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Name

As of 11/19/2024

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

THIRD AVENUE REAL ESTATE VALUE FUND

TVRVX | Fund

$25.31

$307 M

0.94%

$0.24

1.45%

Vitals

YTD Return

17.1%

1 yr return

33.9%

3 Yr Avg Return

2.4%

5 Yr Avg Return

5.1%

Net Assets

$307 M

Holdings in Top 10

52.1%

52 WEEK LOW AND HIGH

$25.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.45%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 9.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$2,500

IRA

$2,500

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/19/2024

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

THIRD AVENUE REAL ESTATE VALUE FUND

TVRVX | Fund

$25.31

$307 M

0.94%

$0.24

1.45%

TVRVX - Profile

Distributions

  • YTD Total Return 17.1%
  • 3 Yr Annualized Total Return 2.4%
  • 5 Yr Annualized Total Return 5.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.21%
DIVIDENDS
  • Dividend Yield 0.9%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    THIRD AVENUE REAL ESTATE VALUE FUND
  • Fund Family Name
    Third Avenue Funds
  • Inception Date
    Dec 31, 2009
  • Shares Outstanding
    N/A
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jason Wolf

Fund Description

The Fund seeks to achieve its objective primarily by investing in equity securities, including common stocks and convertible securities, of well-financed (meaning companies with high quality assets and conservative levels of liabilities) real estate and real estate-related companies, or in companies which own significant real estate assets or derive a significant portion of gross revenues or net profits from real estate-related companies at the time of investment (“real estate companies”). Adhering to this strict value discipline, the Fund generally seeks to construct a focused portfolio of high conviction opportunities. The Fund seeks to acquire these securities at a discount to what the Adviser believes is their intrinsic value. Under normal circumstances, at least 80% of the Fund’s net assets (plus the amount of any borrowing for investment purposes) will be invested in securities of real estate and real estate- related companies. The Fund may invest in companies of any market capitalization. The Fund may also acquire senior securities, such as preferred stocks and debt instruments (including high-yield, distressed and mortgage-backed securities, often referred to as “junk,” that may be in default and may have any or no credit rating) of real estate companies or loans secured by real estate or real estate-related companies that the Adviser believes have above-average yield potential. The Fund also invests in both domestic and foreign securities. The Adviser’s process generally includes an assessment of the potential impacts of material environmental, social and governance (ESG) factors on the long-term risk and return profile of a company. Consideration of these factors would not necessarily result in a company being included or excluded from the evaluation process, but rather would contribute to the overall evaluation of a company.

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TVRVX - Performance

Return Ranking - Trailing

Period TVRVX Return Category Return Low Category Return High Rank in Category (%)
YTD 17.1% -10.5% 26.2% 2.29%
1 Yr 33.9% -8.9% 34.9% 1.71%
3 Yr 2.4%* -17.9% 16.8% 2.37%
5 Yr 5.1%* -10.4% 15.3% 4.85%
10 Yr 3.8%* -2.7% 10.8% 48.21%

* Annualized

Return Ranking - Calendar

Period TVRVX Return Category Return Low Category Return High Rank in Category (%)
2023 16.7% -16.8% 16.7% 1.15%
2022 -32.2% -39.5% 4.5% 93.49%
2021 19.4% -0.9% 30.7% 55.76%
2020 -9.1% -20.7% 13.7% 75.15%
2019 2.0% 1.0% 26.5% 96.34%

Total Return Ranking - Trailing

Period TVRVX Return Category Return Low Category Return High Rank in Category (%)
YTD 17.1% -10.5% 26.2% 2.29%
1 Yr 33.9% -8.9% 34.9% 1.71%
3 Yr 2.4%* -17.9% 16.8% 2.37%
5 Yr 5.1%* -10.4% 15.3% 4.85%
10 Yr 3.8%* -2.7% 10.8% 48.21%

* Annualized

Total Return Ranking - Calendar

Period TVRVX Return Category Return Low Category Return High Rank in Category (%)
2023 22.9% -14.6% 23.4% 1.72%
2022 -27.5% -39.5% 10.1% 89.35%
2021 30.2% 5.7% 101.8% 16.97%
2020 -8.5% -17.8% 14.7% 87.27%
2019 20.8% 4.3% 37.2% 87.80%

NAV & Total Return History

TVRVX - Holdings

Concentration Analysis

TVRVX Category Low Category High TVRVX % Rank
Net Assets 307 M 4.27 M 7.48 B 52.02%
Number of Holdings 34 5 691 93.75%
Net Assets in Top 10 163 M 1.9 M 4.55 B 40.91%
Weighting of Top 10 52.08% 20.1% 64.5% 5.71%

