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A PIONEER IN VALUE INVESTING

Our History

For more than three decades, Third Avenue Management has consistently pursued an opportunistic, fundamental, bottom-up approach to deep value investing.

Today, Third Avenue Management manages assets across five core strategies — Global Value, Small-Cap Value, Real Estate Value, International Real Estate Value, and International Value – which are available to investors through U.S. mutual funds, institutional separately managed accounts and UCITS funds for non-U.S. investors.

"Cheap means an acquisition price for a common stock that appears to represent a substantial discount from what the common stock would be worth were the company a private business or a takeover candidate."
- Martin J. Whitman (1924 - 2018) Founder

"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 (1924 - 2018) Founder

"The underlying problem with going along with the generally recognized consensus is that the investor tends to buy what is popular when it is most popular. In other words, the investor has to pay up."
- Martin J. Whitman (1924 - 2018) Founder

"With nearly twenty years of performance, we think that the case for Third Avenue’s unique approach to investing in real estate securities has been made."
- Martin J. Whitman (1924 - 2018) Founder

"Simply stated, we are attempting to identify securities which are available in the public markets, at valuations significantly below their private market value, with a low probability of permanent capital loss over our long-term investment horizon."
- Martin J. Whitman (1924 - 2018) Founder

"In common stock investing, the sole, or almost sole, focus is on buying into well-financed companies at steep discounts from readily ascertainable NAV where there are reasonable prospects for double digit NAV growth over the next five years or so."
- Martin J. Whitman (1924 - 2018) Founder

"The Third Avenue Funds use a balanced approach to analysis, initially measuring the quality of resources in a business, as well as the quantity of resources acquired relative to market prices"
- Martin J. Whitman (1924 - 2018) Founder

"Third Avenue believes that the strict going concern approach is utterly unrealistic. Most companies whose securities are publicly traded will always combine elements of the going concern and elements revolving around the conversion of corporate resources to other uses, other ownership, other control, and other financing or refinancing."
- Martin J. Whitman (1924 - 2018) Founder

"The Third Avenue Real Estate Value Fund was launched with the view that real estate can oftentimes be purchased a lot cheaper on Wall Street than Main Street."
- Martin J. Whitman (1924 - 2018) Founder

"Conventional asset allocators make investments on the basis of views about general or specific outlooks.  In value investing, asset allocations are driven by price as related to the three factors inherent in a company: quality of resources, quantity of resources, and long term wealth-creation potential."
- Martin J. Whitman (1924 - 2018) Founder

"For nearly three decades, Third Avenue has specialized in making contrarian investments into the securities of asset-rich companies and supporting those enterprises over the long-term. By expanding the Firm’s footprint, and adding further analytical resources to support our efforts in assisting real estate-related businesses that have been adversely impacted by recent events, Third Avenue will be uniquely placed in its pursuit of long-term wealth creation for its stakeholders."
- Martin J. Whitman (1924 - 2018) Founder

1986

Firm is founded by legendary value investor Martin J. Whitman. After a career of advising companies and investors through MJ Whitman Inc., a registered broker dealer, Mr. Whitman created a separate registered investment adviser. Initially dedicated to individual accounts, this would set the platform for eventual launch of mutual funds and other investment vehicles.

“Cheap means an acquisition price for a common stock that appears to represent a substantial discount from what the common stock would be worth were the company a private business or a takeover candidate.” – Martin J. Whitman

1990

Third Avenue Value Fund (‘TAVFX’) is launched including the Value Equity strategy separately managed account offering.

“Cheap means an acquisition price for a common stock that appears to represent a substantial discount from what the common stock would be worth were the company a private business or a takeover candidate.”

– Martin J. Whitman

1997

Third Avenue Small-Cap Value Fund (TASCX) is launched including the Small-Cap Equity strategy separately managed account offering.

“Third Avenue believes that the strict going concern approach is utterly unrealistic. Most companies whose securities are publicly traded will always combine elements of the going concern and elements revolving around the conversion of corporate resources to other uses, other ownership, other control, and other financing or refinancing.”

– Martin J. Whitman

1998

Third Avenue Real Estate Value Fund (TAREX) is launched including the Real Estate Equity strategy separately managed account offering.

“The Third Avenue Real Estate Value Fund was launched with the view that real estate can oftentimes be purchased a lot cheaper on Wall Street than Main Street.”

“The underlying problem with going along with the generally recognized consensus is that the investor tends to buy what is popular when it is most popular. In other words, the investor has to pay up.” – Martin J. Whitman

2001

Launch of Third Avenue International Value Fund (TAVIX).

