Third Avenue Small-Cap Value Fund’s Q2 2026 Investor Letter

Third Avenue Management, an investment management company, released its second-quarter 2026 investor letter for the “Third Avenue Small-Cap Value Fund”. The fund returned 12.85% in Q2 2026, outperforming the MSCI USA Small Cap Value Index (12.61%) but underperforming the Russell 2000 Value Index (17.19%). Year-to-date, the Fund has returned 21.72%, compared to 15.91% for the MSCI and 22.99% for the Russell index. Over three and five years, the Fund’s annualized returns are 17.76% and...