HBRIY - Third Avenue Value Fund Q1 2025 Commentary

2025-04-23 11:20:00 ET

Summary

• For the three months ended March 31, 2025, the Third Avenue Value Fund returned 2.95%, as compared to the MSCI World Index, which returned -1.69%, and the MSCI World Value Index, which returned 5.00%.
• During the quarter, smaller-capitalization companies continued to underperform large-cap companies, globally speaking, which has been a common occurrence over the last decade or so.
• Fund performance during the quarter was driven primarily by European and Japanese holdings.

Dear Fellow Shareholders,

For the three months ended March 31, 2025, the Third Avenue Value Fund (the “Fund”) returned 2.95%, as compared to the MSCI World Index[1], which returned -1.69%, and the MSCI World Value Index[2], which returned 5.00%....

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