Investment objective & strategy
As of Feb. 27, 2026 · prospectusObjective. Third Avenue Value Fund seeks long-term capital appreciation.
Strategy. The Fund seeks to achieve its objective mainly by acquiring common stocks of well-financed companies (meaning companies with high quality assets and conservative levels of liabilities) at a discount to what Third Avenue Management LLC (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. The Fund may invest in companies of any market capitalization and across all industries. The Fund may also acquire senior securities, such as convertible securities, 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 seeks to achieve its objective mainly by acquiring common stocks of well-financed companies (meaning companies with high quality assets and conservative levels of liabilities) at a discount to what Third Avenue Management LLC (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. The Fund may invest in companies of any market capitalization and across all industries. The Fund may also acquire senior securities, such as convertible securities, 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 | $102.88M | 10.90% |
| TIDEWATER INC | — | $42.33M | 4.49% |
| LUNDIN MINING CORP | — | $41.16M | 4.36% |
| Common Stock | BMW | $40.98M | 4.34% |
| CAPSTONE COPPER | — | $39.36M | 4.17% |
| SUBARU CORP | — | $36.45M | 3.86% |
| CK HUTCHISON HOLDINGS LTD COMMON STOCK HKD1.0 | CKHUF | $33.86M | 3.59% |
| WARRIOR MET COAL INC | — | $33.07M | 3.50% |
| ULTRAPAR PARTICIPACOES SA COMMON STOCK | UGPA3 | $31.90M | 3.38% |
| BUZZI UNICEM SPA | — | $31.87M | 3.38% |
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 Portfolio | 89% | 1.32% |
| Third Avenue Small-Cap Value Fund · TASCX, TVSVX, TASZX | 14% | 1.09% |
| Needham Growth Fund · NEEGX, NEEIX | 11% | 1.18% |
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. As reported in the fund's prospectus performance bar chart.
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