Third Avenue Small-Cap Value Fund (TASCX): TDW, BATRA, HBB, UMBF: Stock Picks Amid Deteriorating Small-Cap Indices
Date: July 5, 2023
Third Avenue Small-Cap Value PM, Vic Cunningham, discusses the extreme bifurcation of valuations in large-caps vs small-caps and the potential for future outsized returns for small-cap value stocks in an interview with Caroline Woods of the TD Ameritrade Network.
Key takeaways:
0:20 Overall the market has performed well over the first half of the year, can this continue?
1:45 What will be the drivers of small-cap returns going forward?
4:02 Investment thesis for Tidewater (TDW)
5:36 Investment thesis for Liberty Braves (BATRA)
7:20 Investment thesis for both Hamilton Beach Brands (HBB) and UMB Financial (UMBF).
Past performance is no guarantee of future results; returns include reinvestment of all distributions. The above represents past performance and current performance may be lower or higher than performance quoted above. Investment return and principal value fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Click here for standardized performance.
Click here for holdings info. Holdings are subject to change and are not a recommendation to buy or sell any security.
FUND RISKS: Please be aware that small-cap investments are subject to higher volatility and lower financial resources than large-cap investments. The markets for these securities are also less liquid than those for larger companies. For a full disclosure of principal investment risks, please refer to the Fund’s Prospectus.
Third Avenue Funds are distributed by Foreside Fund Services, LLC.
The Russell 2000® Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 7% of the total market capitalization of that index, as of the most recent reconstitution. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.