Third Avenue Management, an investment management firm, published its “Real Estate Value Fund” third quarter 2021 investor letter – a copy of which can be downloaded here. 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. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.
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