TFCVX: Third Avenue Focused Credit Investor

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TFCVX Third Avenue Focused Credit Investor


Profile

TFCVX - Profile

Vitals

  • YTD Return N/A
  • 3 Yr Annualized Return -11.3%
  • 5 Yr Annualized Return -3.8%
  • Net Assets $601 M
  • Holdings in Top 10 52.4%

52 WEEK LOW AND HIGH

N/A
N/A
N/A

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.18%

SALES FEES

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

BROKERAGE FEES

  • Turnover 48.00%

TRADING FEES

  • Max Redemption Fee 2.00%

Min Investment

Closed to new investors as of Dec 09, 2015
  • Standard (Taxable) $2,500
  • IRA $2,500

Fund Classification

  • Primary Caregory N/A
  • Fund Type Open End Mutual Fund
  • Investment Style High Yield Bond

Distributions

  • YTD Total Return N/A
  • 3 Yr Annualized Total Return -11.3%
  • 5 Yr Annualized Total Return -3.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 8.71%
DIVIDENDS
  • Dividend Yield 0.0%
  • 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
    Inv
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Joseph Zalewski

Fund Description

Under normal circumstances, at least 80% of the fund's net assets (plus the amount of any borrowing for investment purposes) will be invested in bonds and other types of credit instruments. The advisor intends to invest a substantial amount of its assets in credit instruments that are rated below investment grade by some or all relevant independent rating agencies. The fund is non-diversified.


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Categories

TFCVX - Mutual Fund Categories


Performance

TFCVX - Performance

Return Ranking - Trailing

Period TFCVX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -9.3% 23.9% N/A
1 Yr -26.6% -9.4% 5.6% N/A
3 Yr -11.3%* -6.5% 8.5% N/A
5 Yr -3.8%* -8.6% 2.2% N/A
10 Yr N/A* -13.4% 4.4% N/A

* Annualized

Return Ranking - Calendar

Period TFCVX Return Category Return Low Category Return High Rank in Category (%)
2019 N/A -23.1% -0.4% N/A
2018 N/A -9.5% 28.5% N/A
2017 N/A -14.4% 28.6% N/A
2016 N/A -34.3% 1.0% N/A
2015 N/A -23.1% 27.7% N/A

Total Return Ranking - Trailing

Period TFCVX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -9.3% 23.9% N/A
1 Yr -26.6% -9.4% 6.8% N/A
3 Yr -11.3%* -6.5% 11.2% N/A
5 Yr -3.8%* -7.8% 6.2% N/A
10 Yr N/A* -13.4% 8.6% N/A

* Annualized

Total Return Ranking - Calendar

Period TFCVX Return Category Return Low Category Return High Rank in Category (%)
2019 N/A -23.1% 1.3% N/A
2018 N/A -4.9% 36.8% N/A
2017 N/A -14.4% 39.0% N/A
2016 N/A -28.3% 4.3% N/A
2015 N/A -21.8% 27.7% N/A

NAV & Total Return History


Holdings

TFCVX - Holdings

Concentration Analysis

TFCVX Category Low Category High TFCVX % Rank
Net Assets 601 M 1.02 M 25 B N/A
Number of Holdings 77 6 1547 N/A
Net Assets in Top 10 332 M -1.5 M 3.71 B N/A
Weighting of Top 10 52.38% 5.1% 99.6% N/A

Top 10 Holdings

  1. Coporate Risk Holdings I, Inc 9.86%
  2. Liberty Tire Recycling Holdco 144A 11% 6.54%
  3. Ideal Standard International Sa Series C Note 6.52%
  4. Ideal Standard International Sa 5.44%
  5. Altegrity 144A 5.06%
  6. Clear Channel Comms 14% 4.80%
  7. New Entpr Stone & Lime 11% 4.71%
  8. Longview Intermediate Holdings C, Llc 3.50%
  9. Liberty Tire Recycling Holdco Llc, Tl B 3.15%
  10. Affinion Group Holdings Inc 2.80%

Asset Allocation

Weighting Return Low Return High TFCVX % Rank
Bonds
47.29% -17.48% 100.06% N/A
Cash
24.08% -3.02% 117.48% N/A
Stocks
20.59% -0.44% 99.77% N/A
Preferred Stocks
5.17% 0.00% 11.13% N/A
Other
2.87% -1.24% 11.36% N/A
Convertible Bonds
0.00% 0.00% 11.82% N/A

Stock Sector Breakdown

Weighting Return Low Return High TFCVX % Rank
Basic Materials
1.07% 0.00% 1.36% N/A
Consumer Defense
0.93% -0.09% 4.47% N/A
Financial Services
0.54% -0.03% 17.51% N/A
Consumer Cyclical
0.52% -0.14% 15.44% N/A
Energy
0.04% -0.06% 2.74% N/A
Utilities
0.00% -0.04% 1.62% N/A
Technology
0.00% -0.17% 30.62% N/A
Real Estate
0.00% -0.03% 3.03% N/A
Industrials
0.00% 0.00% 13.99% N/A
Healthcare
0.00% 0.00% 14.35% N/A
Communication Services
0.00% -0.04% 2.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High TFCVX % Rank
US
20.24% -0.43% 50.95% N/A
Non US
0.35% -0.01% 48.82% N/A

Bond Sector Breakdown

Weighting Return Low Return High TFCVX % Rank
Corporate
35.71% 0.00% 100.08% N/A
Cash & Equivalents
24.25% -1.24% 117.48% N/A
Government
4.33% -5.69% 65.95% N/A
Securitized
0.00% 0.00% 60.24% N/A
Municipal
0.00% 0.00% 100.03% N/A
Derivative
-0.17% -17.48% 8.43% N/A

Bond Geographic Breakdown

Weighting Return Low Return High TFCVX % Rank
US
40.24% -17.48% 99.77% N/A
Non US
7.05% 0.00% 53.13% N/A

Expenses

TFCVX - Expenses

Operational Fees

TFCVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.18% 0.00% 6.42% N/A
Management Fee 0.75% 0.00% 1.00% N/A
12b-1 Fee 0.25% 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.45% N/A

Sales Fees

TFCVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

TFCVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% N/A

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.

TFCVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 48.00% 5.00% 1334.00% N/A

Distributions

TFCVX - Distributions

Dividend Yield Analysis

TFCVX Category Low Category High TFCVX % Rank
Dividend Yield 0.00% 0.00% 4.50% N/A

Dividend Distribution Analysis

TFCVX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Monthly Monthly Monthly

Net Income Ratio Analysis

TFCVX Category Low Category High TFCVX % Rank
Net Income Ratio 8.71% -1.92% 7.22% N/A

Capital Gain Distribution Analysis

TFCVX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Dividend Payout History

View More +

Fund Manager Analysis

TFCVX - Fund Manager Analysis

Managers

Joseph Zalewski


Start Date

Tenure

Tenure Rank

Jan 02, 2013

3.58

3.6%

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


Start Date

Tenure

Tenure Rank

Jan 02, 2013

3.58

3.6%

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


Start Date

Tenure

Tenure Rank

Sep 13, 2010

5.88

5.9%

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 Category High Category Average Category Mode
0.0 34.87 6.64 0.0