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TAREX Third Avenue Real Estate Value Instl

  • Fund
  • TAREX
  • Price as of: Dec 01, 2016
  • $29.94
  • - $0.16
  • - 0.53%
  • Category
  • Real Estate

TAREX - Profile

Vitals

  • YTD Return 4.2%
  • 3 Yr Annualized Return 4.1%
  • 5 Yr Annualized Return 11.1%
  • Net Assets $1.84 B
  • Holdings in Top 10 45.6%

52 WEEK LOW AND HIGH

$29.94
$24.26
$31.42

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.10%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 17.00%

TRADING FEES

  • Max Redemption Fee 1.00%

Min Investment

STANDARD (TAXABLE)

$100,000

IRA

$100,000

Investment Themes

CATEGORY

Real Estate
  • Fund Type Open End Mutual Fund
  • Investment Style Global Real Estate

Distributions

  • YTD Total Return 4.2%
  • 3 Yr Annualized Total Return 4.1%
  • 5 Yr Annualized Total Return 11.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.13%
DIVIDENDS
  • Dividend Yield 0.3%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name Third Avenue Real Estate Value Fund
  • Fund Family Name Third Avenue
  • Inception Date Sep 17, 1998
  • Shares Outstanding N/A
  • Share Class Inst
  • Currency USD
  • Domiciled Country United States
  • Manager Jason Wolf

Fund Description

The Third Avenue Real Estate Value Fund Institutional Class (TAREX) is a low-cost, actively managed fund that seeks to provide a high level of total return through dividends and capital appreciation. It does this by investing in real estate-related securities such as real estate management companies, holding firms and REITs. TAREX may also invest in real estate debt as it sees fit. As a global fund, TAREX can own both domestic and international stocks and bonds.

TAREX makes a prime way to add real estate and real estate-related securities to your core portfolio. The fund is managed by Third Avenue Management.

TAREX - Performance

Return Ranking - Trailing

Period TAREX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 4.2% -15.4% 9.7% 8.06% 1
1 Yr 0.1% -40.6% 34.3% 59.84% 3
3 Yr 4.1% * -8.0% 14.3% 71.69% 4
5 Yr 11.1% * 6.6% 14.6% 16.16% 1
10 Yr 3.2% * 0.5% 8.0% 53.02% 3

* Annualized


Return Ranking - Calendar

Period TAREX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -8.7% -23.9% 2.4% 68.07% 4
2014 9.2% -3.3% 31.5% 82.74% 5
2013 13.6% -23.2% 27.2% 1.46% 1
2012 25.0% 0.0% 40.4% 2.59% 1
2011 -12.3% -12.6% 10.2% 91.62% 5

Total Return Ranking - Trailing

Period TAREX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 4.2% -7.5% 9.7% 12.08% 1
1 Yr 0.1% -19.9% 90.7% 84.34% 5
3 Yr 4.1% * 1.2% 14.3% 96.35% 5
5 Yr 11.1% * 6.6% 14.6% 54.55% 3
10 Yr 3.2% * 0.5% 8.0% 72.48% 4

* Annualized


Total Return Ranking - Calendar

Period TAREX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -3.8% -13.5% 12.2% 86.75% 5
2014 14.5% 0.0% 82.5% 95.95% 5
2013 19.0% -28.3% 28.4% 1.98% 1
2012 57.9% 0.0% 117.5% 3.17% 1
2011 -17.1% -17.1% 11881.8% 99.38% 5

NAV & Total Return History

TAREX - Holdings

Filings data as of: Jul 31, 2016

Concentration Analysis

TAREX Category Low Category High TAREX % Rank Quintile
Net Assets 1.84 B 3.39 M 60.1 B 7.51% 2
Number of Holdings 50 5 546 13.04% 3
Net Assets in Top 10 923 M 711 K 20.7 B 7.51% 2
Weighting of Top 10 45.6% 3.7% 165.9% 16.21% 3

Top 10 Holdings

  1. Weyerhaeuser Co 5.24%
  2. Forest City Realty Trust Inc Class A 5.15%
  3. Westfield Corp 4.76%
  4. Rayonier Inc 4.60%
  5. Cheung Kong Property Holdings Ltd 4.48%
  6. Brookfield Asset Management Inc Class A 3.78%
  7. Henderson Land Development Co Ltd 3.88%
  8. Land Securities Group PLC 5.18%
  9. Fivepoint Holdings Llc 4.63%
  10. Inmobiliaria Colonial 3.86%

Asset Allocation

Weighting Category Low Category High TAREX % Rank Quintile
Stocks
91.96% 1.09% 100.05% 26.09% 5
Cash
4.24% -109.96% 74.22% 5.93% 1
Preferred Stocks
1.86% 0.00% 41.24% 3.95% 1
Other
1.78% 0.00% 108.20% 7.51% 2
Bonds
0.17% 0.00% 103.96% 3.95% 1
Convertible Bonds
0.00% 0.00% 5.31% 3.16% 1

