Q2 2017 Third Avenue Real Estate Value Letter

Dear Fellow Shareholders: JUNE 30, 2017 We are pleased to provide you with the Third Avenue Real Estate Value Fund’s (the “Fund”) report for the quarter ended June 30, 2017¹. Through the end of the period, the Fund has generated a year-to-date return of +10.34% (after...

Q4 – Dec 31 2016 – Real Estate Value Letter

Dear Fellow Shareholders: We are pleased to provide you with the Third Avenue Real Estate Value Fund’s (the “Fund”) report for the quarter ended December 31, 2016. This quarter marks an abbreviated period as the Third Avenue Funds have elected to circulate our...

Q4 – Dec 31 2016 – International Value Letter

Dear Fellow Shareholders: With this investment letter, Third Avenue Management, including the Third Avenue International Value Fund, transitions to a calendar quarter shareholder letter schedule. We make this change in order to align more closely with interested...

Q4 – Dec 31 2016 – Value Letter

Dear Fellow Shareholders: Carpe Diem, Patiently We believe one of the greatest differentiators of our investment philosophy is how we think about time. Time is a precious commodity and we are all familiar with the popular colloquialisms such as “Carpe Diem”, “Time is...