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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Oct 21, 2025 | Third Avenue Small-Cap Value Fund | 7.2% | - | AMBC, BCC, ROG | Balance Sheet Strength, Insurance Distribution, Resource Conversion, small caps, Transformation | The fund targets small-cap companies undergoing metamorphosis structural change or resource conversion events such as Ambacs sale of its legacy business and shift into insurance distribution. It favors companies with strong balance sheets, self-help catalysts, and strategic flexibility that can drive long-term value creation independent of market cycles. The approach reflects Third Avenues preference for owning businesses in transition with multiple levers for value realization. | ROG BOISE AMBC AMBC |
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| 2025 Q3 | Oct 21, 2025 | Third Avenue Value Fund | 11.9% | - | AC PM, BCC, ROG | Coal, Copper, gold, Housing, Value Investing | The fund emphasizes exposure to commoditiesparticularly copper, gold, and coalamid tight supply and rising prices, supporting miners like Capstone Copper and Warrior Met Coal. It discusses opportunities in U.S. housing-related companies trading at cyclically depressed valuations such as Boise Cascade. The manager reiterates the funds contrarian buying grey clouds and selling sunshine value-investing discipline that targets durable, undervalued franchises across cycles. | AC ROG BOISE DBK OR HBR LUN CS |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 29, 2025 | Fund Letters | Gary Kauppila | Rogers Corporation | Information Technology | Electronic Components | Bull | NYSE | 5G, Automation, Electric Vehicles, growth, innovation, Margins, materials | View Pitch |
| Nov 29, 2025 | Fund Letters | Matthew Fine | Rogers Corporation | Information Technology | Electronic Components | Bull | NYSE | Activism, electronics, EV, Margins, materials, restructuring | View Pitch |
| Nov 29, 2025 | Fund Letters | Vic Cunningham | Rogers Corporation | Information Technology | Electronic Components | Bull | NYSE | Activism, Electronic materials, growth, Ip, Margins, restructuring | View Pitch |
| Nov 28, 2025 | Fund Letters | Gary Kauppila | Rogers Corporation | Information Technology | Electronic Components | Bull | NYSE | 5G, Automation, Electric Vehicles, growth, innovation, Margins, materials | View Pitch |
| Nov 28, 2025 | Fund Letters | Matthew Fine | Rogers Corporation | Information Technology | Electronic Components | Bull | NYSE | Activism, electronics, EV, Margins, materials, restructuring | 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 |
|---|---|---|---|---|---|---|---|---|
| Jeffrey Smith | Starboard Value | $5.3B | $110.2M | 2.09% | 1,203,457 | -473,045 | -28.22% | 5.6730% |
| Israel Englander | Millennium Management LLC | $233.2B | $397,231 | 0.00% | 4,338 | -83,856 | -95.08% | 0.0204% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $1.1M | 0.00% | 11,557 | -27,043 | -70.06% | 0.0545% |
| Cliff Asness | AQR Capital Management | $190.6B | $4.2M | 0.00% | 46,107 | +8,644 | +23.07% | 0.2173% |
| Mario Gabelli | GAMCO Investors | $10.4B | $18.6M | 0.18% | 203,154 | -2,796 | -1.36% | 0.9576% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $10,073 | 0.00% | 110 | +0 | +0.00% | 0.0005% |
| Matthew Fine | Third Avenue Value Fund | $550.2M | $18.3M | 3.32% | 199,474 | +106 | +0.05% | 0.9403% |
| George Soros | Soros Fund Management | $6.8B | $3.4M | 0.05% | 37,197 | +37,197 | +100.00% | 0.1753% |