SVNDY - Third Avenue Value Fund Portfolio Manager Commentary Q4 2020

• Third Avenue Management LLC offers its services to private and institutional clients and is partially owned by Affiliated Managers Group, a publicly-traded asset management firm holding company.
• For the three months ended December 31st, 2020, the Third Avenue Value Fund returned 35.84%, compared to the MSCI World Index, which returned 14.07%.
• The calendar fourth quarter was the first time in many quarters during which value strategies broadly performed well in comparison to growth strategies.
• The Fed, nor other central banks, set interest rates per se, and that becomes increasingly true in longer duration treasuries and as one moves beyond sovereign securities and further afield in credit quality.
• Finally, we are sometimes asked to comment on whether we believe that extraordinarily low interest rates are responsible for recent years of growth stock outperformance.

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