Third Avenue Small-Cap Value Fund
Victor Cunningham, CFA
Portfolio Manager
Overall Morningstar Rating
Rated against 440 Small Value funds as of 8/31/2022
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)
Active Management,
High Active Share
98%
Active Share vs. Russell 2000 Value Index1
28
Total Equity Holdings
as of June 30, 2022
Top 10 Holdings
| TASCX | INDEX | |
| UMB Financial Corp. | 7.2% | 0.3% |
| Tidewater, Inc. | 6.0% | 0.1% |
| FRP Holdings, Inc. | 6.0% | 0.0% |
| Seaboard Corp. | 5.9% | – |
| MYR Group, Inc. | 5.8% | – |
| Washington Trust Bancorp, Inc. | 5.8% | 0.1% |
| Hamilton Beach Brands Holding Co. |
4.9% | – |
| ProAssurance Corp. | 4.6% | 0.1% |
| Prosperity Bancshares, Inc. | 4.5% | – |
| ICF International, Inc. | 3.9% | 0.1% |
| Total | 54.6% | 0.7% |
as of June 30, 2022
Asset Allocation
as of June 30, 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 August 31, 2022, vs. 440 funds. TASCX was rated against the following numbers of Small Value Category Funds over the following time periods: 440 funds in the last three years, 412 funds in the last five years and 316 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 4 stars for the ten-year period, respectively. Ratings based on risk adjusted return. Past performance is no guarantee of future results.