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Tuesday, May 28, 2024

3rd Ave's Team Celebrates a Tin Anniversary

Reported by Neil Anderson, Managing Editor

The team at a 38-year-old, $1.5-billion-AUM AMG boutique is celebrating a tin anniversary.

Earlier this month, Quentin Velleley, a portfolio manager at Third Avenue Management LLC [profile], highlighted the recent tenth birthday of the Third Avenue International Real Estate Value Fund. The mutual fund is a series of Third Avenue Trust.

The inception date of the Third Avenue International Real Estate Value Fund (fka the REMS International Real Estate Value-Opportunity Fund) was March 19, 2014. Third Avenue adopted the fund on November 23, 2020, and then Third Avenue reorganized and rebranded the fund on April 12, 2021.

The fund comes in three, no-load flavors: institutional shares (REIFX), with an expense ratio of 100 basis points (including a 62bps fee waiver); investor shares (REIYX), with an expense ratio of 125bps (including a 62bps fee waiver); and Z shares (REIYZ), with an expense ratio of 100bps (including a 54bps fee waiver). As of March 31, 2024, the strategy had $64.1 million in AUM.

New York City-based Third Avenue Management LLC serves as investment advisor to the fund. (Real Estate Management Services Group, LLC advised the predecessor fund.) Velleley and two other PMs ran the fund at inception, and now Velleley is the fund's sole PM.

"The Fund's distinct style, the significant price-to-value disconnects in international real estate securities, and the limited number of competing strategies continue to provide an exciting backdrop for the decade ahead," Velleley states.

The fund's other service providers include: the Bank of New York Mellon as custodian; BNY Mellon Investment Services (U.S.) Inc. as administrator, dividend paying agent, shareholder services agent, and transfer agent; Chenery Compliance Group, LLC as provider of a chief compliance officer and an anti-money laundering officer; ACA's Foreside Fund Services, LLC as distributor; JW Fund Management, LLC as provider of a principal executive officer and a principal financial officer; and PricewaterhouseCoopers LLP as independent accounting firm. 

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