Third Avenue Management Small-Cap Value Fund’s Q1 2023 Investor Letter

Third Avenue Management, an investment management company based in New York City, released its “Small-Cap Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 4.16% in the first quarter compared to a 0.66% decline for the Russell 2000 Value Index. The market witnessed extreme volatility in the quarter with a 9.5% increase in the Index in January and an over 15% decline until the last week of March. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.