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THIRD AVENUE REAL ESTATE VALUE FUND
mutual fund
TAREX
Payout Change
Pending
Price as of:
$18.96
+0.06
+0.32%
primary theme
International Real Estate
share class
TAREX (Mutual Fund)
THIRD AVENUE REAL ESTATE VALUE FUND
Payout Change
Pending
Price as of:
$18.96
+0.06
+0.32%
primary theme
International Real Estate
share class
TAREX (Mutual Fund)
THIRD AVENUE REAL ESTATE VALUE FUND
Payout Change
Pending
Price as of:
$18.96
+0.06
+0.32%
primary theme
International Real Estate
share class
Name
As of 09/28/2023Price
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
Vitals
YTD Return
2.0%
1 yr return
16.5%
3 Yr Avg Return
6.3%
5 Yr Avg Return
3.5%
Net Assets
$315 M
Holdings in Top 10
52.9%
52 WEEK LOW AND HIGH
$18.9
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.18%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 9.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$10,000
IRA
$10,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 09/28/2023Price
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
TAREX - Profile
Distributions
- YTD Total Return 2.0%
- 3 Yr Annualized Total Return 6.3%
- 5 Yr Annualized Total Return 3.5%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.52%
- Dividend Yield 0.9%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameTHIRD AVENUE REAL ESTATE VALUE FUND
-
Fund Family NameThird Avenue
-
Inception DateSep 17, 1998
-
Shares OutstandingN/A
-
Share ClassInst
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJason 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.
TAREX - Performance
Return Ranking - Trailing
| Period | TAREX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.0% | -8.5% | 6.5% | 1.04% |
| 1 Yr | 16.5% | -31.9% | -6.6% | 1.06% |
| 3 Yr | 6.3%* | -17.8% | 3.0% | 4.92% |
| 5 Yr | 3.5%* | -18.3% | 1.3% | 21.02% |
| 10 Yr | 4.9%* | -8.1% | 3.3% | 16.22% |
* Annualized
Return Ranking - Calendar
| Period | TAREX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -32.3% | -43.9% | 3.9% | 88.24% |
| 2021 | 19.4% | -13.9% | 30.7% | 53.55% |
| 2020 | -9.1% | -20.7% | 13.7% | 74.86% |
| 2019 | 1.9% | 1.6% | 26.5% | 97.80% |
| 2018 | -27.7% | -27.7% | 0.0% | 100.00% |
Total Return Ranking - Trailing
| Period | TAREX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.0% | -7.8% | 6.5% | 1.04% |
| 1 Yr | 16.5% | -15.7% | -4.8% | 1.06% |
| 3 Yr | 6.3%* | -6.1% | 25.5% | 4.92% |
| 5 Yr | 3.5%* | -4.2% | 15.0% | 21.02% |
| 10 Yr | 4.9%* | -2.8% | 6.0% | 16.22% |
* Annualized
Total Return Ranking - Calendar
| Period | TAREX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -20.8% | -28.6% | 9.5% | 16.04% |
| 2021 | 30.5% | 5.7% | 104.5% | 30.05% |
| 2020 | -7.3% | -15.3% | 14.7% | 81.97% |
| 2019 | 40.3% | 4.3% | 37.2% | 4.95% |
| 2018 | -19.9% | -20.1% | 4.6% | 99.40% |
NAV & Total Return History
TAREX - Holdings
Concentration Analysis
| TAREX | Category Low | Category High | TAREX % Rank | |
|---|---|---|---|---|
| Net Assets | 315 M | 188 K | 9.6 B | 49.74% |
| Number of Holdings | 34 | 5 | 739 | 96.91% |
| Net Assets in Top 10 | 166 M | 1.39 M | 6.34 B | 41.75% |
| Weighting of Top 10 | 52.90% | 18.1% | 63.6% | 4.66% |
Top 10 Holdings
- Lennar Corp 6.80%
- DR Horton Inc 6.37%
- Prologis Inc 5.69%
- Brookfield Corp 5.52%
- U-Haul Holding Co 5.43%
- Weyerhaeuser Co 5.00%
- CBRE Group Inc 4.57%
- Berkeley Group Holdings PLC 4.55%
- CK Asset Holdings Ltd 4.51%
- Rayonier Inc 4.47%