“In common stock investing, the sole, or almost sole, focus is on buying into well-financed companies at steep discounts from readily ascertainable NAV where there are reasonable prospects for double digit NAV growth over the next five years or so.”
– Martin J. Whitman

2002

Affiliated Managers Group (“AMG”) purchases a majority interest in Third Avenue Management. This is the first step in a succession strategy and kept day to day management within the firm.

“Simply stated, we are attempting to identify securities which are available in the public markets, at valuations significantly below their private market value, with a low probability of permanent capital loss over our long-term investment horizon.” – Martin J. Whitman

2009

Third Avenue Management launches UCITS funds allowing non-US investor’s access to Third Avenue Funds.

2014

Third Avenue launches “Value Select” strategy which is a focused investment strategy investing in 10-20 companies. This strategy is available to qualified institutional investors directly though a customized separate account structure.

2015

TAVFX celebrates 25 years.

“The Third Avenue Funds use a balanced approach to analysis, initially measuring the quality of resources in a business, as well as the quantity of resources acquired relative to market prices.”
– Martin J. Whitman

2017

TASCX celebrates 20 years.

2018

Third Avenue Funds launch a Z share class. This class is a free of any load and is available to investors with $250,000 minimum.

Third Avenue International Value Fund (‘TAVIX’) merges with Third Avenue Value Fund (‘TAVFX’). This merger was a result of the global nature of the Third Avenue Value Fund and focuses on finding and investing in opportunities across market capitalization and geographies.

TAREX celebrates 20 years.

Third Avenue launches “Real Estate Value Select” and “Small-Cap Value Select” strategies, each a concentrated portfolio of 10-20 companies. These strategies are available to qualified institutional investors directly though a customized separate account structure.

2019

Partnered with Fund Vantage multi-series trust. This transition to a multi-series trust allows fund shareholders to benefit from certain expense sharing and operational efficiencies, while joining a shared governance structure.

2020

TAVFX Celebrates 30 years.

Third Avenue expands its Real Estate platform with the addition of the Third Avenue International Real Estate Value Fund (“REIFX”). Along with the new fund, Third Avenue also establishes a regional office in Austin, TX and adds analytical resources to support its growth.

“For nearly three decades, Third Avenue has specialized in making contrarian investments into the securities of asset-rich companies and supporting those enterprises over the long-term. By expanding the Firm’s footprint, and adding further analytical resources to support our efforts in assisting real estate-related businesses that have been adversely impacted by recent events, Third Avenue will be uniquely placed in its pursuit of long-term wealth creation for its stakeholders.”

2022

TASCX Celebrates 25 Years.

Third Avenue Management joins the FLX Networks (“FLX”) platform, the innovative network that modernizes, simplifies, and drives unique engagement between asset managers and financial advisors. Through partnership with FLX, Third Avenue will benefit from an enhanced ability to communicate with clients and the broader investment community by leveraging FLX’s robust and growing network of members as well as its impressive technology platform.

“Conventional asset allocators make investments on the basis of views about general or specific outlooks.  In value investing, asset allocations are driven by price as related to the three factors inherent in a company: quality of resources, quantity of resources, and long term wealth-creation potential.”
– Martin J. Whitman

1986
1990
1997
1998
2001
2002
2009
2014
2015
2017
2018
2019
2020
2022
2023

1986

Firm is founded by legendary value investor Martin J. Whitman. After a career of advising companies and investors through MJ Whitman Inc., a registered broker dealer, Mr. Whitman created a separate registered investment adviser. Initially dedicated to individual accounts, this would set the platform for eventual launch of mutual funds and other investment vehicles.

“Cheap means an acquisition price for a common stock that appears to represent a substantial discount from what the common stock would be worth were the company a private business or a takeover candidate.” – Martin J. Whitman

1990

Third Avenue Value Fund (‘TAVFX’) is launched including the Value Equity strategy separately managed account offering.

“Cheap means an acquisition price for a common stock that appears to represent a substantial discount from what the common stock would be worth were the company a private business or a takeover candidate.”

– Martin J. Whitman

1997

Third Avenue Small-Cap Value Fund (TASCX) is launched including the Small-Cap Equity strategy separately managed account offering.

“Third Avenue believes that the strict going concern approach is utterly unrealistic. Most companies whose securities are publicly traded will always combine elements of the going concern and elements revolving around the conversion of corporate resources to other uses, other ownership, other control, and other financing or refinancing.”

– Martin J. Whitman

1998

Third Avenue Real Estate Value Fund (TAREX) is launched including the Real Estate Equity strategy separately managed account offering.

“The Third Avenue Real Estate Value Fund was launched with the view that real estate can oftentimes be purchased a lot cheaper on Wall Street than Main Street.”

