THIRD AVENUE SMALL-CAP VALUE FUND
Name
As of 04/15/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
1.4%
1 yr return
19.3%
3 Yr Avg Return
7.5%
5 Yr Avg Return
8.9%
Net Assets
$177 M
Holdings in Top 10
52.3%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.50%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 20.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$2,500
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/15/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
TVSVX - Profile
Distributions
- YTD Total Return 1.4%
- 3 Yr Annualized Total Return 7.5%
- 5 Yr Annualized Total Return 8.9%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.24%
- Dividend Yield 0.3%
- Dividend Distribution Frequency Annual
Fund Details
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Legal NameTHIRD AVENUE SMALL-CAP VALUE FUND
-
Fund Family NameThird Avenue Funds
-
Inception DateDec 31, 2009
-
Shares OutstandingN/A
-
Share ClassInvestor
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CurrencyUSD
-
Domiciled CountryUS
-
ManagerVictor Cunningham
Fund Description
The Fund seeks to achieve its objective by acquiring equity securities, including common stocks and convertible securities, of well-financed (meaning companies with high quality assets and conservative levels of liabilities) small companies at a discount to what the Adviser believes is their intrinsic value. Adhering to this strict value discipline, the Fund generally seeks to construct a focused portfolio of high conviction opportunities. Under normal circumstances, the Fund expects to invest at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in securities of companies that are considered small. The Fund considers a “small company” to be one whose market capitalization is between $50 million and the top range of capitalizations of companies in the Russell 2000 Index or the S&P Small Cap 600 Index at the time a new position is established (based on prior quarter-end data of the indexes). As of December 31, 2023, the top range of capitalization was $14.99 billion for the Russell 2000 Index and $8.17 billion for the S&P Small Cap 600 Index. The Fund may also acquire senior securities of small companies, such as preferred stocks and debt instruments (including high-yield and distressed securities, often referred to as “junk,” that may be in default and may have any or no credit rating) that the Adviser believes are undervalued. The Fund also invests in both domestic and foreign securities.
TVSVX - Performance
Return Ranking - Trailing
Period | TVSVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.4% | -12.9% | 9.0% | 7.10% |
1 Yr | 19.3% | -6.2% | 34.5% | 8.87% |
3 Yr | 7.5%* | -13.5% | 67.3% | 6.51% |
5 Yr | 8.9%* | -4.5% | 47.5% | 19.55% |
10 Yr | 5.3%* | -3.5% | 26.4% | 73.65% |
* Annualized
Return Ranking - Calendar
Period | TVSVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 5.5% | -18.4% | 33.6% | 81.02% |
2022 | -7.1% | -36.7% | 212.9% | 6.53% |
2021 | 15.4% | -62.0% | 147.6% | 62.88% |
2020 | -4.7% | -24.8% | 31.3% | 84.56% |
2019 | 13.5% | -30.1% | 34.0% | 81.59% |
Total Return Ranking - Trailing
Period | TVSVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.4% | -12.9% | 9.0% | 7.10% |
1 Yr | 19.3% | -6.2% | 34.5% | 8.87% |
3 Yr | 7.5%* | -13.5% | 67.3% | 6.51% |
5 Yr | 8.9%* | -4.5% | 47.5% | 19.55% |
10 Yr | 5.3%* | -3.5% | 26.4% | 73.65% |
* Annualized
Total Return Ranking - Calendar
Period | TVSVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 21.6% | -15.5% | 35.4% | 15.23% |
2022 | -2.1% | -36.7% | 250.0% | 9.23% |
2021 | 25.6% | -3.2% | 157.9% | 81.21% |
2020 | -3.2% | -13.5% | 33.4% | 85.51% |
2019 | 22.5% | -17.4% | 34.3% | 45.27% |
NAV & Total Return History
TVSVX - Holdings
Concentration Analysis
TVSVX | Category Low | Category High | TVSVX % Rank | |
