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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 9, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ARCH, BLDR, HCC, LXU, POU.TO | Buybacks, Coal, credit, cyclicals, energy, small cap, value | ARCH and Warrior are leading US producers of high-quality metallurgical coal used for steelmaking. Met coal demand is projected to climb for the next 25 years driven by economic development and urbanization in India and Southeast Asia. There has been severe lack of investment in met coal due to ESG concerns with investment peaking in 2014. | LXU |
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| 2025 Q2 | Jul 25, 2025 | Third Avenue Small-Cap Value Fund | 6.5% | - | ABCB, ALG, BATRK, BXC, CTLP, ECPG, FRPH, HBB, IBTX, KALU, LXU, MYR, OCFC, PB, PRA, SAGE, SBSI, SUPN, UMBF, VC | Balance Sheet, Financial Strength, M&A, Resource Conversion, small cap, value | U.S. small-cap companies present once-in-a-generation attractive opportunities relative to the broader equity market after lengthy underperformance. Higher volatility in small-caps increases probability of significant mispricing, creating opportunities for active managers. The investment universe offers particularly high volume of merger and acquisition activity with low impediments to transactions. | VC CTLP SUPN CTLP |
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| 2024 Q1 | May 7, 2024 | Third Avenue Small-Cap Value Fund | 8.3% | 0.0% | BATRA, ECPG, FIX, FRPH, HBB, IVT, KALU, LXU, MYRG, PRA, SEB, SPHR, TDW, UMBF, WASH | Balance Sheet, Capital Allocation, Concentration, cyclicals, small caps, special situations, value | The Russell 2000 Index peaked in November 2021 and remains more than 13% below record highs. Over the past three years, the Russell 2000 has generated negligible returns while the S&P 500 has compounded at 11.6%. The manager believes the continued outperformance by large caps is unsustainable and that intrinsic value within the small-cap market will be realized. | View | |
| 2026 Q1 | Apr 22, 2026 | Third Avenue Small-Cap Value Fund | 7.8% | 7.8% | COMP, CPRX, ECPG, HOG, KALU, LXU, PBF, QLYS, RHI, SD, TDW, TPH, UNF | AI, cybersecurity, disruption, energy, Fertilizers, small caps, Staffing, value | View | ||
| 2026 Q1 | Apr 15, 2026 | Riverwater Micro Opportunities Strategy | - | - | AVD, CCB, LXU, NPKI, PLOW, RDVT, RNGR, TALK | AI, energy, Fertilizers, Geopolitical, healthcare, materials, Microcap, private credit | LXU TALK RNGR CCB RDVT PLOW NPKI |
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| 2024 Q4 | Dec 31, 2024 | Third Avenue Small-Cap Value Fund | -4.4% | 3.3% | AMBC, BATRA, COLL, CTAS, ECPG, FPH, FRPH, ICFI, ITIC, IVT, KALU, LXU, MYRG, OCFC, PB, PBF, PRAA, SEB, SSKN, SUPN, TPH, UMBF, UNF | Buybacks, private equity, Regional Banks, Resource Conversion, small caps, value | The portfolio trades at a historically large discount to estimated net asset value, with Fund Management believing considerable potential exists for attractive absolute returns. The fund focuses on underpriced assets trading below intrinsic value. | FPH AMBC OCFC |
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| 2023 Q3 | Oct 25, 2023 | Third Avenue Small-Cap Value Fund | 8.3% | 0.0% | BATRK, ECPG, FRPH, HBB, ICFI, IVT, KALU, LXU, MYRG, PRAA, SEB, TDW, UMBF, WASH | energy, Fertilizers, financials, Onshoring, real estate, small cap, value | The fund identifies near-shoring as a developing theme with attractive investment opportunities. LSB Industries benefits from U.S. near-shoring through domestic fertilizer production, reducing transportation costs and environmental impact. The manager has dedicated analytical resources to capitalize on other near-shoring opportunities. | BATRK LXU |
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| 2025 Q3 | Oct 21, 2025 | Third Avenue Small-Cap Value Fund | 7.2% | - | ABAC, BATRK, BCC, BXC, COLL, CTAS, CTLP, ECPG, FRPH, HBB, HFWA, ITIC, KALU, LXU, MYRG, PB, PRA, ROG, SD, SUPN, TDW, UMBF, UNF, VSTO | Building Materials, financials, healthcare, industrials, Pharmaceuticals, small caps, technology, value | The fund focuses on buying companies trading at discounts to conservative estimates of net asset value, with shares not reflective of potential for business improvement or value creation. The investment approach emphasizes businesses well-financed and trading below intrinsic value with identifiable value creation levers. | ROG BOISE AMBC AMBC |
