Third Avenue Value Fund’s Q4 2025 Investor Letter

Third Avenue Management, an investment management company based in New York City, released its “Third Avenue Value Fund” fourth-quarter 2025 investor letter. During the quarter, the Third Avenue Value Fund returned 7.47%, surpassing the MSCI World Value Index’s (the “Index”) 3.12% return and the MSCI World Value Index’s 3.34% return. For the year-to-date period, the Fund delivered a 35.46% return, significantly ahead of the indexes 21.09% and 20.79% gains for the same period. The Fund’s mining businesses made significant positive contributions to performance during the...