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AN Uncommon Approach to All Cap Value Investing.

Third Avenue Global Value

DATE OF INCEPTION

November 1990
Institutional: TAVFX | Investor: TVFVX  |  Class Z: TAVZX

PORTFOLIO MANAGER

Matthew Fine, CFA
Matthew Fine, CFA
Portfolio Manager
View Bio >

MORNINGSTAR RATING

Cheryl Smith, CFA, PhDCheryl Smith, CFA, PhDCheryl Smith, CFA, PhDCheryl Smith, CFA, PhDCheryl Smith, CFA, PhDMorningstar Bronze rating
Overall Morningstar rating, as of June 30, 2023, vs. 444 funds. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

MORNINGSTAR RATING

Cheryl Smith, CFA, PhDCheryl Smith, CFA, PhDCheryl Smith, CFA, PhDCheryl Smith, CFA, PhDCheryl Smith, CFA, PhDSilverstar Morningstar Rating
as of January 31, 2024

Fund Documents

as of December 31, 2023
Shareholder Letter
Fact Sheet

Key Differentiators

Deep Value Investor

We seek investment opportunities that trade at a discount to readily ascertainable valuations and are often contrarian or special situation in nature

Balance Sheet Focused with a Long-Term Horizon

Third Avenue’s investment philosophy demands financial strength, which enables our portfolio holdings to both endure challenges and grow value over time

Focus on Total Return

Our goal is to provide above-average performance, most of the time and over the long term, while seeking capital preservation through investing in companies that typically have tangible assets that are often difficult to replicate; the Fund may serve as a non-correlating element to more mainstream value strategies

Global Universe

Our approach is globally opportunistic, finding value in economic and industrial recessions, complex corporate structures or capital structures and special situations in both developed and emerging markets

High Conviction, Active Portfolio Management

We actively manage the portfolio by prudently concentrating on our highest conviction ideas, and by holding cash when there are fewer buying opportunities

Fact Sheet
Quarterly Shareholder Letter
Insights

Statutory Documents

as of December 31, 2023
Annual Report
Statement of Additional Information
Semi-Annual Report
Full Prospectus
Full Prospectus
Summary Prospectus
Income and Capital Gains Distributions
Semi-Annual Report
Annual Report
Statement of Additional Information
Q123 Fund Holdings
Q322 Fund Holdings

Objective:

The Value Fund’s flexible mandate takes a global, all-cap, benchmark-agnostic approach to equity investing and allows for select opportunistic investments in credit securities. Opportunities are evaluated with an emphasis on financial strength and an ability to compound net asset value, while our price-consciousness restricts our investment activity to securities priced at significant discounts to our conservative estimates of net asset value.

Active Management, High Active Share*

99%

Active Share vs. MSCI World Index

29

Total Equity Holdings

16%

Portfolio Turnover

third avenue value fund

Value of $10,000 Since November 1, 1990 | as of December 31, 2023

Performance

as of 3/31/2023
3 Month
1 Year
3 Years
5 Years
Since Inception*
TAVFX
1.83%
29.89%
1.83%
67.02%
41.79%
MSCI World Index
1.77%
29.74%
1.77%
66.70%
41.59%
MSCI World Value Index
1.64%
29.39%
1.64%
66.38%
41.39%

*Inception: 11/1/1990
Hypothetical Investment made in the Institutional Share Class as of October 31, 1990 (Fund Inception Date November 1, 1990). Performance is shown for the Third Avenue Value Fund (Institutional Class). Past performance is no guarantee of future results; returns include reinvestment of all distributions. The chart represents past performance and current performance may be lower or higher than performance quoted above. Investment return and principal value fluctuate so that in investor's shares, when redeemed, may be worth more or less than the original cost.

Top 10 Country Exposures

as of December 31, 2023
Global Value Fund Map

PERFORMANCE

as of December 31, 2023
Performance Data is best viewed in landscape on your mobile device.
QTR
1 Yr
3 Yr*
5 Yr*
10 Yr*
Inception*
Third Avenue Value Fund
9.26
20.16
19.98
16.00
7.54
10.68
MSCI World Index
11.53
24.42
7.79
13.37
9.18
8.40
MSCI World Value Index
9.48
12.41
9.14
9.71
6.69
N/A
Performance is shown for the Third Avenue Value Fund (Institutional Class). Past performance is no guarantee of future results; returns include reinvestment of all distributions. The chart represents past performance and current performance may be lower or higher than performance quoted above. Investment return and principal value fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.
Institutional Share Class Inception Date: November 1, 1990.
*Annualized

Performance & Risk Statistics

as of 3/31/2023
Class I - LYFIX
S&P Biotechnology Select Industry Total Return Index
S&P 500 Health
CareSector TR Index
Cumulative Return
59.50%
30.64%
17.53%
Annualized Return
41.93%
22.20%
12.88%
Standard Deviation
18.76%
30.51%
16.96%
Sharpe Ratio (RF 0.0177%)
2.23
0.73
0.76
Risk-Free Rate
0.0177%
-
-
Alpha
31.84%
-
-
Beta
0.45
-
-
R-Squared
0.62
-
-

Top 10 Holdings

as of December 31, 2023
FUND
Warrior Met Coal Inc.
6.8
%
Capstone Copper Corp.
4.9
%
Tidewater Inc.
4.7
%
Ultrapar Participacoes S.A.
4.5
%
Bayerische Motoren Werke AG
4.1
%
Deutsche Bank AG
4.0
%
easyjet PLC
3.9
%
Subsea 7 SA
3.5
%
Bank Of Ireland Group PLC
3.4
%
Valaris Ltd.
3.3
%
TOTAL
43.1
%

Allocations are subject to change without notice

MARKET CAP BREAKDOWN

as of December 31, 2023
FUND
Large Cap
17.7
%
Mid Cap
69.2
%
Small Cap
13.1
%
Micro Cap
0
%

RELATED MEDIA

Important Risk Disclosures

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: Risks that could negatively impact returns include: fluctuations in currencies versus the US dollar, political/social/economic instability in foreign countries where the Fund invests, lack of diversification, and adverse general market conditions. For a full disclosure of principal investment risks, please refer to the Fund’s Prospectus.

