Fund Evaluator:
Third Avenue Value Investor (TVFVX)
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Best Performing in Global Small/Mid Stock Over the Last Year
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Fund Details
Third Avenue Value Investor Overview
Third Avenue Value Investor (TVFVX) is an actively managed International Equity Global Small/Mid Stock fund. Third Avenue launched the fund in 2009.
The investment seeks long-term capital appreciation. The fund seeks to achieve its objective mainly by acquiring common stocks of well-financed companies (meaning companies with high quality assets and conservative levels of liabilities) at a discount to what the Adviser believes is their intrinsic value. It may invest in companies of any market capitalization and across all industries. The fund may also acquire senior securities, such as convertible securities, preferred stocks and debt instruments, that the Adviser believes are undervalued. It also invests in both domestic and foreign securities.
About Third Avenue Value Investor (TVFVX)
There are 1 members of the management team with an average tenure of 8.78 years: Matthew Fine (2017). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI World NR USD index with a weighting of 100%. Third Avenue Value Investor has 48 securities in its portfolio. The top 10 holdings constitute 45.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Third Avenue Value Investor is part of the Equity global asset class and is within the International Equity fund group. Third Avenue Value Investor has 70.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 19.9%. There is 70.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Third Avenue Value Investor has 9.9% of the portfolio in cash.
Assets Under Management
The fund has $34 million in total assets, which is below the $865 million average for the Global Small/Mid Stock category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TVFVX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Third Avenue Value Investor expense ratio is high compared to funds in the Global Small/Mid Stock category. Third Avenue Value Investor has an expense ratio of 1.39%, which is 11% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Third Avenue Value Investor has a portfolio turnover rate of 23%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 56% for the Global Small/Mid Stock category.
Recently, in the month of June 2026, Third Avenue Value Investor returned -5.1%, which earned it a grade of F, as the Global Small/Mid Stock category had an average return of 1.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Third Avenue Value Investor has a trailing yield of 1.91%, which is above the 1.34% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Third Avenue Value Investor Grades
Year to date, the fund has returned 8.5%, 4.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 30.3% over the past year (grade of B), 15.1% over the past three years (grade of B) and 14.4% per year over the past five years (grade of A) and 11.6% per year over the past 10 years (grade of A).
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TVFVX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TVFVX Return (NAV) | -5.1% | 1.2% | 30.3% | 15.1% | 14.4% | 11.6% |
| TVFVX Grade | F | F | B | B | A | A |
| +/- Category | -6.3% | -12.1% | 10.5% | 3.5% | 11.0% | 2.5% |
| Global Small/Mid Stock Avg | 1.2% | 13.3% | 19.8% | 11.6% | 3.4% | 9.0% |
| TVFVX Tax Cost Ratio | na | na | 1.9% | 1.8% | 1.7% | 1.7% |
TVFVX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TVFVX Return (NAV) | 8.5% | 35.1% | -2.4% | 19.8% | 17.1% | 22.1% | 7.5% | 12.6% | -21.0% | 13.9% | 13.1% |
| TVFVX Grade | F | A | D | B | A | B | F | F | F | F | A |
| +/- Category | -4.8% | 21.0% | -5.4% | 3.4% | 39.5% | 6.0% | -20.1% | -15.0% | -7.0% | -12.2% | 5.2% |
| Global Small/Mid Stock Avg | 13.3% | 14.2% | 2.9% | 16.5% | -22.4% | 16.1% | 27.6% | 27.6% | -14.0% | 26.0% | 7.8% |
| Risk Measures | |
| Standard Deviation: | 15.1% |
| Total Risk Index: | 1.25 - Above Average |
| Category Risk Index: | 0.90 - Below Average |
| Category Risk Grade: | B (24% Rank) |
| Beta: | 0.82 |
| R-Squared: | 48% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $940 Mil |
| Fund Total Assets: | $ 35 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 23% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 8.8 years | |||
| Average Tenure: 8.8 years | |||
| Managers (Year): Fine Matthew (2017) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 48 |
| % in Top 10 Holdings: | 45.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 70.2% |
Portfolio Allocation |
|
| Domestic Stock: | 19.9% |
| Foreign Stock: | 70.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 9.9% |
Purchase Information
| Fund Family: | Third Avenue |
| Phone Number: | 800-443-1021 |
| Website: | www.thirdavenuefunds.com |
| Status: | Open |
| Inception Date: | December 31, 2009 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.39% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.26% |
| Share Class: | Third Avenue Value Instl |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $ 200 |
