Morningstar Report 2-9-10
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Rating and Risk
Third Avenue Value Insti Cl  TAVFX
 Morningstar Rating (Relative to Category)01-31-10 
 Morningstar ReturnMorningstar RiskMorningstar RatingTM
3-YearBelow AverageAbove Average2 stars
5-YearAverageAbove Average2 stars
10-YearHighAverage4 stars
OverallAbove AverageAbove Average3 stars
Morningstar Category: World StockClick here to see our Methodology
 Volatility Measurements Trailing 3-Yr through 01-31-10 | *Trailing 5-Yr through 01-31-10 
Standard Deviation26.91 Sharpe Ratio-0.28
Mean-5.52 Bear Market Decile Rank*8
 Modern Portfolio Theory StatisticsTrailing 3-Yr through 01-31-10 
 Standard Index
MSCI EAFE NR USD		Best Fit Index
MSCI AC World NR USD
R-Squared8589
Beta1.041.11
Alpha-0.31-1.07
Total Returns
Third Avenue Value Insti Cl  TAVFX
 Growth of $10,00001-31-10 
Fund: Third Avenue Value Insti ClCategory: World StockIndex: MSCI EAFE NR USD
 
 Performance History01-31-10 
 200320042005200620072008200901-10
Total Return %37.126.616.514.75.8-45.644.5-6.3
+/- Index-1.56.43.0-11.7-5.4-2.212.7-1.9
+/- Category-6.37.77.30.70.9-3.79.2-2.2
% Rank in Category76673745741895
Fund CategorySBSBMBMBMBWSWSWS
See fund category codes
         
 Trailing Total Returnsthrough 02-09-10 
 Total Return %+/- MSCI EAFE NR USD+/- MSCI World NR USD% Rank in Cat
1-Day1.781.551.0085
1-Week-4.190.64-0.4195
1-Month-11.17-1.59-3.1596
3-Month-5.302.30-0.7584
Year-to-date-7.66-0.19-2.0097
1-Year36.806.258.3527
3-Year Annualized-9.57-0.37-1.4774
5-Year Annualized0.21-2.06-0.9574
10-Yr Annualized5.575.016.1110
     
 Historical Quarterly Returns 
Q1Q2Q3Q4
2009-10.7131.3218.144.32
2008-12.05-6.01-13.66-23.79
20073.184.452.97-4.70
20066.74-1.212.805.81
20055.131.867.121.57
20048.952.211.2612.27
2003-4.6318.559.7510.47
Investor Returns
Third Avenue Value Insti Cl  TAVFX
What are Investor Returns?
Morningstar investor returns (also known as dollar-weighted returns) measure how the typical investor in a fund fared over various time periods, incorporating the impact of cash inflows and outflows from all investors' purchases and sales. If investors bought a fund after it had posted big gains and sold at a low ebb, investor returns will be lower than the fund's total returns. If investors bought and sold at more opportune times, however, investor returns will be higher than the fund's total returns. (For more details, please click here.)
 Performance History
 2002200320042005200620072008
Investor Return %-15.736.726.815.513.95.1-44.9
Total Return %-15.237.126.616.514.75.8-45.6
+/- Category *1.7-7.56.86.31.32.0-2.4
% Rank in Category *38811311404267
        
 Investor Returns vs Total Returnsthrough 01-31-10 
 Investor Return %Total Return %Investor Return
% Rank in Category
1-Year42.6343.1830
3-Year Annualized-11.39-8.7671
5-Year Annualized-2.351.0673
10-Yr Annualized1.546.2830
 
*Data refers to Investor Returns
Tax Analysis
Third Avenue Value Insti Cl  TAVFX
 Tax Analysis01-31-10 
 3-Yr Avg %5-Yr Avg %10-Yr Avg %
Pretax Return-8.761.066.28
Tax-adjusted Return-9.40-0.125.03
% Rank in Category66688
Tax Cost Ratio0.701.171.18
    
