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TFCIX Third Avenue Focused Credit Instl

  • Fund
  • TFCIX
  • Price as of: May 25, 2017
  • $2.94
  • - $0.00
  • - 0.00%
  • Category
  • High Yield Bonds

TFCIX - Profile

Vitals

  • YTD Return -27.6%
  • 3 Yr Annualized Return -13.1%
  • 5 Yr Annualized Return -2.0%
  • Net Assets $462 M
  • Holdings in Top 10 68.4%

52 WEEK LOW AND HIGH

$2.94
$2.94
$5.67

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.73%

SALES FEES

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

BROKERAGE FEES

  • Turnover 31.00%

TRADING FEES

  • Max Redemption Fee 2.00%

Min Investment

Closed to new investors as of 2015-12-09

STANDARD (TAXABLE)

$100,000

IRA

$100,000

Investment Themes

CATEGORY

High Yield Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style High Yield Bond

Distributions

  • YTD Total Return -27.6%
  • 3 Yr Annualized Total Return -13.1%
  • 5 Yr Annualized Total Return -2.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 12.36%
DIVIDENDS
  • Dividend Yield 0.7%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name Third Avenue Focused Credit Fund
  • Fund Family Name Third Avenue
  • Inception Date Aug 31, 2009
  • Shares Outstanding N/A
  • Share Class Inst
  • Currency USD
  • Domiciled Country United States
  • Manager Joseph Zalewski

TFCIX - Performance

Return Ranking - Trailing

Period TFCIX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -27.6% -30.0% 10775.8% 68.90% 5
1 Yr 12.9% -30.5% 24.7% 22.53% 2
3 Yr -13.1% * -13.1% 7.3% 98.86% 5
5 Yr -2.0% * -12.1% 11.6% 98.15% 5
10 Yr N/A * -12.3% 12.4% N/A N/A

* Annualized


Return Ranking - Calendar

Period TFCIX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 N/A -14.1% 332.1% N/A N/A
2015 N/A -34.3% 1.0% N/A N/A
2014 N/A -21.7% 10.4% N/A N/A
2013 N/A -16.9% 31.6% N/A N/A
2012 N/A -18.5% 17.6% N/A N/A

Total Return Ranking - Trailing

Period TFCIX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -27.6% -30.0% 10775.8% 68.85% 5
1 Yr 12.9% -30.5% 24.7% 16.67% 1
3 Yr -13.1% * -13.1% 7.3% 98.86% 5
5 Yr -2.0% * -12.1% 11.6% 98.52% 5
10 Yr N/A * -12.3% 12.4% N/A N/A

* Annualized


Total Return Ranking - Calendar

Period TFCIX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 N/A -14.1% 332.1% N/A N/A
2015 N/A -30.4% 4.6% N/A N/A
2014 N/A -18.4% 10.4% N/A N/A
2013 N/A -16.9% 55.9% N/A N/A
2012 N/A -18.5% 33.1% N/A N/A

NAV & Total Return History

TFCIX - Holdings

Filings data as of: Jan 31, 2017

Concentration Analysis

TFCIX Category Low Category High TFCIX % Rank Quintile
Net Assets 462 M 771 K 23 B 16.56% 3
Number of Holdings 41 1 1481 27.61% 5
Net Assets in Top 10 329 M -32.2 M 2.82 B 5.37% 1
Weighting of Top 10 68.4% 0.0% 100.0% 1.69% 1

Top 10 Holdings

  1. Corporate Risk Hldgs I 17.36%
  2. Liberty Tire Recycling Holdco 144A 11% 9.89%
  3. Ideal Standard International Sa Series C Note 9.60%
  4. Altegrity 144A 8.33%
  5. Ideal Standard International Sa 7.86%
  6. Liberty Tire Recycling Holdco Llc, Tl B 4.51%
  7. Majestic Star Casino Llc First Lien Term Loan 2.88%
  8. Longview Intermediate Holdings C, Llc 2.36%
  9. Ceva Grp 144A 9% 2.24%
  10. Affinion Group Holdings Inc 3.37%

Asset Allocation

Weighting Category Low Category High TFCIX % Rank Quintile
Bonds
48.26% -16.62% 107.80% 31.75% 5
Stocks
30.67% 0.00% 99.43% 0.46% 1
Cash
20.32% -11.47% 116.62% 2.30% 1
Preferred Stocks
0.64% 0.00% 22.68% 8.90% 2
Other
0.11% -12.44% 38.60% 22.09% 4
Convertible Bonds
0.00% 0.00% 18.92% 15.18% 4

Stock Sector Breakdown

Weighting Category Low Category High TFCIX % Rank Quintile
Basic Materials
1.07% 0.00% 4.16% 0.97% 1
Consumer Defense
0.93% -0.16% 6.06% 1.17% 1
Financial Services
0.54% 0.00% 20.97% 3.70% 1
Consumer Cyclical
0.52% 0.00% 15.66% 4.87% 1
Energy
0.04% -0.03% 13.39% 10.14% 3
Utilities
0.00% -0.07% 2.96% 7.21% 2
Technology
0.00% -0.35% 26.11% 5.26% 2
Real Estate
0.00% 0.00% 6.32% 4.87% 2
Industrials
0.00% -0.01% 12.41% 6.82% 2
Healthcare
0.00% 0.00% 14.97% 6.43% 2
Communication Services
0.00% -0.08% 5.99% 6.24% 2

