An Uncommon Approach to All Cap International Value Investing.
For more information regarding Separate and Sub-Advised Accounts, including GIPS-compliant performance please contact us at clientservice@thirdave.com.
Third Avenue International Value
DATE OF INCEPTION
PORTFOLIO MANAGER
PORTFOLIO CHARACTERISTICS
Key Differentiators
Deep Value Investor
We seek investment opportunities that trade at a discount to readily ascertainable valuations and are often contrarian or special situation in nature
Balance Sheet Focused with a Long-Term Horizon
Third Avenue’s investment philosophy demands financial strength, which enables our portfolio holdings to both endure challenges and grow value over time
Focus on Total Return
Our goal is to provide above-average performance, most of the time and over the long term, while seeking capital preservation through investing in companies that typically have tangible assets that are often difficult to replicate; the strategy may serve as a non-correlating element to more mainstream value strategies
International Universe
Our approach is opportunistic, seeking value in economic and industrial recessions, complex corporate structures or capital structures and special situations in both developed and emerging non-US markets
High Conviction, Active Portfolio Management
We actively manage the portfolio by prudently concentrating on our highest conviction ideas, and by holding cash when there are fewer buying opportunities
Objective:
Our strategy seeks long-term capital appreciation by investing opportunistically across a non-US universe of sectors, geographies and security types to build a differentiated portfolio of contrarian and special-situation opportunities. The strategy’s investments are generally characterized by what we believe are strong financial positions, valuation supported by tangible assets and market prices substantially below our estimate of intrinsic business value.
Performance
Top 10 Holdings
MARKET CAP BREAKDOWN
Allocations are subject to change without notice
TOP 10 COUNTRY EXPOSURES
*South Korea, Malaysia, Vietnam, Philippines, Thailand
Important Risk Disclosures
Sources for data noted above are from FactSet as of the date specified. Material presented is based on composite holdings and not a representative account. The firm maintains a complete list of composite descriptions, which are available upon request.
Investors should consider the investment objectives, risks charges and expenses carefully before investing. Risks that could negatively impact returns include: fluctuations in currencies versus the US dollar, political/social/economic instability in foreign countries where investments are made, lack of diversification and adverse general market conditions.
MORNINGSTAR RATING
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