Third Avenue International Real Estate Value Fund
Quentin Velleley, CFA
Portfolio Manager
Overall Morningstar Rating
Rated against 182 Global Real Estate funds as of 9/30/2023
A Sustainable Approach to International Real Estate Investing
Focus on Total Return through Real Estate & Real Estate-Related Securities
Our International Real Estate Strategy seeks to achieve long-term capital growth and current income through a portfolio of securities of publicly traded real estate companies located outside the U.S. that may include REITs, real estate operating companies and other publicly traded companies whose asset base is primarily real estate. The concentrated investment strategy is actively managed and only invests in entities that exhibit strong Environmental, Social, and Governance principles which we believe can have a positive impact on returns.
Share Classes Available (Tickers)
INSTITUTIONAL (REIFX) | INVESTOR (REIYX) | Z CLASS (REIZX)
Active Management,
High Active Share
94%
Active Share vs. MSCI World Index1
24
Total Equity Holdings
as of September 30, 2023
Top 10 Holdings
| REIFX | |
| CTP NV | 5.9% |
| Corp. Inmobiliaria Vesta SAB de CV | 5.8% |
| Glenveagh Properties Plc | 5.1% |
| National Storage REIT | 4.8% |
| Big Yellow Group PLC | 4.8% |
| Tosei Corp. | 4.8% |
| Swire Pacific, Ltd. Class B | 4.4% |
| Nomura Real Estate Holdings, Inc. | 4.2% |
| StorageVault Canada, Inc. | 4.1% |
| ESR Group Ltd. | 4.1% |
| Total | 48.0% |
as of September 30, 2023
Real Estate Asset Type
as of September 30, 2023
Geographic Exposure
as of September 30, 2023
Third Avenue Funds are distributed by Foreside Fund Services, LLC. Investors should consider the investment objectives, risks, charges and expenses carefully before investing. Third Avenue Funds are offered by prospectus only. The prospectuses and summary prospectuses are available on this website or by calling (800) 443-1021. Read the prospectus or summary prospectus carefully before investing.
FUND RISKS: In addition to general market conditions, the value of the Fund will be affected by the strength of the real estate markets. Factors that could affect the value of the Fund’s holdings include the following: overbuilding and increased competition, increases in property taxes and operating expenses, declines in the value of real estate, lack of availability of equity and debt financing to refinance maturing debt, vacancies due to economic conditions and tenant bankruptcies, losses due to costs resulting from environmental contamination and its related clean-up, changes in interest rates, changes in zoning laws, casualty or condemnation losses, variations in rental income, changes in neighborhood values, and functional obsolescence and appeal of properties to tenants. The Adviser’s use of its ESG framework could cause it to perform differently compared to funds that do not have such a policy. The criteria related to this ESG framework may result in the Fund’s forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. For a full disclosure of principal investment risks, please refer to the Fund’s Prospectus.
1 Active Share is the percentage of a fund’s portfolio that differs from the benchmark index. The MSCI World Index is an unmanaged, free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 of the world’s most developed markets.
Indices are not securities that can be purchased or sold, and their total returns are reflective of unmanaged portfolios. The returns include reinvestment of interest, capital gains and dividends.
Overall Morningstar rating, as of September 30, 2023, vs. 182 funds. REIFX was rated against the following numbers of Global Real Estate Category Funds over the following time periods: 182 funds in the last three years and 180 funds in the last five years. With respect to these Global Real Estate funds, REIFX received a Morningstar Rating of 5 stars for the three-year period and 5 stars for the five-year period, respectively. Ratings based on risk adjusted return. Past performance is no guarantee of future results.
The Morningstar Rating™ for funds, or “star rating,” is calculated for mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period has the greatest impact because it is included in all three rating periods.
© 2023 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results.