Third Avenue Management names Evan Strain Co-Portfolio Manager of the Third Avenue Small-Cap Value Fund

February 28, 2020

NEW YORK – Third Avenue Management LLC (“Third Avenue”), a New York-based registered investment advisor, today announced that Evan Strain, CFA has been promoted to Co-Portfolio Manager of the Third Avenue Small-Cap Value Fund (Nasdaq: TASCX, TVSVX, TASZX) (“Small-Cap Value Strategy”).  He will serve alongside Lead Portfolio Manager Victor (“Vic”) Cunningham, CFA, who has been managing the portfolio since 2017.  Mr. Strain was previously a senior analyst on the Small-Cap Value Strategy, which has an overall Morningstar Rating of 4 stars as of December 31, 2019.

Discussing his new role, Mr. Strain said, “I’m thrilled to continue working with Vic, now as Co-Portfolio Manager. We look forward to helping clients pursue opportunities that take advantage of undervalued equities and areas of the market with long-term growth potential, continuing the Third Avenue legacy of unique deep-value investing.”

“Evan has meaningfully contributed to the Small-Cap Value Strategy and the broader Third Avenue investment team as an analyst since 2011 and his experience, talent and commitment to our defining value investment strategy make him a logical choice for this role.  Clients of Third Avenue’s Small-Cap Value Strategy have benefited from consistent investment philosophies over the years and I am confident that Evan’s insights will help investors continue to achieve their objectives,” said Erik Kleinbeck, Head of Business Development.

“I have worked closely with Evan over the years and he has proven to be a terrific analyst and teammate.  I look forward to having him join me as a Co-PM of the Fund,” said Vic Cunningham.

Mr. Strain has been with Third Avenue for almost nine years. Previously, he spent three years as an Associate at Dorchester Management, a value-oriented hedge fund.  Mr. Strain received his B.S. in Finance and Accounting from NYU Stern School of Business.

About Third Avenue Management

Third Avenue Management LLC is a New York-based investment advisory firm founded in 1986 by legendary investor Martin J. Whitman. Today, the Firm is majority owned by Affiliated Managers Group, Inc. and has more than $2 billion in assets under management. Third Avenue adheres to a disciplined bottom-up value investment strategy in order to identify investment opportunities in undervalued securities of companies with high-quality assets, understandable businesses and strong management teams that have the potential to create value over the long term.

Important Information

Third Avenue Funds are offered only by prospectus. The prospectus contains important information, including investment objectives, risks, advisory fees and expenses. Please read the Prospectus carefully before investing or sending money. For a current Prospectus please visit our website at www.thirdave.com, or call 800-443-1021. Distributor of Third Avenue Funds: Foreside Fund Services, LLC.

Overall Morningstar rating, as of December 31, 2019, vs. 387 funds. TASCX was rated against the following numbers of Small Value Category Funds over the following time periods: 387 funds in the last three years, 346 funds in the last five years, and 237 funds in the last ten years. With respect to these Small Value funds, TASCX received a Morningstar Rating of 4 stars, 4 stars and 3 stars for the three-, five- and ten-year periods, respectively. Ratings based on risk-adjusted return. Past performance is no guarantee of future results.

The Morningstar Rating for funds, or “star rating”, is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

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