Stock Sector Breakdown

Weighting Category Low Category High TAREX % Rank Quintile
Real Estate
62.29% 0.00% 100.00% 28.06% 5
Basic Materials
10.19% 0.00% 33.61% 0.79% 1
Consumer Cyclical
8.95% 0.00% 25.74% 1.58% 1
Financial Services
5.89% 0.00% 17.94% 0.79% 1
Healthcare
0.00% 0.00% 4.20% 5.93% 2
Industrials
0.00% -0.78% 11.94% 4.74% 1
Energy
0.00% 0.00% 38.67% 2.37% 1
Communication Services
0.00% 0.00% 15.32% 12.25% 3
Consumer Defense
0.00% 0.00% 0.89% 1.98% 1
Technology
0.00% 0.00% 5.45% 4.35% 1
Utilities
0.00% 0.00% 16.80% 2.37% 1

Stock Geographic Breakdown

Weighting Category Low Category High TAREX % Rank Quintile
Non US
51.51% 0.00% 51.51% 0.40% 1
US
40.45% 1.00% 100.05% 30.04% 5

Bond Sector Breakdown

Weighting Category Low Category High TAREX % Rank Quintile
Cash & Equivalents
4.33% -108.15% 74.22% 5.65% 1
Corporate
2.03% 0.00% 54.05% 5.24% 1
Municipal
0.00% 0.00% 0.51% 1.61% 1
Government
0.00% 0.00% 94.28% 2.02% 1
Securitized
0.00% -1.47% 24.91% 1.61% 1
Derivative
-0.10% -17.65% 0.19% 1.61% 5

Bond Geographic Breakdown

Weighting Category Low Category High TAREX % Rank Quintile
US
0.17% 0.00% 100.09% 3.95% 1
Non US
0.00% 0.00% 3.87% 2.37% 1

TAREX - Expenses

Operational Fees

TAREX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.10% 0.10% 11.43% 41.50% 2
Management Fee 0.90% 0.07% 1.31% 3.95% 4
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.01% 0.40% N/A N/A

Sales Fees

TAREX Fees (% of AUM) Category Low Category High TAREX Rank Quintile
Front Load N/A 3.50% 5.75% N/A N/A
Deferred Load N/A 1.00% 5.00% N/A N/A

Trading Fees

TAREX Fees (% of AUM) Category Low Category High TAREX Rank Quintile
Max Redemption Fee 1.00% 0.75% 2.00% 6.98% 2

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

TAREX Fees (% of AUM) Category Low Category High TAREX Rank Quintile
Turnover 17.00% 2.28% 880.00% 22.13% 1

TAREX - Distributions

Dividend Yield Analysis

TAREX Category Low Category High TAREX % Rank Quintile
Dividend Yield 0.3% 0.00% 3.78% 36.40% 3

Dividend Distribution Analysis

TAREX Category Low Category High Category Mode
Dividend Distribution Frequency Annually Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

TAREX Category Low Category High TAREX % Rank Quintile
Net Income Ratio 0.13% -1.42% 10.00% 61.66% 5

Capital Gain Distribution Analysis

TAREX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

TAREX - Managers

Jason Wolf

Lead Manager

Start Date

Sep 13, 2010

Tenure

6.14

Tenure Rank

11.9%

"Mr. Wolf has worked closely with Michael Winer on the Third Avenue Real Estate Value Fund since 2004, where he serves as a Co-Lead Portfolio Manager. He is also a Co-Lead Portfolio Manager for the Third Avenue Real Estate Value Fund UCITS and the Third Avenue Real Estate Opportunities Fund LP. Mr. Wolf initiated Third Avenue’s foreign real estate coverage. He has since led the firm into Asia, Europe and other markets globally. "


Ryan Dobratz

Manager

Start Date

Jan 02, 2013

Tenure

3.83

Tenure Rank

15.3%

"Mr. Dobratz is a Co-Lead Portfolio Manager of the Third Avenue Real Estate Value Fund, the Third Avenue Real Estate Value Fund UCITS, as well as sub-advised real estate portfolios. In this role he collaborates with the other Real Estate Portfolio Managers to oversee Third Avenue’s Real Estate strategy and the Firm’s investments in real estate equities, debt, restructurings, and other special situations. "


Michael H. Winer

Lead Manager

Start Date

Sep 17, 1998

Tenure

18.13

Tenure Rank

1.9%

Mr. Winer is a Co-Lead Portfolio Manager for the Third Avenue Real Estate Value Fund, which he has managed since its inception in 1998. He is also a Co-Lead Portfolio Manager for the Third Avenue Real Estate Value Fund UCITS, Third Avenue Real Estate Opportunities Fund, L.P., Third Avenue Management’s private and institutional separate accounts and subadvised portfolios.


Tenure Analysis

Category Low

0.2

Category High

22.8

Category Average

7.2

Category Mode

4.8