1Active Share is the percentage of a fund’s portfolio that differs from the benchmark index. The MSCI World Index is an unmanaged, free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 of the world’s most developed markets.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.

The Morningstar Analyst RatingTM is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research. For actively managed strategies, people and process each receive a 45% weighting in their analysis, while parent receives a 10% weighting. For passive strategies, process receives an 80% weighting, while people and parent each receive a 10% weighting. For both active and passive strategies, performance has no explicit weight as it is incorporated into the analysis of people and process; price at the share-class level (where applicable) is directly subtracted from an expected gross alpha estimate derived from the analysis of the other pillars. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, the modification by alpha dispersion is not used.

The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers for active funds. For passive funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will be able to deliver a higher alpha net of fees than the lesser of the relevant Morningstar category median or 0. The level of the rating relates to the level of expected net alpha relative to Morningstar category peers for passive funds. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will deliver a weighted pillar score above a predetermined threshold within its peer group. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months.

For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to
https://shareholders.morningstar.com/investor-relations/governance/ Compliance–Disclosure/default.aspx.

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Group’s expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.

©2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results.

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Fund Details

as of March 31, 2023
Benchmark
S&P 500
Inception Date
1994
Strategy Assets
$329m
Holdings
65-80
% Top 10 Holdings
34.7%
NAV
0-5%
Tracking Error Range (3 years)
3-4%
Sector Deviation +/-
Annual Turnover
20-40%

DATE OF INCEPTION

May 1995

PORTFOLIO MANAGER

Matthew Fine, CFA
Matthew Fine, CFA
Portfolio Manager
View Bio >

PORTFOLIO CHARACTERISTICS

as of December 31, 2023
Weighted Market Cap
$12.5B
Median Market Cap
$5.6B
Price to Book
1.0x

Key Differentiators

Deep Value Investor

We seek investment opportunities that trade at a discount to readily ascertainable valuations and are often contrarian or special situation in nature

Balance Sheet Focused with a Long-Term Horizon

Third Avenue’s investment philosophy demands financial strength, which enables our portfolio holdings to both endure challenges and grow value over time

Focus on Total Return

Our goal is to provide above-average performance, most of the time and over the long term, while seeking capital preservation through investing in companies that typically have tangible assets that are often difficult to replicate; the Fund may serve as a non-correlating element to more mainstream value strategies

Global Universe

Our approach is globally opportunistic, finding value in economic and industrial recessions, complex corporate structures or capital structures and special situations in both developed and emerging markets

High Conviction, Active Portfolio Management

We actively manage the portfolio by prudently concentrating on our highest conviction ideas, and by holding cash when there are fewer buying opportunities

Objective:

The Global Value strategy’s flexible mandate takes a global, all-cap, benchmark-agnostic approach to equity investing and allows for select opportunistic investments in credit securities. Opportunities are evaluated with an emphasis on financial strength and an ability to compound net asset value, while our price-consciousness restricts our investment activity to securities priced at significant discounts to our conservative estimates of net asset value. The strategy is available as a Separately Managed Account and takes a more “concentrated approach” while striving to remain “fully invested” around core holdings.

Top 10 Holdings

as of December 31, 2023
PORTFOLIO
Warrior Met Coal, Inc.
8.5
%
Tidewater, Inc.
7.6
%
Bayerische Motoren Werke AG
7.0
%
Bank of Ireland Group PLC
5.3
%
Old Republic International Corp.
5.1
%
Buzzi Unicem SpA
5.0
%
Comerica, Inc.
4.7
%
Capstone Copper Corp.
4.5
%
Valaris, Ltd.
4.3
%
Lundin Mining Corp.
4.2
%
TOTAL
56.2
%

Allocations are subject to change without notice

MARKET CAP BREAKDOWN

as of December 31, 2023
PORTFOLIO
Micro Cap
0.0
%
Small Cap
10.6
%
Mid Cap
71.7
%
Large Cap
17.7
%

Top 10 Country Exposures

as of December 31, 2023
VESA Map

Important Risk Disclosures

Sources for data noted above are from FactSet as of the date specified. Material presented is based on composite holdings and not a representative account. The firm maintains a complete list of composite descriptions, which are available upon request.  

Investors should consider the investment objectives, risks charges and expenses carefully before investing.  Risks that could negatively impact returns include: fluctuations in currencies versus the US dollar, political/social/economic instability in foreign countries where investments are made, lack of diversification and adverse general market conditions.

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Important Risk Disclosures

The fund's investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 800-443-1021 or visiting www.thirdave.com. Read it carefully before investing.

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MORNINGSTAR RATING

Cheryl Smith, CFA, PhDCheryl Smith, CFA, PhDCheryl Smith, CFA, PhDCheryl Smith, CFA, PhDCheryl Smith, CFA, PhDMorningstar Bronze rating
Overall Morningstar rating, as of June 30, 2023, vs. 444 funds. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.