With a lot of value funds closing their doors to new investors over the last couple of years, perhaps the trend is reversing.
"We are very pleased with the quality of our current portfolio holdings, as well as with the Fund's more manageable cash position", noted Michael Winer, Portfolio Manager of Third Avenue Real Estate Value Fund. Mr. Winer added, "As a result of recent market conditions, we are seeing opportunities to buy common stocks of select well-capitalized foreign and domestic real estate companies that own high-quality assets, have strong management teams and whose stocks are trading at significant discounts to our estimate of their net asset values. We feel it is appropriate to reopen the Fund at this time, to take advantage of the favorable market environment for value opportunities in real estate-related securities."
One fact investors have liked about TAREX is that its portfolio includes mostly real estate operating companies, and doesn't rely on holding REITs as other funds do.
Here's how TAREX has performed over the last 5-yrs: