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 |
|---|---|---|---|---|---|---|
As of Jun 30, 2026
Third Avenue Small-Cap Value Fund delivered 21.72% year-to-date through a concentrated portfolio of undervalued, well-financed businesses. U.S. small-caps reached historically extreme valuation lows versus large-caps, creating compelling multi-year outperformance potential. Six holdings were acquired at healthy premiums in six quarters amid surging M&A activity. The Fund initiated eight new positions in deeply pessimistic areas while maintaining disciplined avoidance of semiconductor momentum and unprofitable speculation.
The Fund invests in significantly undervalued small-cap businesses with strong balance sheets facing temporary headwinds, combining undervaluation with downside protection to create investment asymmetry that offers significant upside while limiting permanent capital loss.
The managers perceive a fantastic prospective opportunity for U.S. small-cap outperformance given that relative valuations remain very low despite recent strength, and the value spread has only modestly shrunk. They view the current environment as presenting special opportunities for selective fundamental investors focused on significantly undervalued, well-financed businesses facing temporary headwinds. The heightened stock volatility has created an increasingly robust opportunity set, while the current business and political environment appear to encourage elevated consolidation activity in the small-cap universe. The managers would not be surprised to see the Fund continue to experience periodic takeovers of its holdings.
Moderate Conviction Bullish
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