Third Avenue Value Fund
Matthew Fine, CFA
Portfolio Manager
Inception
November 1990
Opportunistic. Eclectic. Go Anywhere.
Our strategy seeks long term capital appreciation by investing opportunistically across a global universe of sectors, geographies and security types to build a differentiated portfolio of contrarian and special-situation opportunities. The fund’s investments are generally characterized by what we believe are strong financial positions, valuation supported by tangible assets and market prices substantially below our estimate of intrinsic business value.
The Value strategy’s flexible mandate takes a global, all-cap equities approach and allows for opportunistic investments in credit securities across the capital structure. Opportunities are evaluated with sharp focus on financial strength, ability to compound NAV, and priced at a significant discount to our conservative estimate of NAV.
Share Classes Available (Tickers)
INSTITUTIONAL (TAVFX) | INVESTOR (TVFVX) | Z CLASS (TAVZX)
Active Management,
High Active Share
99%
Active Share vs. MSCI World Index1
30
Total Equity Holdings
as of September 30, 2023
as of September 30, 2023
Hypothetical Investment made in the Institutional Share Class as of October 31, 1990 (Fund Inception Date November 1, 1990). Performance is shown for the Third Avenue Value Fund (Institutional Class). Past performance is no guarantee of future results; returns include reinvestment of all distributions. The chart 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. For the most recent month-end performance, please visit the Fund’s website at www.thirdave.com. Please click here for the Fund’s standardized performance.
Top 10 Holdings
| TAVFX | |
| Warrior Met Coal, Inc | 8.0% |
| Tidewater, Inc. | 5.5% |
| Capstone Copper Corp. | 4.5% |
| Bayerische Motoren Werke AG | 4.0% |
| Bank of Ireland Group PLC | 3.9% |
| Valaris, Ltd. | 3.9% |
| Ultrapar Participacoes S.A. | 3.6% |
| Subsea 7, S.A. | 3.5% |
| Deutsche Bank AG | 3.4% |
| easyJet PLC | 3.3% |
| Total | 43.6% |
as of September 30, 2023
Top 5 Countries
| TAVFX | |
| United States | 25.7% |
| Germany | 9.6% |
| Canada | 8.6% |
| Japan | 6.2% |
| United Kingdom | 6.1% |
| Total | 56.2% |
as of September 30, 2023
Third Avenue Funds are distributed by Foreside Fund Services, LLC. Investors should consider the investment objectives, risks, charges and expenses carefully before investing. Third Avenue Funds are offered by prospectus only. The prospectuses and summary prospectuses are available on this website or by calling (800) 443-1021. Read the prospectus or summary prospectus carefully before investing.
FUND RISKS: Risks that could negatively impact returns include: fluctuations in currencies versus the US dollar, political/social/economic instability in foreign countries where the Fund invests, lack of diversification, and adverse general market conditions. For a full disclosure of principal investment risks, please refer to the Fund’s Prospectus.
1 Active Share is the percentage of a fund’s portfolio that differs from the benchmark index. The MSCI World Index is an unmanaged, free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 of the world’s most developed markets.
Indices are not securities that can be purchased or sold, and their total returns are reflective of unmanaged portfolios. The returns include reinvestment of interest, capital gains and dividends.