Third Avenue's Value Strategy Earns Top Global Real Estate Fund Awards

NEW YORK, NY – March 12, 2026 – Third Avenue Management LLC’s long-standing commitment to a disciplined, value-oriented investment strategy has once again been validated on a prestigious stage. The firm’s Third Avenue Real Estate Value Fund was named the 'Best Global Real Estate Fund' for both three-year and five-year performance at the 2026 LSEG Lipper Funds Awards in the United States, a significant achievement in a highly competitive sector.

The dual awards, presented in New York City on March 11, recognize the fund's strong, risk-adjusted performance for the periods ending December 31, 2025. This marks the eighth time the Third Avenue Real Estate team has been honored by LSEG Lipper, underscoring a long-term pattern of excellence and consistency in navigating the complexities of the global real estate market.

A Testament to Consistent, Risk-Adjusted Performance

The LSEG Lipper Fund Awards are widely regarded as a hallmark of excellence in the investment world, primarily because they are based on a rigorous, purely quantitative methodology. For over three decades, the awards have identified funds that deliver consistently strong risk-adjusted performance relative to their peers. The winners are determined by the 'Lipper Leader for Consistent Return' rating, a proprietary metric that evaluates funds over 36, 60, and 120-month periods.

This data-driven approach penalizes volatility and periods of underperformance, meaning that winning funds have not only provided strong returns but have also demonstrated a superior ability to manage risk. For the 2026 awards, the Third Avenue Real Estate Value Fund's Z Share Class (TARZX) outperformed a field of 105 eligible funds in its category to secure the top spots for both the three- and five-year horizons.

“We applaud the 2026 LSEG Lipper Fund Award winners for delivering outperformance and the steady reassurance of consistency through changing market conditions,” noted Otto Christian Kober, Head of Lipper Research at LSEG Data & Analytics.

The Value-Driven Strategy Behind the Success

At the heart of the fund’s repeated success is an investment philosophy that deviates from conventional, benchmark-hugging strategies. Co-Portfolio Managers Ryan Dobratz and Jason Wolf attribute the outperformance to a distinct approach that has been refined for over two decades.

“Receiving our eighth Lipper Award is a testament to the durability of Third Avenue’s distinct real estate strategy and the robust process we have developed over two decades,” said Ryan Dobratz.

The fund’s strategy is deeply rooted in value investing principles. The team focuses on identifying and investing in well-capitalized, well-managed real estate and real estate-related companies that are trading at a significant discount to their conservatively estimated net-asset value (NAV). This price-conscious approach allows the managers to build a portfolio of high-quality assets purchased at what they believe are bargain prices.

“As we’ve done since 1998, we will continue to identify and invest in well-capitalized and well-managed enterprises that trade at a discount to our estimate of net-asset value—irrespective of whether they are included in a benchmark,” added Jason Wolf. “We believe such a combination is the key to generating superior long-term results.”

This benchmark-agnostic philosophy gives the fund the flexibility to invest opportunistically across the globe in both Real Estate Investment Trusts (REITs) and Real Estate Operating Companies (REOCs). By not being tethered to an index, the managers can construct a concentrated portfolio of their highest-conviction ideas, a strategy that has proven effective through various market cycles.

Navigating a Shifting Global Real Estate Landscape

The fund’s award-winning performance was achieved against the backdrop of a dynamic and challenging global real estate market. The period leading into 2026 was characterized by stabilizing interest rates, shifting supply-and-demand fundamentals, and a notable 'flight to quality' among investors and tenants.

After a period of uncertainty, market confidence began to return in 2025, with global real estate investment projected to rise significantly in 2026. This recovery, however, has been uneven. While sectors like logistics, data centers, and specialized residential properties have shown remarkable strength, the traditional office sector continues to face headwinds. In this environment, the ability to discern long-term value from short-term trends is paramount.

Third Avenue's strategy appears well-suited for such a market. By focusing on financially sound companies with high-quality assets, the fund is positioned to benefit from the demand for premium properties. Furthermore, declining new construction starts in many regions are expected to create supply shortages for quality spaces, which could further boost the value of the well-located, well-managed properties held by the companies in the fund's portfolio.

A Legacy of Outperformance in a Competitive Field

While the Lipper Awards highlight performance over the last three to five years, the Third Avenue Real Estate Value Fund’s success is part of a much longer narrative. The strategy has been in place for over 25 years, demonstrating resilience and adaptability through events like the dot-com bubble, the 2008 financial crisis, and the recent pandemic.

This long-term consistency is corroborated by other independent rating agencies. The fund’s institutional share class (TAREX), for instance, has earned a coveted 5-star Overall Morningstar Rating, placing it in the top tier of its Global Real Estate category. Lipper's own rankings based on total return also place the fund near the very top of its peer group over the past five years.

In a competitive field that includes hundreds of global real estate funds, Third Avenue’s consistent ability to deliver superior risk-adjusted returns sets it apart. The latest LSEG Lipper Awards serve as a powerful public affirmation of a strategy that prioritizes patience, discipline, and a deep understanding of intrinsic value over chasing market fads.