BMWYY - Third Avenue Value Fund Q1 2021 Letter

• 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 the three months ended March 31st, 2021, the Third Avenue Value Fund returned 20.05%, compared to the MSCI World Index, which returned 5.04%.
• The most recent calendar quarter was the second consecutive quarter in which value strategies, broadly defined, have produced outperformance relative to growth strategies and marks the first time since 2016 that value strategies have produced consecutive quarters of outperformance.
• During the quarter ended March 31st, 2021, the Fund established new positions in the shares of Genting Singapore Bhd. and Jardine Cycle &Carriage Ltd.

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