Top 10 Holdings

  1. Brookfield Corp 7.19%
  2. Lennar Corp 7.13%
  3. CBRE Group Inc 6.21%
  4. DR Horton Inc 5.65%
  5. U-Haul Holding Co 5.51%
  6. Prologis Inc 4.87%
  7. Sun Communities Inc 4.09%
  8. Jones Lang LaSalle Inc 3.88%
  9. Savills PLC 3.79%
  10. Berkeley Group Holdings PLC 3.76%

Asset Allocation

Weighting Return Low Return High TVRVX % Rank
Stocks 		90.10% 3.01% 126.54% 93.75%
Preferred Stocks 		6.49% 0.00% 7.25% 3.98%
Cash 		3.58% 0.00% 11.23% 18.75%
Convertible Bonds 		0.00% 0.00% 0.07% 39.43%
Bonds 		0.00% 0.00% 22.09% 42.61%
Other 		-0.18% -33.49% 99.87% 98.30%

Stock Sector Breakdown

Weighting Return Low Return High TVRVX % Rank
Real Estate 		72.53% 72.53% 100.00% 98.83%
Consumer Cyclical 		13.03% 0.00% 13.03% 0.58%
Financial Services 		9.53% 0.00% 9.53% 0.58%
Industrials 		4.91% 0.00% 4.91% 0.58%
Utilities 		0.00% 0.00% 0.96% 42.11%
Technology 		0.00% 0.00% 4.92% 64.33%
Healthcare 		0.00% 0.00% 1.54% 47.37%
Energy 		0.00% 0.00% 0.11% 39.18%
Communication Services 		0.00% 0.00% 10.08% 75.44%
Consumer Defense 		0.00% 0.00% 0.18% 40.94%
Basic Materials 		0.00% 0.00% 1.63% 43.27%

Stock Geographic Breakdown

Weighting Return Low Return High TVRVX % Rank
US 		64.56% 0.00% 102.76% 30.11%
Non US 		25.55% 0.00% 98.87% 94.89%

TVRVX - Expenses

Operational Fees

TVRVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.45% 0.10% 36.96% 40.91%
Management Fee 0.90% 0.09% 1.50% 78.29%
12b-1 Fee 0.25% 0.00% 1.00% 26.92%
Administrative Fee N/A 0.01% 0.25% 1.49%

Sales Fees

TVRVX 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

TVRVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 2.00% 57.14%

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.

TVRVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 9.00% 1.00% 165.00% 5.29%

TVRVX - Distributions

Dividend Yield Analysis

TVRVX Category Low Category High TVRVX % Rank
Dividend Yield 0.94% 0.00% 5.52% 2.27%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

TVRVX Category Low Category High TVRVX % Rank
Net Income Ratio 0.21% -0.23% 3.84% 96.51%

Capital Gain Distribution Analysis

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

Distributions History

View More +

TVRVX - Fund Manager Analysis

Managers

Jason Wolf

Start Date

Tenure

Tenure Rank

Sep 13, 2010

11.72

11.7%

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

Start Date

Tenure

Tenure Rank

Jan 02, 2013

9.41

9.4%

Mr. Dobratz is the Co-Lead Portfolio Manager of the Third Avenue Real Estate Value Fund and the Third Avenue Real Estate Value Fund UCITS. In this role, he is a five-time Lipper Fund Award recipient (2014-2018) and assists in overseeing Third Avenue’s Real Estate strategy including the Firm’s investments in real estate equities, debt, restructurings, and other special situations. He also serves as a member of Third Avenue’s Management Committee. Prior to joining Third Avenue in 2006, Mr. Dobratz was a research analyst at Morningstar where he was the primary analyst on several North American Real Estate Investment Trusts, real estate holding companies and homebuilders. Mr. Dobratz holds an M.B.A. with distinction and a B.S. with honors in Business Administration from the University of Missouri. He is a CFA© Charterholder, has studied at the Imperial College of Science & Technology in London, England, and is a member of the CFA Society of New York. Mr. Dobratz also serves on the Advisory Board of the Jeffrey E. Smith Institute of Real Estate & Capital Markets at the University of Missouri and frequently teaches classes on value investing and real estate securities including previous lectures at Columbia University, Fordham University, the University of Missouri, and the University of Texas.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 20.42 7.15 10.42

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