A Differentiated Approach to Value Investing

Third Avenue is a private investment firm rooted in our collective value-driven investment philosophy. Since our founding in 1986, we have consistently pursued a fundamental, bottom-up approach to deep value and distressed investing–we focus on the company’s balance sheet, the value of its underlying assets, and the discounted price of its securities.  Our distinct investment approach seeks what we believe are the best risk/reward opportunities across geographies, industries, market capitalizations and throughout the capital structure.

Long Tenured Management Team

Third Avenue’s Management Committee has full responsibility for the leadership of the Firm. The Management Committee has been in place since 2002 when Affiliated Managers Group (“AMG”) invested in Third Avenue. On average, the Management Committee has provided a decade of service to the Firm. Our refined management structure ensures that its leadership team is represented by senior members of each of our functional departments.

Vincent Dugan | Chief Financial Officer and Chief Operating Officer

Chief Financial Officer and Chief Operating Officer  |  Joined in 2004

Mr. Dugan is Chief Financial Officer, Chief Operating Officer and a member of Third Avenue’s Management and Risk Committees. As a member of Third Avenue’s Management Committee, Mr. Dugan assists in the management of the firm and contributes in defining and implementing the firm’s strategic goals.  Since joining Third Avenue in 2004, Mr. Dugan has been responsible for the oversight of all of Third Avenue’s finance and operations.

Previously, he was a partner auditing and advising clients in the financial services industry at Ernst & Young’s Financial Services Office and a partner with Arthur Andersen.

Mr. Dugan has a B.S. in Accounting from Rider University.

Matthew Fine, CFA | Lead Portfolio Manager, International

Lead Portfolio Manager, International | Joined in 2000
Mr. Fine is the Lead Portfolio Manager of Third Avenue International Value Fund s and a member of Third Avenue’s Management Committee. As member of Third Avenue’s Management Committee, Mr. Fine contributes in defining and implementing the firm’s strategic goals.

Mr. Fine joined Third Avenue in 2000 and began working with Third Avenue’s international team in an effort to identify investment opportunities in the wake of the Argentine crisis of 2001. Mr. Fine has extensive global investment experience across developed and developing markets throughout North America, Latin America, Europe and Asia.

Mr. Fine joined Third Avenue’s research and portfolio management team as a Research Associate, the first position typically held by Third Avenue’s internally developed talent. He became a Senior Research Analyst in 2008, a principal of the firm in 2009 and Lead Manager of the Third Avenue International Value Fund in 2014.

Mr. Fine holds a B.A. in Economics from Hamilton College. He is a CFA Charterholder, a member of the New York Society of Security Analysts and a member of the Board of Trustees of Suffield Academy.

W. James Hall | General Counsel & Secretary

General Counsel and Secretary  |  Joined in 2000
Mr. Hall is General Counsel and Secretary for both Third Avenue Management and M.J. Whitman and a member of Third Avenue’s Management and Risk Committees.

Since joining Third Avenue in 2000, Mr. Hall has been responsible for overseeing the legal and compliance departments. As member of Third Avenue’s Management Committee, Mr. Hall assists in the management of the firm and in defining and implementing the firm’s strategic goals.

Previously, Mr. Hall was an associate at the law firms of Paul, Weiss, Rifkind, Wharton & Garrison, Morgan, Lewis & Bockius, and Gibson, Dunn & Crutcher.

Mr. Hall received a J.D. from University of Pennsylvania School of Law. He received a B.S. in Biology and a B.S. in Aeronautical/Astronautical Engineering from Massachusetts Institute of Technology.

David Resnick | President & Chief Investment Officer

President, Chief Investment Officer  |  Joined in 2012
Mr. Resnick is President, Chief Investment Officer, and a member of Third Avenue’s Management Committee and Risk Committee.

Since joining Third Avenue in 2012, Mr. Resnick has worked very closely with the firm’s investment team on all process and organizational issues. As a member of Third Avenue’s Management Committee, Mr. Resnick assists in the management of the firm and in defining and implementing the firm’s strategic goals.

