Third Avenue Focused Credit Investor
Name
As ofPrice
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
N/A
1 yr return
-26.6%
3 Yr Avg Return
-11.3%
5 Yr Avg Return
-3.8%
Net Assets
$601 M
Holdings in Top 10
52.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.18%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 48.00%
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$2,500
IRA
$2,500
Fund Classification
Fund Type
Open End Mutual Fund
Name
As ofPrice
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
TFCVX - Profile
Distributions
- YTD Total Return N/A
- 3 Yr Annualized Total Return -11.3%
- 5 Yr Annualized Total Return -3.8%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 8.71%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameThird Avenue Focused Credit Fund
-
Fund Family NameThird Avenue
-
Inception DateAug 31, 2009
-
Shares OutstandingN/A
-
Share ClassInv
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerJoseph Zalewski
Fund Description
TFCVX - Performance
Return Ranking - Trailing
Period | TFCVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | -9.3% | 23.9% | N/A |
1 Yr | -26.6% | -9.4% | 5.6% | N/A |
3 Yr | -11.3%* | -6.5% | 8.5% | N/A |
5 Yr | -3.8%* | -8.6% | 2.2% | N/A |
10 Yr | N/A* | -13.4% | 4.4% | N/A |
* Annualized
Return Ranking - Calendar
Period | TFCVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | -23.1% | -0.4% | N/A |
2022 | N/A | -9.5% | 28.5% | N/A |
2021 | N/A | -14.4% | 28.6% | N/A |
2020 | N/A | -34.3% | 1.0% | N/A |
2019 | N/A | -23.1% | 27.7% | N/A |
Total Return Ranking - Trailing
Period | TFCVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | -9.3% | 23.9% | N/A |
1 Yr | -26.6% | -9.4% | 6.8% | N/A |
3 Yr | -11.3%* | -6.5% | 11.2% | N/A |
5 Yr | -3.8%* | -7.8% | 6.2% | N/A |
10 Yr | N/A* | -13.4% | 8.6% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | TFCVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | -23.1% | 1.3% | N/A |
2022 | N/A | -4.9% | 36.8% | N/A |
2021 | N/A | -14.4% | 39.0% | N/A |
2020 | N/A | -28.3% | 4.3% | N/A |
2019 | N/A | -21.8% | 27.7% | N/A |
TFCVX - Holdings
Concentration Analysis
TFCVX | Category Low | Category High | TFCVX % Rank | |
---|---|---|---|---|
Net Assets | 601 M | 1.02 M | 25 B | N/A |
Number of Holdings | 77 | 6 | 1547 | N/A |
Net Assets in Top 10 | 332 M | -1.5 M | 3.71 B | N/A |
Weighting of Top 10 | 52.38% | 5.1% | 99.6% | N/A |
Top 10 Holdings
- Coporate Risk Holdings I, Inc 9.86%
- Liberty Tire Recycling Holdco 144A 11% 6.54%
- Ideal Standard International Sa Series C Note 6.52%
- Ideal Standard International Sa 5.44%
- Altegrity 144A 5.06%
- Clear Channel Comms 14% 4.80%
- New Entpr Stone & Lime 11% 4.71%
- Longview Intermediate Holdings C, Llc 3.50%
- Liberty Tire Recycling Holdco Llc, Tl B 3.15%
- Affinion Group Holdings Inc 2.80%
Asset Allocation
Weighting | Return Low | Return High | TFCVX % Rank | |
---|---|---|---|---|
Bonds | 47.29% | -17.48% | 100.06% | N/A |
Cash | 24.08% | -3.02% | 117.48% | N/A |
Stocks | 20.59% | -0.44% | 99.77% | N/A |
Preferred Stocks | 5.17% | 0.00% | 11.13% | N/A |
Other | 2.87% | -1.24% | 11.36% | N/A |
Convertible Bonds | 0.00% | 0.00% | 11.82% | N/A |
Stock Sector Breakdown
Weighting | Return Low | Return High | TFCVX % Rank | |
---|---|---|---|---|
Basic Materials | 1.07% | 0.00% | 1.36% | N/A |
Consumer Defense | 0.93% | -0.09% | 4.47% | N/A |
Financial Services | 0.54% | -0.03% | 17.51% | N/A |
Consumer Cyclical | 0.52% | -0.14% | 15.44% | N/A |
Energy | 0.04% | -0.06% | 2.74% | N/A |
Utilities | 0.00% | -0.04% | 1.62% | N/A |
Technology | 0.00% | -0.17% | 30.62% | N/A |
Real Estate | 0.00% | -0.03% | 3.03% | N/A |
Industrials | 0.00% | 0.00% | 13.99% | N/A |
Healthcare | 0.00% | 0.00% | 14.35% | N/A |
Communication Services | 0.00% | -0.04% | 2.00% | N/A |
Stock Geographic Breakdown
Weighting | Return Low | Return High | TFCVX % Rank | |
---|---|---|---|---|
US | 20.24% | -0.43% | 50.95% | N/A |
Non US | 0.35% | -0.01% | 48.82% | N/A |
Bond Sector Breakdown
Weighting | Return Low | Return High | TFCVX % Rank | |
---|---|---|---|---|
Corporate | 35.71% | 0.00% | 100.08% | N/A |
Cash & Equivalents | 24.25% | -1.24% | 117.48% | N/A |
Government | 4.33% | -5.69% | 65.95% | N/A |
Securitized | 0.00% | 0.00% | 60.24% | N/A |
Municipal | 0.00% | 0.00% | 100.03% | N/A |
