Third Avenue Small-Cap Value Fund
Victor Cunningham, CFA
Lead-Portfolio Manager
Evan Strain, CFA
Co-Portfolio Manager
Inception
April 1997
Founded in 1997
Our Small-Cap Strategy seeks long term capital appreciation by investing in equity securities of small capitalization companies in the US that we believe to be mispriced by the market.
Small in market cap, seeks high quality.
INSTITUTIONAL: TASCX | INVESTOR: TVSVX | Z CLASS: TASZX
The Small-Cap Strategy is derived from Third Avenue’s value-oriented approach and is driven by our focus on well-managed companies with financial strength, potential ability to compound NAV, and securities priced at a discount to our conservative estimates of NAV. This leads to a portfolio of what we believe are high-quality businesses trading at deep discounts to intrinsic value.
Active Management,
High Active Share
97.22%
Active Share vs. Russell 2000 Value Index1
31
Total Equity Holdings
as of March 31, 2020
Top 10 Holdings
| TAREX | INDEX | |
| MYR Group, Inc. | 7.8% | – |
| UMB Financial Corp.. | 5.3% | 0.3% |
| ICF International, Inc. | 5.0% | 0.1% |
| ATN International, Inc. | 5.0% | 0.1% |
| Customers Bancorp, Inc. | 4.8% | 0.1% |
| Cal-Maine Foods, Inc. | 4.7% | 0.2% |
| FRP Holdings, Inc. | 4.4% | 0.1% |
| FTI Consulting, Inc. | 4.0% | 0.6% |
| Comfort Systems USA, Inc. | 3.9% | – |
| Seaboard Corp. | 3.7% | – |
| Total | 48.6% | 1.5% |
as of March 31, 2020
Asset Allocation
as of March 31, 2020
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 (212) 906-1160. 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.