Third Avenue Small-Cap Value Fund

Victor Cunningham, CFA

Portfolio Manager

Overall Morningstar Rating

Rated against 447 Small Value funds as of 9/30/2023

Small in market cap, seeks high quality.

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.

Share Classes Available (Tickers)

Active Management,

High Active Share


Active Share vs. Russell 2000 Value Index1


Total Equity Holdings

as of September 30, 2023

Top 10 Holdings

Tidewater, Inc. 7.1%
MYR Group, Inc. 6.2%
UMB Financial Corp.Corp. 5.3%
Seaboard Corporation 5.0%
ProAssurance Corp. 4.8%
Encore Capital Group, Inc. 4.7%
Washington Trust Bancorp, Inc. 4.5%
Atlanta Braves Holdings, Inc. 4.2%
Kaiser Aluminum Corp. 4.2%
Hamilton Beach Brands Holding Co. 4.1%
Total 50.1%

as of September 30, 2023

Asset Allocation

as of September 30, 2023

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.

Overall Morningstar rating, as of September 30, 2023, vs. 447 funds. TASCX was rated against the following numbers of Small Value Category Funds over the following time periods: 447 funds in the last three years, 420 funds in the last five years and 327 funds in the last ten years. With respect to these Small Value funds, TASCX received a Morningstar Rating of 4 stars for the three-year period, 4 stars for the five-year period and 5 stars for the ten-year period, respectively. Ratings based on risk adjusted return. Past performance is no guarantee of future results.

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.

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