Third Avenue Value Fund Shareholder Letter Q1 2018

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About: Ocean Rig UDW Inc. (ORIG), BMWYY, TAVFX, TVFVX, TAVZX, Includes: PGEJF, PGSVY, TDW
by: Fund Letters
Summary

Includes detailed analysis of Third Avenue Value Fund's positions in ORIG, BMWYY.

For the three months ended March 31st 2018, the Third Avenue Value Fund returned -0.23% as compared to the MSCI World Index, which returned -1.21%.

We were generally pleased with that pattern of results, as Fund performance lagged that of the MSCI World Index in the earlier portion of the quarter but performed materially better in the latter as market performance deteriorated. The combination of the two periods netted a result of relative outperformance for the Fund.

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.