| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.68% | 7.21% | 7.21% |
Third Avenue Value Fund returned 7.28% in Q1 2026 versus negative 3.57% for MSCI World Index, driven primarily by energy holdings that benefited from unprecedented supply disruption following Iran military conflict. The Fund's energy-related businesses (Valaris, Tidewater, Harbour Energy, Subsea 7) were top performers as conflict effectively closed Strait of Hormuz, disrupting 20% of global oil flows. Manager Matthew Fine maintains the Fund's core value philosophy of buying undervalued, well-capitalized businesses facing headwinds, which has led to positioning weighted toward smaller capitalization non-U.S. companies. During the quarter, the Fund initiated three new positions including OSAKA Titanium Technologies, Harley-Davidson, and Robert Half, while reducing cash from 11.52% to 9.68%. Fine expects the energy crisis to create lasting focus on energy security, accelerating deepwater drilling activity globally and enhancing long-term prospects for the Fund's offshore energy services holdings. The unprecedented nature of current geopolitical disruption requires navigating with established principles rather than positioning for specific scenarios.
Third Avenue Value Fund maintains its 35-year philosophy of buying grey clouds and selling sunshine - purchasing significantly undervalued, well-capitalized businesses facing headwinds to protect against permanent capital impairment while positioning for attractive long-term wealth creation.
Manager expects heightened and lasting global focus on energy security to accelerate deepwater energy activity in regions like South America, West Africa and Europe. The longer-term outlook for offshore energy services companies should be enhanced if this interpretation proves accurate. Fund continues to seek undervalued, well-capitalized businesses positioned for long-term wealth creation.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 22 2026 | 2026 Q1 | 1 HK, 5726.T, HOG, RHI, TDW, VAL | Consolidation, energy, Geopolitical, global, Iran, Offshore, small cap, value |
HOG RHI |
Third Avenue Value Fund delivered 7.28% returns in Q1 2026, significantly outperforming markets as energy holdings surged amid Iran conflict disrupting global oil flows. Manager Fine maintains contrarian value approach, buying undervalued, well-capitalized businesses facing headwinds. Fund expects lasting energy security focus to benefit offshore drilling companies while continuing to find opportunities in market dislocations. |
| Jan 22 2026 | 2025 Q4 | 0001.HK, 2603.TW, 6951.T, 6955.T, BIRG.L, BMW.DE, BZU.MI, CMA, CS, DB, HBR.L, HCC, IFP.TO, LUN.TO, SFOR.L, SSUB.OL, SUBCY, TDW, VAL | Banking, Copper, energy, Europe, Mining, Resource Conversion, value | - | Third Avenue Value Fund delivered strong Q4 and full-year performance driven by copper miners and European banks. Mining companies benefited from growing appreciation of copper's indispensable role in electrification and data center buildouts amid persistent supply challenges. Resource conversion activity across portfolio companies created additional value through strategic transactions, asset sales, and capital returns to shareholders. |
| Oct 21 2025 | 2025 Q3 | 7270.T, AC.TO, BCC, BIRG, BMW.DE, BZU.MI, CBG.L, CSTCF, DB, EZJ.L, HCC, HEI, IFP.TO, LUN.TO, MBG.DE, ORI, ROG, S4C.L, UGPA3.SA | Banking, contrarian, Copper, Europe, Forecasting, Mining, value |
CS LUN HBR OR DBK BOISE ROG AC |
Third Avenue Value Fund delivered 11.85% in Q3 2025, driven by copper miners benefiting from supply disruptions and European banks despite reducing European exposure. The contrarian approach of buying financially durable companies at depressed valuations continues to generate strong returns, with new positions in cyclically challenged building materials companies while harvesting gains from successful turnaround stories. |
| Jul 22 2025 | 2025 Q2 | 1418.T, 5233.T, 6856.T, 7270.T, 8283.T, BIRG.L, BMW.DE, BZU.MI, CKH.L, CMCL.L, CRE.L, DB, EZJ.L, HCC, IFP.TO, ORI, SFOR.L, TDW | Copper, diversification, Japan, Reinsurance, small caps, valuation, value |
CRE LN CDRE.L |
Third Avenue Value Fund delivered 9.46% in Q2 2025, outperforming value indices while warning of dangerous U.S. mega-cap concentration. The Fund's 16% Japanese allocation targets undervalued, well-capitalized companies benefiting from governance reforms. New reinsurance position and copper miners drive performance. Manager advocates price-conscious diversification away from historically expensive U.S. large-caps toward global value opportunities. |
