TAVFX: Third Avenue Value Instl

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TAVFX Third Avenue Value Instl


Profile

TAVFX - Profile

Vitals

  • YTD Return -15.7%
  • 3 Yr Annualized Return -13.9%
  • 5 Yr Annualized Return -10.1%
  • Net Assets $581 M
  • Holdings in Top 10 52.2%

52 WEEK LOW AND HIGH

$33.89
$33.89
$44.85

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.23%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 25.00%

TRADING FEES

  • Max Redemption Fee 1.00%

Min Investment

  • Standard (Taxable) $100,000
  • IRA $100,000

Fund Classification


Distributions

  • YTD Total Return -15.7%
  • 3 Yr Annualized Total Return -13.9%
  • 5 Yr Annualized Total Return -10.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.57%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Third Avenue Value Fund
  • Fund Family Name
    Third Avenue
  • Inception Date
    Nov 01, 1990
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Michael Fineman

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Categories

Performance

TAVFX - Performance

Return Ranking - Trailing

Period TAVFX Return Category Return Low Category Return High Rank in Category (%)
YTD -15.7% -13.8% 5.8% 99.80%
1 Yr -21.0% -43.0% 22.1% 98.46%
3 Yr -13.9%* -13.3% 17.6% 100.00%
5 Yr -10.1%* -9.7% 10.2% 100.00%
10 Yr -2.7%* -8.7% 11.2% 97.37%

* Annualized

Return Ranking - Calendar

Period TAVFX Return Category Return Low Category Return High Rank in Category (%)
2019 6.4% -33.1% 42.6% 97.34%
2018 -29.0% -44.4% 0.0% 97.26%
2017 5.7% -6.5% 38.1% 94.72%
2016 4.8% -10.3% 47.8% 32.24%
2015 -15.3% -30.6% 10.8% 96.23%

Total Return Ranking - Trailing

Period TAVFX Return Category Return Low Category Return High Rank in Category (%)
YTD -15.7% -13.8% 5.8% 99.80%
1 Yr -21.0% -43.0% 22.1% 98.46%
3 Yr -13.9%* -13.3% 17.6% 100.00%
5 Yr -10.1%* -9.7% 11.5% 100.00%
10 Yr -2.7%* -8.7% 12.6% 98.03%

* Annualized

Total Return Ranking - Calendar

Period TAVFX Return Category Return Low Category Return High Rank in Category (%)
2019 6.4% -33.1% 42.6% 97.34%
2018 -29.0% -44.4% 1.8% 97.26%
2017 5.7% -6.5% 41.7% 96.67%
2016 4.8% -10.3% 47.8% 57.61%
2015 -15.3% -30.6% 14.3% 99.37%

NAV & Total Return History


Holdings

TAVFX - Holdings

Concentration Analysis

TAVFX Category Low Category High TAVFX % Rank
Net Assets 581 M 27.7 K 14.5 B 36.92%
Number of Holdings 40 1 1175 74.43%
Net Assets in Top 10 333 M -10.7 M 7.96 B 23.09%
Weighting of Top 10 52.16% 9.8% 100.0% 18.79%

Top 10 Holdings

  1. Interfor Corp 7.09%
  2. Bank of Ireland Group PLC 6.99%
  3. Lundin Mining Corp 6.63%
  4. Bayerische Motoren Werke AG 4.98%
  5. Buzzi Unicem SpA 4.88%
  6. CK Hutchison Holdings Ltd 4.76%
  7. Tidewater Inc 4.47%
  8. Warrior Met Coal Inc 4.32%
  9. Hawaiian Holdings Inc 4.07%
  10. Lennar Corp Class B 3.96%

Asset Allocation

Weighting Return Low Return High TAVFX % Rank
Stocks
94.96% 61.04% 100.53% 72.78%
Cash
4.23% -8.80% 38.95% 25.77%
Bonds
0.81% -0.26% 16.36% 5.36%
Preferred Stocks
0.00% 0.00% 7.54% 74.23%
Other
0.00% -0.97% 12.97% 75.46%
Convertible Bonds
0.00% 0.00% 2.57% 70.72%

