Third Avenue Small-Cap Value Fund Shareholder Letter Q1 2018

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Fund Letters


  • 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.

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