FPH - Third Avenue Value Fund Q3 2020 Letter

• For over 25 years, Third Avenue Management has consistently pursued a fundamental, bottom-up approach to deep value and distressed investing. Third Avenue Management manages assets across three core strategies Value, Small-Cap and Real Estate.
• For the three months ended September 30th, 2020, the Third Avenue Value Fund returned 9.29%, compared to the MSCI World Index, which returned 8.05%.
• We have experienced wide dispersion of stock price performance within the Fund, even among companies within the same industry, and continue to believe that valuations of the Fund’s holdings are, on average, far below reasonable.
• During the quarter ended September 30th 2020, the Fund purchased three new positions, namely the common stocks of Dassault Aviation SA and Korn Ferry, as well as a put position on the SPDR S&P 500 ETF Trust.

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