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.
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.
Victor Cunningham, CFA | Portfolio Manager, Small-Cap
Portfolio Manager | Joined in 2017
Third Avenue Small-Cap Value Strategy
Mr. Cunningham is the Portfolio Manager of the Third Avenue Small-Cap Value Fund. Prior to rejoining the firm in 2017, Mr. Cunningham spent 4 years with Third Avenue as a portfolio manager. He initially joined Third Avenue in 2012.
Previously he was founder and owner of Lucid Asset Management where he spent six years running his own long-only value fund catering to high net worth individuals and institutions. Prior to forming Lucid, Mr. Cunningham spent five years as the Research Director at Olstein Funds.
Mr. Cunningham holds an M.B.A. in Finance from the University of Notre Dame and a B.S. in Accounting from Fairfield University. He is an (inactive) Certified Public Accountant and is a member of the New York Society of Security Analysts.
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 and the Third Avenue Real Estate Value Fund UCITS. 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. Mr. Dobratz also serves as a member of Third Avenue’s Management Committee.
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, is a member of the New York Society of Security Analysts and the New York Private Equity Network Real Estate Group, and serves on the Advisory Board of the Jeffrey E. Smith Institute of Real Estate & Capital Markets at the University of Missouri
Matthew Fine, CFA | Portfolio Manager, Value & International
Mr. Fine is a Co-Portfolio Manager of the Third Avenue Value Fund and the Portfolio Manager of the Third Avenue International Value Fund. Mr. Fine also serves as a member of Third Avenue’s Management Committee.
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 portfolio 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.
Michael Fineman, CFA CFP® | Portfolio Manager, Value
Portfolio Manager | Joined in 2017
Third Avenue Value Strategy
Mr. Fineman is a Co-Portfolio Manager of the Third Avenue Value Fund. Prior to rejoining the firm in 2017, Mr. Fineman spent 8 years with Third Avenue as an analyst, and Portfolio Manager of the Special Situations Fund until his departure March 2014. The Special Situations Fund was a private fund focused on equity and credit investment opportunities across the globe.
Mr. Fineman has approximately 28 years of experience investing in equity and debt securities both public and private. Prior to his return to Third Avenue, he was a founding partner of Warren Hall Capital, a private equity and direct lending platform. Prior to 2006, Mr. Fineman was a distressed equity and credit analyst for Sanno Point Capital Management. He had previously worked in the Investment Banking and Restructuring Advisory Services division of Ernst & Young (since acquired by Macquarie Group) where he led corporate restructurings and reorganizations for debtors and creditors. He has 10 years experience as a sell side research analyst for Goldman Sachs, Alex Brown and Raymond James.
Mr. Fineman is currently a Director of Ideal Standard International and has held other board positions including Director of Liberty Tire Recycling. Mr. Fineman has participated on many ad-hoc creditors’ committees including LandSource Communities LLC, U.S. Shipping, Grant Forest Products, Building Materials Holding Corporation, Home Products International, and Collins and Aikman.
Mr. Fineman has an M.B.A. from Columbia Business School and a B.S. in Business Administration with honors from the University of Delaware. He is a CFA Charterholder, A CFP® professional, a member of the New York Society of Security Analysts and holds a certification in Distressed Business Valuation.
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.
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 Five Point Holdings LLC, a public company with three large master-planned communities in coastal California. Mr. Winer serves on the Board of Trustees of the Future Citizens Foundation (dba The First Tee of Monterey County) and the Pacific Legal Foundation (a public-benefit law firm).
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.
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.