Third Avenue Real Estate Value Fund Shareholder Letter Q1 2018

|
About: Acadia Realty Trust (AKR), SRG, MAC, FCE.A, FCE.B, TAREX, TVRVX, TARZX, Includes: BAM, CHKGF, CNGKY, FPH, HLDCY, HLDVF, LDSCY, LEN, LOW, LSGOF, RYN, TRC, UHAL, VNO, WHLKF, WHLKY, WY
by: Fund Letters
Summary

Includes detailed analysis of Third Avenue Real Estate Value Fund's positions in AKR, SRG, MAC, FCE.A, FCE.B.

Through the first three months of the year, the Fund generated a return of -2.07% (after fees) versus-4.30% (before fees) for the Fund's most relevant benchmark, the FTSE EPRA/NAREIT Developed Index.

In Fund Management's view, a superior gauge of performance is the Fund's long-term results where it has earned an annualized return of +10.93% since its inception in 1998.

Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.