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. On average, the Management Committee has provided a decade 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.

Team-Based Investment Approach

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 4 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 New York Society of Security Analysts.

 

Ryan Dobratz, CFA | Lead 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 is a five-time Lipper Fund Award recipient (2014-2018) and assists in overseeing Third Avenue’s Real Estate strategy including the Firm’s investments in real estate equities, debt, restructurings, and other special situations. 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 New York Society of Security Analysts. 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 Co-Portfolio Manager of the Third Avenue Value Strategy portfolios including the Third Avenue Value Fund, Third Avenue Value Fund UCITS and related separately managed accounts. Previously, Mr. Fine was Portfolio Manager of the Third Avenue International Value Fund.  Mr. Fine also 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. Mr. Fine has extensive global investment experience across developed and developing markets throughout North America, Latin America, Europe and Asia.

Mr. Fine joined Third Avenue’s research and portfolio management team as a research associate, the first position typically held by Third Avenue’s internally developed talent. He became a senior research analyst in 2008, a principal of the firm in 2009 and lead portfolio manager of the Third Avenue International Value Fund in 2014.

Mr. Fine holds a B.A. in Economics from Hamilton College. He is a CFA Charterholder, a member of the New York Society of Security Analysts and a member of the Board of Trustees of Suffield Academy.

 

Michael Fineman, CFA CFP® | Portfolio Manager, Value

Portfolio Manager  |  Joined in 2017
Third Avenue Value Strategy

Mr. Fineman is a Co-Portfolio Manager of the Third Avenue Value Strategy portfolios including the Third Avenue Value Fund, Third Avenue Value Fund UCITS and related separately managed accounts.  Prior to rejoining the firm in 2017, Mr. Fineman spent 8 years with Third Avenue as an analyst, and Portfolio Manager of the Special Situations Fund until his departure March 2014.  The Special Situations Fund was a private fund focused on equity and credit investment opportunities across the globe.

Mr. Fineman has approximately 28 years of experience investing in equity and debt securities both public and private. Prior to his return to Third Avenue, he was a founding partner of Warren Hall Capital, a private equity and direct lending platform.  Prior to 2006, Mr. Fineman was a distressed equity and credit analyst for Sanno Point Capital Management. He had previously worked in the Investment Banking and Restructuring Advisory Services division of Ernst & Young (since acquired by Macquarie Group) where he led corporate restructurings and reorganizations for debtors and creditors. He has 10 years experience as a sell side research analyst for Goldman Sachs, Alex Brown and Raymond James.

Mr. Fineman is currently a Director of Ideal Standard International and has held other board positions including Director of Liberty Tire Recycling. Mr. Fineman has participated on many ad-hoc creditors’ committees including LandSource Communities LLC, U.S. Shipping, Grant Forest Products, Building Materials Holding Corporation, Home Products International, and Collins and Aikman.

Mr. Fineman has an M.B.A. from Columbia Business School and a B.S. in Business Administration with honors from the University of Delaware. He is a CFA Charterholder, A CFP® professional, a member of the New York Society of Security Analysts and holds a certification in Distressed Business Valuation.

Jason Wolf, CFA | Lead Portfolio Manager, Real Estate

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

Mr. Wolf is Co-Lead Portfolio Management 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 New York Society of Security Analysts.

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
TAVFX | TVFVX

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

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

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.