Third Avenue Management, a New York City-based investment firm, published its fourth-quarter 2025 investor letter for the “Third Avenue Small-Cap Value Fund. ” A copy of the letter is available for download here. In the quarter, the Fund returned 4.62%, outperforming the MSCI USA Small-Cap Value Index (the “Index”), which gained 3.13%. For the year 2025, the Fund delivered a 14.04% return, surpassing the 10.80% return of the index. The Fund primarily invests in publicly traded companies with boards of directors, sometimes controlled by individuals or families, and management teams that operate independently from the Fund. Reviewing 2025, the firm is pleased with the Fund’s performance, operational success, and shareholder value creation, and is optimistic about 2026. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, Third Avenue Small-Cap Value Fund highlighted stocks like Kaiser Aluminum Corporation (NASDAQ:KALU). Kaiser Aluminum Corporation (NASDAQ:KALU) manufactures and sells semi-fabricated specialty aluminum mill products. On March 09, 2026, Kaiser Aluminum Corporation (NASDAQ:KALU) stock closed at $123.56 per share. One-month return of Kaiser Aluminum Corporation (NASDAQ:KALU) was -11.84%, and its shares gained 82.22% over the past 52 weeks. Kaiser Aluminum Corporation (NASDAQ:KALU) has a market capitalization of $2.003 billion.
Third Avenue Small-Cap Value Fund stated the following regarding Kaiser Aluminum Corporation (NASDAQ:KALU) in its fourth quarter 2025 investor letter:
“Fourth quarter performance was led by North American aluminum manufacturer, Kaiser Aluminum Corporation (NASDAQ:KALU), following strong quarterly financial results and progress on its multi-year investment to upgrade and expand production capacity in aerospace and packaging.”
Kaiser Aluminum Corporation (NASDAQ:KALU) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 27 hedge fund portfolios held Kaiser Aluminum Corporation (NASDAQ:KALU) at the end of the fourth quarter, up from 16 in the previous quarter. While we acknowledge the risk and potential of Kaiser Aluminum Corporation (NASDAQ:KALU) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Kaiser Aluminum Corporation (NASDAQ:KALU) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
