Should You Invest in InvenTrust Properties Corp. (IVT)?
Third Avenue Management, an investment management company based in New York City, released its “Small-Cap Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund generated positive results in a challenging market environment in the third quarter. The fund returned 3.88% in Q3 compared to a 2.96% decline for the Russell 2000 Value Index. During the initial nine months of 2023, the fund returned 11.43% compared to a 0.53% drop for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Third Avenue Small-Cap Value Fund highlighted stocks like InvenTrust Properties Corp. (NYSE:IVT) in the third quarter 2023 investor letter. InvenTrust Properties Corp. (NYSE:IVT) owns, manages, acquires, and develops multi-tenant retail platforms. On October 25, 2023, InvenTrust Properties Corp. (NYSE:IVT) stock closed at $24.21 per share. One-month return of InvenTrust Properties Corp. (NYSE:IVT) was 1.64%, and its shares lost 0.12% of their value over the last 52 weeks. InvenTrust Properties Corp. (NYSE:IVT) has a market capitalization of $1.635 billion.
Third Avenue Small-Cap Value Fund made the following comment about InvenTrust Properties Corp. (NYSE:IVT) in its Q3 2023 investor letter:
"On the right-hand side of the chart are the shock absorbers. Most of these companies are compounders and tend to have predictable end markets, or assets that we are confident will hold value in varied economic environments. Admittedly, real estate is an odd fit in the shock absorber classification given the current chaos occurring in the sector. On the other hand, if you dig deeper into the Fund’s real estate investments, you will learn the companies own assets in geographies where supply is lagging demand and end-market dynamics are favorable and predictable. For example, retail REIT, InvenTrust Properties Corp. (NYSE:IVT) is included in this bucket. Its asset portfolio is heavily skewed towards supermarkets in fast-growing Southeastern U.S. markets. InvenTrust earns the shock absorber label, given its potential to generate predictable cash flows. In this bucket, the risks are more predictable, thus the securities should not be as volatile."
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InvenTrust Properties Corp. (NYSE:IVT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held InvenTrust Properties Corp. (NYSE:IVT) at the end of second quarter which was 11 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.
