Third Avenue Funds
History
Founded by veteran value investor Martin J. Whitman, Third Avenue Management LLC, through predecessor firms, has been in the asset management business using the same disciplined value approach since 1986.
Prior to founding Third Avenue Management, Mr. Whitman established himself as an investment banker, expert witness for shareholder litigation, and a turnaround specialist for bankrupt companies. He entered the world of money management upon effecting a take over of Equity Strategies Fund, a closed end mutual fund, which he and his team subsequently open ended. EQSF Advisers, Inc. was the investment adviser to the Fund. Due to the significant appreciation of one of the positions, the Fund lost its diversification status and was liquidated in compliance with regulations.
Consequently, Third Avenue Value Fund was launched in 1990 to act as the successor fund. The firm began to offer separate accounts to private clients in 1995, with the formation of M.J. Whitman Advisers. As Third Avenue enhanced its investment team with talented professionals, the firm launched three additional mutual funds - Third Avenue Small-Cap Value Fund, Third Avenue Real Estate Value Fund, and Third Avenue International Value Fund -- launched in 1997, 1998 and 2001, respectively.
Third Avenue Management was formed in 2002 to act as successor to the firm's advisory businesses in anticipation of the acquisition by Affiliated Managers Group, Inc. ("AMG") of an indirect majority equity interest of Third Avenue Management. AMG is an asset management firm holding company, based in Prides Crossing, Massachusetts. AMG employs a hands-off approach vis a vis its affiliates and allows the companies to independently conduct business.
Distributor of Third Avenue Funds: M.J. WHITMAN LLC, member FINRA/SIPC.