Shareholder Letters & Value Insights


 

Q4 International Value Letter

Dear Fellow Shareholders: Fund Performance For the three months ended October 31st 2016, the Fund returned 3.04%¹ as compared to MSCI AC World ex US Index² , which returned 0.48%. Through October 31st 2016, the Fund returned 12.40% year to date as compared the MSCI AC...

Q3 Small-Cap Letter

Fundamental Focus in the Face of Macro Mania One of our favorite sayings is that most economists make one yearly forecast and fifty-one subsequent weekly revisions.  It helps explain why trying to predict macro trends is not part of our investment philosophy. We...

Q3 Real Estate Value Letter

Portfolio Activity The day after the United Kingdom (“U.K.”) held its referendum on whether or not to remain in the European Union (“EU”), the adage “Sell in May and go away” seemed like prescient advice. With a majority of the U.K. voters unexpectedly electing to...

Q3 International Value Letter

Fund Performance For the three months ending July 31, 2016, the Fund returned 2.58%¹ as compared to MSCI AC World ex US Index², which returned 1.78%. Year-to-date through July 31, 2016, the Fund returned 9.08% as compared the MSCI AC World ex US Index, which returned...

So are U.K. REITs now a bargain?

Opinion:  Why Brexit is a gift to investors in U.K. REITs July 19, 2016   READ THE ARTICLE MARKETWATCH | By John Coumarianos Published: July 19, 2016 8:28 a.m. ET After Brexit, are there any bargains among U.K. real estate investment trusts? The recent vote in the...

Third Avenue Funds Q2 2016 Shareholder Letters and Reports

Third Avenue Funds Q2 2016 Shareholder Letters and Semi-Annual Report Please see below for the Portfolio Manager Commentary and Semi-Annual Report for the Third Avenue Funds for the fiscal quarter ending April 30, 2016 Third Avenue Funds 2016 Semi-Annual...

Thoughts on the Brexit

Thoughts on the Brexit June 28, 2016   DOWNLOAD THE PDF On June 23, 2016,  the United Kingdom held a referendum which resulted in the majority of voters expressing a will for the United Kingdom to sever its existing arrangement with the European Union (“EU”). By...

Q2 2016 Value Fund Letter

During the fiscal second quarter, oil prices rallied, credit markets improved and stock prices rebounded as macro fears were replaced by optimism. That trend followed a period when oil prices fell, credit markets deteriorated and stock prices sagged. And that followed...

Q2 2016 Small-Cap Letter

Overview Making the Most of Market Movements without Losing Focus This quarter was a very active one for the Fund. As noted in the Value Fund letter, volatility reigned supreme. We took advantage of the market’s mood swings by initiating six new positions and...

Q2 2016 Real Estate Value Letter

Portfolio Activity In last quarter’s letter, we emphasized the significant discounts at which the Fund’s securities were trading relative to underlying property values. In fact, at that time the securities in the Fund were trading at more than a 20% discount to our...

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Press & Media Inquiries

Dan Gagnier
Gagnier Communications
646-342-8087
dg@gagnierfc.com