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TAREX Third Avenue Real Estate Value Instl

  • Fund
  • TAREX
  • Price as of: Nov 16, 2018
  • $29.61
  • + $0.16
  • + 0.54%
  • Category
  • Real Estate

TAREX - Profile

Vitals

  • YTD Return -13.7%
  • 3 Yr Annualized Return 1.7%
  • 5 Yr Annualized Return 3.5%
  • Net Assets $1.51 B
  • Holdings in Top 10 48.3%

52 WEEK LOW AND HIGH

$29.61
$28.47
$36.28

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.11%

SALES FEES

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

BROKERAGE FEES

  • Turnover 7.00%

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 -13.7%
  • 3 Yr Annualized Total Return 1.7%
  • 5 Yr Annualized Total Return 3.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.81%
DIVIDENDS
  • Dividend Yield 0.4%
  • 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 -13.7% -59.9% 9.7% 90.73% 5
1 Yr -11.2% -40.6% 34.3% 96.79% 5
3 Yr 1.7% * -8.0% 14.3% 88.84% 5
5 Yr 3.5% * 2.7% 12.3% 97.61% 5
10 Yr 9.8% * 3.5% 16.4% 66.67% 4

* Annualized


Return Ranking - Calendar

Period TAREX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 14.9% -23.9% 25.4% 1.26% 1
2016 4.0% -18.4% 21.0% 11.91% 1
2015 -8.7% -21.2% 29.1% 71.55% 4
2014 9.2% -12.1% 31.5% 79.53% 5
2013 13.6% -23.2% 27.2% 3.47% 1

Total Return Ranking - Trailing

Period TAREX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -13.7% -100.0% 9.7% 93.33% 5
1 Yr -11.2% -19.9% 90.7% 96.79% 5
3 Yr 1.7% * -0.8% 14.3% 79.83% 4
5 Yr 3.5% * 2.7% 12.3% 97.61% 5
10 Yr 9.8% * 3.3% 16.4% 62.30% 4

* Annualized


Total Return Ranking - Calendar

Period TAREX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 14.9% -16.4% 25.4% 1.28% 1
2016 4.0% -16.3% 40.1% 22.94% 2
2015 -3.8% -13.5% 41.9% 90.79% 5
2014 14.5% -2.7% 82.5% 90.05% 5
2013 19.0% -28.3% 30.3% 5.56% 1

NAV & Total Return History

TAREX - Holdings

Filings data as of: Jul 31, 2018

Concentration Analysis

TAREX Category Low Category High TAREX % Rank Quintile
Net Assets 1.51 B 553 K 56.7 B 8.70% 2
Number of Holdings 44 5 711 15.02% 3
Net Assets in Top 10 899 M 711 K 23.2 B 7.91% 1
Weighting of Top 10 48.3% 3.7% 151.2% 14.23% 2

Top 10 Holdings

  1. Weyerhaeuser Co 5.34%
  2. Forest City Realty Trust Inc Class A 6.25%
  3. Rayonier Inc 4.11%
  4. CK Asset Holdings Ltd 5.53%
  5. Lennar Corp 4.98%
  6. Henderson Land Development Co Ltd 4.49%
  7. Brookfield Asset Management Inc Class A 4.71%
  8. Five Point Holdings LLC A 4.38%
  9. Macerich Co 4.63%
  10. Wheelock and Co Ltd 3.89%

Asset Allocation

Weighting Category Low Category High TAREX % Rank Quintile
Stocks
92.34% 1.09% 100.87% 28.06% 5
Cash
7.29% -109.96% 74.22% 2.37% 1
Bonds
0.37% 0.00% 105.31% 3.95% 1
Preferred Stocks
0.00% 0.00% 46.26% 6.32% 2
Other
0.00% -0.48% 108.20% 8.70% 2
Convertible Bonds
0.00% 0.00% 5.72% 3.16% 1

