Third Avenue Real Estate Value Fund Q2 2026 Letter to Shareholders
The Third Avenue Real Estate Value Fund reported a Q2 2026 return of +5.99% (after fees), underperforming its benchmark's +8.21%. Key contributors included D.R. Horton, PulteGroup, U-Haul, WESCO, Segro, and Accor, while detractors included Sun Communities, Fannie Mae, Freddie Mac, Jardine Matheson, and Hang Lung Group. The fund added Brookdale Senior Living, Lennar Corp., and Savills plc. Fund Management highlighted the passage of the 21st Century ROAD to Housing Act, which streamlines building codes, incentivizes local zoning, restricts institutional ownership of single-family rentals, and removes the federal chassis requirement for manufactured homes, benefiting fund holding Champion Homes. Legislation was also proposed to accelerate Fannie Mae and Freddie Mac's exit from conservatorship and allocate Treasury investment to affordable housing. The fund has an annualized return of +8.61% since inception in 1998.
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