Third Avenue Management, an investment management company based in New York City, released its “Real Estate Value Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. The fund generated a -11.44% return net of fees in the third quarter compared to a -11.39% (before expenses) return for the FTSE EPRA NAREIT Developed Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Third Avenue Management discussed stocks like Lennar Corporation (NYSE:LEN) in the Q3 2022 investor letter. Based in Miami, Florida, Lennar Corporation (NYSE:LEN) is a home builder. On October 19, 2022, Lennar Corporation (NYSE:LEN) stock closed at $72.29 per share. One-month return of Lennar Corporation (NYSE:LEN) was -4.78% and its shares lost 29.28% of their value over the last 52 weeks. Lennar Corporation (NYSE:LEN) has a market capitalization of $20.528 billion.
Here is what Third Avenue Management specifically said about Lennar Corporation (NYSE:LEN) in its Q3 2022 investor letter:
“Lennar Corporation (NYSE:LEN) (6.6% of Fund Assets), that is projected to spin-off its ancillary businesses into a separately-listed company during the fourth quarter. The recently formed entity is expected to operate under the name Quarterra Group and focus on the development, ownership, and management of multi-family, single-family rental, and land development strategies on the behalf of institutional partners. Following the separation, Lennar will be a “pureplay” homebuilder with a near “net-cash” position and listed B-shares that continue to trade at nearly a 20% discount to the A-shares despite equal economics.”
Photo by Breno Assis on Unsplash
Lennar Corporation (NYSE:LEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held Lennar Corporation (NYSE:LEN) at the end of the second quarter which was 50 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 12 Best Fortune 500 Stocks To Invest In
- 10 Best Cheap Pharma Stocks To Buy
- 10 Best Food Stocks To Invest In
Disclosure: None. This article is originally published at Insider Monkey.