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| 2025 Q4 | Jan 22, 2026 | Third Avenue Small-Cap Value Fund | 4.6% | 14.0% | ALG, BATRK, BXC, COLL, CTAS, ECPG, FPH, ICFI, KALU, LXU, MYRG, NYCB, OCSL, PB, PRA, SEB, SUPN, UMBF, UNF | Aluminum, Governance, Owner-Operator, Pharmaceuticals, Regional Banks, small caps, value | The Fund pursues a decidedly value-oriented investment approach, seeking to underpay for ownership of a business. The managers focus on finding rare nexuses of good people, good assets and good prices. The Fund initiated a new position in Flagstar Bank at a large discount to tangible book value. Flagstar has been undergoing transformation and has a credible path to achieve profitability more typical of a U.S. regional bank. Kaiser Aluminum led fourth quarter performance following strong quarterly financial results and progress on its multi-year investment to upgrade and expand production capacity in aerospace and packaging. Collegium Pharmaceutical generated strong performance contribution after producing record quarterly revenue and disclosing improved operating income guidance and a new share repurchase authorization. | FLG UNF ECPG COLL KALU |
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| 2024 Q3 | Sep 30, 2024 | Third Avenue Small-Cap Value Fund | 8.3% | 0.0% | BATRA, ECPG, FRPH, HBB, ICFI, ITIC, KALU, LXU, MYRG, PB, PBF, PRA, SD, SSTK, TDW, TPH, UMBF, WASH | Cheapness, energy, Refiners, Regional Banks, small cap, value | Fund focuses on buying cheap companies at discounts to replacement value and cash flows, with emphasis on balance sheet-oriented approaches. Current holdings available at attractive valuations relative to fundamentals. | PBF SD |
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| 2023 Q4 | Jan 28, 2024 | Third Avenue Small-Cap Value Fund | 8.3% | 0.0% | ALG, BATRA, COLL, ECPG, FIX, FRPH, HBB, ICFI, ITRN, KALU, LXU, MYRG, PB, PRA, SEB, SPHR, TDW, TPH, UMBF | Fed policy, interest rates, real estate, Regional Banks, small caps, value | Small-cap equities rallied late in Q4 from anticipated Fed pivot toward lower rates. Russell 2000 outperformed Russell 1000 by over 7% in December. Despite recent rally, small-caps still lagged for the year and valuations remain discounted versus large-caps. | COLL |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Third Avenue Small-Cap Value Fund | LSB Industries | Materials | Fertilizers & Agricultural Chemicals | Bull | NYSE | Agricultural, Brownfield, Carbon Sequestration, Fertilizers, Mining, Near-shoring, Nitrogen Chemicals, Owner operator, USDA Grant, Value | View Pitch |
| Apr 23, 2026 | Fund Letters | Riverwater Micro Opportunities Strategy | LSB Industries | Chemicals | Fertilizers & Agricultural Chemicals | Bull | New York Stock Exchange | Ammonia, Blue Ammonia, clean energy, Fertilizer, geopolitical, Mining Explosives, natural gas, Nitrogen Chemicals, Supply Disruption | View Pitch |
| Apr 13, 2026 | Fund Letters | Black Bear Value Partners | LSB Industries | Materials | Fertilizers & Agricultural Chemicals | Bull | NYSE | Agricultural, Ammonia, capacity expansion, carbon capture, Cost advantage, debt reduction, Free Cash Flow, Industrial, Low-Carbon, natural gas, Nitrogen, Share Buybacks, turnaround, Value | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $2.9M | 0.01% | 342,894 | +242,304 | +240.88% | 0.4189% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $157,573 | 0.00% | 18,538 | +18,538 | +100.00% | 0.0226% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $262,268 | 0.00% | 30,855 | +30,855 | +100.00% | 0.0377% |
| Israel Englander | Millennium Management LLC | $233.2B | $183,370 | 0.00% | 21,573 | +1,692 | +8.51% | 0.0264% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $27.5M | 0.61% | 3,239,383 | +221,338 | +7.33% | 3.9578% |
| Bob Robotti | Robotti & Co Advisors, LLC | $710.5M | $28.2M | 3.97% | 3,321,097 | -936,825 | -22.00% | 4.0577% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $711,017 | 0.00% | 83,649 | +30,494 | +57.37% | 0.1022% |
| Cliff Asness | AQR Capital Management | $190.6B | $119,673 | 0.00% | 14,079 | -29,252 | -67.51% | 0.0172% |
| Matthew Fine | Third Avenue Value Fund | $550.2M | $6.7M | 1.22% | 789,447 | +0 | +0.00% | 0.9645% |