Prior to joining Third Avenue, Mr. Resnick served as Chairman of Global Financing Advisory at Rothschild Inc., a leading international investment banking firm specializing in mergers, acquisitions, restructurings and privatizations. At Rothschild, Mr. Resnick headed the firm’s global restructuring practice and previously was Co-Head of Investment Banking for North America. He has represented a diverse group of companies, secured and unsecured creditors and official committees on both in-and-out-of-court restructurings. Mr. Resnick has extensive experience advising companies on complex financial advisory assignments such as recapitalizations and spinoffs, as well as acquisitions of companies in bankruptcy.

Some of Mr. Resnick’s more notable restructuring transactions include advising American Airlines, the Board of AIG, Access Industries on the recapitalization of LyondellBasell, Delphi Corporation, Pacific Gas & Electric, The Walt Disney Company on the recapitalization of EuroDisney, JBS on its acquisition through bankruptcy of Pilgrim’s Pride, and the creditors of Eurotunnel.

Between 1996 and 2000, Mr. Resnick worked for Peter J. Solomon Company, where he founded and headed the restructuring group. Prior to that, Mr. Resnick worked for Lazard Frères & Co. and began his career in 1985 at the investment banking division of Merrill Lynch & Co., where he worked in the merchant banking/restructuring and mergers and acquisitions groups.

Mr. Resnick holds a Bachelor of Arts degree, with High Honors, from Wesleyan University, where he was elected to Phi Beta Kappa, and a M.B.A. and J.D. from The University of Chicago. He speaks regularly at conferences on corporate restructurings. In 2011, Mr. Resnick received the Harvey R. Miller Award for service to the restructuring industry. Mr. Resnick is a member of the Board of Directors of Wesleyan University, The Jewish Museum, Corporate Risk Holdings and Reichhold Inc.

Jason Wolf, CFA | Lead Portfolio Manager, Real Estate

Lead Portfolio Manager, Real Estate | Joined in 2004
Mr. Wolf is Co-Lead Portfolio Management of Third Avenue’s Real Estate strategies—the Third Avenue Real Estate Value Fund, the Third Avenue Real Estate Value Fund UCITS and the Third Avenue Real Estate Opportunities Fund L.P.—and a member of Third Avenue’s Management Committee.

Since joining Third Avenue in 2004, Mr. Wolf initiated Third Avenue’s foreign real estate coverage. He has since led the firm into Asia, Europe and other markets globally. As member of Third Avenue’s Management Committee and Risk Committee, he assists in defining and implementing the firm’s strategic goals.

Previously, Mr. Wolf analyzed U.S. real estate equity securities for European Investors and U.S. debt securities with Moody’s Investor Service. Before joining Moody’s he worked in direct real estate investment and management at Viceroy Investments and Trammel Crow Realty Advisors in Dallas.

Mr. Wolf has a B.B.A. in Finance and Real Estate from Southern Methodist University. He is a CFA Charterholder, a member of the New York Society of Security Analysts.

Team-Based Investment Approach

Our investment strategies leverage the collective expertise across investment teams. Our team approach enables us to generate and evaluate ideas from multiple perspectives and to efficiently identify the part of the asset class or capital structure that offers the most compelling risk/return opportunity.

Ryan Dobratz, CFA | Lead Portfolio Manager, Real Estate

Lead Portfolio Manager  | Joined in 2006
Third Avenue Real Estate Value Strategy 

Mr. Dobratz is a Co-Lead Portfolio Manager of the Third Avenue Real Estate Value Fund. He is also a Co-Lead Portfolio Manager of the Third Avenue Real Estate Value Fund UCITS, as well as sub-advised real estate portfolios. In this role he collaborates with the other Real Estate Portfolio Managers to oversee Third Avenue’s Real Estate strategy and the Firm’s investments in real estate equities, debt, restructurings, and other special situations.

