IVT - Third Avenue Small-Cap Value Fund Q1 2024 Portfolio Manager Commentary

2024-04-23 03:15:00 ET

Summary

• Third Avenue Management is a New York City-based asset manager founded in 1986 that utilizes a disciplined, value-oriented, and asset-based approach to investing in publicly traded securities.
• For Q1 2024, Third Avenue Small-Cap Value Fund returned 6.31% vs. 2.90% for the Fund’s most relevant benchmark, the Russell 2000 Value Index.
• It was a gratifying quarter as the Fund delivered solid absolute and relative returns to our shareholders.
• We added no new positions during the quarter while boosting exposure to ProAssurance and LSB Industries as share prices lagged due to near-term operational challenges.

Dear Fellow Shareholders,

For the first quarter of 2024, the Third Avenue Small-Cap Value Fund (the "Fund") returned 6.31% versus 2.90% for the Fund's most relevant benchmark, the Russell 2000 Value Index (the "Index") ¹ . It was a gratifying quarter as the Fund delivered solid absolute and relative returns to our shareholders....

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