Third Avenue Funds
Third Avenue Value Fund
Third Avenue Value Fund seeks long-term capital appreciation by investing in the equities of well-financed, well-managed companies believed to be priced below their intrinsic values. The Fund also seeks to acquire senior securities, such as preferred stocks and debt instruments, that have strong covenant protection and above-average current yields, yields to events, or yields to maturity.
Portfolio Composition
| Top 10 Holdings - By Issuer (as of June 30, 2008) | |
| Issuer | % of Net Assets |
| Henderson Land Development Co., Ltd. | 8.29% |
| Cheung Kong Holdings, Ltd. | 8.10% |
| Toyota Industries Corp. | 6.57% |
| Nabors Industries, Ltd. | 5.55% |
| POSCO | 4.85% |
| Brookfield Asset Management, Inc. | 3.63% |
| Forest City Enterprises, Inc. | 3.13% |
| The St. Joe Company | 2.84% |
| Wheelock & Co., Ltd. | 2.72% |
| Covanta Holding Corp. | 2.63% |
| Top 5 Industry Categories (as of June 30, 2008) | |
| Holding Companies | 23.00% |
| Non-U.S. Real Estate Operating Companies | 14.55% |
| Oil & Gas Production & Services | 9.04% |
| U.S. Real Estate Operating Companies | 7.52% |
| Automotive | 6.57% |
| Cash & Equivalent | 11.68% |
Performance
| Third Avenue Value Fund Average Annual Returns* |
|
| As of 6/30/08 | |
| Since Inception** | 14.39% |
| Ten Year | 9.19% |
| Five Year | 12.39% |
| Three Year | 2.95% |
| Third Avenue Value Fund Total Returns* |
|
| As of 6/30/08 | |
| Since Inception** | 974.24% |
| Ten Year | 140.97% |
| Five Year | 79.31% |
| Three Year | 9.10% |
| One Year | -18.88% |
| Year-To-Date | -17.33% |
| One Month | -11.00% |
If you should have any questions, please call 1-800-443-1021. Past performance is no guarantee of future results. Current performance may be lower or higher than performance quoted.
* Includes reinvestment of dividends, interest and capital gains.
** Inception date for Third Avenue Value Fund is 11/1/90.
The Third Avenue Value Fund is offered by prospectus only. Prospectuses contain more complete information on advisory fees, distribution charges, and other expenses and should be read carefully before investing or sending money. Please read the prospectus carefully before you send money. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. M.J. Whitman LLC Distributor, member FINRA/SIPC.
This material is intended for United States residents, and not for use in any jurisdiction where the sales of these securities are not permitted.
| FUND INFORMATION | |
| Portfolio Manager: | Martin J. Whitman |
| Ticker: | TAVFX |
| CUSIP: | 884116104 |
| Inception Date: | November 1, 1990 |
| Blue Sky: | All States |
| Sales Charge: | No load |
| Expense Ratio: | 1.09% (as of April 30, 2008) |
| Early Redemption Fee: | 1.00%* |
| Minimum Initial Investment: | $10,000 ($2,500 for IRAs) |
| Subsequent Investments: | $1,000 ($200 Automatic Monthly Investment Plan, $200 IRAs) |
| Total Net Assets: | $9.0 billion (as of June 30, 2008) |
| NAV/share: | $50.23 (as of June 30, 2008) |
| Number of Equity Holdings: | 83 (as of June 30, 2008) |
| Median Market Cap: | $1.9 billion (as of June 30, 2008) |
| Portfolio Turnover: | 9.4% (as of October 31, 2007) |
*This fee is charged only on redemptions or exchanges of shares held less than sixty days
Click here for Third Avenue Funds Prospectus.
Click here for Third Avenue Value Fund's most recent Shareholder Letter.
Click here for Third Avenue Value Fund's most recent Proxy Vote Record.
Click Here for Third Avenue Funds Privacy & Selective Disclosure Policy.
Distributor of Third Avenue Funds: M.J. WHITMAN LLC, member FINRA/SIPC.