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hird Avenue Management, a New York City-based investment management company, released its second-quarter 2025 investor letter for the "Third Avenue Real Estate Value Fund". The fund's six-month return ended 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 can be found here.

    In its second-quarter 2025 investor letter, Third Avenue Real Estate Value Fund highlighted WESCO International, Inc. (NYSE:WCC), a business-to-business distribution and logistics services provider. Over the past month, WESCO International's shares gained 2.48%, while its value increased by 32.67% over the last 52 weeks. As of August 7, 2025, the stock closed at $206.26 per share with a market capitalization of $10.037 billion.

    Third Avenue Real Estate Value Fund stated that it increased holdings in WESCO International and Prologis Inc. during the quarter due to factors including significant volatility related to trade.