BUY LYFAX

An Uncommon Approach to All Cap International Value Investing.

Third Avenue International Value

For more information regarding Separate and Sub-Advised Accounts, including GIPS-compliant performance please contact us

Fund Details

as of March 31, 2023
Benchmark
S&P 500
Inception Date
1994
Strategy Assets
$329m
Holdings
65-80
% Top 10 Holdings
34.7%
NAV
0-5%
Tracking Error Range (3 years)
3-4%
Sector Deviation +/-
Annual Turnover
20-40%

DATE OF INCEPTION

May 2023

PORTFOLIO MANAGER

Matthew Fine, CFA
Matthew Fine, CFA
Portfolio Manager
View Bio >

PORTFOLIO CHARACTERISTICS

as of September 30, 2023
Weighted Market Cap
$12.5B
Median Market Cap
$5.6B
Price to Book
1.0x

Key Differentiators

Deep Value Investor

We seek investment opportunities that trade at a discount to readily ascertainable valuations and are often contrarian or special situation in nature

Balance Sheet Focused with a Long-Term Horizon

Third Avenue’s investment philosophy demands financial strength, which enables our portfolio holdings to both endure challenges and grow value over time

Focus on Total Return

Our goal is to provide above-average performance, most of the time and over the long term, while seeking capital preservation through investing in companies that typically have tangible assets that are often difficult to replicate; the strategy may serve as a non-correlating element to more mainstream value strategies

International Universe

Our approach is opportunistic, seeking value in economic and industrial recessions, complex corporate structures or capital structures and special situations in both developed and emerging non-US markets

High Conviction, Active Portfolio Management

We actively manage the portfolio by prudently concentrating on our highest conviction ideas, and by holding cash when there are fewer buying opportunities

Objective:

Our strategy seeks long-term capital appreciation by investing opportunistically across a non-US universe of sectors, geographies and security types to build a differentiated portfolio of contrarian and special-situation opportunities. The strategy’s investments are generally characterized by what we believe are strong financial positions, valuation supported by tangible assets and market prices substantially below our estimate of intrinsic business value.

Performance

as of 3/31/2023
3 Month
1 Year
3 Years
5 Years
Since Inception*
TAVFX
1.83%
29.89%
1.83%
67.02%
41.79%
MSCI World Index
1.77%
29.74%
1.77%
66.70%
41.59%
MSCI World Value Index
1.64%
29.39%
1.64%
66.38%
41.39%

Performance & Risk Statistics

as of 3/31/2023
Class I - LYFIX
S&P Biotechnology Select Industry Total Return Index
S&P 500 Health
CareSector TR Index
Cumulative Return
59.50%
30.64%
17.53%
Annualized Return
41.93%
22.20%
12.88%
Standard Deviation
18.76%
30.51%
16.96%
Sharpe Ratio (RF 0.0177%)
2.23
0.73
0.76
Risk-Free Rate
0.0177%
-
-
Alpha
31.84%
-
-
Beta
0.45
-
-
R-Squared
0.62
-
-

Top 10 Holdings

as of December 31, 2023
PORTFOLIO
Capstone Copper Corp.
5.1
%
Bayerische Motoren Werke AG
5.1
%
Ultrapar Participacoes S.A.
5.0
%
Deutsche Bank AG
4.8
%
GCC SAB de CV
4.7
%
Subsea 7, S.A.
4.5
%
Pendragon, Plc.
4.2
%
DEME Group
4.1
%
EasyJet PLC
3.8
%
TOTAL
45.4
%

MARKET CAP BREAKDOWN

as of December 31, 2023
PORTFOLIO
Micro Cap
0.0
%
Small Cap
19.6
%
Mid Cap
60.2
%
Large Cap
20.2
%

Allocations are subject to change without notice

TOP 10 COUNTRY EXPOSURES

as of December 31, 2023

*South Korea, Malaysia, Vietnam, Philippines, Thailand

Important Risk Disclosures

Sources for data noted above are from FactSet as of the date specified. Material presented is based on composite holdings and not a representative account. The firm maintains a complete list of composite descriptions, which are available upon request.  

Investors should consider the investment objectives, risks charges and expenses carefully before investing.  Risks that could negatively impact returns include: fluctuations in currencies versus the US dollar, political/social/economic instability in foreign countries where investments are made, lack of diversification and adverse general market conditions.

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MORNINGSTAR RATING

Cheryl Smith, CFA, PhDCheryl Smith, CFA, PhDCheryl Smith, CFA, PhDCheryl Smith, CFA, PhDCheryl Smith, CFA, PhD
Overall Morningstar rating, as of June 30, 2023, vs. 444 funds. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.