Third Avenue Management, an investment management firm based in New York City, released its “Third Avenue Real Estate Value Fund” fourth quarter 2025 investor letter. A copy of the letter can be downloaded here. The Third Avenue Real Estate Value Fund posted a return of +11.61% (after fees) in the calendar year, compared to a return of +9.86% (before fees) for the MSCI ACWI IMI Home Real Estate Index. Since its inception in 1998, the fund has generated an annualized return of +8.96% (after fees). This year marks the 40th anniversary of Third Way Management, highlighting its core principles and its adaptability in the pursuit of long-term wealth creation for its clients. The fund invests 40.3% of its capital in US-based companies, 27.5% in North American-based companies, 27.6% in international real estate companies, and the remaining 4.6% in cash, debt and options. The fund predicts that the next five years could be similar to the early 2000s, a time characterized by attractive valuations in US-listed real estate. Please review the portfolio’s top five properties to gain insight into their key choices for 2025.
In a Q4 2025 investor letter, Third Avenue Real Estate Value Fund highlighted stocks such as First Service Corporation (NASDAQ: FSV ). FirstService Corporation (NASDAQ: FSV ) is a Canadian real estate services company that provides residential property management and other essential property services. On March 06, 2026, First Service Corporation (NASDAQ:FSV) stock closed at $148.81 per share. First Service Corporation (NASDAQ:FSV)’s one-month return was -9.42%, and its shares lost 10.36% over the past 52 weeks. FirstService Corporation (NASDAQ: FSV ) has a market capitalization of $6.843 billion.
Third Avenue Real Estate Value Fund said the following about FirstService Corporation (NASDAQ:FSV) in its fourth quarter 2025 investor letter:
“The fund has initiated a position in the common stock of another enterprise that has a good understanding of resource exchange: First Service Corporation (NASDAQ: FSV) (“First Service”).