Stock Geographic Breakdown

Weighting Category Low Category High TFCIX % Rank Quintile
US
30.58% 0.00% 80.67% 0.46% 1
Non US
0.09% -0.02% 52.86% 6.44% 2

Bond Sector Breakdown

Weighting Category Low Category High TFCIX % Rank Quintile
Corporate
31.31% 0.00% 101.98% 30.83% 5
Cash & Equivalents
20.51% -7.60% 100.00% 1.84% 1
Government
0.14% -6.62% 68.99% 14.11% 3
Securitized
0.00% 0.00% 66.65% 16.72% 4
Municipal
0.00% 0.00% 99.04% 4.29% 1
Derivative
-0.19% -19.62% 16.62% 5.83% 5

Bond Geographic Breakdown

Weighting Category Low Category High TFCIX % Rank Quintile
US
42.97% -16.62% 100.00% 31.44% 5
Non US
5.29% 0.00% 48.96% 29.60% 5

TFCIX - Expenses

Operational Fees

TFCIX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.73% 0.00% 5.24% 9.98% 4
Management Fee 0.75% 0.00% 1.00% 1.23% 5
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.00% 0.45% N/A N/A

Sales Fees

TFCIX Fees (% of AUM) Category Low Category High TFCIX Rank Quintile
Front Load N/A 2.00% 5.75% N/A N/A
Deferred Load N/A 0.75% 5.50% N/A N/A

Trading Fees

TFCIX Fees (% of AUM) Category Low Category High TFCIX Rank Quintile
Max Redemption Fee 2.00% 1.00% 2.00% 0.61% 3

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.

TFCIX Fees (% of AUM) Category Low Category High TFCIX Rank Quintile
Turnover 31.00% 3.52% 1851.00% 15.82% 1

TFCIX - Distributions

Dividend Yield Analysis

TFCIX Category Low Category High TFCIX % Rank Quintile
Dividend Yield 0.7% 0.00% 6.16% 3.77% 1

Dividend Distribution Analysis

TFCIX Category Low Category High Category Mode
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

TFCIX Category Low Category High TFCIX % Rank Quintile
Net Income Ratio 12.36% -2.63% 12.36% 0.15% 1

Capital Gain Distribution Analysis

TFCIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Quarterly Annually

TFCIX - Managers

Joseph Zalewski

Manager

Start Date

Jan 02, 2013

Tenure

4.33

Tenure Rank

11.0%

Mr. Zalewski, who joined Third Avenue in 2009, was a distressed debt and special situations portfolio manager at Credit Suisse Securities. Prior to that he was a senior distressed debt and special situations analyst at investment firm 3V Capital, which he helped build out as the spun-off proprietary trading group of Libertas Partners. He has served on the board of EasyLink Services International Corp., and on the creditors committee for Interstate Bakeries Corp. Mr. Zalewski has a B.A. in Economics and a B.A. in Political Science from Duke University and is a member of the board of directors of New York’s Red Fern Theatre Company.


Nathaniel Kirk

Manager

Start Date

Jan 02, 2013

Tenure

4.33

Tenure Rank

11.0%

Mr. Kirk joined Third Avenue in 2011, after seven years at J.P. Morgan. While at J.P. Morgan, he was most recently in high-yield research, specializing in health care and covering over 80 issuers. Earlier in his career, Mr. Kirk worked on J.P. Morgan’s emerging markets trading desk where he traded Mexican, Turkish and Russian sovereign bonds and options as well as corporate debt for issuers, including Pemex. He also worked with J.P. Morgan’s Principal Finance team performing due diligence for purchasing and securitizing non-performing loans in the United Kingdom and Germany. Mr. Kirk holds an M.A. in Economics from Cambridge University, where he wrote his thesis on the causes as well as the probability and severity of international financial crises. He holds dual undergraduate degrees in Economics and Political Science from Yale University.


Thomas A. LaPointe

Manager

Start Date

Sep 13, 2010

Tenure

6.63

Tenure Rank

7.9%

Thomas LaPointe, helped launch the Fund with his arrival at Third Avenue Management in 2009. Previously, Mr. Lapointe was senior vice president, co-manages the Boston high yield group for Columbia Management, where he serves as a senior high-yield portfolio manager. Before becoming a portfolio manager in February 2003, Mr. LaPointe served as a high-yield analyst for four years at Columbia Management. He currently co-manages the High Income Portfolio and manages the high-yield sector of Nations Bond Fund and Nations Strategic Income Fund and may also manage other investment products for both BA


Tenure Analysis

Category Low

0.0

Category High

57.0

Category Average

6.61

Category Mode

2.3