Third Avenue
Third Avenue Management Value Fund
Value
Dec 2025 → Dec 2025
Our archive holds 1 letter from this strategy, behind 3 investment theses and positions in 26 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’s trading activity during the year was, in part, a response to the stark difference in share price performance of Horiba and JEOL, with marginal selling of the former and buying of the latter.
During the quarter ending December 31, 2025, the Fund initiated a position in T.S. Lines Ltd. and exited long-time holding Comerica.
The Fund’s trading activity during the year was, in part, a response to the stark difference in share price performance of Horiba and JEOL, with marginal selling of the former and buying of the latter.
The Fund materially reduced the weight of its holdings in Deutsche Bank and Bank of Ireland during the year.
The Fund materially reduced the weight of its holdings in Deutsche Bank and Bank of Ireland during the year.
- New positionT.S. Lines Ltd.Dec 2025
During the quarter ending December 31, 2025, the Fund initiated a position in T.S. Lines Ltd. and exited long-time holding Comerica.
Also held
Its investment theses
- TS Lines Ltd.Dec 2025T.S. Lines is an Asia-Pacific container shipping specialist with a young, owned fleet, niche capacity advantages, strong balance sheet, attractive valuation, and robust cash returns.
- CK Hutchison Holdings, Ltd.Dec 2025CK Hutchison is a diversified conglomerate with strong owner alignment pursuing major value-unlocking moves across ports, retail, and telecom that could narrow its valuation discount.
- Harbour Energy plcDec 2025Harbour Energy is an upstream producer executing counter-cyclical, value-creating deals to diversify away from the U.K., boost free cash flow, and potentially re-rate via a future U.S. listing.