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Third Avenue Management, an investment management company based in New York City, released its “Third Avenue Real Estate Value Fund” second-quarter 2025 investor letter. A copy of the letter can be downloaded here. For the six months ended June 30, 2025, the fund returned +6.38% (after fees) compared to +6.66% (before fees) for the FTSE EPRA NAREIT Developed Index. The fund generated an annualized return of +8.94% (after fees) since its inception in 1998. For more information on the fund’s top picks in 2025, please check its top five holdings.
In its second-quarter 2025 investor letter, Third Avenue Real Estate Value Fund highlighted stocks such as Champion Homes, Inc. (NYSE:SKY). Champion Homes, Inc. (NYSE:SKY) engages in the manufacturing and sales of mobile homes and other manufactured housing. The one-month return of Champion Homes, Inc. (NYSE:SKY) was 1.93%, and its shares lost 16.05% of their value over the last 52 weeks. On August 7, 2025, Champion Homes, Inc. (NYSE:SKY) stock closed at $69.15 per share, with a market capitalization of $3.961 billion.
Third Avenue Real Estate Value Fund stated the following regarding Champion Homes, Inc. (NYSE:SKY) in its second quarter 2025 investor letter:
“In addition, the Fund initiated positions in Champion Homes, Inc. (NYSE:SKY) and Jardine Matheson Holdings Ltd. (“Jardine”), both of which are very well-capitalized and particularly well positioned for these fundamental shifts, in our opinion.
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