Fund Evaluator:
Third Avenue Real Estate Value Investor (TVRVX)
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Best Performing in Global Real Estate Over the Last Year
| 20.0% | PGIM Global Real Estate Z (PURZX) |
| 19.1% | PGIM Select Real Estate Z (SREZX) |
| 19.0% | American Century Global Real Estate Y (ARYYX) |
| 18.6% | American Century Global Real Estate Inv (ARYVX) |
| 18.3% | iShares Developed Real Estate Idx Inv A (BARDX) |
Fund Details
Third Avenue Real Estate Value Investor Overview
Third Avenue Real Estate Value Investor (TVRVX) is an actively managed Sector Equity Global Real Estate fund. Third Avenue launched the fund in 2009.
The investment seeks long-term capital appreciation. The fund seeks to achieve its objective primarily by investing in equity securities, including common stocks and convertible securities, of well-financed real estate and real estate-related companies, or in companies which own significant real estate assets or derive a significant portion of gross revenues or net profits from real estate-related companies at the time of investment. Under normal circumstances, at least 80% of the fund's net assets (plus the amount of any borrowing for investment purposes) will be invested in securities of real estate and real estate-related companies.
About Third Avenue Real Estate Value Investor (TVRVX)
There are 2 members of the management team with an average tenure of 14.74 years: Jason Wolf (2010), Ryan Dobratz (2013). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI World NR USD index with a weighting of 100% and MSCI ACWI IMI Core REIT NR USD index with a weighting of 100%. Third Avenue Real Estate Value Investor has 43 securities in its portfolio. The top 10 holdings constitute 48.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Third Avenue Real Estate Value Investor is part of the Equity global asset class and is within the Sector Equity fund group. Third Avenue Real Estate Value Investor has 34.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 51.7%. There is 34.5% allocated to foreign stock, and 10.8% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Third Avenue Real Estate Value Investor has 3.0% of the portfolio in cash.
Assets Under Management
The fund has $17 million in total assets, which is below the $209 million average for the Global Real Estate category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TVRVX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Third Avenue Real Estate Value Investor expense ratio is high compared to funds in the Global Real Estate category. Third Avenue Real Estate Value Investor has an expense ratio of 1.42%, which is 23% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Third Avenue Real Estate Value Investor has a portfolio turnover rate of 16%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 71% for the Global Real Estate category.
Recently, in the month of July 2026, Third Avenue Real Estate Value Investor returned 0.7%, which earned it a grade of F, as the Global Real Estate category had an average return of 2.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Third Avenue Real Estate Value Investor has a trailing yield of 0.90%, which is below the 2.74% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Third Avenue Real Estate Value Investor Grades
Year to date, the fund has returned -4.1%, 15.1 percentage points worse than the category, which translates into a grade of F. The fund has returned 1.0% over the past year (grade of F), 9.9% over the past three years (grade of B) and 3.4% per year over the past five years (grade of A) and 4.3% per year over the past 10 years (grade of C).
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TVRVX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TVRVX Return (NAV) | 0.7% | 1.2% | 1.0% | 9.9% | 3.4% | 4.3% |
| TVRVX Grade | F | F | F | B | A | C |
| +/- Category | -1.8% | -0.9% | -14.4% | 1.4% | 2.5% | 0.1% |
| Global Real Estate Avg | 2.5% | 2.1% | 15.4% | 8.5% | 0.9% | 4.1% |
| TVRVX Tax Cost Ratio | na | na | 1.4% | 1.4% | 1.7% | 1.7% |
TVRVX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TVRVX Return (NAV) | -4.1% | 11.3% | 14.1% | 22.9% | -26.7% | 30.2% | -8.5% | 20.8% | -20.1% | 21.9% | 5.6% |
| TVRVX Grade | F | A | A | A | D | A | F | F | F | A | B |
| +/- Category | -15.1% | 2.0% | 13.5% | 12.5% | -0.8% | 5.6% | -6.8% | -4.6% | -14.4% | 8.0% | 2.5% |
| Global Real Estate Avg | 11.0% | 9.4% | 0.6% | 10.4% | -25.9% | 24.6% | -1.7% | 25.5% | -5.8% | 13.9% | 3.1% |
| Risk Measures | |
| Standard Deviation: | 18.9% |
| Total Risk Index: | 1.54 - High |
| Category Risk Index: | 1.17 - High |
| Category Risk Grade: | F (96% Rank) |
| Beta: | 1.15 |
| R-Squared: | 60% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $303 Mil |
| Fund Total Assets: | $ 18 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 16% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 15.9 years | |||
| Average Tenure: 14.7 years | |||
| Managers (Year): Wolf Jason (2010), Dobratz Ryan (2013) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 43 |
| % in Top 10 Holdings: | 48.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 34.5% |
Portfolio Allocation |
|
| Domestic Stock: | 51.7% |
| Foreign Stock: | 34.5% |
| Preferred Stock: | 10.8% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.0% |
Purchase Information
| Fund Family: | Third Avenue |
| Phone Number: | 800-443-1021 |
| Website: | www.thirdavenuefunds.com |
| Status: | Open |
| Inception Date: | December 31, 2009 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.42% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.15% |
| Share Class: | Third Avenue Real Estate Value Instl |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $ 200 |
