Third Avenue Small Cap Value Fund Q1 2025 Commentary

2025-04-24 03:55:00 ET

Summary

• The Third Avenue Small-Cap Value Fund returned -4.54% during the first quarter of 2025 versus a return of -5.87% for the MSCI USA Small-Cap Value Index and a return of -7.74% for the Russell 2000 Value Index.
• Performance during the quarter was led by positive contributions from a wide range of individual businesses and idiosyncratic developments.
• During the first quarter the Fund engaged in a heightened level of activity as the prospect of sweeping U.S. import tariffs came to be openly discussed.

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