Third Avenue Funds Shareholder Letters
Third Avenue
Value Fund
TAVFX | TVFVX | TAVZX
Third Avenue Small-Cap Fund
TASCX | TVSVX | TASZX
Third Avenue Real Estate Fund
TAREX | TVRVX | TARZX
Third Avenue International Real Estate Fund
REIFX | REIYX | REIZX
September 30, 2023 Quarterly Shareholder Letters
Previous Shareholder Letters
Value
Fund
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Small-Cap Value Fund
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Real Estate Value Fund
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International Real Estate Value Fund
For historic shareholder letters please click here to email our client service department
30 Years of Value Insights from Martin J. Whitman
For over 30 years, Third Avenue Management founder Marty Whitman wrote 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.
Please use the form below to request a copy of the book. We hope you enjoy reading these excerpts and continue to find them insightful and witty.
We respect your right to privacy and we do not disclose any information about you or any of our former shareholders to anyone, except to authorized employees, our affiliates (which may include the Third Avenue Funds’ distributor and the Third Avenue Funds’ affiliated money management entities) and service providers, or as otherwise permitted by law. Be assured that we maintain physical, electronic and procedural safeguards that comply with federal standards to guard your personal information. Please refer to our E-mail Disclosure and Privacy Policy for detailed information.

Third Avenue Funds are distributed by Foreside Fund Services, LLC. Investors should consider the investment objectives, risks, charges and expenses carefully before investing. Third Avenue Funds are offered by prospectus only. The prospectuses and summary prospectuses are available on this website or by calling (800) 443-1021. Read the prospectus or summary prospectus carefully before investing.