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TAVFX Third Avenue Value Instl

  • Fund
  • TAVFX
  • Price as of: Jul 13, 2018
  • $49.48
  • - $0.10
  • - 0.20%
  • Category
  • Global Equities

TAVFX - Profile

Vitals

  • YTD Return -7.1%
  • 3 Yr Annualized Return 4.9%
  • 5 Yr Annualized Return 6.5%
  • Net Assets $1.12 B
  • Holdings in Top 10 39.3%

52 WEEK LOW AND HIGH

$49.48
$48.94
$57.31

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.13%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 18.00%

TRADING FEES

  • Max Redemption Fee 1.00%

Min Investment

STANDARD (TAXABLE)

$100,000

IRA

$100,000

Investment Themes

CATEGORY

Global Equities
  • Fund Type Open End Mutual Fund
  • Investment Style World Large Stock

Distributions

  • YTD Total Return -7.1%
  • 3 Yr Annualized Total Return 4.9%
  • 5 Yr Annualized Total Return 6.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.23%
DIVIDENDS
  • Dividend Yield 1.9%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name Third Avenue Value Fund
  • Fund Family Name Third Avenue
  • Inception Date Nov 01, 1990
  • Shares Outstanding N/A
  • Share Class Inst
  • Currency USD
  • Domiciled Country United States
  • Manager Matthew Fine

TAVFX - Performance

Return Ranking - Trailing

Period TAVFX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -7.1% -31.9% 25.1% 86.67% 5
1 Yr 4.5% -56.3% 37.9% 72.68% 4
3 Yr 4.9% * -6.3% 27.3% 72.37% 4
5 Yr 6.5% * -4.2% 26.8% 78.53% 4
10 Yr 4.8% * -5.7% 19.3% 70.93% 4

* Annualized


Return Ranking - Calendar

Period TAVFX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 5.7% -39.6% 49.8% 77.60% 5
2016 4.8% -73.5% 33.8% 29.08% 2
2015 -15.3% -27.7% 27.0% 87.94% 5
2014 -0.9% -40.2% 39.8% 42.42% 3
2013 14.9% -33.0% 52.0% 74.40% 4

Total Return Ranking - Trailing

Period TAVFX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -7.1% -100.0% 25.1% 86.08% 5
1 Yr 4.5% -38.6% 185.9% 66.63% 4
3 Yr 4.9% * -6.3% 35.8% 67.63% 4
5 Yr 6.5% * -4.2% 26.8% 75.56% 4
10 Yr 4.8% * -5.8% 19.3% 69.38% 4

* Annualized


Total Return Ranking - Calendar

Period TAVFX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 5.7% -26.4% 49.8% 77.90% 5
2016 4.8% -73.5% 33.8% 34.66% 2
2015 -8.8% -25.3% 47.6% 85.71% 5
2014 5.6% -13.6% 50.0% 30.14% 2
2013 23.1% -23.9% 170.1% 73.76% 4

NAV & Total Return History

TAVFX - Holdings

Filings data as of: Apr 30, 2018

Concentration Analysis

TAVFX Category Low Category High TAVFX % Rank Quintile
Net Assets 1.12 B 9.87 K 99.3 B 6.33% 2
Number of Holdings 53 1 8046 14.37% 4
Net Assets in Top 10 466 M -1.09 M 17.5 B 5.86% 2
Weighting of Top 10 39.3% 0.0% 293.5% 9.45% 2

Top 10 Holdings

  1. Bank of New York Mellon Corp 3.99%
  2. Comerica Inc 3.45%
  3. Weyerhaeuser Co 4.85%
  4. CK Hutchison Holdings Ltd 4.85%
  5. Total SA 4.34%
  6. Brookfield Asset Management Inc Class A 3.82%
  7. Investor AB B 3.23%
  8. Tidewater Inc 4.33%
  9. Cavco Industries Inc 3.30%
  10. Lundin Mining Corp 3.15%

Asset Allocation

Weighting Category Low Category High TAVFX % Rank Quintile
Stocks
83.72% 0.00% 132.91% 26.94% 5
Cash
15.69% -35.60% 102.01% 1.51% 1
Other
0.35% -4.32% 40.46% 12.76% 2
Bonds
0.24% -0.52% 96.92% 6.24% 1
Preferred Stocks
0.00% 0.00% 5.84% 5.39% 2
Convertible Bonds
0.00% 0.00% 29.43% 2.17% 2

Stock Sector Breakdown

Weighting Category Low Category High TAVFX % Rank Quintile
Financial Services
20.79% 0.00% 42.41% 6.34% 1
Basic Materials
14.35% 0.00% 36.38% 0.85% 1
Energy
14.09% 0.00% 40.64% 1.80% 1
Real Estate
12.19% -1.34% 94.48% 1.14% 1
Consumer Cyclical
11.85% 0.00% 54.83% 16.08% 3
Industrials
10.45% 0.00% 85.99% 17.03% 3
Utilities
0.00% -0.57% 87.55% 18.35% 4
Technology
0.00% 0.00% 79.08% 31.60% 5
Healthcare
0.00% 0.00% 48.64% 29.71% 5
Communication Services
0.00% -1.23% 76.02% 25.07% 5
Consumer Defense
0.00% -1.22% 44.27% 28.76% 5

