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 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


97.80%

Active Share vs. Russell 2000 Value Index1

29

Total Equity Holdings

as of September 30, 2020

Top 10 Holdings

  TASCX INDEX
MYR Group, Inc. 8.8% 0.0%
Cooper Tire & Rubber Co. 6.2% 0.2%
UMB Financial Corp. 5.5% 0.2%
FRP Holdings, Inc.  4.2% 0.0%
Seaboard Corp. 4.2%
Cal-Maine Foods, Inc. 4.1% 0.1%
Visteon Corp. 4.1%
Washington Trust Bancorp, Inc.  4.0% 0.1%
ICF International, Inc. 4.0% 0.1%
Alamo Group, Inc. 3.9% 0.0%
Total 49.0% 0.7%

as of September 30, 2020

Asset Allocation

as of September 30, 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.