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Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$12.37

$58.5 M

2.81%

$0.35

1.54%

Vitals

YTD Return

-2.7%

1 yr return

10.3%

3 Yr Avg Return

1.5%

5 Yr Avg Return

4.2%

Net Assets

$58.5 M

Holdings in Top 10

51.7%

52 WEEK LOW AND HIGH

$12.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.54%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 46.94%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$25,000

IRA

$5,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$12.37

$58.5 M

2.81%

$0.35

1.54%

REIZX - Profile

Distributions

  • YTD Total Return -2.7%
  • 3 Yr Annualized Total Return 1.5%
  • 5 Yr Annualized Total Return 4.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.17%
DIVIDENDS
  • Dividend Yield 2.8%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Third Avenue International Real Estate Value Fund
  • Fund Family Name
    Third Avenue Funds
  • Inception Date
    Apr 20, 2018
  • Shares Outstanding
    N/A
  • Share Class
    Z
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Quentin Vellely

Fund Description

The Fund’s investment objective is pursued through a real estate value strategy (as described in more detail below) through investment in international public real estate securities, which may include equity real estate investment trusts (a “REIT” or “REITs”), mortgage REITs, REIT preferred securities, and other publicly traded companies whose primary business is in the real estate industry. This strategy may lead to investment in smaller capitalization companies (under $1 billion). The composition of the portfolio does not seek to mimic equity REIT indices.

Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies principally engaged in the real estate industry outside of the United States. Equity securities can consist of shares of REITs and securities issued by other companies principally engaged in the real estate industry. Equity securities can also include securities convertible into common stocks where the conversion feature represents, in the Adviser’s view, a significant element of a security’s value, and preferred stocks.

The Fund considers a company to be principally engaged in the real estate industry if it either (i) derives at least 50% of its revenues from the ownership, construction, financing, management or sale of commercial or residential real estate or (ii) has at least 50% of its assets in real estate or such real estate businesses. These include securities issued by REITs or comparable foreign structures, and real estate operating companies. REITs and comparable foreign structures are pooled investment vehicles which invest primarily in income producing real estate or real estate related loans or interests and which may have corporate tax advantages relative to other corporate structures. The Fund may invest in equity REITs and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling property that has appreciated in value. Mortgage REITs generate revenue from interest earned on mortgage loans.

The Fund does not invest in real estate directly. The majority of the Fund’s assets will normally be invested in the securities of companies located in countries other than the United States, although these companies may have investments that provide exposure to the U.S. real estate industry. The Fund may invest in securities of issuers located in emerging market countries, but does not expect to invest greater than 30% of assets in such securities. For purposes of the foregoing, the Fund considers an issuer to be located in a particular country based on where the issuer is domiciled, where it maintains its headquarters (or primary base of operations) or where its securities are registered and/or traded.

The real estate value strategy seeks to invest in companies that in the Adviser’s view have underlying real estate assets that are trading at a discount to the private market value of such assets, have the ability to grow the value of real estate asset above average, or have an above-average free cash flow yield. The Adviser screens its universe of real estate securities for a number of proprietary valuation, income, and balance sheet metrics to identify candidates for investment. This process is combined with in-depth industry and company-specific research to narrow the investment options for the Fund. The Fund may invest in companies without regard to their market capitalization. The Fund’s strategy is an all-cap strategy which means that investments are made without regard to a company’s market capitalization. The Fund’s investment process is indifferent to index weightings which generally results in a portfolio that is differentiated by company names and percentage exposures. The portfolio of securities in which the Fund invests will normally represent a broad range of geographic regions, property types and tenants.

The Fund’s investment strategy also considers the impact that real estate companies have on the environment and other sustainability considerations when making investment decisions for the Fund’s investment portfolio. In assessing sustainability, the Adviser considers different factors, including environmental, social, and governance (“ESG”) criteria. Some of the environmental criteria the Adviser considers include energy consumption and efficiency, water use, carbon emissions, recycling and waste reduction, and level of green building certifications among others.

Some of the social criteria the Adviser considers include the level of community engagement, customer/tenant well-being, employee health and safety, employee diversity and equality, employee training and responsible supply chain, among others.

Some of the governance criteria that the Adviser considers include reporting and disclosure, business ethics, management alignment through ownership and remuneration, governance structure, board transparency and cybersecurity, among others. The Adviser performs its own internal research as it relates to measuring an investment’s ESG criteria.

The items discussed above are illustrative and do not necessarily reflect the full range of ESG criteria that may be applied in analyzing a particular security for investment. The availability of information about a company, issues associated with a particular industry, changing social conditions or other circumstances may affect the manner in which the ESG criteria are applied in a particular situation. Companies in which the Fund may invest do not necessarily meet the highest standards in all aspects of ESG performance. We do believe that a well-managed company is one that considers ESG criteria when operating their business. These companies look for opportunities to improve relations with employees, consumers, communities and the environment. In addition, these companies tend to work towards improving in these areas, and, in our opinion, these efforts over the long-term will serve investors well.

The Fund is non-diversified, which means that the Fund may invest its assets in securities of fewer issuers than would a diversified mutual fund.

