June 8, 2005 — The Third Avenue Real Estate Value Fund (TAREX) and the Third Avenue International Value Fund (TAVIX) will close to new investors on June 30.
The action is aimed at keeping the funds' assets from increasing to the point where they could hurt performance or the way the portfolios are managed.
The $2.7-billion Real Estate Value fund and the $1.3-billion International Value fund "have experienced tremendous cash inflows," David Barse, president and chief executive officer of Third Avenue Management LLC, which runs the funds, said in a statement. Barse added that the firm wants to "responsibly control the growth of both funds."
