Third Avenue Real Estate Value Fund
TVRVX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 622 Third Avenue New York NY United States of America 10017
- IPO Date
- Dec 31, 2009
- CIK
- 0001031661
- Website
- thirdave.com
- Similar Companies
- Business
- Third Avenue Real Estate Value Fund (Investor Class: TVRVX) is an open-end mutual fund that seeks long-term capital appreciation by investing principally in equity securities, including common stocks and convertible securities, of well-financed real estate and real estate-related companies; real estate investment trusts (REITs) and REIT-like entities; and companies owning significant real estate assets or deriving a substantial portion of revenues or profits from real estate-related activities. The fund maintains at least 80% of its net assets, plus any borrowing for investment purposes, in such securities, with a flexible value-oriented mandate allowing investments across a broad universe of real estate companies, property types, and regions, often exceeding 90% active share relative to benchmarks; it employs concentrated positions (typically 30-40 holdings), tactical cash allocations, and occasional options strategies for hedging. Key portfolio allocations emphasize residential real estate (e.g., homebuilders such as Lennar Corp. and D.R. Horton, timberland owners like Rayonier Inc., rental platforms including Sun Communities Inc., Ingenia Communities plc, and Grainger plc), commercial real estate, real estate services (e.g., CBRE Group Inc., Brookfield Corp., Savills plc), and mortgage-related entities (e.g., Federal National Mortgage Association, Federal Home Loan Mortgage Corporation); top holdings represent approximately 32.65% of the portfolio, with diversification across U.S. stocks (46.26%), non-U.S. stocks (33.07%), cash (6.71%), and other assets. Launched on December 31, 2009, and domiciled in the United States, the fund is managed by Third Avenue Management LLC, founded in 1986 and headquartered at 675 Third Avenue, New York, New York; the firm, partnered with Affiliated Managers Group Inc. (AMG), oversees approximately $1.5 billion in assets across value-oriented strategies available via U.S. mutual funds, UCITS, separate accounts, and sub-advisory arrangements. Geographically, the fund operates with primary exposure to the United States, United Kingdom, Canada, developed Asia, and Australasia, targeting global real estate sectors with favorable supply-demand dynamics, pricing power, and consolidation potential. Recent developments include strong performance with a 2024 calendar-year return of +14.37% (after fees) versus +2.00% for the FTSE EPRA/NAREIT Developed Index benchmark; a Q4 2024 special dividend from Rayonier Inc., extension of foreign currency hedges (e.g., British Pound), and Lennar Corp.'s planned split-off of its Millrose Properties land development business in January 2025; portfolio adjustments in Q2 2025 with new stakes in Champion Homes Inc. and exits from holdings like Brookfield Asset Management Ltd.; and accolades such as being named Best Global Real Estate Fund in 2025 awards for three- and five-year performance periods ended December 31, 2024.