The 2024 Award Recognizes the Fund for Consistently Strong Risk-Adjusted Performance Relative to its Peers in the U.K., France, Switzerland, and Europe Region

The Awards Mark the Team’s Sixth Year Receiving a Lipper Award in the Global Real Estate Category

Third Avenue Management LLC (“the Firm” or “Third Avenue”) announced today that the Third Avenue Real Estate Value UCITS Class A1 Shares¹ (“the Real Estate Value Fund”) was named the Best Global Real Estate Fund Over Three Years at the 2024 LSEG Lipper Funds Awards in Europe, the U.K., Switzerland, and France.

The Lipper Fund Awards have been synonymous with strong risk-adjusted performance for more than three decades, and these awards were presented for the Real Estate Value Fund performance over the three-year period ended December 31, 2023² marking the sixth year the Third Avenue Real Estate team has been recognized by LSEG Lipper for excelling relative to its peers³.

“We are honored to be recognized by LSEG Lipper for providing the shareholders of the Third Avenue Real Estate Value UCITS Fund with sector-leading results,” said Ryan Dobratz, Co-Portfolio Manager of the Fund. “Receiving a Lipper Award for the sixth time is also a testament to the durability of Third Avenue’s distinctive real estate strategy and the robust process the team has developed over the past two decades.”

“The Real Estate Value Fund’s long-term results reflect Third Avenue’s unique approach to listed real estate investing,” added Jason Wolf, Co-Portfolio Manager of the Fund. “As we’ve done since 1998, we will continue to identify and invest in well-capitalized and well-managed companies that we believe trade at a discount to our estimate of net-asset value—irrespective of whether they are included in a benchmark. We believe this is the key to generating superior long-term results.”

Robert Jenkins, Global Head of Research, Investment & Wealth at LSEG Lipper noted, “We applaud the 2024 LSEG Lipper Fund Award winners such as Third Avenue Management for delivering outperformance and the accompanying comfort of consistency to investors’ portfolios through a cross-current of global market disruptions.”

The LSEG Lipper Fund Awards were presented for the Europe Region on March 6, 2024, for Switzerland on March 26, 2024, for France on April 19, 2024, and for the U.K. on April 24, 2024.

Fund Awards:

• LSEG Lipper Fund Awards Europe 2024 Winner, Third Avenue Real Estate Value UCITS (A1), Best Global Real Estate Fund Over Three Years.
• LSEG Lipper Fund Awards Switzerland 2024 Winner, Third Avenue Real Estate Value UCITS (A1), Best Global Real Estate Fund Over Three Years.
• LSEG Lipper Fund Awards France 2024 Winner, Third Avenue Real Estate Value UCITS (A1), Best Global Real Estate Fund Over Three Years.
• LSEG Lipper Fund Awards United Kingdom 2024 Winner, Third Avenue Real Estate Value UCITS (A1), Best Global Real Estate Fund Over Three Years.

About LSEG Lipper Fund Awards

For more than 30 years and in over 17 countries worldwide, the highly-respected LSEG Lipper Awards have honored funds and fund management firms that have excelled in providing consistently strong risk-adjusted performance relative to their peers and focus the investment world on top-funds. The merit of the winners is based on entirely objective, quantitative criteria. This coupled with the unmatched depth of fund data, results in a unique level of prestige and ensures the award has lasting value. Renowned fund data and proprietary methodology is the foundation of this prestigious award qualification, recognizing excellence in fund management.

Find out more at www.lipperfundawards.com.

¹ - Refers to the Third Avenue Real Estate Value Class A1 (USD Retail Accumulation) Shares (ISIN: IE00B57HGY48), a share class of the Third Avenue Real Estate Value UCITS, a sub-fund of Gemcap Investment Funds (Ireland) plc (“Gemcap Funds”) and is not available to U.S.-based investors. Gemcap Funds provides UCITS Funds for non-U.S. based investors and does not offer any products or services to U.S.-based investors. Third Avenue Management acts as the Investment Manager to the Third Avenue Real Estate Value Fund on the GemCap Investment Funds platform.

² - The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. The 2024 LSEG Lipper Fund Awards for the Best Global Real Estate Fund Over Three Years were upon based on a review of 41, 30, 34, and 41 qualified shares classes that were eligible in Europe, Switzerland, France, and the United Kingdom, respectively.

³ - For past LSEG Lipper Fund Awards results, please visit: https://www.lipperfundawards.com/

About Third Avenue Management

Third Avenue Management is a New York City-based investment adviser founded in 1986 by legendary value investor Martin J. Whitman. For more than 35 years, the Firm has consistently pursued a value approach to investing by focusing on the company’s balance sheet, the value of its underlying assets, the discounted price of its securities, and the ability of the enterprise to increase its corporate net worth over time. Today, the Firm is partnered with AMG (NYSE: AMG) and has $1.5 billion in assets under management across its five core strategies – Global Value, U.S. Small-Cap Value, Real Estate Value, International Real Estate, and International Value – which are available to investors through Mutual Funds, UCITS, Separate Accounts, and Sub-Advisory Arrangements.

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