Third Avenue Management Small-Cap Value Fund’s Q1 2025 Investor Letter

Third Avenue Management, an investment management company based in New York City, released its “Third Avenue Small-Cap Value Fund” first quarter 2025 investor letter. During the quarter, the fund returned -4.54% compared to -5.87% % for the MSCI USA Small-Cap Value Index (the “Index”) and -7.74% return for the Russell 2000 Value Index. The Fund has returned +15.46%, annualized, for the trailing five-year period. For more information on the fund’s top picks in 2025, please check its top five holdings.

A copy of Third Avenue Management Small-Cap Value Fund’s Q1 2025 investor letter can be downloaded here.