Fund Times: Third Avenue Real Estate Value to Reopen
Plus, Ariel hires Oak Value manager, Hancock launches GMO-advised funds.
Fund Times
Third Avenue Real Estate Value (TAREX) will reopen to new investors on July 1, 2006, Third Avenue Management LLC announced Tuesday.
The $3 billion fund closed July 2005. "We are very pleased with the quality of our current portfolio holdings, as well as with the Fund's more manageable cash position," said manager Michael Winer. "As a result of recent market conditions, we are seeing opportunities to buy common stocks of select well-capitalized foreign and domestic real estate companies that own high-quality assets, have strong management teams and whose stocks are trading at significant discounts to our estimate of their net asset values."
Although we've been wary of real estate funds lately, this is one of our favorites in the category.
Ariel Hires Former Oak Value Comanager
Ariel Capital Management said Monday it has hired former Oak Value comanager Matthew F. Sauer to serve as a senior vice president to its investment group. Sauer will initially assume coverage of the insurance sector.
Sauer's departure from Oak Value was announced a couple weeks ago. Although he isn't starting as a manager at Ariel, one possible path for Sauer would be to take over Ariel Appreciation (CAAPX), which was run by Eric McKissack until Fall 2002.
Powershares Postpones Merger Vote
Powershares has rescheduled a special shareholder meeting for approval of AIM's acquisition of the firm. The company cited a lack of shareholder votes. The meeting had been scheduled for June 14, but it was pushed back to July 20, 2006.
Hancock to Launch GMO-Advised Funds
John Hancock announced it is launching seven pricey new funds to be subadvised by Grantham, Mayo, Van Otterloo & Co. LLC.
The seven are John Hancock US Core, John Hancock Intrinsic Value, John Hancock International Core, John Hancock International Growth, John Hancock Growth Opportunities, John Hancock Value Opportunities, and John Hancock Growth.
The funds' A shares will charge expense ratios between 1.35% and 1.70% after fee waivers.