Potential Cap Gains Exposure %-8.8
Sec Filing
Third Avenue Value Insti Cl  TAVFX
Portfolio
Third Avenue Value Insti Cl  TAVFX
  Style Box Details 10-31-09 
Size 
Average Mkt Cap $Mil10,417
  
Market Capitalization% of
Portfolio
Giant25.30
Large53.88
Medium13.10
Small4.37
Micro3.35
  
 
   
Investment Style History (as of 12-31)
2009
2008
2007
Valuations and Growth RatesStock PortfolioRel to MSCI EAFE NR USDRel to Category
Price/Prospective Earnings22.3---1.5
Price/Book1.0---0.6
Price/Sales1.2---1.4
Price/Cash Flow7.4---1.2
Dividend Yield 1.8---0.5
Long-Term Earnings10.1--- 0.9
Historical Earnings2.6----0.9
Sales Growth3.3---82.5
Cash-Flow Growth-22.9----53.2
Book-Value Growth-7.4---2.4
     
Style Box Detail calculations do not include the fund´s short positions (if any).
 Asset Allocation10-31-09 
 % Long% Short% Net Assets
Cash3.70.0 3.7
Stocks91.40.0 91.4
Bonds4.50.0 4.5
Other0.40.00.4
Foreign Stocks71.00.071.0
(as a % of assets)
 Sector Weightings 10-31-09 
 % of StocksRel to MSCI EAFE NR USDRel to Cat Avg
Information
Software0.00---0.00
Hardware1.66---0.28
Media0.00---0.00
Telecommunications0.62---0.08
Service
Healthcare0.00---0.00
Consumer Services0.00---0.00
Business Services0.00---0.00
Financial Services68.67---4.27
Manufacturing
Consumer Goods10.36---0.69
Industrial Materials11.32---0.84
Energy7.25---0.84
Utilities0.12---0.03
     
Sector weighting calculations do not include the fund´s short positions (if any).
 International Exposure10-31-09 
Regional Exposure% of Assets Country Exposure% of Assets
North America24.4 Hong Kong44.6
UK/Western Europe 4.4 United States19.7
Japan9.4 Japan9.4
Latin America0.0 South Korea6.7
Asia ex-Japan52.5 Canada4.7
Other0.0
Not Classified9.3
     
International Exposure calculations do not include the fund´s short positions (if any).
     
Holdings
Third Avenue Value Insti Cl  TAVFX
 Top 25 Holdings    Get Price Quotes10-31-09 
Number of Stock Holdings (Long)42 Annual Turnover %5
Number of Bond Holdings (Long)8 Yield %2.63
Number of Stock Holdings (Short)--- % Assets in Top 10 Holdings69.36
Number of Bond Holdings (Short)---
     
Top 25 HoldingsSectorCountry% Net Assets
Henderson Land Development Co. Ltd.Hong Kong15.79
Cheung Kong Holdings, Ltd.Hong Kong12.75
Toyota Industries Corp.Japan9.39
Posco ADR*South Korea6.67
Wheelock and Co. Ltd.Hong Kong5.22
Wharf(Hldgs)Hong Kong4.90
Nabors Industries, Ltd.*United States4.31
Brookfield Asset Management, Inc. A*Canada3.90
Investor ABSweden3.42
Mbia Ins 144A FRN---United States3.01
Covanta Holding Corporation*United States2.83
Bank of New York Mellon Corporation*United States2.74
Hang Lung Group Ltd.Hong Kong2.27
Forest City Enterprises, Inc. A*United States2.24
Hang Lung Properties Ltd.Hong Kong2.15
Tejon Ranch CorporationUnited States1.66
Cimarex Energy Company*United States1.46
Jardine Matheson Holdings LimitedSingapore1.23
Guoco Group Ltd.Hong Kong0.83
EnCana Corporation*Canada0.80
Sycamore NetworksUnited States0.80
AVX Corporation*United States0.71
Chong Hing Bank Ltd.Hong Kong0.70
Fleetwood Homes Inc------0.65
M.D.C. Holdings, Inc.*United States0.61
Portfolio Holdings as of 10-31-09
Top 25 holdings account for the fund's short positions (if any), which appear shaded.
Management
Third Avenue Value Insti Cl  TAVFX
 Management
Manager NameMartin J. Whitman
Manager Start Date11-01-90
Biography
Martin Whitman is a veteran value investor with a long, distinguished history as a control investor. He is Co-Chief Investment Officer of Third Avenue Management and has successfully identified value in securities for more than 50 years. Mr. Whitman founded the predecessor to Third Avenue Funds in 1986 and M.J. Whitman LLC, a full-service broker-dealer affiliated with Third Avenue, in 1974. He has managed the flagship Third Avenue Value Fund since its inception.. Mr. Whitman has taught at the Yale School of Management for over 30 years. He is the author of The Aggressive Conservative Investor and Value Investing - A Balanced Approach. He received a Masters degree in Economics from the New School for Social Research and graduated from Syracuse University magna cum laude. Syracuse University's Whitman School of Management is named in his honor. Mr. Whitman is a CFA Charterholder.
Manager NameIan Lapey
Manager Start Date07-17-09
Biography
Lapey is a portfolio manager of the company. Lapey holds the Certified Public Accountant designation.
 
