2024-01-31 11:39:00 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 the three months ended December 31st, 2023, the Third Avenue Value Fund (the “Fund”) returned 9.26%, as compared to the MSCI World Index1, which returned 11.53%.
- During 2023, the mix of positions contributing to Fund performance evolved somewhat from prior years.
Dear Fellow Shareholders,
For the three months ended December 31 st , 2023, the Third Avenue Value Fund ( TAVFX )(the “Fund”) returned 9.26%, as compared to the MSCI World Index 1 , which returned 11.53%. For further comparison, the MSCI World Value Index 2 returned 9.48% during the quarter. This quarter’s performance brings the Fund’s year-to-date return to 20.16%, which trailed the 24.42% performance of the MSCI World Index but exceeded the 12.41% performance of the MSCI World Value Index.
The Good, The Bad & The Ugly
During 2023, the mix of positions contributing to Fund performance evolved somewhat from prior years. Several long-held natural resource-related positions, such as Warrior Met Coal ( HCC ), Tidewater ( TDW ), and Capstone Copper ( CSCCF ), continued to provide important positive contributions to Fund performance, as did several long-held continental European holdings, such as BMW ( BMWYY ), Buzzi ( BZZUF ), and Deutsche Bank ( DB ). However, several holdings purchased more recently during 2022, also made significant positive contributions to Fund performance during 2023. Specifically, easyJet ( EJTTF ), a U.K.-based low-cost leisure airline, and Ultrapar ( UGP ), a Brazilian retail and commercial fuel distribution and storage business, both provided important performance contributions during the year. Meanwhile, Japanese gas flow control and measurement company HORIBA ( HRIBF ), an investment we initiated just a few quarters ago, also performed very well throughout the second half of the year providing a meaningful contribution. Senior research analyst, Ryan Korby, deserves the praise for identification and analysis of the opportunity in the shares of HORIBA....
Read the full article on Seeking Alpha
For further details see:
Third Avenue Value Fund Q4 2023 Portfolio Manager Commentary