Third Avenue Small-Cap Value Whitepaper: April 2023

April 2023

To view the full article and additional important information click here

Key Takeaways include:

• Risk premiums between small-caps and large-caps have diverged over the past 5 years
• The 4% plus risk premium embedded in small-cap indices has been an attractive entry point over the last 15 years
• Current risk premiums favor investing in small-caps versus large-caps
• • Third Avenue Small-Cap Value Fund is even more appealing with embedded risk premiums exceeding both small and large-cap indices

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.

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