Stock Geographic Breakdown

Weighting Category Low Category High TAVFX % Rank Quintile
Non US
46.78% 0.00% 98.82% 16.64% 3
US
36.94% 0.00% 126.77% 25.43% 4

Bond Sector Breakdown

Weighting Category Low Category High TAVFX % Rank Quintile
Cash & Equivalents
15.69% -35.60% 102.01% 1.42% 1
Corporate
0.24% 0.00% 65.44% 7.38% 2
Derivative
0.00% -13.54% 32.51% 1.32% 1
Securitized
0.00% 0.00% 26.39% 1.80% 1
Municipal
0.00% 0.00% 2.29% 0.76% 1
Government
0.00% -3.40% 69.03% 5.49% 2

Bond Geographic Breakdown

Weighting Category Low Category High TAVFX % Rank Quintile
Non US
0.24% -0.09% 71.50% 2.93% 1
US
0.00% -1.24% 69.03% 6.90% 2

TAVFX - Expenses

Operational Fees

TAVFX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.13% 0.01% 323.68% 23.63% 2
Management Fee 0.90% 0.00% 1.96% 2.36% 4
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee 0.01% 0.01% 0.45% 7.29% 1

Sales Fees

TAVFX Fees (% of AUM) Category Low Category High TAVFX Rank Quintile
Front Load N/A 0.00% 5.75% N/A N/A
Deferred Load N/A 1.00% 5.00% N/A N/A

Trading Fees

TAVFX Fees (% of AUM) Category Low Category High TAVFX Rank Quintile
Max Redemption Fee 1.00% 0.08% 2.00% 1.08% 1

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

TAVFX Fees (% of AUM) Category Low Category High TAVFX Rank Quintile
Turnover 18.00% 0.00% 2270.00% 15.18% 1

TAVFX - Distributions

Dividend Yield Analysis

TAVFX Category Low Category High TAVFX % Rank Quintile
Dividend Yield 1.9% 0.00% 2.38% 0.25% 1

Dividend Distribution Analysis

TAVFX Category Low Category High Category Mode
Dividend Distribution Frequency Annually Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

TAVFX Category Low Category High TAVFX % Rank Quintile
Net Income Ratio 0.23% -23.00% 7.02% 26.37% 4

Capital Gain Distribution Analysis

TAVFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

TAVFX - Managers

Matthew Fine

Manager

Start Date

Sep 19, 2017

Tenure

0.78

Tenure Rank

11.9%

Mr. Fine is the Lead Portfolio Manager of the Third Avenue International Value Fund and the Third Avenue International Value Fund UCITS. Mr. Fine joined Third Avenue in 2000 and has been responsible for a myriad of investments in developed and developing markets across North America, Latin America, Europe and Asia. He joined Third Avenue’s research and portfolio management team as a Research Assistant, the first position typically held by Third Avenue’s internally developed talent. He became a Senior Research Analyst in 2008 and a principal of the firm in 2009.


Michael Fineman

Manager

Start Date

Sep 19, 2017

Tenure

0.78

Tenure Rank

11.9%

Prior to rejoining Third Avenue in 2017, Mr. Fineman spent eight years with Third Avenue as an analyst, and Portfolio Manager of the Third Avenue Special Situations Fund, L.P. until his departure March 2014. The Special Situations Fund was a private fund focused on equity and credit investment opportunities across the globe. Mr. Fineman has approximately 28 years of experience investing in equity and debt securities both public and private. Prior to his return to Third Avenue, he was a founding partner of Warren Hall Capital, a private equity and direct lending platform. Prior to 2006, Mr. Fineman was a distressed equity and credit analyst for Sanno Point Capital Management. He had previously worked in the Investment Banking and Restructuring Advisory Services division of Ernst & Young (since acquired by Macquarie Group) where he led corporate restructurings and reorganizations for debtors and creditors. He has ten years' experience as a sell side research analyst for Goldman Sachs, Alex Brown and Raymond James. Mr. Fineman is currently a Director of Ideal Standard International and has held other board positions, including Director of Liberty Tire Recycling. Mr. Fineman has participated on many ad-hoc creditors’ committees, including LandSource Communities LLC, U.S. Shipping, Grant Forest Products, Building Materials Holding Corporation, Home Products International, and Collins and Aikman. Mr. Fineman has an M.B.A. from Columbia Business School and a B.S. in Business Administration with honors from the University of Delaware. He is a CFA Charterholder, a Certified Financial Planner professional, a member of the New York Society of Security Analysts and holds a certification in Distressed Business Valuation.


Tenure Analysis

Category Low

0.0

Category High

35.8

Category Average

6.18

Category Mode

0.1