Opportunistic, bottom-up, value investors since 1986

LSEG Lipper Fund Awards 2024 Winner United States Best Equity Small Fund Family Group Over Three Years logo

From LSEG Lipper Fund Award© 2024 LSEG. All rights reserved. Used under license.

Opportunistic, bottom-up, value investors since 1986

what makes third avenue unique
LSEG Lipper Fund Awards 2024 Winner United States Best Equity Small Fund Family Group Over Three Years logo

From LSEG Lipper Fund Award© 2024 LSEG. All rights reserved. Used under license.

corporate clients
aBOUT US

Differentiated, price-conscious, fundamental investing, without compromise

History

Founded in 1986, Third Avenue Management is a NYC-based asset manager that utilizes a disciplined, value-oriented, and asset-based approach to investing in publicly traded securities.

Philosophy

Rooted in our founder Marty Whitman's time-tested philosophy, Third Avenue adheres to a value approach when evaluating commercial enterprises and the securities they issue.

Strategies

Third Avenue offers multiple investment solutions focused on the team's highest-conviction ideas, an approach that leads to high Active Share1 across our portfolios.
aBOUT US

What makes Third Avenue Unique

aBOUT US

Differentiated, price-conscious, fundamental investing, without compromise

History

Founded in 1986, Third Avenue Management is a NYC-based asset manager that utilizes a disciplined, value-oriented, and asset-based approach to investing in publicly traded securities.

Philosophy

Rooted in our founder Marty Whitman's time-tested philosophy, Third Avenue adheres to a value approach when evaluating commercial enterprises and the securities they issue.

Strategies

Third Avenue offers multiple investment solutions focused on the team's highest-conviction ideas, an approach that leads to high Active Share1 across our portfolios.

What Makes Third Avenue Unique

We invite you to gain a deeper understanding of Third Avenue’s value-oriented strategies through a short video: What Makes Third Avenue Unique.
explore our strategIES

Third Avenue offers multiple investment solutions focused on the team's highest-conviction ideas

Global Value

Small-Cap Value

Real Estate Value

International Real Estate Value

International Value

Our team

Long Tenured Management Team

VIEW THE FULL TEAM

Adam Ermanis

Managing Director, Client Service
About

Martha E. Fox

Chief Compliance Officer
About

Ashwin Iyer

Controller
About

Eileen Parrott

Mutual Fund Controller
About

Andrea D'Amore

Associate Director of Compliance
About

Ryan Korby, CFA

Senior Research Analyst
About

Adam Dukoff

Research Analyst
About

Christopher Dowd

Research Analyst
About

Larry Hedden, CFA

Research Analyst
About

Christopher LaRegina

Director, Business Development and Head of Digital Strategy
About

Erik C. Kleinbeck

Head of Business Development
About

Michael Warlan, CFA, CAIA

Head of Trading and Operations
About

Joseph Dell

Chief Technology Officer & Chief Information Security Officer
About

Doug Cohen

Head of Risk and Analytics
About

Michael Buono

Chief Financial Officer
About

Jason Wolf, CFA

Portfolio Manager, Real Estate
About

Quentin Velleley, CFA

Portfolio Manager, International Real Estate
About

Matthew Fine, CFA

Portfolio Manager, Value
About

Ryan Dobratz, CFA

Portfolio Manager, Real Estate
About
Recent NEWS

Media and News

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Read

Q3 2024 Shareholder Letters

Gain exclusive insights from Third Avenue's latest shareholder letters that are available now. Read the Q3 '24 commentaries for further perspective one performance, activity, and positioning.
October 17, 2024
Company News
Read

Forbes Feature: Fund Managers Highlight Four Under-The-Radar Value Stocks for Q3 2024

Read the full article on Forbes.
September 4, 2024
International Real Estate Value
Read

Ryan Dobratz elaborates on Third Avenue’s approach to investing in Real Estate, including current opportunities and portfolio positioning

Real Estate Value Strategy overview and insights 2024
August 26, 2024
Real Estate Value
Read

Barron’s feature: Real Estate Is Staging a Comeback. 6 Ways to Play It.

