The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Matthew Fine, CFA, joined Third Avenue in 2000 and has served as Portfolio Manager since 2017, bringing over 25 years of investment experience with extensive global investment expertise across developed and emerging markets. He holds a B.A. in Economics from Hamilton College and serves on the Board of Trustees at Suffield Academy, chairing its Investment Committee. Jason Wolf, CFA, joined Third Avenue in 2004 and became Portfolio Manager in 2024, bringing 31+ years of investment experience and a B.B.A. from Southern Methodist University. Wolf serves as a member of Third Avenue's Management Committee and previously served as Co-Lead Portfolio Manager of Third Avenue's Real Estate strategies before transitioning to small-cap value management.
The Third Avenue Small-Cap Value Fund employs an uncommon approach to small-cap value investing with a distinctive 'balance sheet first' methodology. The fund seeks to invest in companies that are misunderstood and underestimated by the broader market, focusing on well-financed small companies trading at discounts to intrinsic value. This patient investing approach results in low portfolio turnover and targets above-average risk-adjusted returns over time. The strategy maintains an Active Share of 99%, indicating a highly differentiated portfolio compared to benchmarks, while prioritizing financial strength and fundamental analysis over traditional valuation metrics alone.
Lead Portfolio Manager
No Signal Detected
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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