Fact sheet: Third Avenue Real EstVal

Fund information
Fund name
Third Avenue Real Estate Value A1 Acc USD
Fund manager company
Third Avenue Management
Fund type
OEIC
Fund managers
  • Jason Wolfsince 30/03/2009
  • Ryan Dobratzsince 01/02/2012
  • Michael Winersince 30/03/2009
Fund objective
To achieve Long-term capital appreciation with limited investment risk.
Benchmark
  • EPRA/NAREIT Global Real Estate Index
Investment style
None
Investment method
Shares
Quick stats
1 Year return
1.3%
1 Year rank in sector
21/44
Sector
FO Property - International
Yield
-
Fund size
£2,090m (£3,570m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
96
Top in this sector
Fund name1 Year
SKAGEN SKAGEN m228.6%
Sarasin IE GblRlEstEq(£)20.6%
HSBC GIF GblRlEstEqt19.7%
Fidelity Gbl Prop19.6%
Oasis Crescent GlbProEq14.9%
...more in FO Property - International

Performance snapshot

Holdings snapshot

  • USA40.5%
    Hong Kong18%
    UK14.4%
    Singapore7.3%
    Australia4.8%
  • Real Estate44.3%
    Property Shares28.4%
    Forest Products10.9%
    Banks6%
    Money Market4.4%
  • Property Shares95.6%
    Cash & Cash Equivalents4.4%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund3.2%-5.1%-0.7%1.3%11.7%60.6%
Sector0.7%-7.4%-1.6%1.8%23.3%50.1%
Rank within sector6 / 449 / 4518 / 4521 / 4431 / 4214 / 34
Quartile1st1st2nd2nd3rd2nd
Calendar performance
 YTD - 20162015201420132012
Fund3.2%-4.6%12.3%13%31%
Sector1.1%4.3%16%0.9%21.8%
Rank within sector10 / 4442 / 4334 / 422 / 405 / 34
Quartile1st4th4th1st1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
-3.58
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
-0
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
11.66
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
5.41
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
-0.68
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.78
Price movement
52 week high53.9
52 week low42.43
Current bid price-
Current offer price-
Current mid price51.08
Region
1USA40.5%
2Hong Kong18%
3UK14.4%
4Singapore7.3%
5Australia4.8%
6Canada4.5%
7Money Market4.4%
8Spain4.1%
9Germany1.7%
Industry sector
1Real Estate44.3%
2Property Shares28.4%
3Forest Products10.9%
4Banks6%
5Money Market4.4%
6Building & Construction2.5%
7Building Materials & Merchants2.2%
8Hotels - Property1.3%
Asset type
1Property Shares95.6%
2Cash & Cash Equivalents4.4%
Individual holdings
1WEYERHAEUSER CO5.8%
2FOREST CITY ENTERPRISES INC5.7%
3LAND SECURITIES GROUP PLC5.6%
4CHEUNG KONG PROPERTY HLDGS LTD5%
5RAYONIER INC5%
6WESTFIELD CORPORATION4.8%
7BROOKFIELD ASSET MANAGEMENT INC4.5%
8HENDERSON LAND DEVELOPMENT CO4.3%
9INMOBILIARIA COLONIAL SA4.1%
Management
Fund manager group
Third Avenue Management
Fund manager company
Third Avenue Management
Fund type
OEIC
Fund objective
To achieve Long-term capital appreciation with limited investment risk.
Benchmark
  • EPRA/NAREIT Global Real Estate Index
Investment style
None
Investment method
Shares
Fund managers
NameSinceBiography
Jason Wolf30/03/2009Mr.Jason Wolf has worked closely with Michael Winer on the Third Avenue Real Estate Value Fund since 2004, where he serves as a Lead Portfolio Manager. He is also a portfolio manager for the Third Avenue Real Estate Value Fund UCITS and the Third Avenue Real Estate Opportunities Fund LP. Mr. Wolf initiated Third Avenue’s foreign real estate coverage. He has since led the firm into Asia, Europe and other markets globally. Among other investments, he is responsible for identifying Third Avenue's Hong Kong real estate holdings, which comprise a material portion of the firm's investments. Previously, Mr. Wolf analyzed U.S. real estate equity securities for European Investors and U.S. debt securities with Moody’s Investor Service. 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 where he was a decorated wide receiver on the football team and named an Academic All-American in 1993. He is a member of the New York Society of Security Analysts.
