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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Third Avenue Value Fund underperformed in Q2 2026 as markets chased semiconductors and AI while the Fund stayed disciplined in out-of-favor tangible asset plays. Core holdings in offshore energy services, copper mining, and Japanese industrials offer deep value with catalysts including energy security trends, supply shortages, and corporate restructurings."
Third Avenue Value Fund returned 1.25% in Q2 2026, trailing broad indices as markets favored semiconductors and AI speculation while the Fund remained positioned in out-of-favor global value opportunities. The portfolio's core thesis centers on acquiring well-financed companies with strategic tangible assets at discounts to replacement value. Key holdings include offshore energy services companies Tidewater and Valaris, which declined on Iran peace hopes but whose thesis strengthened as governments prioritize energy security and face years of rebuilding depleted strategic oil reserves. Japanese semiconductor equipment makers JEOL and Horiba gained as markets recognized critical supply chain chokepoints. Copper miners Lundin and Capstone offer exposure to underappreciated supply shortages. Two holdings received takeover approaches during the quarter: easyJet from asset-based investor Castlelake, and Paltac from parent Medipal at a 40% premium. The Fund initiated thyssenkrupp, a catalyst-rich German conglomerate executing multi-year transformation through business unit spin-offs. Manager maintains conviction in tangible asset-backed value investing despite near-term relative underperformance, viewing current positioning as offering downside protection and multiple paths to wealth creation.
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