Investment objective & strategy
As of Feb. 27, 2026 · prospectusObjective. Third Avenue Small-Cap Value Fund seeks long-term capital appreciation.
Strategy. The Fund seeks to achieve its objective by acquiring equity securities, including common stocks and convertible securities, of well-financed (meaning companies with high quality assets and conservative levels of liabilities) small companies at a discount to what the Adviser believes is their intrinsic value. Adhering to this strict value discipline, the Fund generally seeks to construct a focused portfolio of high conviction opportunities. Under normal circumstances, the Fund expects to invest at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in securities of companies that are considered small. The Fund considers a small company to be one whose market capitalization is between $50 million and the top range of capitalizations of companies in … The Fund seeks to achieve its objective by acquiring equity securities, including common stocks and convertible securities, of well-financed (meaning companies with high quality assets and conservative levels of liabilities) small companies at a discount to what the Adviser believes is their intrinsic value. Adhering to this strict value discipline, the Fund generally seeks to construct a focused portfolio of high conviction opportunities. Under normal circumstances, the Fund expects to invest at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in securities of companies that are considered small. The Fund considers a small company to be one whose market capitalization is between $50 million and the top range of capitalizations of companies in the Russell 2000 Index or the S&P Small Cap 600 Index at the time a new position is established (based on prior quarter-end data of the indexes). As of December 31, 2025, the top range of capitalization was $31.15 billion for the Russell 2000 Index and $9.22 billion for the S&P Small Cap 600 Index. The Fund may also acquire senior securities of small companies, such as preferred stocks and debt instruments (including high-yield and distressed securities, often referred to as junk, that may be in default and may have any or no credit rating) that the Adviser believes are undervalued. The Fund also invests in both domestic and foreign securities.
Top holdings
As of Jan. 30, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| DREYFUS-TR SE-IN | DIRXX | $12.01M | 6.64% |
| UMB FINANCIAL CORP | — | $9.93M | 5.49% |
| ENCORE CAPITAL G | — | $9.42M | 5.21% |
| MYR GROUP INC/DELAWARE | — | $8.55M | 4.73% |
| SUPERNUS PHARMACEUTICALS INC | — | $7.34M | 4.06% |
| LSB INDUSTRIES INC | — | $7.32M | 4.05% |
| ATLANTA BRAVES HOLDINGS IN-A | — | $7.24M | 4.00% |
| KAISER ALUMINUM | — | $7.06M | 3.90% |
| PROSPERITY BNCSH | — | $7.04M | 3.89% |
| OCTAVE SPECIALTY GROUP INC | — | $6.72M | 3.72% |
Portfolio moves
Oct 31, 2025 → Jan 30, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Third Avenue Value Fund · TAVFX, TVFVX, TAVZX | 14% | 1.07% |
| Third Avenue Value Portfolio | 14% | 1.32% |
| Needham Aggressive Growth Fund · NEAGX, NEAIX | 8% | 1.19% |
Advisers
| Firm | Role |
|---|---|
| Third Avenue Management LLC | Adviser |
Footnotes
- Expense ratio as of February 27, 2026, from the fund's prospectus.
- Net assets and holdings count as of January 30, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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