Prior to joining Third Avenue in 2006, Mr. Dobratz was a research analyst at Morningstar where he was the primary analyst on several North American Real Estate Investment Trusts, real estate holding companies and homebuilders.

At Third Avenue, Mr. Dobratz has been involved with identifying and overseeing a wide range of value-oriented investments in real estate operating companies, real estate investment trusts (“REITs”), and real estate related companies in North America, Europe, Asia, and Australia. These investments have populated the Real Estate portfolios as well as funds managed in other strategies at Third Avenue. Mr. Dobratz has also played a role in the Firm’s real estate related restructuring activities, which have included investments in one of the largest commercial real estate bankruptcies in U.S. history, the reorganization of one of the leading land development companies in North America, and the repositioning of one of the largest office companies in continental Europe.

Mr. Dobratz holds an M.B.A. with distinction and a B.S. with honors in Business Administration from the University of Missouri. He is a CFA© charterholder, has studied at the Imperial College of Science & Technology in London, England, and is also a member of the New York Society of Security Analysts and the New York Private Equity Network Real Estate Group.

Matthew Fine, CFA | Lead Portfolio Manager, International

Lead Portfolio Manager  | Joined in 2000
Third Avenue International Value Strategy

Mr. Fine is the Lead Portfolio Manager of the Third Avenue International Value Fund and a member of Third Avenue’s Management Committee. As member of Third Avenue’s Management Committee, Mr. Fine contributes in defining and implementing the firm’s strategic goals.

Mr. Fine joined Third Avenue in 2000 and began working with Third Avenue’s international team in an effort to identify investment opportunities in the wake of the Argentine crisis of 2001. Mr. Fine has extensive global investment experience across developed and developing markets throughout North America, Latin America, Europe and Asia.

Mr. Fine joined Third Avenue’s research and portfolio management team as a Research Associate, the first position typically held by Third Avenue’s internally developed talent. He became a Senior Research Analyst in 2008, a principal of the firm in 2009 and Lead Manager of the Third Avenue International Value Fund in 2014.

Mr. Fine holds a B.A. in Economics from Hamilton College. He is a CFA Charterholder, a member of the New York Society of Security Analysts and a member of the Board of Trustees of Suffield Academy.

Robert “Chip” Rewey, III, CFA | Lead Portfolio Manager, Value & Small-Cap

Lead Portfolio Manager  |  Joined in 2014
Third Avenue Value Strategy and Third Avenue Small-Cap Value Strategy

Mr. Rewey is the leader of Third Avenue’s Value and Small-Cap Teams, serving as the Lead Portfolio Manager for the Third Avenue Value and Small-Cap Funds.  Mr. Rewey joined Third Avenue Management in 2014.

Before he joined Third Avenue, Mr. Rewey spent more than ten years at Cramer Rosenthal McGlynn, LLC as a Senior Vice President and Senior Portfolio Manager where he oversaw the firm’s smid, mid, large and all cap investment strategies. Prior to Cramer Rosenthal McGlynn, Mr. Rewey was a Senior Portfolio Manager at Sloate Weissman Murray & Company, where he worked directly with the Founder on research and portfolio construction. Mr. Rewey began his career as an Acquisitions Analyst for Associates Corporation of North America before moving on to roles at Oak Value Capital Management and Smith Barney, Inc.

Mr. Rewey earned an M.B.A. in Finance from Duke University Fuqua School of Business and holds a B.S. in Finance from Boston College, graduating Magna Cum Laude. He is a member of the New York Society of Security Analysts.

Michael Winer | Lead Portfolio Manager, Real Estate

Lead Portfolio Manager | Joined in 1995
Third Avenue Real Estate Value Strategy

Mr. Winer has managed the Third Avenue Real Estate Value Fund since its inception in 1998. He is also the co-portfolio manager of the Third Avenue Real Estate Opportunities Fund LP and manages separate accounts for institutional investors.

