Travis Johnson

Third Avenue Real Estate Value Fund Reopening July 1

This is the fund I use for real estate exposure in my taxable portfolios -- excellent returns, and the manager has done a spectacular job of translating the Third Avenue "safe and cheap" credo to real estate. They hold not only operating companies and REITs in real estate, but also debt and stock of other companies that have significant real estate holdings, including Kmart for a long time. I would recommend this fund to anyone who wants a long term real estate position that's not dominated by REIT yields, though I'm a little surprised that it's reopening already -- Winer must see a lot of bargains out there because this and TAVIX, another great fund for international stocks, have had huge cash positions for a long time.