Third Avenue Real Estate Value Fund Shareholder Letter Q2 2018

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About: Five Point Holdings (FPH), LEN, TAREX, TVRVX, TARZX, Includes: BAM, CHKGF, CNGKY, FCE.A, HLDCY, HLDVF, HMSNF, LDSCY, LSGOF, MAC, NMG, RYN, VNO, WEFIF, WFGPY, WHLKF, WHLKY
by: Fund Letters

Summary

Includes detailed analysis of Third Avenue Real Estate Value Fund's positions in FPH, LEN.

Through the first half of the year,the Fund generated a return of -3.50% (after fees) versus +0.92% (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 +10.70% 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.