Third Avenue Value Fund’s Q1 2026 Investor Letter

Third Avenue Management, an investment management company based in New York City, released its “Third Avenue Value Fund” first-quarter 2026 investor letter. The fund returned 7.28% in the first quarter compared to the MSCI World Index (Net) at -3.57%, and the MSCI World Value Index (Net) at 1.18%. It had a strong three- and five-year annualized return of 16.26% and 15.38%.  The letter noted that before the U.S. and Israeli military campaign in Iran, non-U.S. equities outperformed U.S. equities, value strategies performed well, and the U.S. dollar weakened. The Fund excelled then, but the subsequent outbreak of war led to a significant drop in equities. While the Fund performed better in the former environment. The firm aims to build a portfolio of undervalued, well-capitalized businesses capable of building shareholder wealth over time. The value-oriented approach has invested mostly outside the U.S. and in smaller companies in recent years. During the quarter, global markets deteriorated, creating opportunities for the Fund to add to existing holdings and initiate new positions. In addition, please check the Strategy’s top five holdings to know its best picks in 2026.

A copy of Third Avenue Value Fund’s Q1 2026 investor letter can be downloaded here.