Value Investor Insight November 2022 Issue

Date: November 2022

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Matthew Fine, CFA, Portfolio Manager of the Third Avenue Value Fund sees fertile ground for bottom-up stock picking in the UK.

Key takeaways include:

• Negativity in the United Kingdom and wide gaps in share price and estimated intrinsic value have created bottom-up investment opportunities for the Third Avenue Value Fund
• Portfolio exposure to the UK has grown from zero at the beginning of 2022 to above 10% at the time of this interview
• New investments in the UK include Ashmore Group, S4 Capital and easyJet

P/E TTM: The price-to-earnings (P/E) ratio is the ratio for valuing a company that measures its current share price relative to its per-share earnings over the trailing twelve-months.

Dividend Yield: The dividend yield, expressed as a percentage, is a financial ratio (dividend/price) that shows how much a company pays out in dividends each year relative to its stock price.

Enterprise Value to forward EBITDA: EV/EBITDA is a ratio that compares a company’s Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA). The EV/EBITDA ratio is commonly used as a valuation metric to compare the relative value of different businesses.

S&P 500 Index – The S&P 500 Index, or Standard & Poor’s 500 Index, is a market-capitalization weighted index of 500 leading publicly traded companies in the U.S.

Please see Top Ten Holdings here.