Third Avenue Value Fund Portfolio Manager Commentary Q3 2018

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About: Ocean Rig UDW Inc. (ORIG), TDW, FCE.A, BZZUF, BZZUY, DB, TAVFX, TVFVX, TAVZX, Includes: BDRLF, CKHUF, CKHUY, HA, IFSPF, LEN, LUNMF
by: Fund Letters
Summary

Our flagship mutual fund's high conviction strategy seeks to invest in undervalued securities across industries, regions and market capitalizations. Our fundamental analysis seeks to identify stocks trading below their intrinsic value that compound asset values at double digit rates.

The Value strategy’s flexible mandate takes a global, all-cap equities approach and allows for opportunistic investments in credit securities across the capital structure. Opportunities are evaluated with sharp focus on financial strength, ability to compound NAV, and priced at a significant discount to our conservative estimate of NAV.

Includes detailed analysis of Third Avenue Value Fund's positions in ORIG, TDW, FCE.A, BZZUF, BZZUY, DB.

For the 3 months ended September 30th, 2018, the Third Avenue Value Fund returned negative 0.47% compared to MSCI World Index, which returned 5.10%. Year to date through September 30th, the Fund returned negative 1.35% compared to positive 5.89% for the MSCI World Index.