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Third Avenue Management, an investment management company based in New York City, released its “Third Avenue Real Estate Value Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the calendar year's first quarter, the fund returned +2.81% (after fees) versus -1.11% (before fees) for the Fund’s most relevant benchmark, the FTSE EPRA NAREIT Developed Index. The Fund reported an annualized return of +8.68% (after fees) since its inception more than twenty-five years ago. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Third Avenue Real Estate Value Fund highlighted stocks like Sun Communities, Inc. (NYSE:SUI), in the first quarter 2024 investor letter. Sun Communities, Inc. (NYSE:SUI) is a fully integrated REIT. The one-month return of Sun Communities, Inc. (NYSE:SUI) was 1.45%, and its shares lost 8.25% of their value over the last 52 weeks. On June 27, 2024, Sun Communities, Inc. (NYSE:SUI) stock closed at $119.12 per share with a market capitalization of $15.659 billion.
Third Avenue Real Estate Value Fund stated the following regarding Sun Communities, Inc. (NYSE:SUI) in its first quarter 2024 investor letter:
"Fund Management continues to find very compelling opportunities in niche residential platforms that seem quite durable in nature. Along these lines, the Fund added to its holdings in the common stock of Sun Communities, Inc. (NYSE:SUI) (“Sun Communities” or “Sun”) and Grainger plc (“Grainger”) during the quarter.