Third Avenue Value Fund Q2 2019 Letter

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About: Third Avenue Value Fund Inst (TAVFX), Includes: ACGYF, ANFGF, ANFGY, ANTFY, BDRLF, BKRIF, BKRIY, BMWYY, BORR, BZZUF, BZZUY, DB, DDAIF, DMLRY, IFSPF, KKWFF, MHK, RBWNY, SUBCY, TDW
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.

For the three months ended June 30th, 2019, the Third Avenue Value Fund (the “Fund”) returned -2.04%, compared to the MSCI World Index, which returned 4.18%.

The Fund has been intentionally out of step with broad market indices by focusing on smaller capitalization companies, by pursuing opportunities globally and by sticking to an orthodox value strategy.