Third Avenue Management Real Estate Value Fund’s Q4 2021 Investor Letter

Third Avenue Management, an investment management firm, published its “Real Estate Value Fund” fourth quarter 2021 investor letter – a copy of which can be downloaded here. For the most recent calendar year, the Fund generated a return of +30.54% (after fees) versus +27.21% (before fees) for the Fund’s most relevant benchmark, the FTSE EPRA NAREIT Developed Index. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.