Ryan Dobratz01/02/2012Mr.Ryan Dobratz is a portfolio manager for Third Avenue Real Estate Value Fund. He analyzes global real estate investments including equities, performing debt, restructurings and special situations. He is also Co-Portfolio Manager of the Third Avenue Real Estate Value Fund UCITS and the Manulife Global Real Estate Fund. 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, including some companies that had been long held in Third Avenue portfolios. This led him to embrace Third Avenue's differentiated approach to investing in real estate securities and, ultimately, seek a job at the firm. At Third Avenue Mr. Dobratz has been involved with identifying and overseeing investments in real estate operating companies, REITs, and real estate related companies (e.g., homebuilders, timberlands, retailers, etc.) in North America, Europe, Asia, and Australia. In particular, he has been involved with Third Avenue's performing debt investments in 2008, recapitalization efforts in 2009, European related investments in 2010, and strategic residential initiatives in 2011. Mr. Dobratz has also played a role in the Firm's real estate related restructuring activities, which have included investments in one of the largest commercial real estate bankruptcies in U.S. history and the reorganization of one of the leading land development companies in North America. Mr. Dobratz holds an M.B.A. with distinction and a B.S. with honors in Business Administration from the University of Missouri. He has also studied at the Imperial College of Science & Technology in London, England and is a member of the New York Society of Security Analysts and the New York Private Equity Network Real Estate Group
Michael Winer30/03/2009Mr. Michael Winer has managed the Third Avenue Real Estate Value Fund since its inception in 1998. He is also the co-portfolio manager of the Third Avenue Real Estate Opportunities Fund LP and manages separate accounts for institutional investors. As a real estate securities analyst for Third Avenue in the mid-1990s, Mr. Winer convinced his colleagues that real estate should be (and in fact always had been) an essential part of the firm's value investing arsenal. This led to Third Avenue establishing its first sector fund -- a new concept for a firm whose generalist approach runs deep. Since then, Mr. Winer has played crucial roles in several unique, landmark Third Avenue investments, including the firm's participation in reorganizing Kmart (which was in Chapter 11 bankruptcy), where Mr. Winer determined that Kmart's real estate assets provided a substantial margin of safety for Kmart's stakeholders. Prior to joining Third Avenue in 1994, Mr. Winer was Vice President of the Asset Sales Group for Cantor Fitzgerald, L.P. where he was responsible for evaluating and underwriting portfolios of distressed real estate loans. He had previously been First Vice President of Society for Savings, a Connecticut savings bank, and Director of Asset Management for Pioneer Mortgage, a financial institution, where he directed the workout, collection and liquidation of distressed real estate loan and asset portfolios. Earlier in his career, Mr. Winer was the Co-Founder and Chief Financial Officer of Winer-Greenwald Development, Inc., a California-based real estate development firm that specialized in the development, construction, ownership and management of commercial properties. Mr. Winer previously held executive positions at Pacific Scene, Inc., and The Hahn Company, both California-based real estate development firms. Mr. Winer began his career in public accounting with Deloitte & Touche (formerly Touche Ross & Co.) where he specialized in real estate development companies. Mr. Winer holds a B.S. in Accounting from San Diego State University. He is a member of the Board of Directors of Tejon Ranch Co., a public company that owns the largest continuous expanse of private land in California, and Newhall Holding Company, a privately-held land development company.
Compliance
Reporting Fund Status, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
Belgium, Switzerland, United Kingdom, Ireland, Luxembourg, Offshore
Third Avenue Real Estate Value A1 Acc USD
Initial charge-
Annual charge1.6%
Min single investment£1,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price51.08
CurrencyUSD
Price updated06/12/2016
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeFUH1
Third Avenue Real Estate Value A2 Dis GBP
Initial charge-
Annual charge1.6%
Min single investment£1,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyGBP
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeFUH2
Third Avenue Real Estate Value A4 USD
Initial charge-
Annual charge1.1%
Min single investment£1,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price34.37
CurrencyUSD
Price updated06/12/2016
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi code0M30
Third Avenue Real Estate Value A5 EUR
Initial charge-
Annual charge1.1%
Min single investment£1,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price19.139
CurrencyEUR
Price updated06/12/2016
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeMGWT
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