Third Avenue Management, an investment management company, released its third-quarter 2026 investor letter for the “Third Avenue Small-Cap Value Fund”. The letter can be downloaded here. The Third Avenue Small-Cap Value Fund returned -3.31% in Q3 2026, outperforming its benchmark’s -4.25%, while remaining strongly ahead year-to-date (17.69% vs. 10.98%). Contributors included PBF Energy, Qualys, Tidewater, ICF International, and Robert Half; detractors included Collegium Pharmaceutical,...
Operating Leverage and Financial Strength Anchor Champion Investment Thesis
