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


99.61%

         Active Share vs. MSCI World Index1       

29

Total Equity Holdings

as of September 30, 2021

Top 10 Holdings

  TAVFX
Bank of Ireland Group PLC 8.1%
Interfor Corp. 6.0%
Warrior Met Coal, Inc 5.8%
Capstone Mining Corp. 5.2%
Deutsche Bank AG 4.5%
Bayerische Motoren Werke AG 4.3%
Comerica, Inc. 4.3%
CK Hutchison Holdings, Ltd 3.8%
Old Republic International Corp. 3.7%
Subsea 7, S.A 3.6%
Total 49.3%

as of September 30, 2021

Top 5 Countries

  TAVFX
United States 29.2%
Canada 14.3%
Germany 12.0%
Ireland 8.1%
Hong Kong 5.8%
Total 69.4%

as of September 30, 2021

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.