T
hird Avenue Management, a New York City-based investment firm, published its "Third Avenue Real Estate Value Fund" second-quarter 2025 investor letter. The fund's six-month return through June 30, 2025, was +6.38% after fees, outperforming the FTSE EPRA NAREIT Developed Index by -0.28%. Since its inception in 1998, the fund has generated an annualized return of +8.94% (after fees). The top five holdings for 2025 are available on the fund's website.

    In its second-quarter letter, Third Avenue Real Estate Value Fund highlighted Prologis, Inc. (NYSE:PLD), a global leader in logistics real estate. Despite a one-month return of -2.47%, Prologis' shares have lost 13.33% value over the past year. On August 7, 2025, its stock closed at $105.73 per share with a market capitalization of $98.124 billion.

    According to Third Avenue Real Estate Value Fund's second-quarter letter: "Given recent trade-related volatility, we increased our holdings in Prologis and WESCO International Inc. during the quarter."