Fund Times

A Downgrade for This Once-Excellent Real-Estate Fund

Jonathan Wallace, CFA, CAIA

The following is our latest Fund Analyst Report for Third Avenue Real Estate Value Fund (TAREX). Morningstar Premium Members have access to full analyst reports such as this for more than 1,000 of the largest and best mutual funds. Not a Premium Member? Gain full access to our analyst reports and advanced tools immediately when you try Morningstar Premium free for 14 days.

Third Avenue Real Estate Value is in transition. Co-lead manager Michael Winer is expected to retire in early 2018. Winer has been at the helm since the fund’s 1998 launch. Co-lead managers Jason Wolf and Ryan Dobratz have been key parts of the fund’s success for more than a decade, but there are parent-level concerns about Third Avenue. And this fund's team continues to have turnover among its analysts. This fund is downgraded to a Morningstar Analyst rating of Neutral from Silver. 

Jonathan Wallace, CFA, CAIA does not own shares in any of the securities mentioned above. Find out about Morningstar's editorial policies.