Long Tenured Management Team

Third Avenue’s Management Committee has full responsibility for the leadership of the Firm. The Management Committee has been in place since 2002 when Affiliated Managers Group (“AMG”) invested in Third Avenue. Collectively, the Management Committee has provided five decades of service to the Firm. Our refined management structure ensures that its leadership team is represented by senior members of each of our functional departments.

Portfolio Management Team

Our investment strategies leverage the collective expertise across investment teams. Our team approach enables us to generate and evaluate ideas from multiple perspectives and to efficiently identify the part of the asset class or capital structure that offers the most compelling risk/return opportunity.

Victor Cunningham, CFA | Portfolio Manager, Small-Cap

Portfolio Manager  |  Joined in 2017
Third Avenue Small-Cap Value Strategy

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.


Ryan Dobratz, CFA | Portfolio Manager, Real Estate

Lead Portfolio Manager  | Joined in 2006
Third Avenue Real Estate Value Strategy 

Mr. Dobratz is the Co-Lead Portfolio Manager of the Third Avenue Real Estate Value Fund and the Third Avenue Real Estate Value Fund UCITS. In this role he assists in overseeing Third Avenue’s Real Estate strategy including the Firm’s investments in real estate equities, debt, restructurings, and other special situations. During his tenure as Portfolio Manager, the Funds have received the Best Global Real Estate Fund distinction from Lipper five-times.  He also serves as a member of Third Avenue’s Management Committee.

Prior to joining Third Avenue in 2006, Mr. Dobratz was a research analyst at Morningstar where he was the primary analyst on several North American Real Estate Investment Trusts, real estate holding companies and homebuilders.

Mr. Dobratz holds an M.B.A. with distinction and a B.S. with honors in Business Administration from the University of Missouri. He is a CFA© charterholder, has studied at the Imperial College of Science & Technology in London, England, and is a member of the CFA Society of Austin. Mr. Dobratz also serves on the Advisory Board of the Jeffrey E. Smith Institute of Real Estate & Capital Markets at the University of Missouri and frequently teaches classes on value investing and real estate securities including previous lectures at Columbia University, Fordham University, the University of Missouri, and the University of Texas.

Matthew Fine, CFA | Portfolio Manager, Value

Portfolio Manager  | Joined in 2000
Third Avenue Value Strategy

Mr. Fine is a Portfolio Manager of the Third Avenue Value Strategy portfolios including the Third Avenue Value Fund and related separately managed accounts. Previously, Mr. Fine was Portfolio Manager of the Third Avenue International Value Fund.  Mr. Fine is a principal of the Firm and serves as a member of Third Avenue’s Management Committee.

Mr. Fine joined Third Avenue in 2000 and began working with Third Avenue’s international team in an effort to identify investment opportunities in the wake of the Argentine crisis of 2001. He was promoted to Senior Research Analyst in 2008 and became Portfolio Manager of the Third Avenue International Value Fund in 2014. Mr. Fine assumed portfolio management responsibilities for the Third Avenue Value Fund and related portfolios in 2017. During his career, he has accumulated extensive global investment experience across developed and developing markets throughout North America, Latin America, Europe and Asia.

Mr. Fine holds a B.A. in Economics from Hamilton College. He is a member of The Economic Club of New York and a member of the Board of Trustees of Suffield Academy, where he serves as Chairman of the Investment Committee. Mr. Fine is a CFA charterholder and a member of the CFA Society of New York.


Quentin Velleley, CFA | Portfolio Manager, International Real Estate

Portfolio Manager  | Joined in 2020
Third Avenue International Real Estate Value Strategy 

Mr. Velleley is Portfolio Manager of Third Avenue’s International Real Estate Value Fund, which he has led since the fund’s inception in March 2014. In November 2020 Mr. Velleley joined Third Avenue, along with the fund’s transfer from REMS Group, where he was Chief Investment Officer.

Mr. Velleley has more than 20 years of experience in global real estate analysis, and prior to joining REMS he was a Director at Citi Global Markets where his role included covering US retail and healthcare REITs, and coordinating products for Citi’s global listed real estate research. At Citi, Mr. Velleley was previously the Head of Australian Property Research. Prior to that, he was a Manager in Real Estate Corporate Finance for a top 4 accounting firm.

Mr. Velleley is a CFA charterholder and graduated from The University of Melbourne with a Bachelor of Arts degree, and from RMIT University with a Bachelor of Business degree.

Jason Wolf, CFA | Portfolio Manager, Real Estate

Lead Portfolio Manager  | Joined in 2004
Third Avenue Real Estate Value Strategy 

Mr. Wolf is Co-Lead Portfolio Manager of Third Avenue’s Real Estate strategies—the Third Avenue Real Estate Value Fund, the Third Avenue Real Estate Value Fund UCITS and the Third Avenue Real Estate Opportunities Fund L.P.—and a member of Third Avenue’s Management Committee.

Since joining Third Avenue in 2004, Mr. Wolf initiated Third Avenue’s foreign real estate coverage. He has since led the firm into Asia, Europe and other markets globally. As member of Third Avenue’s Management Committee and Risk Committee, Mr. Wolf assists in defining and implementing the firm’s strategic goals.

