Third Avenue Small-Cap Value Fund (TASCX): Small Caps Are Having A Large Market Impact

Oct 27, 2022 | Investment Strategy News, News

Date: October 6, 2022

 

WATCH THE VIDEO HERE

Victor Cunningham, CFA discusses his balance sheet first approach which has protected shareholder capital in these turbulent markets in an interview by Nicole Petallides of TD Ameritrade Network. Key takeaways:

0:15 What’s driving small caps? Speculative activity due to excess liquidity in 2021/2022 period and how our conservative positioning, long-term outlook and focus on well financed companies has paid dividends this year.

1:22 Investment thesis on Tidewater, service provider to oil & gas industry.

2:30 Era of easy money coming to close which should benefit select small-caps.

3:40 Concentration and knowing what you own is vital

4:38 Investment thesis on Washington Mutual and Hamilton Beach Brands

5:50 Outlook for small caps and our fundamental value approach

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.

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® Value Index measures the performance of small-cap value segment of the US equity universe. It includes those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000® Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics.

For standardized performance, top 10 holdings and important disclosures please click here.