| Mar 31 2025 | 2025 Q1 | 5285.T, 6856.T, 6951.T, 7270.T, BIRG.L, BMW.DE, CBG.L, CSCU.TO, DB, EZJ.L, G13.SI, HBR.L, HCC, ORI, SFOR.L, SUBC.OL, TDW, VAL | defense, energy, Europe, inflation, Japan, tariffs, Trade Policy, value | 6951.T | Third Avenue Value Fund gained 2.95% in Q1 2025 driven by European and Japanese holdings. The manager views the global tariff war as an economic mistake creating stagflationary risks and trust breakdown. Portfolio deployed cash selectively, initiating JEOL position and adding to energy services at attractive prices. Maintains contrarian value approach focused on strongly financed companies trading at significant discounts. |
| Jan 28 2025 | 2024 Q4 | 6856.T, 7270.T, 7433.T, AAPL, AMZN, BIRG.L, BMW.DE, BZU.MI, CBG.L, CMA, CS.TO, DB, EZJ.L, GOOGL, HCC, HRB.L, LAZ, LUN.TO, MBG.DE, META, MSFT, NVDA, ORI, SUBCY, TDW, TSLA, UGP | Active Share, Autos, Concentration, global, small caps, value |
BMW.DE MBG.DE 7270.T |
Third Avenue Value Fund's concentrated global value strategy underperformed in Q4 as markets favored momentum over fundamentals. The fund maintains historic low U.S. exposure while building positions in undervalued automakers like BMW trading at 6.4x earnings despite strong cash generation. Manager sees unprecedented market concentration and speculative activity as validation of contrarian positioning in quality companies at distressed valuations. |
| Sep 30 2024 | 2024 Q3 | 6856.T, 7270.T, BIRG, BMW.DE, BZU.MI, CKHUY, CMA, CPSCF, DB, EZJ.L, LAZ, MBG.DE, SUBCY, TDW, TM, VAL, WMC | Autos, Buybacks, global, Offshore Energy, undervaluation, value | 7270.T | Third Avenue Value Fund targets deeply undervalued global companies, particularly in automotive and offshore energy services. Manager believes massive flows to passive strategies have broken price discovery, creating persistent valuation spreads. Holdings like BMW and Subaru trade at extreme discounts despite strong fundamentals. Expects value investing cycle to eventually reverse, similar to late 1990s experience. |
| Jul 19 2024 | 2024 Q2 | 6856.T, 7433.T, BIRG.L, BMW.DE, BZU.MI, CBG.L, CSAV.SN, CSTCF, DB, EZJ.L, HA, HBRG.L, HCC, LUMI.TO, SFOR.L, SUBCY, TDW, UGP, VAL | Balance Sheet, Banking, Financial Wherewithal, Japan, rates, value |
7433.T CBG.L |
Third Avenue Value Fund's balance sheet-focused approach positions it well as the era of falling interest rates ends. The fund added Japanese distributor Paltac and UK bank Close Brothers, both offering value opportunities with strong financial wherewithal. After decades of headwinds from falling rates favoring leveraged strategies, the fund expects relative outperformance ahead. |
| May 7 2024 | 2024 Q1 | 6856.T, BIRG.L, BMW.DE, BZU.MI, C6B.SI, CAPS.TO, DB, EZJ.L, G13.SI, HBR.L, HCC, IFP.TO, LUN.TO, MBG.DE, ORI, SFOR.L, SUBC.OL, TDW, VAL | Banking, Buybacks, contrarian, Copper, dividends, Europe, value |
BOIG.L HBR.L |
Third Avenue Value Fund delivered 8.58% returns in Q1 2024, led by copper miners validating supply shortage thesis and financial companies benefiting from normalized rates. Portfolio companies are generating substantial shareholder returns through dividends and buybacks due to overcapitalization and discounted valuations. Manager sees attractive opportunities as value investing becomes less competitive amid industry growth focus. |
| Jan 31 2024 | 2023 Q4 | ASHM.L, BIRG.L, BMW.DE, BOLSAA.MX, BZU.MI, CMA, CS.TO, DB, EZJ.L, HMC.T, HMT, HTHPF, SFOR.L, SUBCY, TDW, UGPA3.SA, VAL | Banking, Buybacks, Electric Vehicles, global, interest rates, value |
S4C.L CMA BMW.DE BOLSAA.MX |
Third Avenue Value Fund delivered 20.16% in 2023 while maintaining an 8.2x P/E ratio, demonstrating strong value discipline. The manager challenges rate-growth correlations, added to regional banks during crisis, and sees BMW as exemplifying attractive value at 6.1x earnings with massive cash position. Lower rates ahead could benefit value strategies. |
| Oct 25 2023 | 2023 Q3 | BIRG.L, BMW.DE, CS.TO, DB, EZJ.L, HCC, SUBCY, TDW, UGP, VAL | Coal, contrarian, Cyclical, distressed, energy, Offshore, value | - | Third Avenue Value Fund targets companies with distressed valuations but sound fundamentals, emphasizing contrarian opportunities where sentiment has become excessively pessimistic. The portfolio trades at 6x earnings with significant energy and materials exposure. Recent trimming increased cash to 17% while the manager sees favorable conditions for value investing given wide valuation spreads. |