Read the full article on Barron's.
August 16, 2024
Real Estate Value
Read

Hedge Fund Alpha Q324

Third Avenue International Real Estate Value Fund – Key Takeaways from Quentin Velleley’s Recent Interview with Hedge Fund Alpha
August 7, 2024
International Real Estate Value
Read

Q2 2024 Shareholder Letters

Gain exclusive insights from Third Avenue's latest shareholder letters that are available now. Read the Q2 '24 commentaries for further perspective one performance, activity, and positioning.
July 19, 2024
Company News
Read

Value Investor Insight June 2024

Quentin Velleley, CFA, was featured in a Value Investor Insight.
June 28, 2024
International Real Estate Value
Read

Time to invest like a young Buffett in 1999

Elite Investor Matt Fine explains how he’s produced bumper returns by focusing on beaten-up, asset-rich companies and why there are good times ahead for his value-focused approach
May 30, 2024
Global Value
Read

Third Avenue International Real Estate Value Fund Celebrates 10-Year Anniversary

The Strategy has outperformed its Benchmark by more than 425 basis points annually over the past decade. The Fund is recognized by Morningstar with a 5-Star Overall Rating and as a Silver Medalist in the Global Real Estate Category.
May 21, 2024
International Real Estate Value
Read

Third Avenue Real Estate Value UCITS Named Best Global Real Estate Fund by LSEG Lipper

The 2024 Award Recognizes the Fund for Consistently Strong Risk-Adjusted Performance Relative to its Peers in the U.K., France, Switzerland, and Europe Region. The Awards Mark the Team’s Sixth Year Receiving a Lipper Award in the Global Real Estate Category
April 24, 2024
Company News
Read

Q1 2024 Shareholder Letters

Gain exclusive insights from Third Avenue’s latest shareholder letters that are now available. Read the Q1 '24 commentaries for further perspective on performance, activity, and positioning.
April 19, 2024
Company News
Read

Third Avenue Management Named 2024 Best Equity Fund Family Group by LSEG Lipper

The Award Recognizes Third Avenue Funds for Consistently Strong Risk-Adjusted Performance Across the Value, Small-Cap, and Real Estate Strategies
March 14, 2024
Company News
Read

Matt Fine explains his value investing approach, opportunity set, and portfolio positioning

Global Value Strategy overview and insights 2024
March 4, 2024
Global Value
Read

Third Avenue Launches Global Value UCITS For Non-U.S. Investors

Third Avenue Management LLC is pleased to announce the launch of the Third Avenue Global Value Fund.
February 26, 2024
Company News
Read

Q4 2023 Shareholder Letters

Gain exclusive insights from Third Avenue’s latest shareholder letters that are now available. Read the Q4 '23 commentaries for further perspective on performance, activity, and positioning.
January 23, 2024
Company News
Read

Adam Ermanis Returns to Third Avenue Amid Strong Performance

Third Avenue is pleased to announce that Adam Ermanis has rejoined the Firm as Managing Director, Client Services.
December 18, 2023
Company News
Read

2023 Income & Capital Gain Distributions

These amounts are for informational purposes only and the final tax numbers may vary.
December 14, 2023
Company News
Read

Value Investor Insight October 2023 Issue

Jason Wolf, CFA, Ryan Dobratz, CFA, and Quentin Velleley, CFA, were featured in a Value Investor Insight interview with John Heins. The Real Estate Team discusses how they approach investing in real estate, how they are managing through the “potentially scary pressure points” within the sector today, and where they are seeing pockets of opportunity.
November 3, 2023
Real Estate Value
Read

Third Avenue International Real Estate Value Whitepaper: October 2023

Recent whitepaper from the Third Avenue International Real Estate Value strategy.
October 13, 2023
International Real Estate Value
Read

Value Equities Time to Fly: Citywire

Matthew Fine, CFA, Portfolio Manager of the Third Avenue Global Value Strategy, recently joined fellow value managers in the Citywire Value Equities Panel to discuss the state of value investing today and share perspectives gathered from decades of global value investing.
September 14, 2023
Global Value
Read

Raising the roof: Why residential real estate has rarely been more compelling

For nearly 25 years, the Real Estate Value Fund’s versatile approach “has always been distinct, but rarely as strategic” and “has vaulted the fund to the top of Morningstar’s Global Real Estate category” as noted in this Citywire feature by John Coumarianos.
August 29, 2023
Real Estate Value
Read

A top-1% fund manager over the past 3 years highlights a ‘once-in-a-generation’ opportunity in an underrated part of the market – and shares 10 stocks to buy now

Third Avenue Value PM, Matthew Fine is featured in this Business Insider piece where he describes the opportunities he is finding in small-cap and international companies as a ‘once-in-generation event’.
August 10, 2023
Global Value
Read

Matthew Fine, Value Fund PM, participates in Barron’s feature: Only a Few Funds Are Up Last Year and This Year. How They Did It.

