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TAREX Third Avenue Real Estate Value Instl

  • Fund
  • TAREX
  • Price as of: Jun 04, 2019
  • $27.28 + $0.23 + 0.85%
  • Category
  • Real Estate

TAREX - Profile

Vitals

  • YTD Return 10.0%
  • 3 Yr Annualized Return -2.7%
  • 5 Yr Annualized Return -3.0%
  • Net Assets $1.29 B
  • Holdings in Top 10 50.3%

52 WEEK LOW AND HIGH

$27.28
$24.29
$34.12

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

Investment Themes

CATEGORY

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

Distributions

  • YTD Total Return 10.0%
  • 3 Yr Annualized Total Return -2.7%
  • 5 Yr Annualized Total Return -3.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.68%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

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 (%)
YTD 10.0% 7.7% 23.1% 95.74%
1 Yr -19.5% -33.0% 16.8% 97.34%
3 Yr -2.7%* -16.6% 6.0% 68.82%
5 Yr -3.0%* -11.1% 20.0% 83.24%
10 Yr 4.9%* 2.2% 15.9% 86.99%

* Annualized


Return Ranking - Calendar

Period TAREX Return Category Return Low Category Return High Rank in Category (%)
2018 -27.7% -44.0% -5.8% 91.94%
2017 14.9% -16.4% 25.4% 1.61%
2016 4.0% -17.0% 8.6% 10.22%
2015 -8.7% -18.1% 2.4% 75.68%
2014 9.2% -3.3% 115.9% 92.35%

Total Return Ranking - Trailing

Period TAREX Return Category Return Low Category Return High Rank in Category (%)
YTD 10.0% 7.8% 23.4% 97.87%
1 Yr -19.5% -32.2% 20.5% 97.87%
3 Yr -2.7%* -16.2% 9.0% 94.09%
5 Yr -3.0%* -10.8% 20.0% 96.53%
10 Yr 4.9%* 2.2% 17.0% 92.68%

* Annualized


Total Return Ranking - Calendar

Period TAREX Return Category Return Low Category Return High Rank in Category (%)
2018 -27.7% -43.3% -1.9% 97.85%
2017 14.9% -13.6% 32.7% 2.15%
2016 4.0% -12.3% 10.2% 61.29%
2015 -8.7% -15.2% 7.6% 88.65%
2014 9.2% -3.3% 115.9% 97.06%

NAV & Total Return History

TAREX - Holdings

Concentration Analysis

TAREX Category Low Category High TAREX % Rank
Net Assets 1.29 B 10.8 M 63.8 B 30.85%
Number of Holdings 40 21 731 73.40%
Net Assets in Top 10 665 M 3.86 M 26.5 B 24.47%
Weighting of Top 10 50.34% 11.9% 161.1% 25.53%

Top 10 Holdings

  1. CK Asset Holdings Ltd 6.61%

  2. Weyerhaeuser Co 6.18%

  3. Lennar Corp 5.82%

  4. Brookfield Asset Management Inc Class A 4.92%

  5. Wheelock and Co Ltd 4.90%

  6. Macerich Co 4.66%

  7. Rayonier Inc 4.60%

  8. Henderson Land Development Co Ltd 4.48%

  9. Five Point Holdings LLC A 4.23%

  10. Berkeley Group Holdings (The) PLC 3.92%


Asset Allocation

Weighting Return Low Return High TAREX % Rank
Stocks
96.93% 15.70% 100.26% 86.70%
Cash
3.07% -113.94% 18.56% 9.04%
Preferred Stocks
0.00% 0.00% 53.32% 92.02%
Other
0.00% -0.53% 5.77% 89.89%
Convertible Bonds
0.00% 0.00% 5.90% 92.02%
Bonds
0.00% 0.00% 113.82% 92.02%

Stock Sector Breakdown

Weighting Return Low Return High TAREX % Rank
Real Estate
61.04% 12.48% 100.26% 92.55%
Consumer Cyclical
13.27% -0.45% 37.68% 2.13%
Basic Materials
10.79% -0.10% 10.79% 1.06%
Financial Services
8.40% 0.00% 13.79% 1.60%
Industrials
3.44% -0.04% 7.21% 1.60%
Utilities
0.00% 0.00% 0.01% 92.02%
Technology
0.00% 0.00% 9.96% 96.28%
Healthcare
0.00% 0.00% 4.68% 92.02%
Energy
0.00% 0.00% 5.47% 92.02%
Communication Services
0.00% 0.00% 12.24% 94.15%
Consumer Defense
0.00% 0.00% 0.22% 92.02%

Stock Geographic Breakdown

Weighting Return Low Return High TAREX % Rank
US
49.27% 15.70% 100.26% 95.74%
Non US
47.66% 0.00% 47.66% 1.06%

TAREX - Expenses

Operational Fees

TAREX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.12% 0.00% 29.08% 64.36%
Management Fee 0.90% 0.00% 1.20% 92.02%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.01% 0.01% 0.47% 1.87%

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% 0.75% 2.00% 77.42%

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 Return Low Category Return High Rank in Category (%)
Turnover 27.00% 3.00% 1060.00% 27.66%

TAREX - Distributions

Dividend Yield Analysis

TAREX Category Low Category High TAREX % Rank
Dividend Yield 0.02% 0.00% 0.05% 30.85%

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

TAREX Category Low Category High TAREX % Rank
Net Income Ratio 0.68% -0.10% 5.36% 92.55%

Capital Gain Distribution Analysis

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

TAREX - Managers

Jason Wolf

Manager

Start Date

Tenure

Tenure Rank

Sep 13, 2010

8.72

8.7%

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

Tenure

Tenure Rank

Jan 02, 2013

6.41

6.4%

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

0.0

Category High

25.42

Category Average

8.59

Category Mode

13.42