LongMMSJun 2026
Maximus, Inc.
Third Avenue initiated Maximus after pessimism around government-efficiency efforts, funding lapses and AI disintermediation depressed the share price despite continued federal…
Third Avenue Small-Cap Value Fund
Concentrated U.S. small-cap value investing focused on undervalued, well-financed companies and resource-conversion opportunities.$219M AUM3 published ideas
Third Avenue Small-Cap Value Fund uses a concentrated, conviction-weighted value approach while maintaining diversification across companies, industries and fundamental risk factors. The team seeks significantly undervalued businesses facing temporary headwinds, with strong balance sheets, valuable assets and management teams capable of creating value. Resource conversion through asset sales, share repurchases and corporate takeovers is an important part of the investment process.
Ideas from Third Avenue Small-Cap Value Fund
LongTMHCJun 2026
Taylor Morrison Home Corporation
Third Avenue purchased Taylor Morrison because its valuation appeared disconnected from the value of the underlying business. The company had a strategically located land bank…
LongCRAIJun 2026
CRA International, Inc.
Third Avenue initiated CRA International after AI-related concerns materially pressured the valuation of the consulting firm. The team believes CRA's credibility and expertise in…
Letters covered
- Third Avenue Small-Cap Value Fund Portfolio Manager Commentary Q2 2026June 30, 2026
Source PDFs are not republished here; only extracted ideas and quotes.