Third Avenue Q4 Small Cap Investor Letter

Marty Whitman’s Third Avenue Management recently published its Q4 Small Cap Value Fund Letter – you can download a copy below.

The Small Cap Value Fund rose 1.62% during the fourth quarter and 8.86% in 2017. It underperformed Third Avenue’s benchmark index, the Russell 2000 Value, by 54 bps during the quarter and outperformed by 1.02% in 2017, according to the letter.

Four positions were added: Aspen Insurance Holdings, Carter Bank and Trust, FivePoint Holdings and Tidewater.

“It was an unusually active quarter as we re-position the portfolio. We expect activity to moderate in 2018 as we have a buy-and-hold mindset focused on long-term wealth creation,” Third Avenue said in the letter.

Click here to download a copy of the letter.