“The underlying problem with going along with the generally recognized consensus is that the investor tends to buy what is popular when it is most popular. In other words, the investor has to pay up.” – Martin J. Whitman

2001

Launch of Third Avenue International Value Fund (TAVIX).

“In common stock investing, the sole, or almost sole, focus is on buying into well-financed companies at steep discounts from readily ascertainable NAV where there are reasonable prospects for double digit NAV growth over the next five years or so.”
– Martin J. Whitman

2002

Affiliated Managers Group (“AMG”) purchases a majority interest in Third Avenue Management. This is the first step in a succession strategy and kept day to day management within the firm.imply stated, we are attempting to identify securities which are available in the public markets, at valuations significantly below their private market value, with a low probability of permanent capital loss over our long-term investment horizon.” – Martin J. Whitman

2009

Third Avenue Management launches UCITS funds allowing non-US investors access to Third Avenue Funds.

2014

Third Avenue launches “Value Select” strategy which is a focused investment strategy investing in 10-20 companies. This strategy is available to qualified institutional investors directly though a customized separate account structure.

2015

TAVFX celebrates 25 years.Third Avenue Funds use a balanced approach to analysis, initially measuring the quality of resources in a business, as well as the quantity of resources acquired relative to market prices.”
– Martin J. Whitman

2017

TASCX celebrates 20 years.

“A common refrain at Third Avenue is we appraise management not only as operators but also as allocators and financiers.  Maintaining a strong balance sheet is helpful, but most useful when fiscal conservatism is converted to aggression when reasonable opportunities present themselves for management teams to create or unlock value.”

– Victor Cunningham“Cheap means an acquisition price for a common stock that appears to represent a substantial discount from what the common stock would be worth were the company a private business or a takeover candidate.”

– Martin J. Whitman

2018

Third Avenue Funds launch a Z share class. This class is a free of any load and is available to investors with $25,000 minimum.
Third Avenue International Value Fund (‘TAVIX’) merges with Third Avenue Value Fund (‘TAVFX’).

TAREX celebrates 20 years.
Third Avenue launches “Real Estate Value Select” and “Small-Cap Value Select” strategies, each a concentrated portfolio of 10-20 companies. These strategies are available to qualified institutional investors directly though a customized separate account structure.

2019

Partnered with Fund Vantage multi-series trust. This transition to a multi-series trust allows fund shareholders to benefit from certain expense sharing and operational efficiencies, while joining a shared governance structure.

2020

TAVFX Celebrates 30 years.“For nearly three decades, Third Avenue has specialized in making contrarian investments into the securities of asset-rich companies and supporting those enterprises over the long-term. By expanding the Firm’s footprint, and adding further analytical resources to support our efforts in assisting real estate-related businesses that have been adversely impacted by recent events, Third Avenue will be uniquely placed in its pursuit of long-term wealth creation for its stakeholders.”

Third Avenue expands its Real Estate platform with the addition of the Third Avenue International Real Estate Value Fund (“REIFX”). Along with the new fund, Third Avenue also establishes a regional office in Austin, TX and adds analytical resources to support its growth.“For nearly three decades, Third Avenue has specialized in making contrarian investments into the securities of asset-rich companies and supporting those enterprises over the long-term. By expanding the Firm’s footprint, and adding further analytical resources to support our efforts in assisting real estate-related businesses that have been adversely impacted by recent events, Third Avenue will be uniquely placed in its pursuit of long-term wealth creation for its stakeholders.”

2022

TASCX Celebrates 25 Years.“Conventional asset allocators make investments on the basis of views about general or specific outlooks.  In value investing, asset allocations are driven by price as related to the three factors inherent in a company: quality of resources, quantity of resources, and long term wealth-creation potential.”
– Martin J. Whitman

Third Avenue Management joins the FLX Networks (“FLX”) platform, the innovative network that modernizes, simplifies, and drives unique engagement between asset managers and financial advisors. Conventional asset allocators make investments on the basis of views about general or specific outlooks.  In value investing, asset allocations are driven by price as related to the three factors inherent in a company: quality of resources, quantity of resources, and long term wealth-creation potential.”
– Martin J. Whitman

2023

Launch of the International Value strategy & TAREX 25-year Anniversary.“Conventional asset allocators make investments on the basis of views about general or specific outlooks.  In value investing, asset allocations are driven by price as related to the three factors inherent in a company: quality of resources, quantity of resources, and long term wealth-creation potential.”
– Martin J. Whitman

"An actively managed fund with a sound strategy, robust process, and aligned portfolio management team has strong prospects to outperform relevant benchmarks over the long-term, on average, and most of the time.”
“Cheap means an acquisition price for a common stock that appears to represent a substantial discount from what the common stock would be worth were the company a private business or a takeover candidate.”

– Martin J. Whitman