Third Avenue Value Fund

Matthew Fine, CFA

Portfolio Manager

Inception

November 1990

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.

Share Classes Available (Tickers)
INSTITUTIONAL (TAVFX) | INVESTOR (TVFVX) | Z CLASS (TAVZX)

Active Management,

High Active Share


99%

         Active Share vs. MSCI World Index1       

32

Total Equity Holdings

as of September 30, 2022

as of September 30, 2022

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 an investor’s shares, when redeemed, may be worth more or less than the original cost. For the most recent month-end performance, please visit the Fund’s website at www.thirdave.com.  Please click here for the Fund’s standardized performance.  

Top 10 Holdings

  TAVFX
Bank of Ireland Group PLC 6.6%
Warrior Met Coal, Inc 6.6%
Tidewater, Inc 6.0%
Subsea 7, S.A. 4.8%
Bayerische Motoren Werke AG 4.5%
S4 Capital PLC 4.2%
Capstone Copper Corp. 4.2%
Jardine Cycle & Carriage Ltd. 3.6%
Deutsche Bank AG 3.6%
CK Hutchison Holdings, Ltd 3.6%
Total 47.7%

as of September 30, 2022

Top 5 Countries

  TAVFX
United States 26.4%
Germany 11.4%
Canada 9.8%
United Kingdom 9.2%
Singapore 7.1%
Total 63.9%

as of September 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: 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.