Victor Cunningham, Third Avenue Small-Cap Value Fund

Full Length Video

Victor Cunningham on CNBC

Video Highlights

How are rising rates impacting small-caps? Vic Cunningham sees the recent unwind as a good opportunity for small-cap investors over the next 3 – 5 years.

The Russell 2000 is down about 32% since November 2021 highs, are we closing in on a bottom? Vic Cunningham discusses the importance of focusing on stock selection rather than trying to pick bottoms.

Why do you look for well capitalized companies with offensive strategies, not just a defensive playbook? Vic Cunningham discusses why we want to own companies with the financial wherewithal to get aggressive when other companies are getting more defensive.

What is our allocation breakout? Vic Cunningham discusses how the Small-Cap Value Fund is more concentrated with a lower risk profile than our peers.

Are inverse ETF’s too cute? Vic Cunningham concludes yes most likely, know what you own, buy cheap & buy right.

Past performance is no guarantee of future results; returns include reinvestment of all distributions. The above 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. Click here for standardized performance.

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.

Third Avenue Funds are distributed by Foreside Fund Services, LLC.

The Russell 2000® Value Index measures the performance of small-cap value segment of the US equity universe. It includes those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000® Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics.

S&P 500 Index – The S&P 500 Index, or Standard & Poor’s 500 Index, is a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S.

Debt-to-Capital Ratio – The debt-to-capital ratio is a measurement of a company’s financial leverage. The debt-to-capital ratio is calculated by taking the company’s interest-bearing debt, both short- and long-term liabilities and dividing it by the total capital.

Standard Deviation – Standard deviation is the statistical measure of market volatility, measuring how widely prices are dispersed from the average price. If prices trade in a narrow trading range, the standard deviation will return a low value that indicates low volatility.

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