Third Avenue Small-Cap Value Fund’s Q3 2025 Investor Letter

Third Avenue Management, an investment management company based in New York City, released its “Third Avenue Small-Cap Value Fund” third-quarter 2025 investor letter. During the quarter, the fund returned 7.18% compared to 8.97% for the MSCI USA Small-Cap Value Index (the “Index”) and 12.60% return for the Russell 2000 Value Index. Positive contributions from a wide range of businesses led the fund’s performance in the quarter. For more information on the fund’s top picks in 2025, please check its top five holdings.

A copy of Third Avenue Small-Cap Value Fund’s Q3 2025 investor letter can be downloaded here.