Third Avenue Funds
home : people : investment team
Value
Yang Lie
Director of Research and Portfolio Manager
Ms. Lie is responsible for ensuring the integrity of Third Avenue’s global research process across asset classes and coordinating the research efforts of the team. She is a senior member of Third Avenue’s investment team and manages one of the firm’s largest subadvised accounts. She joined Third Avenue in 1996 and helped develop the firm’s high net worth and institutional separate accounts business. She became Director of Third Avenue’s growing research team in 2008.
Previously she was an equities analyst at Prudential Securities where she covered technology and imaging stocks. Ms. Lie began her career at Motorola where she managed a team of software engineers and developed both software and hardware components for encryption key management systems.
Ms Lie has an M.B.A. in Finance from the University of Chicago and a B.S. in Electrical Engineering from Marquette University.
Ian Lapey
Portfolio Manager
Mr. Lapey is co-manager of the flagship Third Avenue Value Fund. A senior member of Third Avenue’s investment team, he also manages Third Avenue’s value and small-cap subadvised portfolios and the Third Avenue Value Fund UCITS for offshore investors. He joined Third Avenue in 2001.
Before he joined Third Avenue, Mr. Lapey analyzed housing and furniture stocks at Credit Suisse First Boston and Salomon Brothers. Earlier in his career he was a financial analyst with Revlon and an accountant with Ernst & Young.
Mr. Lapey often works closely with the management teams of companies in which Third Avenue is invested. He served on the Official Committee of Unsecured Creditors of Haynes International during its reorganization in 2004 and sat on the Board of Directors of Canfor, a Canadian forest products company, from 2007-2008.
Mr. Lapey holds an M.B.A. from New York University’s Stern School of Business, an M.S. in Accounting from Northeastern University’s Graduate School of Professional Accounting and a B.A. in Economics from Williams College.
Michael Lehmann
Portfolio Manager
Mr. Lehmann helped to introduce and develop Third Avenue's Value Equity Separate Accounts when he joined the firm in 1998. He manages concentrated portfolios made up of the highest conviction stocks from Third Avenue's value equity, small cap, real estate and international strategies. In addition to managing Third Avenue's Value Equity Strategy Accounts, he co-manages several sub-advised portfolios and is co-manager of the Third Avenue Value Fund UCITS.
Previously, Mr. Lehmann analyzed small-cap stocks and special situations for Robert M. Cohen & Co. a proprietary trading firm that also ran separate account and hedge fund portfolios.
As Vice President of Gabelli Funds, Mr. Lehmann managed separate accounts while also producing due diligence research into special situations for the entire fund group. He worked closely with Mario Gabelli on institutional private accounts.
Mr. Lehmann was a stand-out collegiate baseball player for the University of Southern California and then for Fordham University where he graduated with a B.S. in Finance.
Charles Page, CFA
Research Analyst
Mr. Page was a small-cap value analyst with Citizens Advisers, a socially responsible investment firm where he covered a broad range of stocks with an emphasis on the financial, consumer, industrial and technology sectors. At Citizens, Mr. Page first read Marty Whitman’s books and adopted the creditor's perspective in his equity analysis. Earlier in his career he helped cover technology companies at Robertson Stephens.
Mr. Page has an M.B.A. from MIT Sloan School of Management and a B.A. in Economics and a B.S. in Earth Systems from Stanford University. He is also a CFA Charterholder and a member of the New York Society of Security Analysts.
Kathleen Crawford
Research Analyst
Ms. Crawford analyzes equity and debt securities. She is co-portfolio manager for a subadvised account at Touchstone Investments and is assistant portfolio manager for Third Avenue’s value and small cap value subadvised accounts including Manulufe, MetLife and Transamerica
Previously, Ms. Crawford was an equity research associate for Alliance Capital Management where she analyzed the portfolio characteristics of the firm’s domestic and global portfolios and she worked with the senior media and entertainment analyst. Ms. Crawford also spent a summer while in business school researching the cable industry at Invesco.
Ms. Crawford studied value investing at Columbia Business School, where she became attracted to Third Avenue’s investment philosophy. She joined Third Avenue in 2003, after she received her M.B.A. She has been a guest speaker at the school, participates in programs held by its Heilbrunn Center for Graham and Dodd Investing and is a mentor for Columbia Business School’s Value Investing Program.
Ms. Crawford also holds a B.A. in Economics from Northwestern University.
Evan Strain
Research Assistant
Mr. Strain conducts original and supportive fundamental research on behalf of all of the strategies covered by Third Avenue’s investment team. He joined Third Avenue in 2011.
Previously, Mr. Strain was an Associate with Dorchester Management, a value-oriented hedge fund. Prior to that, he held internship positions at Merrill Lynch, RBC and Brittany Capital, a boutique investment bank.
Mr. Strain holds a B.S. in Finance and Accounting from New York University’s Stern School of Business. It was during his time at NYU that he first studied and became attracted to Marty Whitman’s investment philosophy. Mr. Strain has passed all three levels of the CFA Program.
