Third Avenue Real Estate Value Fund Portfolio Manager Commentary December 31, 2018

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About: Weyerhaeuser Company (WY), FPH, TVRVX, TAREX, TARZX, Includes: BAM, BKGFY, CHKGF, CNGKY, FR, HLDCY, HLDVF, JBGS, LEN, LOW, MAC, PNC, RYN, TRC, UHAL, WARFF, WARFY, WHLKF, WHLKY, ZION
by: Fund Letters
Summary

Third Avenue’s value-oriented real estate strategy seeks long term capital appreciation by investing globally across an expansive universe that includes both real estate and real estate-related securities worldwide and across the capital structure.

For the calendar year,the Fund generated a return of -19.91% (after fees) versus -4.68% (before fees) for the Fund's most relevant benchmark, the FTSE EPRA NAREIT Developed Index.

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