Third Avenue Small-Cap Value Fund
Victor Cunningham, CFA
Overall Morningstar Rating
Rated against 451 Small Value funds as of 1/31/2023
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)
INSTITUTIONAL (TASCX) | INVESTOR (TVSVX) | Z CLASS (TASZX)
High Active Share
Active Share vs. Russell 2000 Value Index1
Total Equity Holdings
as of December 31, 2022
Third Avenue Funds
Statement of Add’l Information
Top 10 Holdings
|UMB Financial Corp.||6.7%||0.3%|
|MYR Group, Inc.||5.8%||–|
|Washington Trust Bancorp, Inc.||5.3%||0.1%|
|Southside Bancshares, Inc.||4.7%||0.1%|
|Prosperity Bancshares, Inc.||4.6%||–|
|Hamilton Beach Brands
|FRP Holdings, Inc.||4.2%||–|
as of December 31, 2022
as of December 31, 2022
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 January 31, 2023, vs. 451 funds. TASCX was rated against the following numbers of Small Value Category Funds over the following time periods: 451 funds in the last three years, 425 funds in the last five years and 319 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, 5 stars for the five-year period and 4 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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