Third Avenue Real Estate Value Fund’s Q1 2023 Investor Letter

Third Avenue Management, an investment management company based in New York City, released its “Real Estate Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the quarter the fund returned +1.99% (net fees) compared to +1.04% (before fees) for the Fund’s most relevant benchmark, the FTSE EPRA NAREIT Developed Index. Holdings in US-based homebuilders, UK-centric real estate, and Industrial and Logistics REITs were the leading contributors of the fund in the quarter while, investments in certain Real Estate Operating Companies and the Preferred Equity of Fannie Mae and Freddie Mac were detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.