Third Avenue Management Small-Cap Value Fund’s Q4 2023 Investor Letter

Third Avenue Management, an investment management company based in New York City, released its “Small-Cap Value Fund” fourth quarter 2023 investor letter. In 2023 the fund returned 21.88% compared to a 14.65% return for the Russell 2000 Value Index. In Q4 the fund returned 9.38% versus 15.26% for the index. The returns, both absolute and relative, for the entire year were satisfactory. The past two years have seen rapid changes in equity prices due to varying interest rate outlooks. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

A copy of Third Avenue Management Small-Cap Value Fund’s Q4 2023 investor letter can be downloaded here.