TAREX: Third Avenue Real Estate Value Instl

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TAREX Third Avenue Real Estate Value Instl

  • Fund
  • TAREX
  • Price as of: Dec 12, 2019
  • $24.47
    - $4.66 - 16.00%

Profile

TAREX - Profile

Vitals

  • YTD Return -1.4%
  • 3 Yr Annualized Return -7.8%
  • 5 Yr Annualized Return -4.6%
  • Net Assets $1.01 B
  • Holdings in Top 10 47.4%

52 WEEK LOW AND HIGH

$24.47
$24.29
$29.47

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.12%

SALES FEES

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

BROKERAGE FEES

  • Turnover 27.00%

TRADING FEES

  • Max Redemption Fee 1.00%

Min Investment

  • Standard (Taxable) $100,000
  • IRA $100,000

Fund Classification

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

Distributions

  • YTD Total Return -1.4%
  • 3 Yr Annualized Total Return -7.8%
  • 5 Yr Annualized Total Return -4.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.68%
DIVIDENDS
  • Dividend Yield 1.9%
  • 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.


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Categories

Performance

TAREX - Performance

Return Ranking - Trailing

Period TAREX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.4% -12.7% 28.7% 97.84%
1 Yr -15.8% -17.0% 27.3% 97.84%
3 Yr -7.8%* -8.1% 23.5% 99.50%
5 Yr -4.6%* -8.4% 8.8% 95.63%
10 Yr 1.7%* -3.7% 10.2% 72.38%

* Annualized

Return Ranking - Calendar

Period TAREX Return Category Return Low Category Return High Rank in Category (%)
2018 -27.7% -27.7% 73.0% 100.00%
2017 14.9% -10.0% 23.6% 10.00%
2016 4.0% -31.0% 42.6% 1.60%
2015 -8.7% -27.7% 2.8% 94.05%
2014 9.2% -6.1% 115.9% 60.27%

Total Return Ranking - Trailing

Period TAREX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.4% -12.7% 28.7% 97.84%
1 Yr -15.8% -17.0% 27.3% 97.84%
3 Yr -7.8%* -7.8% 34.4% 100.00%
5 Yr -4.6%* -4.6% 10.7% 100.00%
10 Yr 1.7%* -0.8% 11.5% 93.33%

* Annualized

Total Return Ranking - Calendar

Period TAREX Return Category Return Low Category Return High Rank in Category (%)
2018 -27.7% -27.7% 76.6% 100.00%
2017 14.9% -7.1% 28.0% 25.00%
2016 4.0% -27.8% 49.1% 21.39%
2015 -8.7% -11.0% 5.0% 98.81%
2014 9.2% -5.7% 115.9% 71.23%

NAV & Total Return History


Holdings

TAREX - Holdings

Concentration Analysis

TAREX Category Low Category High TAREX % Rank
Net Assets 1.01 B 4.38 M 9.19 B 20.35%
Number of Holdings 44 26 691 96.97%
Net Assets in Top 10 522 M 1.46 M 6.21 B 10.39%
Weighting of Top 10 47.36% 16.1% 82.0% 3.46%

Top 10 Holdings

  1. Weyerhaeuser Co 6.23%
  2. Brookfield Asset Management Inc Class A 5.37%
  3. Five Point Holdings LLC A 5.16%
  4. Lennar Corp 5.03%
  5. CK Asset Holdings Ltd 4.88%
  6. Rayonier Inc 4.80%
  7. JBG SMITH Properties 4.15%
  8. Wheelock and Co Ltd 3.99%
  9. Segro PLC 3.91%
  10. Macerich Co 3.83%

Asset Allocation

Weighting Return Low Return High TAREX % Rank
Stocks
94.68% 13.60% 100.28% 89.18%
Cash
4.12% -0.31% 10.06% 7.79%
Convertible Bonds
0.89% 0.00% 0.89% 0.87%
Bonds
0.31% -15.73% 21.63% 3.46%
Preferred Stocks
0.00% 0.00% 21.84% 88.74%
Other
0.00% -15.98% 78.71% 92.64%

Stock Sector Breakdown

Weighting Return Low Return High TAREX % Rank
Real Estate
63.65% 8.66% 100.10% 96.92%
Consumer Cyclical
12.26% 0.00% 12.26% 0.88%
Financial Services
10.09% 0.00% 10.09% 0.88%
Basic Materials
4.80% 0.00% 4.80% 0.88%
Industrials
3.88% 0.00% 7.18% 1.76%
Utilities
0.00% 0.00% 1.29% 88.55%
Technology
0.00% 0.00% 8.32% 91.63%
Healthcare
0.00% 0.00% 4.84% 88.55%
Energy
0.00% 0.00% 0.03% 88.55%
Communication Services
0.00% 0.00% 1.39% 91.19%
Consumer Defense
0.00% 0.00% 0.05% 88.55%

Stock Geographic Breakdown

Weighting Return Low Return High TAREX % Rank
US
51.99% 0.00% 67.91% 66.23%
Non US
42.69% 1.82% 98.04% 90.91%

Bond Sector Breakdown

Weighting Return Low Return High TAREX % Rank
Cash & Equivalents
4.12% -0.31% 10.06% 7.83%
Corporate
1.20% -15.73% 22.49% 3.91%
Derivative
0.00% 0.00% 0.40% 88.70%
Securitized
0.00% 0.00% 17.46% 88.70%
Municipal
0.00% 0.00% 0.00% 88.70%
Government
0.00% 0.00% 0.01% 88.70%

Bond Geographic Breakdown

Weighting Return Low Return High TAREX % Rank
US
0.31% -15.73% 21.63% 3.46%
Non US
0.00% 0.00% 0.00% 88.74%

Expenses

TAREX - Expenses

Operational Fees

TAREX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.12% 0.11% 209.91% 73.16%
Management Fee 0.90% 0.09% 1.50% 69.40%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.01% 0.01% 0.26% 1.98%

Sales Fees

TAREX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

TAREX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 0.25% 2.00% 92.45%

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 Return Low Category Return High Rank in Category (%)
Turnover 27.00% 3.00% 202.00% 17.67%

Distributions

TAREX - Distributions

Dividend Yield Analysis

TAREX Category Low Category High TAREX % Rank
Dividend Yield 1.92% 0.00% 4.97% 25.00%

Dividend Distribution Analysis

TAREX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Monthly Quarterly

Net Income Ratio Analysis

TAREX Category Low Category High TAREX % Rank
Net Income Ratio 0.68% -1.35% 4.52% 95.24%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

TAREX - Fund Manager Analysis

Managers

Jason Wolf


Start Date

Tenure

Tenure Rank

Sep 13, 2010

9.22

9.2%

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


Start Date

Tenure

Tenure Rank

Jan 02, 2013

6.91

6.9%

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 Category High Category Average Category Mode
0.07 20.84 7.42 13.26