Third Avenue Management, an investment management company based in New York City, released its “Real Estate Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the quarter the fund returned +1.99% (net fees) compared to +1.04% (before fees) for the Fund’s most relevant benchmark, the FTSE EPRA NAREIT Developed Index. Holdings in US-based homebuilders, UK-centric real estate, and Industrial and Logistics REITs were the leading contributors of the fund in the quarter while, investments in certain Real Estate Operating Companies and the Preferred Equity of Fannie Mae and Freddie Mac were detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Third Avenue Real Estate Value Fund highlighted stocks like Jones Lang LaSalle Incorporated (NYSE:JLL) in the first quarter 2023 investor letter. Headquartered in Chicago, Illinois, Jones Lang LaSalle Incorporated (NYSE:JLL) is a professional services company. On June 9, 2023, Jones Lang LaSalle Incorporated (NYSE:JLL) stock closed at $152.44 per share. One-month return of Jones Lang LaSalle Incorporated (NYSE:JLL) was 11.18%, and its shares lost 11.57% of their value over the last 52 weeks. Jones Lang LaSalle Incorporated (NYSE:JLL) has a market capitalization of $7.281 billion.
Third Avenue Real Estate Value Fund made the following comment about Jones Lang LaSalle Incorporated (NYSE:JLL) in its first quarter 2023 investor letter:
“Along those lines, the Fund initiated a position in the common stock of Jones Lang LaSalle Incorporated (NYSE:JLL) during the quarter. With ties back to the 1700’s, JLL was formed through the merger of Jones Lang (UK) and LaSalle (US) in 1999 and today is a full-service real estate services firm with leading positions in leasing, capital markets, property management, investment management, and “prop tech” services. The company also has a nearly unmatched global platform with a presence in more than 80 countries throughout North America, Europe, and Asia Pacific.
Having followed the company for the better part of 20 years, Fund Management can attest to the strength of JLL’s franchise, which was solidified further through the acquisition of HFF in 2020. That said, industry participants will likely point out that JLL tends to have a higher fixed-cost structure than competitors. In addition, the company has more exposure to office markets than its closest competitor (CBRE Group) with approximately one-quarter of its transactional revenues derived from the property type…” (Click here to read the full text)
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Jones Lang LaSalle Incorporated (NYSE:JLL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Jones Lang LaSalle Incorporated (NYSE:JLL) at the end of first quarter 2023 which was 26 in the previous quarter.
We discussed Jones Lang LaSalle Incorporated (NYSE:JLL) in another article and shared the list of best commercial real estate stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q1 2023 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.