| Jan 15 2023 | 2022 Q4 | - | - | - | |
| Oct 25 2022 | 2022 Q3 | ESYJY | - | - | |
| Jun 30 2022 | 2022 Q2 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
EnergyFund's energy holdings (Valaris, Tidewater, Harbour Energy, Subsea 7) were top performers during quarter. Iran conflict disrupted 20% of global oil flows through Strait of Hormuz, creating unprecedented energy supply crisis. Manager expects lasting focus on energy security to accelerate deepwater drilling activity globally. |
Oil Offshore Drilling Energy Security Geopolitical Risk Supply Disruption |
ValueManager maintains core philosophy of buying grey clouds and selling sunshine - purchasing undervalued, well-capitalized businesses facing headwinds. Approach focuses on underpaying for businesses to protect against permanent capital impairment while positioning for long-term wealth creation. |
Undervaluation Contrarian Capital Protection Long-term | |
Geopolitical RiskIran military conflict created unprecedented disruption to global energy flows. Manager navigating unique situation comparable to COVID outbreak. Geopolitical tensions affecting capital flows, currency movements, and energy security considerations globally. |
Iran Military Conflict Energy Security Global Disruption | |
Critical MineralsNew position in OSAKA Titanium Technologies reflects opportunity in titanium supply chain as Western aerospace industry reduces Russian dependency. Company positioned to benefit from supply chain reshoring and capacity expansion completing in 2028. |
Titanium Supply Chain Aerospace Russian Sanctions | |
ConsolidationMultiple portfolio companies involved in industry consolidation transactions. Valaris subject to Transocean takeover, Subsea 7 being acquired, Tidewater making strategic acquisitions. Well-capitalized companies using financial strength for value-creating transactions. |
M&A Industry Consolidation Capital Allocation | |
| 2025 Q4 |
AIAI was a dominant market driver of U.S. stocks and continues to influence market leadership. The AI-driven rally led to historic levels of market concentration with just five stocks accounting for nearly 45% of the S&P 500's total return in 2025. Strong AI-related investment was the backbone of U.S. growth in 2025. |
Artificial Intelligence Technology Market Concentration Growth Innovation |
RatesThe Federal Reserve has cut interest rates 1.75% since 2024, easing financial conditions and supporting markets. The Fed resumed rate cuts in September and markets expect further easing into 2026, albeit at a slower pace. Historically, equities have responded favorably following the restart of easing cycles. |
Federal Reserve Interest Rates Monetary Policy Easing Financial Conditions | |
InflationThe inflation storm that dominated recent years appeared to be easing, at least in the short term. November and December inflation surprised to the downside, easing investor concerns about persistent inflation pressures. However, inflation is likely to remain above target near term. |
Inflation Federal Reserve Economic Data Price Pressures | |
| 2025 Q3 |
CopperCopper prices have benefited from increasingly tight global supplies, a weak U.S. dollar, breakdown of trust in global trading norms, and operational disruptions at several large copper mines. These dynamics have benefited holdings like Capstone Copper and Lundin Mining, with rising gold prices also helping copper miners that produce gold as a byproduct. |
Copper Miners Supply Gold Mining Commodities |
ValueThe fund employs a contrarian value approach described as buying grey clouds and selling sunshine, focusing on well-financed companies with financial durability trading at depressed valuations. The approach emphasizes expected value frameworks over single-point estimates and seeks asymmetric investment opportunities. |
Contrarian Undervalued Financial Durability Asymmetry Expected Value | |
CoalWarrior Met Coal was a top contributor during the quarter, with its Blue Creek project beginning production and expected to reach full run-rate in the first half of 2026. At full production, Blue Creek will bring a major step change in production volumes and operate at world-class production costs. |
Metallurgical Coal Production Capital Spending Mining | |
| 2025 Q2 |
