TARZX Performance — Third Avenue Real Estate Value Fund, Z Class
Data updated: 2026-09-22
TARZX returned −3.92% year to date and +1.36% over one year to Jul 2026. Annualised returns are +10.25% over 3 years and +3.72% over 5 years. Against its Global Real Estate category average the fund came out ahead over three years but behind over one: $100 invested three years ago grew to $134, against $131 for the category, and to $101 over one year, against $117. Volatility over the past three years was 18.91% a year. In the 12 months to Jul 2026 the fund lost a net $25.0M, and assets reached $303.87M.
TARZX Growth of $100
What $100 invested in Third Avenue Real Estate Value Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Global Real Estate category average over the same months.
| Period | TARZX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $101 | $117 |
| 3 years (Aug 2023 – Jul 2026) | $134 | $131 |
| 5 years (Aug 2021 – Jul 2026) | $120 | $113 |
| Since data start (Aug 2019 – Jul 2026) | $147 | $139 |
TARZX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | −3.92% |
| 1 year | +1.36% |
| 3 years (annualised) | +10.25% |
| 5 years (annualised) | +3.72% |
TARZX Annual Returns
Calendar-year total returns of Third Avenue Real Estate Value Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | −3.92% |
| 2025 | +11.69% |
| 2024 | +14.47% |
| 2023 | +23.39% |
| 2022 | −26.47% |
| 2021 | +30.63% |
| 2020 | −8.13% |
| 2019 (Aug–Dec) | +10.02% |
TARZX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +1.1% | +1.0% | −11.8% | +5.4% | −0.9% | +1.6% | +0.7% | — | — | — | — | — |
| 2025 | +4.2% | −1.5% | −3.0% | −0.7% | +4.2% | +3.3% | −0.5% | +6.9% | +0.4% | −1.3% | +2.1% | −2.4% |
| 2024 | −2.0% | +2.2% | +2.7% | −7.1% | +5.8% | −2.6% | +9.6% | +1.2% | +4.3% | −3.5% | +9.8% | −5.2% |
| 2023 | +9.7% | −5.1% | −2.0% | +2.6% | −4.2% | +7.8% | +4.5% | −3.8% | −6.0% | −5.6% | +11.8% | +14.4% |
| 2022 | −6.9% | −2.2% | +1.8% | −3.5% | −3.2% | −9.4% | +8.4% | −7.0% | −12.1% | +3.9% | +5.3% | −3.2% |
| 2021 | −0.5% | +4.9% | +6.1% | +4.2% | +4.5% | −2.4% | +3.0% | +1.0% | −4.5% | +6.8% | −2.0% | +6.6% |
| 2020 | +0.4% | −6.4% | −24.2% | +10.5% | −2.4% | +2.8% | +3.1% | +4.3% | −4.0% | −4.2% | +15.5% | +2.0% |
| 2019 | — | — | — | — | — | — | — | −2.6% | +5.0% | +3.6% | +0.5% | +3.1% |
TARZX Risk
Risk measures from monthly returns over Aug 2023 – Jul 2026.
- 3-year volatility (annualised): 18.91%
- 3-year Sharpe ratio: 0.30 (vs 4.5% risk-free rate)
- Best month: +14.39% (Dec 2023)
- Worst month: −11.81% (Mar 2026)
TARZX Fund Flows
Monthly money in and out of Third Avenue Real Estate Value Fund, from SEC Form N-PORT.
- 12-month net flow: −$25.0M
- 12-month gross sales (incl. reinvestments): $110.1M
- Sales ÷ redemptions: 0.82×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $5.2M | $5.9M | −$715K |
| Jun 2026 | $5.2M | $9.3M | −$4.2M |
| May 2026 | $4.5M | $5.4M | −$904K |
| Apr 2026 | $8.2M | $9.6M | −$1.4M |
| Mar 2026 | $13.9M | $46.3M | −$32.5M |
| Feb 2026 | $3.7M | $5.1M | −$1.3M |
| Jan 2026 | $6.3M | $6.0M | $307K |
| Dec 2025 | $26.6M | $13.4M | $13.3M |
| Nov 2025 | $4.7M | $6.1M | −$1.4M |
| Oct 2025 | $16.7M | $9.1M | $7.6M |
| Sep 2025 | $9.8M | $12.4M | −$2.6M |
| Aug 2025 | $5.1M | $6.4M | −$1.2M |
TARZX Assets Under Management
Net assets of Third Avenue Real Estate Value Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $303.87M |
| 2026-04-30 | $305.73M |
| 2026-01-30 | $363.08M |
| 2025-10-31 | $367.92M |
| 2025-07-31 | $344.22M |
| 2025-04-30 | $299.64M |
| 2025-01-31 | $324.42M |
| 2024-10-31 | $309.99M |
| 2024-07-31 | $313.52M |
| 2024-04-30 | $284.25M |
| 2024-01-31 | $299.02M |
| 2023-10-31 | $255.87M |
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.