Previously, Mr. Wolf analyzed U.S. real estate equity securities for European Investors and U.S. debt securities with Moody’s Investor Service. Before joining Moody’s he worked in direct real estate investment and management at Viceroy Investments and Trammel Crow Realty Advisors in Dallas.

Mr. Wolf has a B.B.A. in Finance and Real Estate from Southern Methodist University. He is a CFA charterholder, a member of the CFA Society of New York.

Business Leadership

Mark Aaron | Chief Operating Officer & Chief Risk Officer

Mr. Aaron joined Third Avenue Management in July 2017 as Chief Operating Officer and Chief Risk Officer, and is a member of Third Avenue’s Operating Committee.

Prior to joining Third Avenue, Mr. Aaron spent over 13 years at TimesSquare Capital Management LLC, and was a founding member of the firm during its 2004 launch as an independent asset manager.  While there, he served as Chief Operating Officer and Chief Compliance Officer as the firm expanded to $21 billion in AUM.  From 1999 to 2004, Mr. Aaron was a Senior Vice President of CIGNA’s asset management unit where he was involved in multiple areas of operations, technology and project management until it eventually spun-off, creating TimesSquare Capital Management.  Prior to that, he spent eight years with Credit Suisse Asset Management and its affiliated firm, BEA Associates, where he served in similar roles within technology and business automation. 

Mr. Aaron received his Bachelor of Arts from the University of Rochester and has 29 years of industry experience.

Michael Buono | Chief Financial Officer

Mr. Buono is Third Avenue’s Chief Financial Officer (“CFO”) and oversees the Firm’s Accounting department. Mr. Buono joined Third Avenue is 2006 and was previously the Firm’s Controller, responsible for managing the accounting, administration and certain aspects of the compliance processes and procedures for Third Avenue and the Funds.

Mr. Buono was previously a Vice President and Assistant Controller for Legg Mason and Citigroup Asset Management. He holds a B.A. in Accounting from St. Francis College.

Joseph Dell | Chief Technology Officer & Chief Information Security Officer

Mr. Dell joined the firm in April 2004 as Chief Technology Officer. In May of 2014 he was named the firm’s Chief Information Security Officer. In these roles Mr. Dell is responsible for Third Avenue’s technology infrastructure, IT third party service relationships, and the firm’s information security.

Prior to joining Third Avenue, Mr. Dell was co-owner of ZEI-ltd, an IT consulting business specializing in the Financial Services market.  Before relocating to New York to serve as IT Director for NDS America (a division of News Corp), Mr. Dell worked for various technology companies in California.

Mr. Dell holds a Bachelor of Science from California Polytechnic University San Luis Obispo and has 25 years of experience.

Erik C. Kleinbeck | Head of Business Development

Mr. Kleinbeck rejoined Third Avenue Management in December 2019 as Managing Director, Head of Business Development. He is responsible for leading Third Avenue’s institutional and intermediary sales, consultant relations, marketing and client relationship management. Prior to Third Avenue, he spent 3.5 years with Stralem & Company as Director of Business Development and Relationship Management and member of Stalem’s investment committee. Prior to joining Stralem, Mr. Kleinbeck spent 9 years as Senior Managing Director, Business Development at Third Avenue Management responsible for sales and client relationship management of Third Avenue’s alternative and traditional strategies covering domestic and overseas institutions and intermediaries. Previously Mr. Kleinbeck was Managing Director with SPARX Investment & Research, USA, Inc. from 2003 to 2007 after spending 9 years at Warburg Pincus Asset Management and Credit Suisse Asset Management in various business development, client relationship management and operational roles in both New York and Tokyo.

Mr. Kleinbeck holds a BA in economics from Denison University and an MBA from University of Connecticut School of Business.

Michael Warlan, CFA, CAIA | Head of Global Trading

Mr. Warlan is responsible for managing the execution and implementation of equity investments across all Third Avenue portfolios. His primary responsibilities include U.S., non-U.S., and emerging market equities, derivatives, and currencies. Leading Third Avenue’s Global Trading Desk, he has expanded access to multiple markets, venues, and strategies, along with the capabilities to trade additional asset classes including currencies and derivatives.

Mr. Warlan joined Third Avenue and its affiliates in 1998, focusing on institutional and high yield sales, moving into various roles including private debt and trade claim trading. In 2001, he joined the equity trading desk where he developed trading capabilities in non-U.S. markets. Subsequently, Mr. Warlan took on the leadership of Third Avenue’s Global Trading Desk.

Mr. Warlan holds an M.S. in Banking and Financial Services Management from Boston University and a B.A. in Government from St. Lawrence University. He is a CFA© Charterholder, a CAIA Charterholder, and a member of the CFA Society of New York.

Our Deep Value Offerings

Third Avenue offers multiple investment solutions with unique exposures and return profiles. Our core strategies are currently available through ‘40Act mutual funds, customized accounts, and UCITS funds.

Explore Our Value Strategies

Third Avenue Value Fund
Date of Inception: November 1990

Third Avenue Small-Cap Value Fund
Date of Inception: April 1997

Third Avenue Real Estate Value Fund
Date of Inception: September 1998

Third Avenue Int’l Real Estate Value Fund
Date of Inception: March 2014

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.