NEW YORK, NY – Third Avenue Management LLC (“Third Avenue”), a New York-based investment advisor, announced today that Victor (“Vic”) Cunningham, CFA, Portfolio Manager of the Third Avenue Small-Cap Value Fund (“Small-Cap Value Strategy”), has been named a Partner at the firm. Third Avenue also announced Ryan Korby, CFA has been promoted to Senior Research Analyst.

“We are exceptionally pleased to have Vic join the Third Avenue partnership.  He is a proven leader and his process is rooted in deep value investing and the principles developed by our founder, Marty Whitman,” said Matt Fine, Portfolio Manager and Management Committee Member.  “Since assuming leadership of the Small-Cap strategy in 2017, Vic has been instrumental in enhancing the strategy’s performance, competitive positioning and client communication. Vic has also established himself as a leader on the broader investment team by steering research meetings and helping to strengthen the firm’s investment culture by modelling work ethic, independent thinking and discipline.”

“I am excited to take on this new position and play a larger role in Third Avenue’s future success,” Mr. Cunningham noted. “Third Avenue’s approach has resulted in the Small-Cap Value strategy differing widely from its peers and index funds. Most notably, while others focus primarily on the income statement, Third Avenue’s process emphasizes the balance sheet as it provides the most accurate scorecard of management’s ability to finance its business and allocate capital. It is for this reason that the Third Avenue Small-Cap Value strategy has differentiated positions with a focus on well-capitalized and well-managed companies trading at deep discounts to our estimates of Net-Asset Value.”

“I also would like to congratulate Ryan on his well-deserved promotion,” Mr. Fine continued. “Ryan has been an integral member of the research team and an important contributor to the performance of the Value Fund for a number of years. He has shown a strong work ethic and entrepreneurship in identifying attractive investment ideas for the Value strategy. The promotion to Senior Research Analyst recognizes Ryan’s consistent contributions to the Value portfolio and the Funds’ stellar performance in recent periods.”

Mr. Cunningham is the Portfolio Manager of the Third Avenue Small-Cap Value Fund. Prior to rejoining the firm in 2017, Mr. Cunningham spent four years with Third Avenue as a portfolio manager. He initially joined Third Avenue in 2012. Previously he was founder and owner of Lucid Asset Management where he spent six years running his own long-only value fund catering to high-net-worth individuals and institutions. Prior to forming Lucid, Mr. Cunningham spent five years as the Research Director at Olstein Funds. Mr. Cunningham holds an M.B.A. in Finance from the University of Notre Dame and a B.S. in Accounting from Fairfield University. He is a CFA charterholder, an (inactive) Certified Public Accountant and is a member of the CFA Society of New York.

Mr. Korby has been with Third Avenue for more than 10 years. Previously, he spent three years as a Senior Analyst at Markov Processes International, LLC, a provider of investment research, analytics and technology, used by organizations throughout the financial services industry. Mr. Korby received his MBA from The Martin J. Whitman School of Management at Syracuse University and his B.S. in Broadcast Journalism from Syracuse University. He is a CFA charterholder.

About Third Avenue Management

Third Avenue Management LLC is a New York-based investment advisory firm founded in 1986 by legendary investor Martin J. Whitman. For more than 35 years, the Firm has consistently pursued a modern-value approach to investing by focusing on the company’s balance sheet, the value of its underlying assets, the discounted price of its securities, and the ability of the enterprise to increase its corporate net worth over time. Today, the Firm is partnered with Affiliated Managers Group, Inc. and has more than $1.50 billion in assets under management across its four core strategies – Small-Cap (Nasdaq: TASCX, TVSVX, TASZX), Global Value (TAVFX), Real Estate (TAREX), and International Real Estate (REIFX) – which are available to investors through Mutual Funds, UCITS, Separate Accounts, and Sub-Advisory Arrangements.

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