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REIZX - Performance

Return Ranking - Trailing

Period REIZX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.7% -10.2% 9.4% 51.87%
1 Yr 10.3% -13.8% 28.1% 51.61%
3 Yr 1.5%* -13.3% 20.9% 4.55%
5 Yr 4.2%* -8.8% 15.6% 8.00%
10 Yr N/A* -2.0% 10.6% N/A

* Annualized

Return Ranking - Calendar

Period REIZX Return Category Return Low Category Return High Rank in Category (%)
2023 10.7% -16.8% 16.7% 5.95%
2022 -19.8% -43.9% 4.5% 2.78%
2021 16.2% -13.9% 30.7% 68.75%
2020 3.3% -20.7% 13.7% 5.11%
2019 19.8% 1.0% 26.5% 22.29%

Total Return Ranking - Trailing

Period REIZX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.7% -10.2% 9.4% 51.87%
1 Yr 10.3% -13.8% 28.1% 51.61%
3 Yr 1.5%* -13.3% 20.9% 4.55%
5 Yr 4.2%* -8.8% 15.6% 8.00%
10 Yr N/A* -2.0% 10.6% N/A

* Annualized

Total Return Ranking - Calendar

Period REIZX Return Category Return Low Category Return High Rank in Category (%)
2023 13.9% -14.6% 23.4% 2.16%
2022 -18.3% -39.5% 10.1% 2.78%
2021 18.8% 5.7% 101.8% 87.50%
2020 5.0% -17.8% 14.7% 4.55%
2019 21.4% 6.7% 37.2% 76.57%

NAV & Total Return History


REIZX - Holdings

Concentration Analysis

REIZX Category Low Category High REIZX % Rank
Net Assets 58.5 M 3.72 M 9.6 B 77.42%
Number of Holdings 26 5 695 99.47%
Net Assets in Top 10 31.9 M 1.79 M 6.34 B 74.60%
Weighting of Top 10 51.72% 19.3% 64.1% 4.79%

Top 10 Holdings

  1. CTP NV 6.13%
  2. Glenveagh Properties PLC 6.04%
  3. National Storage REIT 5.30%
  4. Corp Inmobiliaria Vesta SAB de CV 5.30%
  5. Big Yellow Group PLC 5.21%
  6. Ingenia Communities Group 5.12%
  7. Tosei Corp 5.00%
  8. Shurgard Self Storage Ltd 4.72%
  9. StorageVault Canada Inc 4.60%
  10. Swire Pacific Ltd 4.29%

Asset Allocation

Weighting Return Low Return High REIZX % Rank
Stocks
96.34% 2.78% 126.54% 87.30%
Cash
3.66% 0.00% 10.38% 19.58%
Preferred Stocks
0.00% 0.00% 7.08% 39.15%
Other
0.00% -33.49% 102.40% 49.74%
Convertible Bonds
0.00% 0.00% 0.07% 30.85%
Bonds
0.00% 0.00% 25.03% 36.51%

Stock Sector Breakdown

Weighting Return Low Return High REIZX % Rank
Real Estate
76.06% 72.53% 100.00% 98.37%
Consumer Cyclical
9.99% 0.00% 13.03% 2.72%
Technology
4.92% 0.00% 4.92% 1.09%
Financial Services
4.52% 0.00% 9.53% 2.72%
Industrials
4.50% 0.00% 4.91% 2.72%
Utilities
0.00% 0.00% 0.96% 34.24%
Healthcare
0.00% 0.00% 1.54% 38.04%
Energy
0.00% 0.00% 0.11% 30.98%
Communication Services
0.00% 0.00% 10.08% 66.85%
Consumer Defense
0.00% 0.00% 0.18% 32.61%
Basic Materials
0.00% 0.00% 1.63% 35.33%

Stock Geographic Breakdown

Weighting Return Low Return High REIZX % Rank
Non US
94.53% 0.00% 98.93% 7.94%
US
1.82% 0.00% 99.38% 93.12%

REIZX - Expenses

Operational Fees

REIZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.54% 0.11% 33.54% 39.15%
Management Fee 0.90% 0.09% 1.50% 75.00%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.25% N/A

Sales Fees

REIZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

REIZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 2.00% N/A

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.

REIZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 46.94% 1.00% 165.00% 42.62%

REIZX - Distributions

Dividend Yield Analysis

REIZX Category Low Category High REIZX % Rank
Dividend Yield 2.81% 0.00% 5.34% 25.93%

Dividend Distribution Analysis

REIZX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annual Quarterly Quarterly

Net Income Ratio Analysis

REIZX Category Low Category High REIZX % Rank
Net Income Ratio 1.17% -0.23% 3.84% 65.41%

Capital Gain Distribution Analysis

REIZX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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REIZX - Fund Manager Analysis

Managers

Quentin Vellely


Start Date

Tenure

Tenure Rank

May 08, 2014

8.07

8.1%

Mr. Velleley is Portfolio Manager of Third Avenue’s International Real Estate Value Fund, which he has led since the fund’s inception in May 2014. In November 2020 Mr Velleley joined Third Avenue, along with the fund’s transfer from REMS Group, where he was Chief Investment Officer. Mr. Velleley has more than 20 years of experience in global real estate analysis, and prior to joining REMS he was a Director at Citi Global Markets where his role included covering US retail and healthcare REITs, and coordinating products for Citi’s global listed real estate research. At Citi, Mr. Velleley was previously the Head of Australian Property Research. Prior to that, he was a Manager in Real Estate Corporate Finance for a top 4 accounting firm. Mr. Velleley is a CFA Charterholder and graduated from The University of Melbourne with a Bachelor of Arts degree, and from RMIT University with a Bachelor of Business degree.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 20.42 7.0 10.42