Third Avenue Small-Cap Value Fund’s Q4 2025 Investor Letter

Third Avenue Management, a New York City-based investment firm, published its fourth-quarter 2025 investor letter for the “Third Avenue Small-Cap Value Fund." In the quarter, the Fund returned 4.62%, outperforming the MSCI USA Small-Cap Value Index (the “Index”), which gained 3.13%. For the year 2025, the Fund delivered a 14.04% return, surpassing the 10.80% return of the index. The Fund primarily invests in publicly traded companies with boards of directors, sometimes controlled by individuals or families, and management teams that operate independently from the Fund. Reviewing...