ValueManager emphasizes price-conscious investing approach, seeking securities at meaningful discounts to business value. Criticizes current U.S. mega-cap valuations and advocates for diversification away from expensive stocks toward undervalued opportunities. |
Valuation Discount Price-conscious Undervalued CAPE |
JapanFund holds approximately 16% in Japanese companies trading at distressed valuations despite excellent operational health. Manager highlights improving corporate governance pressures and activist campaigns creating potential value catalysts. |
Corporate governance Activist Overcapitalized TSE GPIF | |
CopperFund holds positions in copper mining companies Lundin Mining and Capstone Copper, which contributed positively to quarterly performance. Copper exposure reflects commodity positioning within the value framework. |
Mining Commodities Capstone Lundin | |
ReinsuranceInitiated new position in Conduit Holdings, a Bermuda-based reinsurance company trading at significant discount to book value following elevated loss events. Manager sees opportunity for valuation recovery and book value compounding. |
Insurance Hard market Book value Underwriting | |
| 2025 Q1 |
Trade PolicyThe manager extensively discusses the global tariff war initiated on Liberation Day (April 2, 2025), describing it as an economic mistake with lasting negative implications. He analyzes the reciprocal tariff structure, challenges of eliminating trade deficits, and the breakdown of trust and predictability affecting corporate investment decisions. |
Tariffs Trade War Reciprocal Deficits Isolationism |
Defense SpendingThe manager notes rising European defense spending as NATO alliances weaken and European governments accelerate military self-reliance due to uncertainty about U.S. partnership. He describes this as a consequence of degraded trust and the expensive nature of isolationism. |
NATO Military Self-reliance European Cooperation | |
Critical MineralsThe manager discusses resource nationalism and strategic stockpiling of critical materials like copper, cobalt, and rare earths. He highlights geopolitical tensions around mineral resources in DRC, Ukraine, and Latin America, noting how disruptions to free trade lead to higher prices and supply vulnerabilities. |
Copper Cobalt Stockpiling Nationalism Supply | |
InflationThe manager warns of lasting inflationary pressures from tariffs, supply chain disruptions, resource nationalism, and increased defense spending. He notes that consumers don't distinguish between high inflation and high prices, and warns of the risk of embedded inflationary expectations. |
Prices Tariffs Supply Chain Embedded Expectations | |
SemiconductorsThe manager initiated a position in JEOL, a Japanese semiconductor equipment company with exposure to EUV lithography and multi-beam mask writers. Despite near-term headwinds from slower EUV adoption, he sees attractive longer-term growth prospects in the semiconductor capital equipment cycle. |
EUV Lithography Equipment JEOL Mask Writers | |
EnergyThe manager discusses energy self-reliance as a cousin to military self-reliance, noting how Europe's dependence on Russian gas created vulnerabilities. He sees potential for U.K. policy reversals on energy windfall taxes to spur domestic investment and benefit holdings like Harbour Energy, Tidewater, and Valaris. |
Self-reliance Windfall Tax North Sea Investment Security | |
| 2024 Q4 |
AutosThe fund has significant exposure to traditional automakers BMW, Mercedes-Benz, and Subaru, which the manager views as extremely undervalued despite facing challenges from higher interest rates, electric vehicle transition, Chinese competition, and potential tariffs. The manager argues these companies are adapting well and trading at distressed valuations despite strong fundamentals. |
Electric Vehicles Battery Supply Chain Trade Policy Value China |
ValueThe fund pursues undervalued securities globally with 99% active share and concentrated positioning. The manager emphasizes finding attractive value outside the United States where valuations have become stretched, particularly among larger companies. |
Small Caps Quality Global Concentration | |
| 2024 Q3 |
ValueManager discusses the persistent valuation chasm between cheap and expensive companies in U.S. equity markets, noting that multiples assigned to the least expensive quartile actually declined from 2014-2024. The fund continues to find attractive value in several automotive industry OEMs and other sectors despite the challenging environment for value investing. |
