Third Avenue International Real Estate Value Fund delivered a return of -3.59% (after fees) for the quarter, outperforming the MSCI ACWI ex USA IMI Core Real Estate Index, which returned -4.52% over the same period.
The Fund’s outperformance was largely driven by its investments in Hong Kong-property companies.
The forward price-to-earnings ratio below 12 times appears unreasonably low, given that these investments are projected to grow earnings by nearly 10% annually, in our estimation..
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Dear Fellow Shareholders,
We are pleased to provide you with the Third Avenue International Real Estate Value Fund (the “Fund”)(REIFX) report for the quarter ended March 31, 2026. The Fund delivered a return of -3.59% (after fees) for the
