Third Avenue
Third avenue Value Fund
Global Mid-cap Value
Dec 2024 → Jun 2026
Our archive holds 6 letters from this strategy, behind 19 investment theses and positions in 30 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 3 years — follow all of Third Avenue for every strategy.
What it bought and sold
the Fund also exited its position in Ayala Corp. and its long-held position in Compania Sud Americana de Vapores S.A.
- ExitedCompania Sud Americana de Vapores S.A.Jun 2026
the Fund also exited its position in Ayala Corp. and its long-held position in Compania Sud Americana de Vapores S.A.
- New positionthyssenkrupp AGJun 2026
During the quarter ending June 30, 2026, the Fund initiated a new position in thyssenkrupp AG.
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
- Horiba, Ltd.Jun 2026Horiba, Ltd. is seen as a critical semiconductor equipment supplier benefiting from concentrated industry structure and underappreciated supply-chain importance.
- JEOL, Ltd.Jun 2026JEOL, Ltd. is viewed as a critical semiconductor capital equipment supplier with concentrated competition and undervalued supply-chain exposure.
- easyJet plcJun 2026easyJet plc is valued for its scarce aircraft, airport slots, and net cash balance sheet, with takeover optionality and asset-based downside protection.
- Tidewater Inc.Jun 2026Tidewater Inc. benefits from long-life offshore energy assets and strengthening energy-security tailwinds supporting offshore services demand.
- Valaris LimitedJun 2026Valaris Limited is supported by offshore drilling fleet scarcity and a strengthening energy-security thesis.
- Harbour Energy plcJun 2026Harbour Energy plc is the fund’s direct oil and gas producer exposure, backed by energy security and inventory-rebuild tailwinds.
- Subsea 7 S.A.Jun 2026Subsea 7 S.A. is highlighted for its hard-to-replicate offshore energy services fleet and strategic tangible assets.
- Lundin Mining Corp.Jun 2026Lundin Mining Corp. is seen as owning strategic long-life copper assets with major development optionality amid copper shortages.
- thyssenkrupp AGJun 2026thyssenkrupp AG is a catalyst-rich restructuring story trading at a deep discount to NAV with upside from spin-offs and standalone value creation.
- 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.