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Separate Accounts

Third Avenue Management offers separate accounts to institutional and private clients. We employ an opportunistic approach to identify potential investments, and then apply our disciplined bottom-up fundamental research process with a focus on the balance sheet, to identify attractive investments. Based on the conviction of our analysis, we take significant positions in securities that we believe are sound investments, and we hold them for the long term. Portfolios are fairly concentrated, holding between 15 and 60 securities. Depending upon market conditions, it could take several months for an account to become fully invested, which we consider to be 90% of a portfolio's total net asset value. We prefer to hold between 5% and 10% cash, to take advantage of opportunities as they may present themselves in the future. No attempt is made to construct portfolios in line with a benchmark.

Strategy Concentration Account Minimum
Value Equity 25-40 positions $5 Million
Real Estate Value 15-30 positions $5 Million
Global Real Estate Value 15-25 positions $5 Million
International Real Estate Value 15-25 positions $5 Million
International Value* 20-30 positions $25 Million
Focused Credit normally up to 60 issuers $50 Million

*commingled vehicle available to elligible clients