Stock Sector Breakdown

Weighting Category Low Category High TAREX % Rank Quintile
Real Estate
56.05% 0.00% 100.00% 32.41% 5
Consumer Cyclical
14.20% -0.12% 37.50% 0.79% 1
Basic Materials
9.45% -0.12% 43.44% 0.79% 1
Financial Services
7.24% 0.00% 22.00% 0.79% 1
Industrials
1.63% -0.03% 11.94% 1.58% 1
Utilities
0.00% 0.00% 16.80% 1.58% 1
Technology
0.00% 0.00% 9.75% 7.91% 2
Healthcare
0.00% 0.00% 5.58% 3.95% 1
Energy
0.00% 0.00% 38.67% 1.98% 1
Communication Services
0.00% 0.00% 13.23% 18.58% 3
Consumer Defense
0.00% 0.00% 0.89% 1.58% 1

Stock Geographic Breakdown

Weighting Category Low Category High TAREX % Rank Quintile
US
53.47% 1.00% 100.05% 31.62% 5
Non US
38.87% 0.00% 45.31% 1.19% 1

Bond Sector Breakdown

Weighting Category Low Category High TAREX % Rank Quintile
Cash & Equivalents
7.29% -107.00% 74.22% 3.23% 1
Corporate
0.37% 0.00% 52.75% 8.47% 2
Derivative
0.00% -17.65% 0.00% 0.40% 1
Securitized
0.00% -1.47% 27.60% 2.42% 1
Municipal
0.00% 0.00% 0.19% 1.21% 1
Government
0.00% 0.00% 94.28% 2.42% 1

Bond Geographic Breakdown

Weighting Category Low Category High TAREX % Rank Quintile
US
0.37% 0.00% 118.87% 3.95% 1
Non US
0.00% -13.56% 3.46% 2.37% 1

TAREX - Expenses

Operational Fees

TAREX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.11% 0.07% 11.43% 43.08% 2
Management Fee 0.90% 0.00% 1.20% 3.95% 5
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee 0.01% 0.01% 0.40% 18.06% 1

Sales Fees

TAREX Fees (% of AUM) Category Low Category High TAREX Rank Quintile
Front Load N/A 2.50% 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 7.00% 0.00% 1060.00% 30.43% 1

TAREX - Distributions

Dividend Yield Analysis

TAREX Category Low Category High TAREX % Rank Quintile
Dividend Yield 0.4% 0.01% 6.48% 40.65% 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 0.81% -0.66% 4.97% 51.38% 4

Capital Gain Distribution Analysis

TAREX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Quarterly Annually

TAREX - Managers

Jason Wolf

Lead Manager

Start Date

Sep 13, 2010

Tenure

8.14

Tenure Rank

13.0%

Jason Wolf, CFA, joined Third Avenue in 2004. Mr. Wolf also serves as a member of Third Avenue’s Management Committee. Previously, Mr. Wolf was an analyst of U.S. real estate equity securities for European Investors Inc. and U.S. debt securities with Moody’s. Before joining Moody’s he worked in direct real estate investment and management at Viceroy Investments and Trammel Crow Realty Advisors in Dallas. Mr. Wolf has a B.B.A. in Finance and Real Estate from Southern Methodist University. He is a CFA Charterholder and is a member of the New York Society of Security Analysts.


Ryan Dobratz

Manager

Start Date

Jan 02, 2013

Tenure

5.83

Tenure Rank

16.3%

Ryan Dobratz, CFA, joined Third Avenue in 2006. Mr. Dobratz also serves as a member of Third Avenue’s Management Committee. Previously, Mr. Dobratz was a research analyst at Morningstar. Mr. Dobratz holds an M.B.A. with distinction and a B.S. with honors in Business Administration from the University of Missouri. He also studied at the Imperial College of Science and Technology in London, England. He is a CFA Charterholder and is a member of the New York Society of Security Analysts and the New York Private Equity Network Real Estate Group.


Tenure Analysis

Category Low

0.1

Category High

24.8

Category Average

7.95

Category Mode

0.5