Is U-Haul Holding Company (UHAL) an Attractive Investment?

Third Avenue Management, an investment management company based in New York City, released its “Real Estate Value Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The fund generated a +5.87% return net of fees in the fourth quarter compared to a +7.11% (before fees) return for the FTSE EPRA NAREIT Developed Index, the fund’s most relevant benchmark. Leading US-based homebuilders and UK-centric real estate enterprises were the primary contributors...