Third Avenue
Third avenue Value Fund
Global Mid-cap Value
Dec 2024 → Sep 2026
Our archive holds 7 letters from this strategy, behind 22 investment theses and positions in 38 companies. Every quote below is copied verbatim from the letter it came from.
7 letters in 3 years · follow all of Third Avenue for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Institutional
- YTD+18.2%index +11.8%
- 1Y+27.0%
- 3Y · /yr+19.6%
- 5Y · /yr+17.1%
- 10Y · /yr+12.0%
- Inception · /yr+11.2%
Index: MSCI World Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Third avenue Value Fund | +18.2% | +27.0% | +19.6% | +17.1% | +12.0% | +11.2% |
| MSCI World Index | +11.8% | — | — | — | — | — |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
In response, during recent quarters we have exited Deutsche Bank and we have reduced our Bank of Ireland position, notwithstanding the respect we have for both companies and their executives.
In response, during recent quarters we have exited Deutsche Bank and we have reduced our Bank of Ireland position, notwithstanding the respect we have for both companies and their executives.
The fund also completed its gradual disposition of Rogers Corporation and exited its position in Paltac Corp through a tender offer by Paltac’s controlling shareholder, Medipal, which ultimately led to a full takeover of the company.
The fund also completed its gradual disposition of Rogers Corporation and exited its position in Paltac Corp through a tender offer by Paltac’s controlling shareholder, Medipal, which ultimately led to a full takeover of the company.
During the quarter ending September 30, 2026, the Fund initiated a new position in Persimmon plc.
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.
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
- Deutsche BankSep 2026Deutsche Bank was held as a turnaround/rate-normalization play with improving odds from an extremely challenged environment.
- Bank of IrelandSep 2026Bank of Ireland was an interest-rate-normalization and banking consolidation thesis supported by an attractive entry price and improving returns on equity.
- CK Hutchison HoldingsSep 2026CK Hutchison is highlighted for opportunistic capital allocation, especially the sale of European cell towers at attractive pricing.
- Persimmon plcSep 2026Persimmon is a UK housebuilder with a strong landbank, vertical integration, and a discounted valuation despite resilient margins and potential policy support.
- 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.