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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 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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| 2025 Q1 | Mar 31, 2025 | Third Avenue Small-Cap Value Fund | -4.6% | -4.6% | ABAC, BATRA, BXC, COLL, ECPG, FPH, FRPH, HBB, ICFI, ITIC, MYRG, OCFC, PB, PRAA, SBSI, SEB, SUPN, TDW, UMBF | financials, M&A, small cap, Trade Policy, value, volatility | Fund focuses on securities available at valuations significantly below private market value with low probability of permanent capital impairment. Manager emphasizes buying businesses at significant discounts to estimated values with conservatism baked in. | BXC TIDE |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Third Avenue Small-Cap Value Fund | OceanFirst Financial | Financials | Regional Banks | Bull | NASDAQ | book value discount, commercial real estate, Consolidation Target, deposit base, Equity, investment grade, regional banks | 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 |
|---|---|---|---|---|---|---|---|---|
| Ray Dalio | Bridgewater Associates | $27.4B | $1.7M | 0.01% | 94,255 | -28,234 | -23.05% | 0.1506% |
| Israel Englander | Millennium Management LLC | $233.2B | $191,526 | 0.00% | 10,670 | -33,763 | -75.99% | 0.0170% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $9.9M | 0.01% | 553,815 | +164,263 | +42.17% | 0.8847% |
| Cliff Asness | AQR Capital Management | $190.6B | $8.0M | 0.00% | 444,355 | -30,274 | -6.38% | 0.7098% |
| Mario Gabelli | GAMCO Investors | $10.4B | $2.9M | 0.03% | 159,000 | +0 | +0.00% | 0.2540% |
| Matthew Fine | Third Avenue Value Fund | $550.2M | $3.5M | 0.63% | 192,807 | +30,476 | +18.77% | 0.3080% |
| Kevin M. Keeley | Keeley-Teton Advisors, LLC | $824.8M | $581,691 | 0.07% | 34,197 | +9,123 | +36.38% | 0.0518% |