An Uncommon Approach to Small-Cap Value Investing.
Third Avenue Small-Cap Value Fund
DATE OF INCEPTION
PORTFOLIO MANAGER
MORNINGSTAR RATING
Fund Documents
Key Differentiators
Contrarian and Opportunistic
The Strategy seeks to invest in companies that are misunderstood and underestimated by the broader market. Our approach is to find value in out-of-favor industries, complex corporate structures or capital structures and special situations.
Balance Sheet Focused with a Long-Term Horizon
Our “balance sheet first” approach allows us to be patient investors resulting in low portfolio turnover. Our unconventional strategy strives to identify unique long-term opportunities where few are looking.
Aggressive, Conservative, Deep Value Approach
Our goal is to provide above-average risk-adjusted returns over time. We strive to construct a unique, deep-value portfolio by combining disciplined stock selection with careful portfolio construction. High active share will be a by-product of our differentiated approach to finding value.
Statutory Documents
Objective:
Our Small-Cap Value Fund seeks long-term capital appreciation by investing in well-capitalized, North American, small-cap securities that we believe are mispriced by the market. The portfolio is constructed with an aim to deliver attractive risk-adjusted returns over time.
Active Management, High Active Share1
GICS SECTOR WEIGHTINGS
PERFORMANCE
Top 10 Holdings
Allocations are subject to change without notice
MARKET CAP BREAKDOWN
RELATED MEDIA
Important Risk Disclosures
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.
FUND RISKS: Please be aware that small-cap investments are subject to higher volatility and lower financial resources than large-cap investments. The markets for these securities are also less liquid than those for larger companies. For a full disclosure of principal investment risks, please refer to the Fund’s Prospectus.
1 Active Share is the percentage of a fund’s portfolio that differs from the benchmark index. The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
Indices are not securities that can be purchased or sold, and their total returns are reflective of unmanaged portfolios. The returns include reinvestment of interest, capital gains and dividends.
The Morningstar Rating™ for funds, or “star rating,” is calculated for mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period has the greatest impact because it is included in all three rating periods.
©2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results.
For more information regarding Separate and Sub-Advised Accounts, including GIPS-compliant performance please contact us at clientservice@thirdave.com.
DATE OF INCEPTION
PORTFOLIO MANAGER
PORTFOLIO CHARACTERISTICS
Key Differentiators
Contrarian and Opportunistic
The Strategy seeks to invest in companies that are misunderstood and underestimated by the broader market. Our approach is to find value in out-of-favor industries, complex corporate structures or capital structures and special situations.
Balance Sheet Focused with a Long-Term Horizon
Our “balance sheet first” approach allows us to be patient investors resulting in low portfolio turnover. Our unconventional strategy strives to identify unique long-term opportunities where few are looking.
Aggressive, Conservative, Deep Value Approach
Our goal is to provide above-average risk-adjusted returns over time. We strive to construct a unique, deep-value portfolio by combining disciplined stock selection with careful portfolio construction. High active share will be a by-product of our differentiated approach to finding value.
Objective:
Our Small-Cap Value strategy seeks long-term capital appreciation by investing in well-capitalized, North American, small-cap securities that we believe are mispriced by the market. The portfolio is constructed with an aim to deliver attractive risk-adjusted returns over time. The strategy is available as a Separately Managed Account and takes a more “concentrated approach” while striving to remain “fully invested” around core holdings.
Top 10 Holdings
Allocations are subject to change without notice
MARKET CAP BREAKDOWN
GICS SECTOR WEIGHTINGS
Important Risk Disclosures
Sources for data noted above are from FactSet as of the date specified. Material presented is based on composite holdings and not a representative account. The firm maintains a complete list of composite descriptions, which are available upon request.
Investors should consider the investment objectives, risks charges and expenses carefully before investing. Risks that could negatively impact returns include: fluctuations in currencies versus the US dollar, political/social/economic instability in foreign countries where investments are made, lack of diversification and adverse general market conditions.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw Hill Companies, Inc. (“S&P”) and is licensed for use by Third Avenue Management, LLC. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
MORNINGSTAR RATING
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