, 27.5% in North American-based companies, 27.6% in International Real Estate companies, and the remaining 4.6% in Cash, Debt & Options. The Fund anticipates that the next five years may resemble the early 2000s, a time characterized by attractive valuations in U.S.-listed real estate. Please review the Portfolio’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, Third Avenue Real Estate Value Fund highlighted stocks like Brookfield Corporation (NYSE:BN). Brookfield Corporation (NYSE:BN) is a leading multi-asset manager focused on real estate, credit, renewable power and transition, infrastructure, venture capital, and private equity including growth capital and emerging growth investment. On March 06, 2026, Brookfield Corporation (NYSE:BN) stock closed at $41.20 per share. One-month return of Brookfield Corporation (NYSE:BN) was -12.10%, and its shares gained 22.74% over the past 52 weeks. Brookfield Corporation (NYSE:BN) has a market capitalization of $92.587 billion.
Third Avenue Real Estate Value Fund stated the following regarding Brookfield Corporation (NYSE:BN) in its fourth quarter 2025 investor letter:
“Coincidentally, the recent quarter was one of the most active periods of resource conversion for the Real Estate Value Fund holdings in many years. As a matter of fact, more than one-third of the underlying portfolio engaged in (or announced) such initiatives during the period, with some of the most notable including: Brookfield Corporation (NYSE:BN), a leading investor and manager of real assets globally announcing the acquisition of the remaining 26% of Oaktree Capital in conjunction with an affiliate (Brookfield Asset Management). In addition, the company (i) announced that certain subsidiaries entered an $80 billion strategic partnership with the U.S. government to build a new fleet of nuclear factories and (ii) indicated that it intends to recapitalize its Center Parcs hospitality platform for nearly $6 billion, surfacing value on both fronts.”
Brookfield Corporation (NYSE:BN) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 46 hedge fund portfolios held Brookfield Corporation (NYSE:BN) at the end of the fourth quarter, up from 42 in the previous quarter. While we acknowledge the risk and potential of Brookfield Corporation (NYSE:BN) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Brookfield Corporation (NYSE:BN) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Brookfield Corporation (NYSE:BN) and shared billionaire Bill Ackman’s views on the company. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