Read the full article on Barron's.
June 20, 2023
Global Value
Read

Ryan Dobratz, Real Estate Value Fund PM, participates in Barron’s feature: Pros Pick Stocks For the Long Haul

Read the full article on Barron's.
June 6, 2023
Real Estate Value
Read

Matthew Fine, Portfolio Manager of the Third Avenue Value Fund featured in Barron’s

Coal, Copper, Contrarian Picks Power Third Avenue Value’s Turnaround
May 8, 2023
Global Value
Read

Value Investor Insight March 2023 Issue

Matthew Fine, CFA and the Third Avenue Value Fund were featured in a Value Investor Insight interview with John Heins. Matt discusses his career, Third Avenue’s investment philosophy, getting back to the basics, and finding unrecog­nized opportunities.
April 27, 2023
Global Value
Read

Third Avenue Small-Cap Value Whitepaper: April 2023

You aren't getting paid to invest in U.S. large cap stocks
April 1, 2023
Small-Cap Value
Read

Investor Insight: Rates, Ruses, and Regime Changes

Global equity markets, the U.S. in particular, remain virtually all-consumed with the timing and trajectory of rising U.S. Federal Reserve policy rates.
March 31, 2023
Global Value
Read

Matthew Fine, Portfolio Manager of the Third Avenue Value Fund featured in CNBC

This Fund is trouncing the S&P 500 by focusing on international stocks
March 15, 2023
Global Value
Read

Value Investor Insight November 2022 Issue

Matthew Fine, CFA, Portfolio Manager of the Third Avenue Value Fund sees fertile ground for bottom-up stock picking in the UK.
December 14, 2022
Global Value
Read

2022 Income & Capital Gains Distributions

These amounts are for informational purposes only and the final tax numbers may vary.
December 14, 2022
Company News
Read

The Evolutionary Pressures and Re-emergence of Value Investing

Matthew Fine, CFA, Portfolio Manager of the Third Avenue Value Fund and Victor Cunningham, CFA Portfolio Manager of the Third Avenue Small-Cap Value Fund were interviewed by Bill Hortz of the Institute for Innovation Development.
November 7, 2022
Global Value
Read

Third Avenue Joins the FLX Networks Platform

Third Avenue Management LLC (“Third Avenue” or “the Firm”), a U.S.-based investment adviser and leading value investing firm, announced today that it has joined the FLX Networks (“FLX”) platform, the innovative network that modernizes, simplifies, and drives unique engagement between asset managers and financial advisors.
August 1, 2022
Company News
Read

Ryan Dobratz is featured on NAREIT’s REIT Report Podcast

Real Estate Value Fund PM Ryan Dobratz discusses real estate as an inflation hedge, housing deficits, mergers & acquisitions and international opportunities in NAREIT’s April 2022 REIT Report Podcast.
April 27, 2022
Real Estate Value
Read

Third Avenue and Longevity Partners Form Strategic Relationship to Enhance ESG Standards

Third Avenue Management LLC (“Third Avenue” or “the Firm”), a New York-based investment advisor, and Longevity Partners (“Longevity”), a global, multi-disciplinary energy and sustainability consultancy, today announced the formation of a strategic relationship to strengthen Third Avenue’s framework for assessing Environmental, Social, and Governance (“ESG”) factors within publicly-traded real estate securities.
December 14, 2021
Company News
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Value Investor Insight: Making Room

Real estate is a diverse sector and the potential lasting impacts of the pandemic vary widely by the type of business in it. Surveying the global field, Quentin Velleley offers his choice for the sector's most attractive investment option.
July 30, 2021
Real Estate Value
Read

Third Avenue Expands Real Estate Platform

REMS International Real Estate Fund to be added to Third Avenue’s Fund Lineup Quentin Velleley to join Third Avenue as Portfolio Manager, International Real Estate
October 30, 2020
Company News
Read

On Octo’s GR8 Debate: Ryan Dobratz discusses real estate investing amidst the Covid-19 pandemic

