REIZX Fees and Costs — Third Avenue International Real Estate Value Fund, Z Class
Data updated: 2026-09-22
The net expense ratio is 1.01%: a 0.90% management fee plus 0.55% other expenses, less a 0.45% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $99K in broker commissions, 0.1546% of average net assets, and portfolio turnover was 54%.
REIZX Fees and Expenses
Annual operating expenses and sales charges of REIZX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.55% |
| Gross expense ratio | 1.46% |
| Fee waiver | −0.45% |
| Net expense ratio | 1.01% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
REIZX Costs Over Time
On $10,000 invested in REIZX, assuming 5% a year before costs, total costs come to $726 over 5 years, cutting the return by 1.22% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.01%) | $106 | $330 | $572 |
| Trading costs (broker commissions) | $16 | $51 | $88 |
| Lost growth on money paid in costs | $0 | $19 | $67 |
| Total costs | $122 | $400 | $726 |
| Value after costs | $10,378 | $11,176 | $12,037 |
| Impact on return, per year | 1.22% | 1.22% | 1.22% |
REIZX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1546%
- Total broker commissions: $99K
- Bought from dealers (principal trades, not a cost): $257K
- Portfolio turnover (prospectus): 54%
- Securities lending: none during the year
REIZX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $33K | 33.14% |
| INSTINET, LLC | $22K | 22.27% |
| UBS Securities LLC | $21K | 21.12% |
| JEFFERIES LLC | $9K | 8.95% |
| VAN LANSCHOT KEMPEN (USA) INC. | $6K | 6.48% |
| CLSA Americas, LLC | $4K | 3.61% |
| Berenberg Capital Markets LLC | $2K | 1.92% |
| CITIGROUP GLOBAL MARKETS INC. | $1K | 1.09% |
| GOLDMAN SACHS & CO. LLC | $771 | 0.78% |
| BARCLAYS CAPITAL, INC. | $649 | 0.66% |
REIZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $257K | 100.00% |
Third Avenue International Real Estate Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| REIFX | Institutional Class | 1.01% | none |
| REIZX | Z Class | 1.01% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.