Third Avenue Management, an investment management company based in New York City, released its “Third Avenue Real Estate Value Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Third Avenue Real Estate Value Fund posted a return of +11.61% (after fees) in the calendar year, compared to the MSCI ACWI IMI Core Real Estate Index’s +9.86% (before fees) return. Since its inception in 1998, the Fund has generated an annualized return of +8.96% (after fees). This year marks the 40th anniversary of Third Avenue Management, highlighting its commitment to its core principles and its adaptability in seeking long-term wealth creation for its clients. The Fund had 40.3% of its capital invested in U.S.-based companies, 27.5% in North American-based companies, 27.6% in International Real Estate companies, and the remaining 4.6% in Cash, Debt & Options. The Fund anticipates that the next five years may resemble the early 2000s, a time characterized by attractive valuations in U.S.-listed real estate. Please review the Portfolio’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, Third Avenue Real Estate Value Fund highlighted Fidelity National Financial, Inc. (NYSE:FNF). Fidelity National Financial, Inc. (NYSE:FNF) is a leading US based insurance products provider to the real estate and mortgage sectors. On March 06, 2026, Fidelity National Financial, Inc. (NYSE:FNF) stock closed at $50.08 per share. One-month return of Fidelity National Financial, Inc. (NYSE:FNF) was -11.00%, and its shares lost 18.66% over the past 52 weeks. Fidelity National Financial, Inc. (NYSE:FNF) has a market capitalization of $13.589 billion.
Third Avenue Real Estate Value Fund stated the following regarding Fidelity National Financial, Inc. (NYSE:FNF) in its fourth quarter 2025 investor letter:
“Coincidentally, the recent quarter was one of the most active periods of resource conversion for the Real Estate Value Fund holdings in many years. As a matter of fact, more than one-third of the underlying portfolio engaged in (or announced) such initiatives during the period, with some of the most notable including: Fidelity National Financial, Inc. (NYSE:FNF), the largest provider of title insurance for residential and commercial properties in the U.S. distributing a near $500 million stake in its life insurance affiliate F&G Annuities and Life (“F&G”). The transaction will increase the public float of the separately listed entity, with the aim of improving (i) F&G’s cost of capital (i.e., implied multiple) relative to other market comparables in this line of insurance and (ii) the “sum of the parts” value for Fidelity National when also factoring in its other distinctive title insurance and transactions businesses.”