On June 18, 2020 Ryan Dobratz Portfolio Manager of the Third Avenue Real Estate Value Fund, participated in the “GR8 Debate” segment on Octo TV. Watch the video of Ryan and his comments on Third Avenue’s balanced approach to investing in real estate, the importance of a strong financial position, and the advantages (and disadvantages) of accessing property through the listed markets.
June 29, 2020
Real Estate Value
Read

Third Avenue Management Expands Operations in Austin, Texas

Ryan Dobratz, Co-Lead Portfolio Manager of the Real Estate Value Fund, to Manage Office Firm is Adding Resources to Support Strategic Investment Initiatives
May 20, 2020
Real Estate Value
Read

Erik C. Kleinbeck Rejoins Third Avenue as Head of Business Development

Third Avenue Management LLC (“Third Avenue”), a New York-based registered investment adviser, is pleased to announce that Erik C. Kleinbeck has rejoined the Firm as Head of Business Development. In this capacity, Mr. Kleinbeck will lead Third Avenue’s institutional and intermediary sales, consultant relations, and marketing and client relationship functions. Mr. Kleinbeck was previously with Stralem & Company as Director of Business Development and Relationship Management. He was also a member of Stralem’s investment committee.
February 10, 2020
Company News
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On Asset TV: Ryan Dobratz Discusses the Advantages of Listed Real Estate

Third Avenue Real Estate Value Fund PM Ryan Dobratz discusses the advantages of accessing real estate through the public markets and current opportunities in the listed space.
April 23, 2019
Real Estate Value
Read

WSJ: Search for Amazon HQ2 Sparks Real Estate Speculation

Investors say focus on the finalists for Amazon’s second headquarters is a way to bet on places with a growing pool of tech talent
October 29, 2018
Real Estate Value
Read

Investment Week: What Lessons Have Been Learnt Over The Decade Since Lehmans Collapsed?

In the first of this four-part Big Question, industry leaders and commentators reflect on the last ten years and discuss how the financial system has improved since the Global Financial Crisis (GFC), where more work needs to be done and what could trigger the next crisis.
September 14, 2018
Real Estate Value
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Seeking Alpha: These ‘Sucker Yields’ Could Soon Become ‘Strong Buys’

Real Estate Operating Companies have two key advantages: They are a more reliant business model, as the companies can typically self-finance their expansion, whereas REITs are more often forced to rely on asset sales. Retaining capital and reinvesting in the business is a more tax-efficient way to compound capital over the longer term. "Scared money never wins", and I suppose I am just a bystander now waiting for round three of “This High-Yield REIT Dropped Again, We Are Buying More”.
September 6, 2018
Real Estate Value
Read

On AssetTV: Ryan Dobratz Discusses Why Real Estate Now

Co-Portfolio Manager Ryan Dobratz discusses the importance of real estate as a key diversifier in a rising inflationary environment.
April 30, 2018
Real Estate Value
Read

Third Avenue Merges International Value Fund (TAVIX) into Value Fund (TAVFX)

Third Avenue Management LLC (“Third Avenue”), a registered investment adviser based in New York, today announced that it has completed the previously announced merger of the Third Avenue International Value Fund (TAVIX/TVIVX) into the Third Avenue Value Fund (TAVFX/TVFVX), after successfully obtaining Board and shareholder approvals. The Value Fund is led by Co-Portfolio Managers Matthew Fine, CFA and Michael Fineman, CFA, CFP®. Mr. Fine previously served as Lead Portfolio Manager of the International Value Fund.
March 19, 2018
Company News
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MarketWatch: Third Avenue’s Ryan Dobratz discusses the unique positioning of the Real Estate Value Fund (TAREX)

Ryan Dobratz and Jason Wolf of The Third Avenue Real Estate Value Fund have bought lumber companies, home-improvement retailers and a land developer to produce returns that have far exceeded the S&P 500 real estate sector.
March 13, 2018
Real Estate Value
Read

Third Avenue Real Estate Value Fund Named Best Global Real Estate Fund at 2018 Lipper Awards

Third Avenue Management LLC (“Third Avenue”) today announced that the Third Avenue Real Estate Value Fund Institutional Class (TAREX) was named the Best Global Real Estate Fund at the 2018 Lipper Awards among the 33 funds in Lipper’s Global Real Estate category. This award was bestowed for the U.S.-based Fund’s performance over the last five years ended December 31, 2017 and marks the fifth consecutive year that the team has been recognized by Lipper for providing consistently strong risk-adjusted performance relative to its peers.
February 28, 2018
Real Estate Value
Read