Valuation Spreads Undervaluation Multiples Cheap |
AutosThe fund holds positions in BMW, Mercedes-Benz Group, and newly added Subaru Corporation. Manager views automotive OEMs as extremely well-capitalized, inexplicably cheap, and offering attractive value. Subaru trades at virtually zero value for its car-making business despite strong profitability and $10 billion in net cash. |
BMW Mercedes Subaru OEMs Automotive | |
BuybacksManager discusses how cheap stock prices signal to managements that capital reinvestment may be less attractive than share buybacks and dividend distributions. Many current fund holdings trade at 5-6x earnings and distribute bulk of earnings to shareholders, potentially driving superior returns even without multiple rerating. |
Share Repurchases Capital Allocation Distributions Shareholder Returns Dividends | |
| 2024 Q2 |
ValueThe fund employs a balance sheet-focused value investing approach emphasizing financial wherewithal, seeking companies that can endure challenges without value-destructive activities. This approach has produced 220 basis points of outperformance relative to the MSCI World Index since inception 34 years ago. |
Balance Sheet Financial Wherewithal Undervalued Safe And Cheap Distressed |
RatesThe manager discusses how four decades of falling interest rates created tailwinds for leveraged strategies while acting as a headwind for balance sheet-focused approaches. With the era of ever-falling rates now behind us, the fund's approach may benefit relatively. |
Interest Rates Fed Policy Monetary Policy Credit Environment Borrowing Costs | |
JapanThe fund initiated a position in Paltac, Japan's largest distributor of health and beauty products, citing corporate governance pressures from the Tokyo Stock Exchange and the company's overcapitalized balance sheet with potential for improved shareholder returns. |
Corporate Governance Tokyo Stock Exchange Distribution Shareholder Returns Overcapitalized | |
| 2024 Q1 |
ValueFund focuses on buying significantly undervalued, well-financed businesses run by honest and competent people. Manager emphasizes price-conscious, fundamental value investing approach that has become less competitive due to industry shift toward growth strategies. |
Undervalued Price-conscious Contrarian Balance sheet Liquidation value |
CopperStrong performance from copper mining companies Capstone Copper and Lundin Mining. Manager maintains thesis that challenging supply situation combined with increasing demand will manifest in supply shortages, decreasing inventories, and higher copper prices. |
Supply shortage Mining Demand growth Inventories Price appreciation | |
BuybacksMultiple portfolio companies implementing substantial share buyback programs due to overcapitalization and shares trading below book value. Examples include Deutsche Bank and Mercedes-Benz Group buying back shares at significant discounts to intrinsic value. |
Share repurchases Overcapitalized Book value discount Capital allocation Shareholder returns | |
DividendsPortfolio companies generating large and growing shareholder distributions. Bank of Ireland targeting 72% of earnings as dividends and buybacks, Deutsche Bank planning successive 50% dividend increases, Mercedes committing to pay out virtually 100% of free cash flow. |
Capital returns Payout ratios Cash flow distribution Shareholder yield Dividend growth | |
| 2023 Q4 |
ValueThe Fund carried a weighted average price to earnings ratio of approximately 8.2x as of year-end, positioning in attractive businesses without relaxing criteria for balance sheet strength or liquidity. The manager highlights how cheap stocks have become even cheaper while expensive stocks experienced valuation expansion. |
Valuation Cheapness Multiple Earnings |
RatesExtensive discussion of interest rate impacts across industries, particularly banking. The manager argues against conventional wisdom linking low rates to growth investing, noting correlations can break down unpredictably and that value strategies may benefit from lower rates going forward. |
Interest Banking Correlation Fed | |
Electric VehiclesAnalysis of BMW's competitive position in the electric vehicle transition, noting slowing EV sales growth and high dependency on government subsidies. BMW and Mercedes-Benz have been growing battery electric vehicle volumes faster than Tesla in recent quarters. |
Tesla Battery Subsidies Adoption | |
