Third Avenue Small-Cap Value Fund Shareholder Letter Q2 2018

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About: ATN International, Inc. (ATNI), SAFM, SMHI, TASCX, TVSVX, TASZX, Includes: KFY, MYRG, NSIT, TILE
by: Fund Letters
Summary

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

The Small-Cap Value Fund rose by 2.7% in the quarter ending June 30, 2018, while the Russell 2000 Value Index rose 8.3%.

Although we are pleased with the absolute result, it was a disappointing quarter overall. Year-to-date, the Fund is up 5% vs the Index which is up 5.4%.