Third Avenue Value Fund

Matthew Fine, CFA

Portfolio Manager


November 1990

Founded in 1990

Our flagship mutual fund strategy was launched in 1990 under the leadership of Martin J. Whitman. The high conviction strategy seeks to invest in undervalued securities across industries, regions and market capitalizations. Our fundamental analysis seeks to identify stocks trading below their intrinsic value that compound asset values at double digit rates.

Opportunistic. Eclectic. Go Anywhere.


Our strategy seeks long term capital appreciation by investing opportunistically across a global universe of sectors, geographies and security types to build a differentiated portfolio of contrarian and special-situation opportunities. The fund’s investments are generally characterized by what we believe are strong financial positions, valuation supported by tangible assets and market prices substantially below our estimate of intrinsic business value.

The Value strategy’s flexible mandate takes a global, all-cap equities approach and allows for opportunistic investments in credit securities across the capital structure. Opportunities are evaluated with sharp focus on financial strength, ability to compound NAV, and priced at a significant discount to our conservative estimate of NAV.

Active Management,

High Active Share


         Active Share vs. MSCI World Index1       


Total Equity Holdings

as of December 31, 2020

Top 10 Holdings

Bank of Ireland Group PL 7.2%
Lundin Mining Corp. 7.0%
Interfor Corp. 6.8%
Capstone Mining Corp. 6.1%
Deutsche Bank AG 4.4%
Bayerische Motoren Werke AG 4.3%
Warrior Met Coal, Inc. 4.3%
CK Hutchison Holdings, Ltd. 3.8%
Old Republic International Corp. 3.6%
Comerica, Inc. 3.4%
Total 50.9%

as of December 31, 2020

Top 5 Countries

Untied States 33.9%
Canada 19.8%
Germany 11.5%
Ireland 7.3%
Hong Kong 5.8%
Total 78.3%

as of December 31, 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 (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.

1 Active 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.