Third Avenue Management, an investment management company based in New York City, released its “Real Estate Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the first half of 2023, the fund returned +8.13% (after fees) versus +1.57% (before fees) for the Fund’s most relevant benchmark, the FTSE EPRA NAREIT Developed Index. 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 second quarter 2023 investor letter. Headquartered in Chicago, Illinois, Jones Lang LaSalle Incorporated (NYSE:JLL) is a professional services company that provides real estate and investment management services. On July 28, 2023, Jones Lang LaSalle Incorporated (NYSE:JLL) stock closed at $165.71 per share. One-month return of Jones Lang LaSalle Incorporated (NYSE:JLL) was 6.59%, and its shares lost 12.34% of their value over the last 52 weeks. Jones Lang LaSalle Incorporated (NYSE:JLL) has a market capitalization of $7.915 billion.
Third Avenue Real Estate Value Fund made the following comment about Jones Lang LaSalle Incorporated (NYSE:JLL) in its second quarter 2023 investor letter:
“The Fund also increased its position in the common stock of Jones Lang LaSalle Incorporated (NYSE:JLL) during the quarter. As outlined in greater detail within the previous shareholder letter, JLL is a U.S.- based Real Estate Services firm with leading positions in leasing, capital markets, property management, investment management, and “prop tech” services throughout a nearly unrivaled global network (the company has a presence in more than 80 countries across five continents).
While not widely held in other Real Estate funds, Real Estate Services firms have been a critical component of the commercial property markets for centuries, essentially acting as a “toll booth” on activity by advising property owners and occupiers on leasing, financing, and investment sales transactions. However, the traditional Real Estate Services model (centered on cyclical leasing and sales activities) now largely incorporates segments with significant recurring revenues and more defensive characteristics—including in JLL’s case: (i) a facilities management business with approximately 3.0 billion square feet of properties under management, (ii) an investment management business with more than $80 billion of asset under management, (iii) a loan servicing portfolio of more than $130 billion, and (iv) the leading debt advisory business globally…” (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 which was 26 in the previous quarter.
We discussed Jones Lang LaSalle Incorporated (NYSE:JLL) in another article and shared Baron Real Estate Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
