August 27, 2026
Global Value

Barron’s recently spotlighted the Third Avenue Value Fund among “Top Funds” historically delivering performance through "deep value" investing.

Key takeaways include:

  • TAVFX's average price/book value of 1.0, paired with a 19.4% five-year annualized return versus the S&P 500's 13.1% illustrates the effects a disciplined, asset-based approach can have.
  • Portfolio Manager Matt Fine prioritizes companies with hard assets and clean balance sheets as a form of risk mitigation.
  • TAVFX's investment in Tidewater, an oil rig service vessel company, is not a bet on future oil prices, but instead reflects Matt Fine's conviction in the value of its vessel assets.

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