Regional BanksDetailed analysis of U.S. regional banking sector challenges, including duration risk exposure and deposit flight during Spring 2023 panic. The manager added to Comerica holdings during the crisis and sees potential benefits from lower interest rates ahead. |
Duration Deposits Crisis Recovery | |
BuybacksBMW approved EUR 2 billion buybacks in both 2022 and 2023 while maintaining strong cash balances. The company's impressive operational cash flow has enabled continued growth in cash despite significant capital allocation to dividends and repurchases. |
Repurchases Cash Capital Returns | |
| 2023 Q3 |
ValueThe fund focuses on identifying companies trading at distressed valuations without actual operating or financial distress. The manager emphasizes buying companies at low multiples when earnings are temporarily depressed, creating positive asymmetry where operating performance is more likely to improve than deteriorate. |
Contrarian Distressed Cyclical Multiples Asymmetry |
CoalWarrior Met Coal represents the fund's largest position at 8.0% of the portfolio, indicating significant exposure to the coal sector during a period when the manager sees attractive valuations in energy-related companies. |
Metallurgical Energy Commodities Mining Resources | |
Oil ServicesThe fund holds multiple positions in offshore drilling and oil services companies including Tidewater, Valaris, and Subsea 7, representing significant exposure to the energy services sector which the manager views as attractively valued. |
Offshore Drilling Subsea Equipment Cyclical |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 22, 2026 | Fund Letters | Third Avenue Value Fund | - | OSAKA Titanium Technologies Co. Ltd | Other | Specialty Chemicals | Bull | New York Stock Exchange | Aerospace, capacity expansion, Critical Minerals, Cyclical, Defense, Japan, specialty chemicals, supply chain, Titanium, Value | Login |
| Apr 22, 2026 | Fund Letters | Third Avenue Value Fund | HOG | Harley-Davidson, Inc. | Recreational Vehicles | Motorcycle Manufacturers | Bull | New York Stock Exchange | Brand, capital allocation, financial services, inventory normalization, Management Change, Motorcycles, restructuring, turnaround, Value | Login |
| Apr 22, 2026 | Fund Letters | Third Avenue Value Fund | RHI | Robert Half Inc. | Staffing & Employment Services | Human Resource & Employment Services | Bull | New York Stock Exchange | Accounting, AI Resilience, cash generation, Consulting, Cyclical, dividend yield, Finance, professional services, Staffing, technology | Login |
| Oct 21, 2025 | Fund Letters | Matthew Fine | OR | Old Republic International Corp. | Materials | Property & Casualty Insurance | Bull | NYSE | capital return, Insurance, turnaround, underwriting, valuation | Login |
| Oct 21, 2025 | Fund Letters | Matthew Fine | DBK | Deutsche Bank AG | Financials | Banks | Bull | - | banking, capital return, restructuring, ROE, turnaround | Login |
| Oct 21, 2025 | Fund Letters | Matthew Fine | LUN | Lundin Mining Corp. | Materials | Copper & Gold Mining | Bull | NYSE | cash flow, Copper, Gold, Hedge, Mining, Operations | Login |
| Oct 21, 2025 | Fund Letters | Matthew Fine | BOISE | Boise Cascade Co. | Other | Building Materials | Bull | NYSE | Building materials, cash, consolidation, Housing, valuation | Login |
| Oct 21, 2025 | Fund Letters | Matthew Fine | ROG | Rogers Corporation | Information Technology | Electronic Components | Bull | NYSE | Activism, electronics, EV, Margins, materials, restructuring | Login |
| Oct 21, 2025 | Fund Letters | Matthew Fine | AC | AC Ayala Corporation | Industrials | Diversified Holdings | Bull | Philippine Stock Exchange | assets, buybacks, conglomerate, Emerging markets, Philippines, valuation | Login |
| Oct 21, 2025 | Fund Letters | Matthew Fine | HBR | Harbour Energy plc | Energy | Oil & Gas Exploration & Production | Bull | NYSE | cash flow, Gas, North sea, oil, Regulation, Taxation | Login |
| Oct 21, 2025 | Fund Letters | Matthew Fine | CS | CCO Capstone Copper Corp. | Materials | Copper Mining | Bull | NYSE | Chile, Copper, expansion, FCF, Production, Supply, valuation | Login |
| Jul 22, 2025 | Fund Letters | Matthew Fine | CRE LN | Conduit Holdings Limited | Financials | Reinsurance | Bull | New York Stock Exchange | Bookvalue, recovery, Reinsurance, underwriting, Volatility | Login |
