Third Avenue
Third Avenue Management Small-Cap Value Fund
Small-cap Value
Dec 2025 → Dec 2025
Our archive holds 1 letter from this strategy, behind 2 investment theses and positions in 15 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year · follow all of Third Avenue for every strategy.
What it bought and sold
The Fund initiated a new position in Flagstar Bank, NA and added to several existing positions, including Alamo Group, Octave Specialty Group (recently renamed from Ambac Financial), and ICF International.
During the quarter, the Fund initiated a new position in Flagstar Bank, NA and added to several existing positions, including Alamo Group, Octave Specialty Group (recently renamed from Ambac Financial), and ICF International.
The Fund exited its position in Seaboard.
During the quarter, the Fund initiated a new position in Flagstar Bank, NA and added to several existing positions, including Alamo Group, Octave Specialty Group (recently renamed from Ambac Financial), and ICF International.
During the quarter, the Fund initiated a new position in Flagstar Bank, NA and added to several existing positions, including Alamo Group, Octave Specialty Group (recently renamed from Ambac Financial), and ICF International.
Also held
Its investment theses
- UniFirst CorporationDec 2025UniFirst Corporation is a uniform and laundry services provider whose governance, underperformance, and uncertain turnaround make a premium sale to Cintas superior on present value grounds.
- Flagstar Bank, National AssociationDec 2025Flagstar Bank, National Association is a regional bank in transformation with reduced risk exposures, recapitalization, aligned management, and a discounted valuation relative to tangible book value.