Third Avenue Strengthens Focus on Value Investing

Third Avenue Management LLC (“Third Avenue”), a registered investment adviser based in New York, today announced it was taking significant steps to strengthen its focus on value investing, by deepening the Firm’s investment team, establishing new portfolio management teams, and streamlining its lineup of funds. These changes reflect Third Avenue’s history and approach to deep value investing, developed by legendary investor and founder Martin J. Whitman.
September 19, 2017
Real Estate Value
Read

TAM Joins the GemCap Investment Funds

GemCap Investment Funds (Ireland) Plc (GIF plc) is one of the leading UCITS fund platforms in Ireland; and the addition of Third Avenue Management (“Third Avenue”), as an investment manager, has pushed assets under management to over $1bn.
June 16, 2017
Company News
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On InvestmentWeek UK: Ryan Dobratz on taking advantage of Brexit Disclocations

Ryan Dobratz, co-lead manager of the Third Avenue Real Estate Value Fund, talks to Lawrence Gosling @ Investment Week UK on global, value-oriented opportunities and improving sentiment towards London and Hong Kong.
December 16, 2016
Company News
Read

So are U.K. REITs now a bargain?

After Brexit, are there any bargains among U.K. real estate investment trusts?
July 19, 2016
Company News
Read

Value Investor Insight: “The market isn’t giving the Forest City adequate credit for de-risking their strategy”

Long considered a commercial real estate development powerhouse, Forest City Enterprises took it on the chin in the financial crisis, forced to raise equity at dilutive prices after overextending both its balance sheet and development pipeline. From a high above $70 in 2007, the shares fell below $3.50 in March 2009.
May 31, 2016
Real Estate Value
Read

Real Estate Team Wins at 2016 US Lipper Awards

Third Consecutive Year That The Third Real Estate Value Fund (“TAREX”) Has Been Recognized by Lipper for Superior Performance in the Global Real Estate Category
March 23, 2016
Real Estate Value
Read

Top International Picks With The Street.Com

Top International Picks With TheStreet.com
September 16, 2015
Company News
Read

Germany, Switzerland, Europe, US…and now France

Third Avenue Real Estate Value Team Wins 5th Lipper Award
July 1, 2015
Real Estate Value
Read

A Note to Fellow Third Avenue Fund Investors

Like the sword of Damocles, Greece’s sovereign debt troubles have been looming over the European Union, the Euro and global financial markets since 2009. Slowly but surely these issues have continued to escalate, making a potential Greek exit from the Euro a feasible outcome.
June 30, 2015
Company News
Read

Third Avenue Real Estate Team Wins At 2015 US Lipper Awards

Third Avenue Real Estate Fund was awarded Best Global Real Estate Fund over a 3 year period
April 2, 2015
Real Estate Value
Read

Ryan Dobratz Promoted to Co-Lead Portfolio Management of Third Avenue Real Estate Team

Third Avenue Promotes Ryan Dobratz to Co-Lead Portfolio Manager of Third Avenue Real Estate Value Fund
March 2, 2015
Real Estate Value
Read

Third Avenue Real Estate Team Wins At Switzerland 2015 Lipper Awards

Third Avenue Real Estate Value Team Honored For Second Consecutive Year at Lipper Awards
February 12, 2015
Real Estate Value
Read

Jason Wolf Named 2015 Rising Star of Mutual Funds

Each year, as Fund Action and Fund Directions scout the market for nominees for its mutual fund awards, it looks for up-and-comers who are making strides in the industry. We are pleased to congratulate Jason Wolf, Co-Lead Portfolio Manager of Third Avenue Real Estate strategies, on being named among the 2015 Rising Stars of the Mutual Fund industry
February 2, 2015
Real Estate Value
Read

Inmobiliaria Colonial: Playing the Recovery in Spain, at a Discount

Inmobiliaria Colonial (Colonial) is in the early innings of what should be a multi-year recovery in property values in Spain, and if one factors in the company’s enormous deferred tax asset, Colonial’s shares remain a compelling value investment.
June 30, 2014
Real Estate Value
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PERFORMANCE

1Active Share is the percentage of a fund’s portfolio that differs from the benchmark index.

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