| Jun 30, 2025 | Fund Letters | Third Avenue Value Fund | CDRE.L | Conduit Holdings Limited | Financials | Reinsurance | Bull | London Stock Exchange | Book Value, Casualty, combined ratio, debt-free, Hard Market, Property, Reinsurance, specialty, turnaround, Value | Login |
| Dec 31, 2024 | Fund Letters | Third Avenue Value Fund | 7270.T | Subaru Corporation | Consumer Discretionary | Automobile Manufacturers | Bull | Tokyo Stock Exchange | Affluent Customers, Equity, Japanese Automaker, Mass Market Pricing, Niche Producer, North America Focus, Toyota Partnership, Value Investment | Login |
| Dec 31, 2024 | Fund Letters | Third Avenue Value Fund | BMW.DE | Bayerische Motoren Werke AG | Consumer Discretionary | Automobile Manufacturers | Bull | XETRA | Automotive Manufacturing, BEV Transition, capital returns, Electric Vehicles, Equity, German Automaker, luxury automobiles, Share Buybacks, Value Investment | Login |
| Dec 31, 2024 | Fund Letters | Third Avenue Value Fund | MBG.DE | Mercedes-Benz Group AG | Consumer Discretionary | Automobile Manufacturers | Bull | XETRA | Automotive Manufacturing, Electric Vehicles, Equity, German Automaker, luxury automobiles, Luxury Brand, PHEV, Value Investment | Login |
| Oct 15, 2024 | Fund Letters | Third Avenue Value Fund | 7270.T | Subaru Corporation | Consumer Discretionary | Automobile Manufacturers | Bull | Tokyo Stock Exchange | All-Wheel Drive, Automobile Manufacturer, brand loyalty, cash flow generation, Electric Vehicle Strategy, Japan, net cash, Toyota Partnership, Value | Login |
| Jun 30, 2024 | Fund Letters | Third Avenue Value Fund | 7433.T | Paltac Ltd. | Consumer Staples | Consumer Staples Distribution & Retail | Bull | Tokyo Stock Exchange | cash-rich, consumer staples, Distribution, Dividend Growth, Japan, Logistics, market leader, Share Buybacks, takeover target, Value, Zero Debt | Login |
| Jun 30, 2024 | Fund Letters | Third Avenue Value Fund | CBG.L | Close Brothers Group plc | Financials | Diversified Banks | Bull | London Stock Exchange | asset management, capital position, contrarian, Distressed, market making, Motor Finance, Regulatory Overhang, Specialty lending, UK Banking, Value | Login |
| Mar 31, 2024 | Fund Letters | Third Avenue Value Fund | BOIG.L | Bank of Ireland Group PLC | Financials | Banks | Bull | London Stock Exchange | Bank, capital returns, consolidation, Equity, financial services, Interest rates, Ireland, Value | Login |
| Mar 31, 2024 | Fund Letters | Third Avenue Value Fund | HBR.L | Harbour Energy plc | Energy | Oil, Gas & Consumable Fuels | Bull | London Stock Exchange | acquisition, contrarian, energy, Equity, North sea, Norway, Oil & Gas, UK, Value | Login |
| Jan 19, 2024 | Fund Letters | Third Avenue Value Fund | S4C.L | S4 Capital | Communication Services | Advertising | Bull | London Stock Exchange | contrarian, Cyclical, digital advertising, media, turnaround, UK, Value | Login |
| Jan 19, 2024 | Fund Letters | Third Avenue Value Fund | CMA | Comerica | Financials | Regional Banks | Bull | New York Stock Exchange | contrarian, Corporate Lending, financials, floating rate, interest rate sensitivity, regional bank, US | Login |
| Jan 19, 2024 | Fund Letters | Third Avenue Value Fund | BMW.DE | BMW AG | Consumer Discretionary | Automobile Manufacturers | Bull | XETRA | cash generation, dividend, Electric Vehicles, German, Luxury Automotive, Premium Brand, Value | Login |
| Jan 19, 2024 | Fund Letters | Third Avenue Value Fund | BOLSAA.MX | Bolsa Mexicana de Valores | Financials | Financial Exchanges & Data | Bull | Mexican Stock Exchange | Capital markets, cash generation, Central Securities Depository, Exchange Operator, high margins, market data, Mexico | Login |
| - | Fund Letters | Third Avenue Value Fund | 6951.T | JEOL Ltd. | Technology Hardware & Equipment | Electronic Equipment, Instruments & Components | Bull | Tokyo Stock Exchange | activist investor, Double-digit FCF Yield, Electron Microscopes, EUV lithography, Japan, Multi-beam Mask Writers, net cash, scientific instruments, semiconductor equipment, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| VAL | During the quarter, Valaris became the subject of a takeover offer from a larger industry peer, Transocean. The premium price offered to Valaris shareholders stems from several factors, each central to our investment thesis; I) a building cyclical recovery of demand for offshore energy services, II) Valaris' extremely difficult to replicate fleet of high quality floating drilling rigs and III) Valaris' very well-capitalized balance sheet, which offers an indebted Transocean the opportunity to reduce its own financial leverage through an all-stock merger transaction with far better capitalized peer Valaris. |