---|---|---|---|---|
Net Assets | 177 M | 2.13 M | 52.9 B | 65.43% |
Number of Holdings | 26 | 10 | 1578 | 99.56% |
Net Assets in Top 10 | 90.9 M | 180 K | 3.01 B | 44.42% |
Weighting of Top 10 | 52.32% | 0.3% | 88.4% | 3.29% |
Top 10 Holdings
- Dreyfus Treasury Securities Cash Management 7.34%
- UMB Financial Corp 7.08%
- MYR Group Inc 5.60%
- Tidewater Inc 5.27%
- Encore Capital Group Inc 4.92%
- Hamilton Beach Brands Holding Co 4.84%
- Seaboard Corp 4.83%
- FRP Holdings Inc 4.22%
- Kaiser Aluminum Corp 4.14%
- Atlanta Braves Holdings Inc 4.08%
Asset Allocation
Weighting | Return Low | Return High | TVSVX % Rank | |
---|---|---|---|---|
Stocks | 90.38% | 0.99% | 104.11% | 95.84% |
Cash | 9.62% | 0.00% | 99.01% | 9.63% |
Preferred Stocks | 0.00% | 0.00% | 2.62% | 54.49% |
Other | 0.00% | -1.78% | 40.01% | 65.43% |
Convertible Bonds | 0.00% | 0.00% | 2.63% | 51.88% |
Bonds | 0.00% | 0.00% | 73.18% | 52.95% |
Stock Sector Breakdown
Weighting | Return Low | Return High | TVSVX % Rank | |
---|---|---|---|---|
Financial Services | 33.53% | 0.00% | 35.71% | 2.46% |
Industrials | 27.28% | 0.65% | 48.61% | 7.16% |
Consumer Cyclical | 10.68% | 0.00% | 51.62% | 56.38% |
Real Estate | 9.38% | 0.00% | 44.41% | 33.11% |
Communication Services | 6.93% | 0.00% | 24.90% | 4.03% |
Energy | 6.09% | 0.00% | 29.42% | 69.80% |
Basic Materials | 3.07% | 0.00% | 67.30% | 85.68% |
Consumer Defense | 2.28% | 0.00% | 13.22% | 83.00% |
Technology | 0.61% | 0.00% | 34.03% | 99.78% |
Healthcare | 0.15% | 0.00% | 25.76% | 97.99% |
Utilities | 0.00% | 0.00% | 13.86% | 89.93% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | TVSVX % Rank | |
---|---|---|---|---|
US | 90.38% | 0.96% | 104.11% | 93.44% |
Non US | 0.00% | 0.00% | 67.90% | 66.08% |
TVSVX - Expenses
Operational Fees
TVSVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.50% | 0.05% | 37.04% | 30.42% |
Management Fee | 0.90% | 0.00% | 1.50% | 80.48% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 50.19% |
Administrative Fee | N/A | 0.01% | 0.35% | 2.08% |
Sales Fees
TVSVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
TVSVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 2.00% | 76.47% |
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.
TVSVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 20.00% | 7.00% | 252.00% | 7.02% |
TVSVX - Distributions
Dividend Yield Analysis
TVSVX | Category Low | Category High | TVSVX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.29% | 0.00% | 14.14% | 0.22% |
Dividend Distribution Analysis
TVSVX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annual | Annual | Annual |
Net Income Ratio Analysis
TVSVX | Category Low | Category High | TVSVX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.24% | -1.43% | 4.13% | 85.23% |
Capital Gain Distribution Analysis
TVSVX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 13, 2023 | $2.848 | OrdinaryDividend |
Dec 14, 2022 | $0.992 | OrdinaryDividend |
Dec 13, 2019 | $1.428 | OrdinaryDividend |
Dec 14, 2016 | $0.065 | OrdinaryDividend |
Dec 18, 2012 | $0.157 | OrdinaryDividend |
Dec 21, 2010 | $0.186 | OrdinaryDividend |
TVSVX - Fund Manager Analysis
Managers
Victor Cunningham
Start Date
Tenure
Tenure Rank
Sep 19, 2017
4.7
4.7%
Mr. Cunningham is a Portfolio Manager of the Third Avenue . Prior to rejoining Third Avenue in 2017, Mr. Cunningham was a portfolio manager with Third Avenue from 2013 to 2016. He initially joined Third Avenue in 2012. From 2005 to 2011, Mr. Cunningham was founder and owner of Lucid Asset Management, where he spent six years running his own long-only value fund catering to high net worth individuals and institutions. Prior to forming Lucid, Mr. Cunningham spent five years as the Research Director at Olstein Funds.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 37.45 | 8.15 | 3.58 |