As a real estate securities analyst for Third Avenue in the mid-1990s, Mr. Winer convinced his colleagues that real estate should be (and in fact always had been) an essential part of the firm’s value investing arsenal. This led to Third Avenue establishing its first sector fund — a new concept for a firm whose generalist approach runs deep. Since then, Mr. Winer has played crucial roles in several unique, landmark Third Avenue investments, including the firm’s participation in reorganizing Kmart (which was in Chapter 11 bankruptcy), where Mr. Winer determined that Kmart’s real estate assets provided a substantial margin of safety for Kmart’s stakeholders.

Prior to joining Third Avenue in 1994, Mr. Winer was Vice President of the Asset Sales Group for Cantor Fitzgerald, L.P. where he was responsible for evaluating and underwriting portfolios of distressed real estate loans. He had previously been First Vice President of Society for Savings, a Connecticut savings bank, and Director of Asset Management for Pioneer Mortgage, a financial institution, where he directed the workout, collection and liquidation of distressed real estate loan and asset portfolios.

Earlier in his career, Mr. Winer was the Co-Founder and Chief Financial Officer of Winer-Greenwald Development, Inc., a California-based real estate development firm that specialized in the development, construction, ownership and management of commercial properties. Mr. Winer previously held executive positions at Pacific Scene, Inc., and The Hahn Company, both California-based real estate development firms. Mr. Winer began his career in public accounting with Deloitte & Touche (formerly Touche Ross & Co.) where he specialized in real estate development companies.

Mr. Winer holds a B.S. in Accounting from San Diego State University. He is a member of the Board of Directors of Tejon Ranch Co., a public company that owns the largest continuous expanse of private land in California, and Newhall Holding Company, a privately-held land development company.

Jason Wolf, CFA | Lead Portfolio Manager, Real Estate

Lead Portfolio Manager  | Joined in 2004
Third Avenue Real Estate Value Strategy 

Mr. Wolf is Co-Lead Portfolio Management of Third Avenue’s Real Estate strategies—the Third Avenue Real Estate Value Fund, the Third Avenue Real Estate Value Fund UCITS and the Third Avenue Real Estate Opportunities Fund L.P.—and a member of Third Avenue’s Management Committee.

Since joining Third Avenue in 2004, Mr. Wolf initiated Third Avenue’s foreign real estate coverage. He has since led the firm into Asia, Europe and other markets globally. As member of Third Avenue’s Management Committee and Risk Committee, Mr. Wolf assists in defining and implementing the firm’s strategic goals.

Previously, Mr. Wolf analyzed U.S. real estate equity securities for European Investors and U.S. debt securities with Moody’s Investor Service. Before joining Moody’s he worked in direct real estate investment and management at Viceroy Investments and Trammel Crow Realty Advisors in Dallas.

Mr. Wolf has a B.B.A. in Finance and Real Estate from Southern Methodist University. He is a CFA Charterholder, a member of the New York Society of Security Analysts.

Our Deep Value Offerings

Third Avenue offers multiple investment solutions with unique exposures and return profiles. Our core strategies are currently available through ‘40Act mutual funds, customized accounts, and UCITS funds.

Explore Our Value Strategies

Third Avenue Value Fund
Date of Inception: November 1990
TAVFX | TVFVX

Third Avenue Small-Cap Value Fund
Date of Inception: April 1997
TASCX | TVSVX

Third Avenue Real Estate Value Fund
Date of Inception: September 1998
TAREX | TVRVX

Third Avenue International Value Fund
Date of Inception: December 2001
TAVIX | TVIVX

Third Avenue Funds are offered only by prospectus. The prospectus contains important information, including investment objectives, risks, advisory fees and expenses. Please read the Prospectus carefully before investing or sending money. For a current Prospectus please visit our Fund Literature page on our website at www.thirdave.com/fund-literature/, or call 800-443-1021.

Distributor of Third Avenue Funds: Foreside Fund Services, LLC.