OCTOBER 13, 2015
A Patient Value Manager Shares His Top 7 Picks
Third Avenue’s Chip Rewey, speaks to Barron’s on how the Third Avenue Small-Cap Value Fund is differentiated from other small-cap benchmarks, including the Russell 2000, and the value theses on SemGroup (SEMG), World Fuel Services (INT), Noble Energy (NBL), EP Energy (EPE), SPX Flow (FLOW), DSW Inc. (DSW), and Visteon Corp (VC) READ THE ARTICLE (Barron’s Registration Required)
“In reality, we are underweight what I would call true energy, with just two Energy & Exploration names–Noble Energy (NBL) and EP Energy (EPE)…We’re comfortable with that weighting with our risk and return situations on our two energy names in that they have the ability to compound book value going forward.” – Chip Rewey, Barron’s (October 13, 2015
Important Information Certain information contained in this material constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe,” or the negatives thereof (such as “may not,” “should not,” “are not expected to,” etc.) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of any fund sponsored by Third Avenue Management LLC (each, a “Fund”) or other account may differ materially from those reflected or contemplated in any such forward-looking statement. Past performance is no guarantee of future results; returns include reinvestment of all distributions. Risks that could negatively impact returns include: fluctuations in currencies versus the US dollar, political/social/economic instability in foreign countries where Fund invests, lack of diversification, volatility associated with investing in small-cap securities, and adverse general market conditions. Prospectuses contain more complete information on management fees, distribution charges, and other expenses. Please read the Prospectus carefully before investing or sending money. For current Fund performance or a copy of the Prospectus please visit our website: www.thirdave.com or call 800-443-1021. M.J. Whitman LLC, Distributor. Member FINRA/ SIPC. Third Avenue Funds are offered by prospectus only. The prospectus contains important information, including investment objectives, risks, advisory fees and expenses.
The Russell 2000 Value Index is an unmanaged, market-weighted index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index, with lower price-to-book ratios and lower forecasted growth values; the returns include reinvestment of dividends.
As of September 30, 2015, the 1 year return for the Third Avenue Small-Cap Value Fund (TASCX) was -0.70%; the 5 Year Annualized Return was 9.84%; and the 10 Year Annualized Return was 4.39%