Asset Allocation
| Weighting | Return Low | Return High | TAREX % Rank | |
|---|---|---|---|---|
| Stocks | 94.17% | 3.65% | 126.54% | 93.81% |
| Preferred Stocks | 2.96% | 0.00% | 15.83% | 4.12% |
| Cash | 2.68% | -1.38% | 10.38% | 35.57% |
| Bonds | 0.19% | 0.00% | 22.09% | 6.19% |
| Other | 0.00% | -33.49% | 78.71% | 90.21% |
| Convertible Bonds | 0.00% | 0.00% | 0.07% | 93.26% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | TAREX % Rank | |
|---|---|---|---|---|
| Real Estate | 72.53% | 72.53% | 100.00% | 99.47% |
| Consumer Cyclical | 13.03% | 0.00% | 13.03% | 1.06% |
| Financial Services | 9.53% | 0.00% | 9.53% | 1.06% |
| Industrials | 4.91% | 0.00% | 4.91% | 1.06% |
| Utilities | 0.00% | 0.00% | 0.96% | 94.71% |
| Technology | 0.00% | 0.00% | 4.92% | 96.30% |
| Healthcare | 0.00% | 0.00% | 1.54% | 94.71% |
| Energy | 0.00% | 0.00% | 0.11% | 94.71% |
| Communication Services | 0.00% | 0.00% | 10.08% | 96.83% |
| Consumer Defense | 0.00% | 0.00% | 0.18% | 95.77% |
| Basic Materials | 0.00% | 0.00% | 1.63% | 94.71% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | TAREX % Rank | |
|---|---|---|---|---|
| US | 67.61% | 0.00% | 80.79% | 10.31% |
| Non US | 26.56% | 0.00% | 99.40% | 91.75% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | TAREX % Rank | |
|---|---|---|---|---|
| Corporate | 50.81% | 0.00% | 99.92% | 4.21% |
| Cash & Equivalents | 2.36% | 0.00% | 100.00% | 37.31% |
| Derivative | 0.00% | 0.00% | 100.00% | 89.12% |
| Securitized | 0.00% | 0.00% | 33.47% | 94.74% |
| Municipal | 0.00% | 0.00% | 0.00% | 93.16% |
| Government | 0.00% | 0.00% | 9.24% | 93.16% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | TAREX % Rank | |
|---|---|---|---|---|
| US | 0.19% | 0.00% | 22.09% | 6.19% |
| Non US | 0.00% | 0.00% | 0.00% | 93.30% |
TAREX - Expenses
Operational Fees
| TAREX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.18% | 0.11% | 27.58% | 59.79% |
| Management Fee | 0.90% | 0.10% | 1.50% | 77.20% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.25% | 2.99% |
Sales Fees
| TAREX 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
| TAREX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.25% | 2.00% | 62.50% |
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 | 9.00% | 1.00% | 165.00% | 6.49% |
TAREX - Distributions
Dividend Yield Analysis
| TAREX | Category Low | Category High | TAREX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.94% | 0.00% | 5.44% | 95.88% |
Dividend Distribution Analysis
| TAREX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annually | Quarterly | Annually |
Net Income Ratio Analysis
| TAREX | Category Low | Category High | TAREX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.52% | -0.23% | 3.84% | 90.00% |
Capital Gain Distribution Analysis
| TAREX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 15, 2021 | $2.477 | OrdinaryDividend |
| Dec 13, 2019 | $4.609 | OrdinaryDividend |
| Dec 19, 2018 | $0.469 | OrdinaryDividend |
| Dec 20, 2017 | $0.363 | OrdinaryDividend |
| Dec 14, 2016 | $0.254 | OrdinaryDividend |
| Dec 08, 2015 | $0.210 | OrdinaryDividend |
| Dec 09, 2014 | $0.508 | OrdinaryDividend |
| Dec 18, 2013 | $0.304 | OrdinaryDividend |
| Dec 18, 2012 | $0.894 | OrdinaryDividend |
| Dec 21, 2010 | $0.923 | OrdinaryDividend |
| Dec 22, 2009 | $0.260 | OrdinaryDividend |
| Dec 23, 2008 | $0.427 | OrdinaryDividend |
TAREX - 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 | 7.07 | 10.42 |
