Third Avenue Management, an investment management company based in New York City, released its “Third Avenue Real Estate Value Fund” second-quarter 2025 investor letter. A copy of the letter can be downloaded here. For the six months ended June 30, 2025, the fund returned +6.38% (after fees) compared to +6.66% (before fees) for the FTSE EPRA NAREIT Developed Index. The fund generated an annualized return of +8.94% (after fees) since its inception in 1998. For more information on the fund’s top picks in 2025, please check its top five holdings.
In its second-quarter 2025 investor...
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