Does D.R. Horton (DHI) Benefit from Multi-Year Recovery in Residential Construction?

Third Avenue Management, an investment management company based in New York City, released its “Real Estate Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the quarter the fund returned +1.99% (net fees) compared to +1.04% (before fees) for the Fund’s most relevant benchmark, the FTSE EPRA NAREIT Developed Index. Holdings in US-based homebuilders, UK-centric real estate, and Industrial and Logistics REITs were the leading contributors of...