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Fund Times

Fund Times: Third Avenue Real Estate Value to Reopen

Plus, Ariel hires Oak Value manager, Hancock launches GMO-advised funds.

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 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."

Russel Kinnel does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.