Derivative | -0.17% | -17.48% | 8.43% | N/A |
Bond Geographic Breakdown
Weighting | Return Low | Return High | TFCVX % Rank | |
---|---|---|---|---|
US | 40.24% | -17.48% | 99.77% | N/A |
Non US | 7.05% | 0.00% | 53.13% | N/A |
TFCVX - Expenses
Operational Fees
TFCVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.18% | 0.00% | 6.42% | N/A |
Management Fee | 0.75% | 0.00% | 1.00% | N/A |
12b-1 Fee | 0.25% | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.45% | N/A |
Sales Fees
TFCVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.50% | N/A |
Trading Fees
TFCVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 2.00% | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
TFCVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 48.00% | 5.00% | 1334.00% | N/A |
TFCVX - Distributions
Dividend Yield Analysis
TFCVX | Category Low | Category High | TFCVX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 4.50% | N/A |
Dividend Distribution Analysis
TFCVX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
TFCVX | Category Low | Category High | TFCVX % Rank | |
---|---|---|---|---|
Net Income Ratio | 8.71% | -1.92% | 7.22% | N/A |
Capital Gain Distribution Analysis
TFCVX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 08, 2015 | $0.203 | |
Sep 22, 2015 | $0.164 | |
Jun 23, 2015 | $0.186 | |
Mar 24, 2015 | $0.160 | |
Sep 23, 2014 | $0.187 | |
Jun 24, 2014 | $0.210 | |
Mar 25, 2014 | $0.177 | |
Dec 18, 2013 | $0.221 | |
Sep 17, 2013 | $0.227 | |
Jun 18, 2013 | $0.190 | |
Mar 19, 2013 | $0.191 | |
Dec 18, 2012 | $0.226 | |
Sep 18, 2012 | $0.139 | |
Jun 19, 2012 | $0.159 | |
Mar 20, 2012 | $0.188 | |
Dec 20, 2011 | $0.216 | |
Sep 20, 2011 | $0.197 | |
Jun 22, 2011 | $0.182 | |
Mar 22, 2011 | $0.164 | |
Dec 21, 2010 | $0.245 | |
Sep 21, 2010 | $0.182 | |
Jun 22, 2010 | $0.178 | |
Mar 23, 2010 | $0.125 | |
Dec 22, 2009 | $0.112 |
TFCVX - Fund Manager Analysis
Managers
Joseph Zalewski
Start Date
Tenure
Tenure Rank
Jan 02, 2013
3.58
3.6%
Mr. Zalewski, who joined Third Avenue in 2009, was a distressed debt and special situations portfolio manager at Credit Suisse Securities. Prior to that he was a senior distressed debt and special situations analyst at investment firm 3V Capital, which he helped build out as the spun-off proprietary trading group of Libertas Partners. He has served on the board of EasyLink Services International Corp., and on the creditors committee for Interstate Bakeries Corp. Mr. Zalewski has a B.A. in Economics and a B.A. in Political Science from Duke University and is a member of the board of directors of New York’s Red Fern Theatre Company.
Nathaniel Kirk
Start Date
Tenure
Tenure Rank
Jan 02, 2013
3.58
3.6%
Mr. Kirk joined Third Avenue in 2011, after seven years at J.P. Morgan. While at J.P. Morgan, he was most recently in high-yield research, specializing in health care and covering over 80 issuers. Earlier in his career, Mr. Kirk worked on J.P. Morgan’s emerging markets trading desk where he traded Mexican, Turkish and Russian sovereign bonds and options as well as corporate debt for issuers, including Pemex. He also worked with J.P. Morgan’s Principal Finance team performing due diligence for purchasing and securitizing non-performing loans in the United Kingdom and Germany. Mr. Kirk holds an M.A. in Economics from Cambridge University, where he wrote his thesis on the causes as well as the probability and severity of international financial crises. He holds dual undergraduate degrees in Economics and Political Science from Yale University.
Thomas A. LaPointe
Start Date
Tenure
Tenure Rank
Sep 13, 2010
5.88
5.9%
Thomas LaPointe, helped launch the Fund with his arrival at Third Avenue Management in 2009. Previously, Mr. Lapointe was senior vice president, co-manages the Boston high yield group for Columbia Management, where he serves as a senior high-yield portfolio manager. Before becoming a portfolio manager in February 2003, Mr. LaPointe served as a high-yield analyst for four years at Columbia Management. He currently co-manages the High Income Portfolio and manages the high-yield sector of Nations Bond Fund and Nations Strategic Income Fund and may also manage other investment products for both BA
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.0 | 34.87 | 6.64 | 0.0 |