Here’s Why Third Avenue Management Small-Cap Value Fund Exited EMCOR Group (EME)

Third Avenue Management, an investment management company based in New York City, released its “Small-Cap Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. Unlike the volatile first quarter, there was a methodological increase in returns in the second quarter. The fund returned 2.98% in Q2 compared to a 3.18% return for the Russell 2000 Value Index. For the first half of 2023, the fund returned 7.27% compared to 2.50% for the benchmark. In...