Third Avenue
Third Avenue Real Estate Value Fund
Global Mid-cap Real Estate
Mar 2025 → Jun 2026
Our archive holds 4 letters from this strategy, behind 16 investment theses and positions in 34 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 2 years — follow all of Third Avenue for every strategy.
What it bought and sold
The Fund also added to other holdings where the price-to-value gap broadened during the period (FirstService Corp. and Hang Lung Group).
In terms of residential-related businesses, the Fund increased its position in the B shares of Lennar Corp. (“Lennar”) during the quarter.
With respect to the Fund’s international holdings, Savills plc (“Savills”) was increased during the quarter.
The Fund also added to other holdings where the price-to-value gap broadened during the period (FirstService Corp. and Hang Lung Group).
As far as real estate operating companies, the Fund increased its position in Brookdale Senior Living (“Brookdale”) during the period.
the Fund reduced various positions within the North American (D.R. Horton and WESCO International) and Asia Pacific (CK Asset Holdings and Wharf Holdings) regions
the Fund reduced various positions within the North American (D.R. Horton and WESCO International) and Asia Pacific (CK Asset Holdings and Wharf Holdings) regions
- TrimmedWharf Holdings LimitedJun 2026
the Fund reduced various positions within the North American (D.R. Horton and WESCO International) and Asia Pacific (CK Asset Holdings and Wharf Holdings) regions
the Fund reduced various positions within the North American (D.R. Horton and WESCO International) and Asia Pacific (CK Asset Holdings and Wharf Holdings) regions
The Fund also trimmed back CK Asset Holdings, exited several positions following corporate activity (National Storage REIT, F&G Annuities, Rayonier, and Unite Group), and extended the Fund’s Hong Kong Dollar hedge.
Of note, the Fund added to several holdings where the price- to-value gap broadened to historically wide levels amid recent volatility, including certain commercial-centric issuers (U-Haul Holdings and FirstService Corp.) and select international companies (Accor SA and Ingenia Communities).
Of note, the Fund added to several holdings where the price- to-value gap broadened to historically wide levels amid recent volatility, including certain commercial-centric issuers (U-Haul Holdings and FirstService Corp.) and select international companies (Accor SA and Ingenia Communities).
That said, such a scenario does not seem to be “priced in” with Brookdale trading at a discount to its owned real estate in our estimation—without factoring in any value for its operating platform, third party management business, or deferred tax assets.
The Fund also trimmed back CK Asset Holdings, exited several positions following corporate activity (National Storage REIT, F&G Annuities, Rayonier, and Unite Group), and extended the Fund’s Hong Kong Dollar hedge.
The Fund also trimmed back CK Asset Holdings, exited several positions following corporate activity (National Storage REIT, F&G Annuities, Rayonier, and Unite Group), and extended the Fund’s Hong Kong Dollar hedge.
Both of which seem constructive for the Fund’s recent investment in Hang Lung Group.
The Fund also trimmed back CK Asset Holdings, exited several positions following corporate activity (National Storage REIT, F&G Annuities, Rayonier, and Unite Group), and extended the Fund’s Hong Kong Dollar hedge.
The Fund also trimmed back CK Asset Holdings, exited several positions following corporate activity (National Storage REIT, F&G Annuities, Rayonier, and Unite Group), and extended the Fund’s Hong Kong Dollar hedge.
Of note, the Fund added to several holdings where the price- to-value gap broadened to historically wide levels amid recent volatility, including certain commercial-centric issuers (U-Haul Holdings and FirstService Corp.) and select international companies (Accor SA and Ingenia Communities).
Of note, the Fund added to several holdings where the price- to-value gap broadened to historically wide levels amid recent volatility, including certain commercial-centric issuers (U-Haul Holdings and FirstService Corp.) and select international companies (Accor SA and Ingenia Communities).
Also held
- PulteGroup, Inc.
- Sun Communities, Inc.
- Weyerhaeuser Company
- Jardine Matheson Holdings Limited
- Brookfield Corporation
- Accor S.A.
- Fidelity National Financial, Inc.
- Five Point Holdings, LLC
- Champion Homes, Inc.
- CBRE Group, Inc.
- Big Yellow Group PLC
- Prologis, Inc.
- AMH
- Segro plc
- First Industrial Realty Trust, Inc.
- U-Haul Holding Company
- JLL
- Hang Lung Properties Limited
- Federal National Mortgage Association
- Savills plc
- Big Yellow Group plc
- Federal Home Loan Mortgage Corporation
- Lennar Corporation
- WESCO International, Inc.
- Berkeley Group Holdings plc
Its investment theses
- Brookdale Senior LivingJun 2026Brookdale Senior Living owns a large senior housing platform and could narrow its NAV discount through higher occupancy, stronger cash flow, debt reduction, and asset conversion.
- Lennar Corp.Jun 2026Lennar’s land-light model can support higher returns, free cash flow, and a stronger valuation if margins and profitability normalize.
- Savills plcJun 2026Savills is a diversified global real estate services platform whose Eastdil combination could improve scale, efficiency, mandates, and valuation.
- Big Yellow Group PLCJun 2026Big Yellow Group is held as a developed-market real estate platform where resource conversion and change-of-control opportunities may exist.
- CK Asset Holdings LimitedJun 2026CK Asset Holdings is held for its developed-market real estate exposure and potential resource conversion or control transactions.
- Wharf Holdings LimitedJun 2026Wharf Holdings is held as a developed-market real estate platform with potential for resource conversion and change-of-control value.
- Berkeley Group Holdings plcJun 2026Berkeley Group is held for its developed-market residential exposure and potential change-of-control or resource conversion opportunities.
- Brookdale Senior LivingMar 2026Brookdale Senior Living is a leading senior housing operator with resilient assisted-living demand, improving finances, strong growth potential, and an apparently discounted valuation.
- Hang Lung GroupMar 2026Hang Lung Group is a well-capitalized Hong Kong property company with valuable retail assets, improving operating catalysts, and a pronounced double-discount valuation.
- Big Yellow plcMar 2026Big Yellow plc is the largest UK self-storage owner with a hard-to-replicate portfolio, discounted valuation, and lease-up upside.