| TDW | Separately, during the quarter, Tidewater agreed to purchase Wilson Sons Ultratug, an owner of 22 mostly Brazilian-built platform supply vessels operating in Brazil. The all-cash transaction will give Tidewater a much larger presence in Brazil, making it one of the largest operators in one of the world's most attractive deepwater markets. This marks the third significant consolidating acquisition conducted by Tidewater during our ownership, each of which was enabled by an amount of financial flexibility and firepower that is unrivaled within the platform supply vessel industry. |
| 1.HK | Resource conversion activity also played a large part in powering the performance of CK Hutchison during the quarter. In February, European power company Engie SA agreed to purchase UKPN for an equity value of GBP 10.5 billion, as compared to an audited net asset value for UKPN of GBP 5.6 billion. CK Hutchison expects to recognize a gain of HKD 14.5 billion (USD 1.9 billion) upon closing the sale, equivalent to roughly 6% of the company's market capitalization. |
| 5726.T | OSAKA Titanium Technologies is a leading producer of titanium products, including titanium sponge and ingots, as well as high-performance materials, such as titanium powder used in additive manufacturing and silicon monoxide used in lithium-ion batteries. The confluence of events has understandably weighed on Osaka Titanium's share price, which allowed the Fund to initiate a position at a significant discount to estimated net asset value (NAV) and replacement cost. |
| HOG | Harley-Davidson manufactures motorcycles and accessories, sells financial services and earns brand licensing revenue. While its brand remains iconic, its core motorcycle market in the U.S. and the heavyweight bikes in which Harley-Davidson specializes, have suffered several years of sales declines. Market expectations remain very low, with the company's shares trading at a sizeable discount to tangible book value and a modest multiple of very depressed earnings. |
| RHI | Robert Half is a professional staffing company specializing in temporary placements in the fields of finance and accounting, technology, and administrative and customer support. The company's shares trade at a low single-digit multiple of normalized cash flow. The company has generated positive annual free cash flow for more than three consecutive decades and has consistently returned much of that cash to shareholders through dividends and share repurchases. |
| Ticker | Put/Call | Company Name | Industry | Value (M) | Shares | Weight % | Shares Purchased/Sold | Change in Share % | Market Cap (M) |
|---|---|---|---|---|---|---|---|---|---|
| HCC | - | Warrior Met Coal Inc. | Materials | 51.4M | 583,320 | 9.3% | -58,596 | -9.1% | 4,539.4M |
| TDW | - | Tidewater Inc. | Energy | 44.1M | 873,071 | 8.0% | -1,596 | -0.2% | 3,503.1M |
| BCC | - | Boise Cascade Company | Materials | 31.6M | 429,999 | 5.8% | 156,294 | 57.1% | 3,189.7M |
| VAL | - | Valaris Ltd. | Energy | 29.5M | 584,373 | 5.4% | -1,229 | -0.2% | 6,320.7M |
| BN | - | Brookfield Corp. | Financials | 25.2M | 548,119 | 4.6% | 169,870 | 44.9% | 106,643.4M |
| CBRE | - | CBRE Group, Inc. | Real Estate | 23.6M | 146,835 | 4.3% | -7,837 | -5.1% | 45,133.0M |
| FPH | - | Five Point Holdings LLC - CL A | Real Estate | 23.0M | 4,113,917 | 4.2% | 0 | No Change | 798.2M |
| PLD | - | Prologis Inc. | Real Estate | 18.6M | 145,451 | 3.4% | 57 | 0.0% | 129,925.3M |
| ROG | - | Rogers Corp. | Information Technology | 18.3M | 199,474 | 3.3% | 106 | 0.1% | 1,942.6M |
| LEN.B | - | Lennar Corp - Class B | 14.1M | 148,008 | 2.6% | 165 | 0.1% | - |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| Real Estate | 21.72% | 21.30% | -0.42% |
| Financials | 16.62% | 19.75% | +3.13% |
| Materials | 15.75% | 18.10% | +2.35% |
| Energy | 14.91% | 14.88% | -0.03% |
| Industrials | 6.85% | 7.78% | +0.94% |
| Consumer Discretionary | 6.63% | 6.72% | +0.09% |
| Information Technology | 4.03% | 4.03% | +0.00% |
| Health Care | 3.42% | 3.42% | +0.00% |
| Communication Services | 1.46% | 1.46% | +0.00% |
| Symbol | Company | Filed By | Filing Date | Filing |
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| - | - | - | - | - |
| - | - | - | - | - |
| - | - | - | - | - |
| - | - | - | - | - |
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