Third Avenue Management, an investment management company based in New York City, released its “Real Estate Value Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The fund generated a +5.87% return net of fees in the fourth quarter compared to a +7.11% (before fees) return for the FTSE EPRA NAREIT Developed Index, the fund’s most relevant benchmark. Leading US-based homebuilders and UK-centric real estate enterprises were the primary contributors to the fund’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Third Avenue Management highlighted stocks like U-Haul Holding Company (NYSE:UHAL) in the Q4 2022 investor letter. Amerco changed its name to U-Haul Holding Company effective December 19, 2022. Headquartered in Reno, Nevada, U-Haul Holding Company (NYSE:UHAL) is a moving and storage operator. On January 20, 2023, U-Haul Holding Company (NYSE:UHAL) stock closed at $65.79 per share. One-month return of U-Haul Holding Company (NYSE:UHAL) was 10.53%, and its shares gained 5.60% of their value over the last 52 weeks. U-Haul Holding Company (NYSE:UHAL) has a market capitalization of $12.9 billion.
Third Avenue Management made the following comment about U-Haul Holding Company (NYSE:UHAL) in its Q4 2022 investor letter:
“Held in the Fund since 2017, U-Haul Holding Company (NYSE:UHAL) is a US-based holding company that controls U-Haul International, as well as significant real estate through AMERCO Real Estate Company and various insurance businesses including RepWest (Property and Casualty) and Oxford (Life Insurance). Through these subsidiaries, AMERCO is essentially (i) the leading provider of “Do-It-Yourself” moving solutions in North America with a fleet of 186,000 trucks, 128,000 trailers, and 46,000 towing devices and (ii) the fourth largest owner of self-storage facilities in the US with more than 53 million square feet of owned space as of September 30, 2022.
In Fund Management’s view, AMERCO is the most recognizable company in the US that doesn’t seem to be very much recognized by market participants. Put otherwise, the company’s U-Haul business is undoubtedly synonymous with selfmoving, but the company doesn’t have any traditional “sellside” coverage and anecdotally, most real estate securities professionals don’t pay much attention to the company (despite its importance in the industry) since it’s not structured as a Real Estate Investment Trust (“REIT”). For that reason, AMERCO’s transition from “good to great” in recent years has seemingly gone unnoticed…” (Click here to read the full text)
U-Haul Holding Company (NYSE:UHAL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held U-Haul Holding Company (NYSE:UHAL) at the end of the third quarter which was 20 in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
