Third Avenue
Third avenue Value Fund
Global Mid-cap Value
Dec 2024 → Mar 2026
Our archive holds 5 letters from this strategy, behind 10 investment theses and positions in 30 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 3 years — follow all of Third Avenue for every strategy.
What it bought and sold
the Fund trimmed several high-performing positions and completed the disposition of Deutsche Bank.
During the quarter ending March 31, 2026, the Fund initiated new positions in OSAKA Titanium Technologies Co., Ltd, Harley-Davidson, Inc. and Robert Half Inc.
During the quarter ending March 31, 2026, the Fund initiated new positions in OSAKA Titanium Technologies Co., Ltd, Harley-Davidson, Inc. and Robert Half Inc.
During the quarter ending March 31, 2026, the Fund initiated new positions in OSAKA Titanium Technologies Co., Ltd, Harley-Davidson, Inc. and Robert Half Inc.
Also held
Its investment theses
- ValarisMar 2026Valaris is a well-capitalized offshore drilling company with a hard-to-replicate fleet, a cyclical recovery in offshore demand, and potential long-term benefits from increased energy security spending.
- TidewaterMar 2026Tidewater is a deepwater offshore service vessel operator with financial flexibility, an attractive Brazil expansion, and long-term upside from a structural recovery in offshore energy activity.
- Robert Half Inc.Mar 2026Robert Half is a well-financed staffing company with proprietary data, a durable network, free-cash-flow generation, and an attractive valuation during a cyclical downturn.
- OSAKA Titanium Technologies Co., LtdMar 2026OSAKA Titanium is a leading titanium producer with pricing and demand upside from Western supply-chain de-risking, capacity expansion, and a discounted valuation.
- Ayala CorporationSep 2025Ayala Corporation is a Philippine conglomerate with significant stakes in banking, real estate, telecommunications, and power generation, trading at a multi-decade low valuation while poised for long-term growth and potential shareholder value catalysts.
- Boise CascadeSep 2025Boise Cascade is a leading manufacturer and distributor of building materials in the U.S. with a strong financial position, poised for recovery and potential consolidation benefits despite recent profitability challenges.
- Rogers CorporationSep 2025Rogers Corporation is a global manufacturer of advanced electronic and elastomeric material solutions with a strong intellectual property portfolio, facing challenges in growth and market adaptation but showing potential for strategic improvements and profitability.
- Warrior Met CoalSep 2025Warrior Met Coal is on track with its Blue Creek mine project, which has begun production ahead of schedule and is expected to significantly boost production volumes and shareholder returns by 2026.
- Conduit Holdings LimitedJun 2025Conduit Holdings Limited is a Bermuda-based reinsurance company that raised $1bn in equity to capitalize on favorable insurance rates, but faced elevated losses in 2024 and 2025, leading to a significant decline in share valuation, which offers a potential attractive investment opportunity given its strong financial fundamentals.
- JEOLMar 2025JEOL is a leading Japanese company in high-tech production equipment and scientific instruments, poised for growth in the EUV lithography market with strong financials and potential for operational improvements.