A Pioneer in Deep Value Investing

For over 25 years, Third Avenue Management has consistently pursued a fundamental, bottom-up approach to deep value and distressed investing: we focus on the company’s balance sheet, the value of its underlying assets, and the discounted price of its securities.

This fundamental conviction defines our singular investment culture, which was pioneered by our founder and revolutionary value investor Martin J. Whitman.  Marty’s early career established him as an expert witness in shareholder litigations, and turnaround specialist for bankrupt companies. In 1974, Marty formed M.J. Whitman & Co. and his first notable investment was in the mortgage bonds of then-bankrupt Penn Central Railroad. Marty recognized the value of the company could be realized through the fulcrum security–the security in the capital structure that gives the investor control over the reorganization process.  The success of this investment created the foundation of Third Avenue Management in 1986 and the start of an investment management franchise defined by long-term value investing from a creditor’s perspective.  The Third Avenue Value Fund was founded in 1990 as the successor vehicle to Marty’s first mutual fund and it remains the flagship fund of Third Avenue Management today.

Since 2002, Third Avenue Management has partnered with Affiliated Managers Group, a publicly traded asset manager that has invested in a diverse stable of boutique asset management firms.  This partnership allowed Third Avenue to extend ownership rights to its senior professionals, including key members of the investment team, providing a clear and transparent succession plan for the Firm and all of its principals.

Today, Third Avenue Management manages assets across four core strategies — Value, Small-Cap, Real Estate, and International –which are available to investors through ‘40Act mutual funds and customized accounts.

Guided by an adherence to price consciousness and a deep understanding of underlying business fundamentals and asset values, Third Avenue rarely, if ever, invests alongside the galloping herds.

Martin J. Whitman


We Seek Absolute Value in Every Investment.

Balance Sheet Analysis

Well-financed companies with strong credit worthiness

Value of Underlying Assets

Fundamentally solid businesses and assets with readily ascertainable NAV

Discounted Price of its Securities

Companies selling at significant discounts to intrinsic value

Our Opportunistic, Value-Oriented Strategies
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.
High Active Share.


Opportunistic. Eclectic. Go Anywhere.


Real Estate

Uncommon Approach to Global Real Estate



Small in Market Cap.  High in Quality.



Inclination for “Off the Beaten Path Securities”


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.