Third Avenue Funds

Value

Ian Lapey
Lead Portfolio Manager

Mr. Lapey is lead portfolio manager of the flagship Third Avenue Value Fund. He is also co-manager of 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 is a portfolio manager for the Third Avenue Value Fund. He 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 best stocks from Third Avenue's value equity, small cap, real estate and international strategies. Mr. Lehmann co-manages the Third Avenue Value Fund UCITS for offshore investors as well as many of Third Avenue's subadvised accounts.

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.

Yang Lie
Portfolio Manager

Ms. Lie is a portfolio manager for the Third Avenue Value Fund. 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.

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.

Vic Cunningham, CFA
Portfolio Manager

Mr. Cunningham is a portfolio manager for the Third Avenue Value Fund. He joined Third Avenue in 2012. Previously he was founder and owner of Lucid Asset Management where he spent the last six years running his own long-only value fund catering to high net worth individuals and institutions. Prior to forming Lucid, Mr. Cunningham spent five years as the Research Director at Olstein Funds.

Mr. Cunningham holds a B.S. in Accounting from Fairfield University and a Masters of Business Administration in Finance from the University of Notre Dame. He is an (inactive) Certified Public Accountant and is a member of the New York Society of Security Analysts.

Andrew Pelisek
Research Associate

Mr. Pelisek joined Third Avenue in 2012. As research associate, he supports the activities of Third Avenue's investment research team and he reports to Value Fund manager Ian Lapey. Mr. Pelisek was formerly a research associate at Guidepoint Global, an independent investment research firm.

Mr. Pelisek holds a BA in Public Policy and Health Policy from Duke University.