Will Depressed Valuation And Cash Give PBF Energy (PBF) Asymmetric Returns?

Third Avenue Management, an investment management company based in New York City, released its “Third Avenue Small-Cap Value Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. During the quarter, the fund returned +8.35% compared to +10.15% for the Fund’s most relevant benchmark, the Russell 2000 Value Index. Year-to-date the fund returned +8.30% compared to +9.22% return for the Index. The fund’s cash holdings declined to 12.9% during the quarter from 14.6% at the end of the preceding quarter. For more information on the fund’s top picks in...