Third Avenue Management Real Estate Value Fund’s Q4 2022 Investor Letter

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 to the fund’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.