Third Avenue Management’s Small-Cap Value Fund Q4 2020 Investor Letter

Third Avenue Management, an investment management firm, published its “Small-Cap Value Fund” fourth quarter 2020 investor letter – a copy of which can be downloaded here. A return of 24.04% was recorded by the fund in the fourth quarter of 2020, below its Russell 2000 Value benchmark that delivered a 33.36% return. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.