Quarterly Shareholder Letters

Beginning in 2017, Third Avenue Funds will publish portfolio commentary on a calendar quarter schedule instead of fiscal quarters.   Archived Shareholder Letters for the past year can be found below.

Please contact us at 212-906-1160 or at clientservice@thirdave.com to request older shareholder letters.

Third Avenue Value Fund

Shareholder Letter as of September 30, 2017
Shareholder Letter as of June 30, 2017
Shareholder Letter as of March 31, 2017
Shareholder Letter as of December 31, 2016
Shareholder Letter as of October 31, 2016
Shareholder Letter as of July 31, 2016
Shareholder Letter as of April 30, 2016
Shareholder Letter as of January 31, 2016

Third Avenue Small-Cap Value Fund

Shareholder Letter as of September 30, 2017
Shareholder Letter as of June 30, 2017
Shareholder Letter as of March 31, 2017
Shareholder Letter as of December 31, 2016
Shareholder Letter as of October 31, 2016
Shareholder Letter as of July 31, 2016
Shareholder Letter as of April 30, 2016
Shareholder Letter as of January 31, 2016

Third Avenue Real Estate Value Fund

Shareholder Letter as of September 30, 2017
Shareholder Letter as of June 30, 2017
Shareholder Letter as of March 31, 2017
Shareholder Letter as of December 31, 2016
Shareholder Letter as of October 31, 2016
Shareholder Letter as of July 31, 2016
Shareholder Letter as of April 30, 2016
Shareholder Letter as of January 31, 2016

Third Avenue International Value Fund

Shareholder Letter as of September 30, 2017
Shareholder Letter as of June 30, 2017
Shareholder Letter as of March 31, 2017
Shareholder Letter as of December 31, 2016
Shareholder Letter as of October 31, 2016
Shareholder Letter as of July 31, 2016
Shareholder Letter as of April 30, 2016
Shareholder Letter as of January 31, 2016


Over 30 Years of Value Insights from Martin J. Whitman

For over 30 years, Third Avenue Management founder Marty Whitman has written comprehensive shareholder letters that provided readers with thorough lessons in his investment philosophy, security analysis and value investing.

In 2016, we published a collection of excerpts from his letters that comprise the “best of” Marty’s writings organized thematically to give readers an opportunity to dive into specific topics of interest.

The book is available electronically below.  We hope you enjoy reading these excerpts and continue to find them insightful and witty.