Third Avenue Funds Shareholder Letters

Third Avenue
Value Fund


Third Avenue Small-Cap Fund


Third Avenue Real Estate Fund


Third Avenue International Real Estate Fund


September 30, 2023 Quarterly Shareholder Letters

Previous Shareholder Letters

International Real Estate Value Fund

June 30, 2023

March 31, 2023

December 31, 2022

September 30, 2022

June 30, 2022

March 31, 2022

December 31, 2021

September 30, 2021

June 30, 2021

March 31, 2021

December 31, 2020


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.