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.
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 at the University of Missouri.
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
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.
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.