Third Avenue Management, an investment management company based in New York City, released its “Third Avenue Real Estate Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the calendar year, the fund returned +23.27% (after fees) versus +10.85% for the Fund’s most relevant benchmark, the FTSE EPRA NAREIT Developed Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Third Avenue Real Estate Value Fund featured stocks like Sun Communities, Inc. (NYSE:SUI) in the fourth quarter 2023 investor letter. Sun Communities, Inc. (NYSE:SUI) is a real estate investment trust. On March 14, 2024, Sun Communities, Inc. (NYSE:SUI) stock closed at $131.10 per share. One-month return of Sun Communities, Inc. (NYSE:SUI) was 0.85%, and its shares lost 2.27% of their value over the last 52 weeks. Sun Communities, Inc. (NYSE:SUI) has a market capitalization of $17.013 billion.
Third Avenue Real Estate Value Fund stated the following regarding Sun Communities, Inc. (NYSE:SUI) in its fourth quarter 2023 investor letter:
“Sun Communities, Inc. (NYSE:SUI) (a U.S.- based REIT invested in manufactured housing, RV resorts, and marinas) sold its 10% stake in separately listed Ingenia Communities (an Australian-based owner of active-adult communities and RV parks), while repatriating the capital and announcing the intention to sell non-core properties within North America. These moves support a “return to core” strategy as the company further streamlines to close the discount to Net-Asset Value (“NAV”) and its closest peer.
The Fund participated in several of these developments, primarily by (i) increasing its position in Ingenia Communities alongside the Sun Communities offering and (ii) agreeing to engage in the Five Point exchange offer, which is expected to close in January 2024. The Fund also increased its position in Sun Communities during the period and trimmed back certain holdings for portfolio management purposes.”
Aerial view of high-rise buildings representing the investing and ownership of Equity Real Estate Investment Trust.
Sun Communities, Inc. (NYSE:SUI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Sun Communities, Inc. (NYSE:SUI) was held by 36 hedge fund portfolios, compared to 31 in the previous quarter, according to our database.
We discussed Sun Communities, Inc. (NYSE:SUI) in another article and shared the list of best REIT stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
