Morningstar Fund Report  | 13/04/2025Print

GemCap Investment Funds (Ireland) plc - Third Avenue Real Estate Value Fund A1 USD Acc

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
GemCap Investment Funds (Ireland) plc - Third Avenue Real Estate Value Fund A1 USD Acc
Fund30.7-18.314.715.1-3.6
+/-Cat5.0-0.69.714.2-2.2
+/-B’mrk6.6-3.311.811.6-3.5
 
Category: Property - Indirect Global
Category Benchmark: Morningstar Gbl Real Est TM...
Key Stats
NAV
10/04/2025		 USD 64.57
Day Change -2.91%
Morningstar Category™ Property - Indirect Global
ISIN IE00B57HGY48
Fund Size (Mil)
10/04/2025		 USD 19.57
Share Class Size (Mil)
24/03/2025		 USD 0.82
Max Initial Charge 5.00%
Ongoing Charge
21/02/2023		  1.61%
Investment Objective: GemCap Investment Funds (Ireland) plc - Third Avenue Real Estate Value Fund A1 USD Acc
The investment objective of the Fund is to achieve long-term capital appreciation, primarily through investment in equities. There can be no assurance that the Fund will achieve its investment objective. The Fund seeks to achieve its objective by investing its assets primarily in securities of real estate and real estate-related companies, or in companies which own significant real estate assets at the time of investment or in real estate investment trusts ("real estate companies"). These securities will primarily be equity securities (which may include both common and preferred stocks, and convertible securities) of well-financed real estate companies (meaning companies believed to be without significant liabilities in comparison to their liquid resources).
Returns
Trailing Returns (GBP)10/04/2025
YTD-11.77
3 Years Annualised-0.46
5 Years Annualised5.60
10 Years Annualised3.01
12 Month Yield 0.00
Management
Manager Name
Start Date
Jason Wolf
31/03/2009
Inception Date
31/03/2009

Category Benchmark
Fund BenchmarkMorningstar Benchmark
FTSE EPRA Nareit Developed NR USDMorningstar Gbl Real Est TME NR USD
Portfolio Profile for  GemCap Investment Funds (Ireland) plc - Third Avenue Real Estate Value Fund A1 USD Acc31/03/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock84.040.0084.04
Bond0.000.000.00
Property0.000.000.00
Cash4.951.613.34
Other12.620.0012.61
Top 5 Regions%
United States60.07
United Kingdom19.00
Canada8.72
Asia - Developed5.72
Australasia4.46
Top 5 Sectors%
Real Estate65.17
Consumer Cyclical17.42
Financial Services11.32
Industrials6.08
Top 5 HoldingsSector%
Federal Home Loan Mortgage Corp ... 6.75
CBRE Group Inc Class AReal EstateReal Estate6.47
Federal National Mortgage Associ... 5.87
Brookfield Corp Registered Shs -... Financial ServicesFinancial Services5.54
Five Point Holdings LLC AReal EstateReal Estate5.08
Increase Decrease New since last portfolio
GemCap Investment Funds (Ireland) plc - Third Avenue Real Estate Value Fund A1 USD Acc
Growth Of 1000 (GBP) 31/03/2025
Fund:  GemCap Investment Funds (Ireland) plc - Third Avenue Real Estate Value Fund A1 USD Acc
Category:  Property - Indirect Global
Category Index:  Morningstar Gbl Real Est TME NR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-14.9714.99-11.4430.73-18.2814.6815.08-3.61
+/- Category-12.78-2.04-2.615.02-0.569.7414.22-2.17
+/- Category Index-12.63-1.35-3.776.60-3.3011.7811.56-3.52
% Rank in Category99736516641296
Trailing Returns (GBP)10/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-2.91   -1.82-3.21
1 Week-3.89   0.11-2.57
1 Month-7.43   -0.57-2.05
3 Months-10.81   -2.25-5.53
6 Months-5.46   6.003.22
YTD-11.77   -3.45-5.44
1 Year1.87   5.981.79
3 Years Annualised-0.46   6.754.23
5 Years Annualised5.60   3.663.93
10 Years Annualised3.01   0.730.09
 
