Third Avenue Small-Cap Value Fund Shareholder Letter Q1 2018

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About: FRP Holdings, Inc. (FRPH), WEDXF, SMHI, TASCX, TVSVX, TASZX, Includes: ABM, AXE, CRZO, FNSR, HAYN, KW, NTCT, PDCE, PRGS, SYNA, SYNT, VLY
by: Fund Letters
Summary

Includes detailed analysis of Third Avenue Small-Cap Value Fund's positions in FRPH, WEDXF, SMHI.

The Fund rose 2.26% during the first quarter and outperformed its benchmark index, the Russell 2000 Value, which declined 2.64%.

Downside protection weaves through every aspect of our process, so it was nice to see the portfolio generating positive returns despite healthy downside volatility.

Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.