Third Avenue Value Fund

Third Avenue

Part of Third Avenue Management

These are Third Avenue Value Fund's own holdings, not the firm's. Percentages are of the stock positions in its latest filing — the fund's cash and bonds are not included. The fund's mandate is deliberately broad: it hunts common stocks of well-financed companies trading at a deep discount to what their assets are worth, but it is free to roam across the capital structure too, taking preferred securities, convertibles, or debt when those offer a better deal than the equity. That breadth is what sets the flagship apart from the firm's own siblings — the Small-Cap Value and Real Estate Value funds stick to single lanes, while this one may range across markets, company sizes, and geographies, so long as the price stays safe and cheap. Launched in November 1990, the fund was Martin Whitman's retail window onto the institutional deep-value discipline he had spent decades refining. Where most analysts read earnings forecasts, Whitman read the balance sheet, hunting creditworthy, low-debt companies whose assets were worth plainly more than the market was asking, and often holding for years. He managed the fund himself from its first day until 2012. Matthew Fine has carried that same contrarian, asset-based lens forward since, seeking out names the crowd has soured on and buying them at a discount to their intrinsic value with a creditor's instinct for downside protection — a patient, low-turnover way of running money that prizes not losing over getting rich quickly.