Stock Sector Breakdown

Weighting Return Low Return High TAVFX % Rank
Basic Materials
27.84% 0.00% 37.25% 0.82%
Financial Services
18.57% 0.00% 31.03% 32.99%
Consumer Cyclical
15.59% 0.00% 31.16% 11.96%
Industrials
13.67% 0.00% 46.21% 27.22%
Real Estate
12.19% 0.00% 21.02% 4.74%
Energy
12.13% 0.00% 15.04% 3.09%
Utilities
0.00% 0.00% 32.49% 92.58%
Technology
0.00% 0.00% 38.66% 99.38%
Healthcare
0.00% 0.00% 27.46% 99.38%
Communication Services
0.00% 0.00% 22.54% 96.49%
Consumer Defense
0.00% 0.00% 76.71% 99.79%

Stock Geographic Breakdown

Weighting Return Low Return High TAVFX % Rank
Non US
63.89% 8.00% 97.59% 8.25%
US
31.07% 1.13% 70.65% 93.81%

Bond Sector Breakdown

Weighting Return Low Return High TAVFX % Rank
Cash & Equivalents
85.42% -0.25% 100.00% 78.69%
Corporate
14.58% 0.00% 96.68% 8.65%
Derivative
0.00% -0.13% 95.71% 74.68%
Securitized
0.00% 0.00% 12.06% 70.04%
Municipal
0.00% 0.00% 0.09% 70.04%
Government
0.00% -0.18% 67.71% 72.36%

Bond Geographic Breakdown

Weighting Return Low Return High TAVFX % Rank
US
0.81% 0.00% 11.74% 5.36%
Non US
0.00% -0.29% 4.71% 70.93%

Expenses

TAVFX - Expenses

Operational Fees

TAVFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.23% 0.01% 53.31% 54.00%
Management Fee 0.90% 0.00% 1.82% 91.46%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.01% 0.01% 0.47% 1.91%

Sales Fees

TAVFX 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

TAVFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 2.00% 93.33%

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.

TAVFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 25.00% 0.00% 260.00% 32.20%

Distributions

TAVFX - Distributions

Dividend Yield Analysis

TAVFX Category Low Category High TAVFX % Rank
Dividend Yield 0.00% 0.00% 4.44% 80.32%

Dividend Distribution Analysis

TAVFX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Quarterly Annually

Net Income Ratio Analysis

TAVFX Category Low Category High TAVFX % Rank
Net Income Ratio 1.57% -2.10% 9.20% 43.93%

Capital Gain Distribution Analysis

TAVFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Quarterly Annually

Dividend Payout History

View More +

Fund Manager Analysis

TAVFX - Fund Manager Analysis

Managers

Michael Fineman


Start Date

Tenure

Tenure Rank

Sep 19, 2017

2.37

2.4%

Prior to rejoining Third Avenue in 2017, Mr. Fineman spent eight years with Third Avenue as an analyst, and Portfolio Manager of the Third Avenue Special Situations Fund, L.P. until his departure March 2014. The Special Situations Fund was a private fund focused on equity and credit investment opportunities across the globe. Mr. Fineman has approximately 28 years of experience investing in equity and debt securities both public and private. Prior to his return to Third Avenue, he was a founding partner of Warren Hall Capital, a private equity and direct lending platform. Prior to 2006, Mr. Fineman was a distressed equity and credit analyst for Sanno Point Capital Management. He had previously worked in the Investment Banking and Restructuring Advisory Services division of Ernst & Young (since acquired by Macquarie Group) where he led corporate restructurings and reorganizations for debtors and creditors. He has ten years' experience as a sell side research analyst for Goldman Sachs, Alex Brown and Raymond James. Mr. Fineman is currently a Director of Ideal Standard International and has held other board positions, including Director of Liberty Tire Recycling. Mr. Fineman has participated on many ad-hoc creditors’ committees, including LandSource Communities LLC, U.S. Shipping, Grant Forest Products, Building Materials Holding Corporation, Home Products International, and Collins and Aikman. Mr. Fineman has an M.B.A. from Columbia Business School and a B.S. in Business Administration with honors from the University of Delaware. He is a CFA Charterholder, a Certified Financial Planner professional, a member of the New York Society of Security Analysts and holds a certification in Distressed Business Valuation.

Matthew Fine


Start Date

Tenure

Tenure Rank

Sep 19, 2017

2.37

2.4%

Mr. Fine is the Lead Portfolio Manager of the Third Avenue International Value Fund and the Third Avenue International Value Fund UCITS. Mr. Fine joined Third Avenue in 2000 and has been responsible for a myriad of investments in developed and developing markets across North America, Latin America, Europe and Asia. He joined Third Avenue’s research and portfolio management team as a Research Assistant, the first position typically held by Third Avenue’s internally developed talent. He became a Senior Research Analyst in 2008 and a principal of the firm in 2009.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 26.16 4.76 0.08