Third Avenue Funds

Real Estate

Michael Winer
Lead Portfolio Manager

Mr. Winer has managed the Third Avenue Real Estate Value Fund since its inception in 1998. He is also the co-portfolio manager of the Third Avenue Real Estate Opportunities Fund LP and manages separate accounts for institutional investors.

As a real estate securities analyst for Third Avenue in the mid-1990s, Mr. Winer convinced his colleagues that real estate should be (and in fact always had been) an essential part of the firm's value investing arsenal.  This led to Third Avenue establishing its first sector fund -- a new concept for a firm whose generalist approach runs deep.  Since then, Mr. Winer has played crucial roles in several unique, landmark Third Avenue investments, including the firm's participation in reorganizing Kmart (which was in Chapter 11 bankruptcy), where Mr. Winer determined that Kmart's real estate assets provided a substantial margin of safety for Kmart's stakeholders.

Prior to joining Third Avenue in 1994, Mr. Winer was Vice President of the Asset Sales Group for Cantor Fitzgerald, L.P. where he was responsible for evaluating and underwriting portfolios of distressed real estate loans.  He had previously been First Vice President of Society for Savings, a Connecticut savings bank, and Director of Asset Management for Pioneer Mortgage, a financial institution, where he directed the workout, collection and liquidation of distressed real estate loan and asset portfolios.

Earlier in his career, Mr. Winer was the Co-Founder and Chief Financial Officer of Winer-Greenwald Development, Inc., a California-based real estate development firm that specialized in the development, construction, ownership and management of commercial properties.  Mr. Winer previously held executive positions at Pacific Scene, Inc., and The Hahn Company, both California-based real estate development firms.  Mr. Winer began his career in public accounting with Deloitte & Touche (formerly Touche Ross & Co.) where he specialized in real estate development companies.

Mr. Winer holds a B.S. in Accounting from San Diego State University. He is a member of the Board of Directors of Tejon Ranch Co., a public company that owns the largest continuous expanse of private land in California, and Newhall Holding Company, a privately-held land development company.

Jason Wolf, CFA
Lead Portfolio Manager

Mr. Wolf has worked closely with Michael Winer on the Third Avenue Real Estate Value Fund since 2004, where he serves as a Lead Portfolio Manager. He is also a portfolio manager for the Third Avenue Real Estate Value Fund UCITS and the Third Avenue Real Estate Opportunities Fund LP.

Mr. Wolf initiated Third Avenue’s foreign real estate coverage. He has since led the firm into Asia, Europe and other markets globally.  Among other investments, he is responsible for identifying Third Avenue's Hong Kong real estate holdings, which comprise a material portion of the firm's investments.

Previously, Mr. Wolf analyzed U.S. real estate equity securities for European Investors and U.S. debt securities with Moody’s Investor Service.  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 where he was a decorated wide receiver on the football team and named an Academic All-American in 1993. He is a member of the New York Society of Security Analysts.

Ryan Dobratz, CFA
Portfolio Manager

Mr. Dobratz is a portfolio manager for Third Avenue Real Estate Value Fund. He analyzes global real estate investments including equities, performing debt, restructurings and special situations. He is also Co-Portfolio Manager of the Third Avenue Real Estate Value Fund UCITS and the Manulife Global Real Estate Fund.

Prior to joining Third Avenue in 2006, Mr. Dobratz was a research analyst at Morningstar where he was the primary analyst on several North American Real Estate Investment Trusts, real estate holding companies and homebuilders, including some companies that had been long held in Third Avenue portfolios. This led him to embrace Third Avenue's differentiated approach to investing in real estate securities and, ultimately, seek a job at the firm.

At Third Avenue Mr. Dobratz has been involved with identifying and overseeing investments in real estate operating companies, REITs, and real estate related companies (e.g., homebuilders, timberlands, retailers, etc.) in North America, Europe, Asia, and Australia. In particular, he has been involved with Third Avenue's performing debt investments in 2008, recapitalization efforts in 2009, European related investments in 2010, and strategic residential initiatives in 2011. Mr. Dobratz has also played a role in the Firm's real estate related restructuring activities, which have included investments in one of the largest commercial real estate bankruptcies in U.S. history and the reorganization of one of the leading land development companies in North America.

Mr. Dobratz holds an M.B.A. with distinction and a B.S. with honors in Business Administration from the University of Missouri. He has also studied at the Imperial College of Science & Technology in London, England and is a member of the New York Society of Security Analysts and the New York Private Equity Network Real Estate Group.

Larry Hedden, CFA
Research Analyst

In 2012, Mr. Hedden joined Third Avenue from Keefe Bruyette & Woods where most recently he was an Equity Research Analyst covering the asset management industry, with a focus on small caps. Prior to KBW, Mr. Hedden was an analyst at Timeless Investment Management & Research, LLC where he focused on small cap companies appropriate for concentrated value portfolios. In this role, he became an avid follower of Third Avenue Management's investment approach.

Mr. Hedden holds a B.A. in Economics from Dartmouth College where he also played two seasons as a linebacker. Mr. Hedden is a member of the New York Society of Security Analysts.