Category: Property - Indirect Global
Category Index: Morningstar Gbl Real Est TME NR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-3.61---
20243.64-4.699.246.64
2023-0.902.70-1.5314.43
2022-4.64-9.30-3.58-2.01
20219.775.781.9710.41
2020-23.7210.79-1.806.71
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearHighHigh5 star
5-YearHighHigh5 star
10-YearAbove AverageHigh3 star
OverallHighHigh4 star
 
Category :  Property - Indirect GlobalClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev17.81 %
3-Yr Mean Return4.48 %
 
3-Yr Sharpe Ratio0.02
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar Gbl Real Est TME NR USD  Morningstar Gbl SMID NR USD
3-Yr Beta1.041.14
3-Yr Alpha5.81-0.13
 
Investment Style Details31/03/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)USD 10984-
Market Capitalisation% of Equity
Giant8.72
Large10.79
Medium56.95
Small17.50
Micro6.04
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings12.840.52
Price/Book1.120.73
Price/Sales1.520.24
Price/Cash Flow9.880.64
Dividend-Yield Factor2.390.57
 
Long-Term Projected Earnings Growth9.462.03
Historical Earnings Growth-5.481.54
Sales Growth6.911.66
Cash-Flow Growth-6.28-63.87
Book-Value Growth5.246.46
 
Category: Property - Indirect Global
Asset Allocation31/03/2025
Asset Allocation
 % Long% Short% Net Assets
Stock84.040.0084.04
Bond0.000.000.00
Property0.000.000.00
Cash4.951.613.34
Other12.620.0012.61
World Regions31/03/2025
 % of EquityRelative to Category
United States60.070.90
Canada8.725.12
Latin America0.000.00
United Kingdom19.005.00
Eurozone2.020.32
Europe - ex Euro0.000.00
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan0.000.00
Australasia4.460.90
Asia - Developed5.721.17
Asia - Emerging0.000.00
 
Category: Property - Indirect Global
Sector Weightings31/03/2025
 % of EquityRelative to Category
Consumer CyclicalConsumer Cyclical17.42138.56
Financial ServicesFinancial Services11.32594.73
Real EstateReal Estate65.170.65
IndustrialsIndustrials6.08155.20
 
Category: Property - Indirect Global
Top 10 Holdings31/03/2025
 Portfolio NEW
Total Number of Equity Holdings30
Total Number of Bond Holdings0
Assets in Top 10 Holdings50.43
NameSectorCountry% of Assets
Federal Home Loan Mortgage Corp 8 3/8... United States6.75
CBRE Group Inc Class A104United States6.47
Federal National Mortgage Association... United States5.87
Brookfield Corp Registered Shs -A- Li... 103Canada5.54
Five Point Holdings LLC A104United States5.08
Lennar Corp Class B102United States4.35
Prologis Inc104United States4.26
Sun Communities Inc104United States4.09
Jones Lang LaSalle Inc104United States4.07
U-Haul Holding Co Ordinary Shares - S... 310United States3.94
 
Increase Decrease New since last portfolio
Category: Property - Indirect Global
 
Management
Name of CompanyThird Avenue Management LLC
Phone212-888-5222
Websitewww.thirdave.com
AddressThird Avenue Management LLC
 New York   10017
 United States
DomicileIreland
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date31/03/2009
Fund Advisor(s)
Third Avenue Management LLC
Fund ManagerJason Wolf
Manager Start Date31/03/2009
Career Start Year1994
Education
Southern Methodist University, B.B.A.
 
Biography
Jason Wolf, CFA, joined Third Avenue in 2004. Mr. Wolf also serves as a member of Third Avenue’s Management Committee. Previously, Mr. Wolf was an analyst of U.S. real estate equity securities for European Investors Inc. and U.S. debt securities with Moody’s. Before joining Moody’s he worked in direct real estate investment and management at Viceroy Investments and Trammel Crow Realty Advisors in Dallas. Mr. Wolf has a B.B.A. in Finance and Real Estate from Southern Methodist University. He is a CFA Charterholder and is a member of the New York Society of Security Analysts.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge5.00%
Max Exit Charge*2.00%
Annual Charges
Max Annual Management Charge1.60%
Ongoing Charge1.61%
Purchase Details
Minimum Investments
Initial1000  USD
Additional1000  USD
Savings-
Tax Free Savings Schemes
ISAsYes