High Conviction, High Active Share
Third Avenue takes an unconstrained investment approach and pursues opportunities across market capitalizations and geographies. Our core strategies focus on our highest conviction ideas (typically outside common benchmarks) and capitalizing on value opportunities across market cycles. High conviction ideas are generated from combined investment insight and cross-strategy due diligence process. Strategy teams discuss potential and existing ideas and portfolio developments daily.
An uncommon approach to global real estate investing.
Michael Winer | Lead Portfolio Manager
Jason Wolf, CFA | Lead Portfolio Manager
Ryan Dobratz, CFA | Lead Portfolio Manager
Our value-oriented real estate strategy seeks long-term capital appreciation by investing globally across an expansive universe that includes both real estate and real estate-related securities worldwide and across the capital structure.
FUND RISKS: In addition to general market conditions, the value of the Fund will be affected by the strength of the real estate markets. Factors that could affect the value of the Fund’s holdings include the following: overbuilding and increased competition, increases in property taxes and operating expenses, declines in the value of real estate, lack of availability of equity and debt financing to refinance maturing debt, vacancies due to economic conditions and tenant bankruptcies, losses due to costs resulting from environmental contamination and its related clean-up, changes in interest rates, changes in zoning laws, casualty or condemnation losses, variations in rental income, changes in neighborhood values, and functional obsolescence and appeal of properties to tenants. For a full disclosure of principal investment risks, please refer to the Fund’s Prospectus.
Value-oriented. Eclectic. Opportunistic.
Matthew Fine, CFA | Co-Portfolio Manager
Michael Fineman, CFA CFP® | Co-Portfolio Manager
Our flagship mutual fund strategy was launched in 1990 under the leadership of Martin J. Whitman. The high conviction strategy seeks to invest in undervalued securities across industries, regions and market capitalizations. Our fundamental analysis seeks to identify stocks trading below their intrinsic value that compound asset values at double digit rates.
FUND RISKS: Risks that could negatively impact returns include: fluctuations in currencies versus the US dollar, political/social/economic instability in foreign countries where the Fund invests, lack of diversification, and adverse general market conditions. For a full disclosure of principal investment risks, please refer to the Fund’s Prospectus.
Small in market cap, high in quality.
Victor Cunningham, CFA | Portfolio Manager
Our Small-Cap Strategy seeks long term capital appreciation by investing in equity securities of small capitalization companies in the US that we believe to be mispriced by the market.
FUND RISKS: Please be aware that small-cap investments are subject to higher volatility and lower financial resources than large-cap investments. The markets for these securities are also less liquid than those for larger companies. For a full disclosure of principal investment risks, please refer to the Fund’s Prospectus.
Inclination for “off the beaten path” securities.
Matthew Fine, CFA | Lead Portfolio Manager
Our International strategy employs an opportunistic and long-term approach to fundamental value investing across the globe. The unconstrained investment mandate allows us to pursue what we believe are the best opportunities across geography, industry and asset classes.
FUND RISKS: Please be aware that foreign securities from a particular country may be subject to currency fluctuations and controls, or adverse political, social, economic or other developments that are unique to that particular country or region. Therefore, the prices of foreign securities in particular countries or regions may, at times, move in a different direction than those of U.S. securities. For a full disclosure of principal investment risks, please refer to the Fund’s Prospectus.
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.
May 15, 2017
Contrarian vs Conventional Value Investing on Manual of Ideas
March 31, 2017
Q1 2017 Portfolio Commentaries
April 24, 2017
Q&A With Evercore Wealth Management: Third Avenue’s Approach to Real Estate
Dec 13, 2016
On InvestmentWeek UK: Ryan Dobratz on taking advantage of Brexit Disclocations
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