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Third Avenue Management Promotes Ryan Dobratz to Co-Lead Portfolio Manager of Third Avenue Real Estate Value Fund

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Third Avenue Management LLC, an investment adviser to private and institutional clients, announced today that Ryan Dobratz, CFA, has been promoted to Co-Lead Portfolio Manager of the Third Avenue Real Estate Value Fund (TAREX, TVRVX), effective February 27, 2015. Mr. Dobratz has served as a Portfolio Manager of the Fund since 2013 and has worked closely with the Fund’s Co-Lead Managers, Michael Winer and Jason Wolf, since joining the firm in 2006. In his new role, Mr. Dobratz will share full responsibility for managing the Fund with Mr. Winer and Mr. Wolf.

In making the announcement, Chief Executive Officer David Barse stated, “Ryan has been an integral part of Third Avenue for the past nine years and has been a major contributor to the Real Estate Fund’s success – evidenced by its consistent excellent long-term performance and 5-Star Morningstar Rating. Ryan exemplifies our firm’s steadfast commitment to delivering superior long-term results to our investors, and his promotion to Co-Lead Portfolio Manager ensures that the success the team has achieved over the Fund’s nearly 17 years will continue.”

“Ryan has proven himself to be an invaluable member of the Real Estate team since he joined the firm, and Jason and I are pleased to recognize him with this well-deserved role and responsibility,” said founding Portfolio Manager Mr. Winer. Mr. Wolf added, “Having worked with Ryan for over nine years, I am immensely proud of his growth as an Analyst and Portfolio Manager. He is a prime example of Third Avenue’s ability to develop talent from within the organization.”

The Third Avenue Real Estate Value Fund is a 5-Star Overall Rated Morningstar fund as of January 31, 2015 and has garnered a Morningstar Analyst Rating of Gold. Under the team’s management, the Fund has had top quartile performance over the 3, 5, 10 and 15-year periods and has grown to more than $3 billion in assets. The Fund was a recipient of the 2014 Lipper Fund Award, named Best Global Real Estate Fund for the three-year period ended December 31, 2013. Additionally, its offshore counterpart, Third Avenue Real Estate Value UCITS Fund, recently received the 2015 Lipper Fund Award in Switzerland.

Commenting on his new appointment, Mr. Dobratz said, “I am sincerely honored to share the responsibility of managing this highly regarded Fund along with Mike and Jason. Having followed Marty Whitman and his teachings long before I joined Third Avenue, it has been the highlight of my career to be a part of this investment team and to practice value investing alongside such esteemed mentors as Marty, Mike and Jason. I look forward to continuing to work with our entire team to uncover unique investment ideas in the global real estate sector that characterize the differentiated strategy our investors have come to expect in the Fund.”

Prior to joining Third Avenue Management in 2006, Mr. Dobratz was a research analyst at Morningstar where he was the primary analyst on several North American Real Estate Investment Trusts (“REITs”), real estate holding companies and homebuilders, including some companies that had been long held in Third Avenue portfolios. Mr. Dobratz holds an M.B.A. with distinction and a B.S. with honors in Business Administration from the University of Missouri. He also studied at the Imperial College of Science & Technology in London, England. He is a Chartered Financial Analyst (CFA) charterholder, member of the New York Society of Security Analysts and the New York Private Equity Network Real Estate Group.

About Third Avenue Management

Third Avenue Management LLC is a New York-based investment advisory firm that offers its services to private and institutional clients. Third Avenue adheres to a disciplined bottom-up value investment strategy, to identify investment opportunities in undervalued securities of companies with high quality assets, understandable businesses and strong management teams that have the potential to create value over the long term. Third Avenue Management offers value-oriented strategies through mutual funds, UCITS, separate accounts and alternative investment vehicles.

Important Information

Third Avenue Real Estate Value Fund is offered by prospectus only. The prospectus contains more complete information on advisory fees, distribution charges, and other expenses and should be read carefully before investing or sending money. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. The Fund’s returns should be viewed in light of its investment policy and objectives and quality of its portfolio securities and the periods selected. M.J. Whitman LLC, Distributor.

Morningstar RatingTM for Funds: For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Ratings metrics. Past results are not guarantee of results in future periods. Morningstar Rating is for Institutional Class (“TAREX”) only; other classes may have different performance characteristics. TAREX received a Morningstar Rating of 5 stars for the 3- and 5-year periods and a rating of 4 stars for the 10 year period as of January 31, 2015.

Morningstar Analyst Rating Disclosure: The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar’s analysts use this five pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating ultimately reflects the analyst’s overall assessment and is overseen by Morningstar’s Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar’s global coverage universe. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a “Gold” rating distinguishes itself across the five pillars and has garnered the analysts’ highest level of conviction. A fund with a ‘Silver’ rating has notable advantages across several, but perhaps not all, of the five pillars-strengths that give the analysts a high level of conviction. A “Bronze”-rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. A fund with a ‘Neutral’ rating isn’t seriously flawed across the five pillars, nor does it distinguish itself very positively. A “Negative” rated fund is flawed in at least one if not more pillars and is considered an inferior offering to its peers. Analyst Ratings are reevaluated at least every 14 months.

TAREX received a Morningstar Analyst Rating of Gold as of January 31, 2015.

Ratings are (c) 2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to:

TAREX ranks number 1 out of the 181 funds with 3-year track records that are currently included in Morningstar’s Global Real Estate category, based on 3-year average annual returns, as of January 31, 2015. For the five, ten and fifteen-year periods, the Fund ranked 12 out of 153 in the category, 15 out of 33, and 5 out of 21, respectively. Source: Morningstar.

TVRVX ranks number 2 out of the 181 funds with 3-year track records that are currently included in Morningstar’s Global Real Estate category, based on 3-year average annual returns, as of January 31, 2015. For the five-year period, the Fund ranked 14 out of 153 in the category. Source: Morningstar.

Please note Morningstar categories are subject to change over time, based on portfolio composition.

Lipper designates award-winning funds in most individual classifications for the three-, five- and 10-year periods and fund family awards covering three years. Lipper Fund Awards are based on Lipper’s Consistent Return calculation. Lipper scores for Consistent Return reflect funds’ historical risk-adjusted returns relative to funds in the same Lipper classification and include each fund’s expenses and reinvested distributions, but exclude sales charges. Consistent Return values are calculated with all eligible share classes for each eligible classification. The highest Lipper Leader for Consistent Return value within each eligible classification determines the fund classification winner over three, five or 10 years. Lipper, a Thomson Reuters company, is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time. For a detailed explanation of the process, please review the Lipper Fund Awards methodology document at

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