Fund Inception11-01-90
Fund Advisor(s)
Third Avenue Management LLC
Fund Subadvisor(s)
Fees & Expenses
Third Avenue Value Insti Cl  TAVFX
 Fees and Expenses12-31-09 
Maximum Sales Fees %
Initial None
Deferred None
  
Redemption Fees %
0  -  60  days 1.00
More Than  60  days0.00
  
Maximum Fees %
Administrative 0.00
Management0.90
  
Total Cost ProjectionsCost per $10,000
3-Year $365
5-Year $632
10-Year $1398
  
 
Actual Fees %
12b-1 0.00
Management0.90
Net Expense Ratio: Annual Report 1.17
(As of 10-31-09)
Net Expense Ratio: Prospectus 1.15
   
Expense Waivers:
   
Purchase Info
Third Avenue Value Insti Cl  TAVFX
 Purchase Information  
Minimum InvestmentsBrokerage Availability
Initial $100000
Additional $1000
Initial IRA $100000
Additional IRA $200
Initial AIP $100000
Additional AIP $200
Address

622 Third Avenue
32nd Floor
New York,  NY  10017
USA

800-443-1021
212-888-2290
http://www.thirdavenuefunds.com

 
Ameriprise Brokerage
Ameriprise SPS Advantage
Ameritas NTF N
Ameritas NTF P
Bear Stearns
Bear Stearns No-Load NTF
Bear Stearns No-Load Transaction Fee
Bear Stearns NTF
CommonWealth PPS
CommonWealth Universe
DailyAccess Corporation FRIAG
DailyAccess Corporation RTC
DATALynx
DATALynx IMS
Dreyfus NTF
E TRADE Financial
ETrade No Load Fee
Federated TrustConnect NTF
Fidelity Institutional FundsNetwork
Fidelity Retail FundsNetwork
Financial Network PAM and Prime Approved
Firstrade NTF
FTJ FundCHOICE
H&R Block Financial Advisors Inc
Hartford CPS
Hartford RK Plus
HDVest - Wells Fargo
HSBC Brokerage (USA) Inc
ING Financial Advisers - SAS Funds
ING Financial Ptnrs PAM and PRIME Approv
JP Morgan
JP MORGAN NO-LOAD TRANSACTION FEE
JPMorgan INVEST
JPMorgan INVEST NTF
LPL SAM Approved
Matrix Financial Solutions
Merrill Lynch
Met Life Resources MFSP Alliance List
Mony Securities Corp
Morgan Stanley - Custom Portfolio
Morgan Stanley - Morgan Stanley Advisory
Morgan Stanley - Ntwk/Rdm Only-Brokerage
Morgan Stanley - Personal Portfolio
Morgan Stanley Advisors
Morgan Stanley SB (All Fund )
Multi-Financial Sec PAM and PRIME Approv
Northwestern Mutual Inv Srvc, LLC
NYLIM 401(k) Complete
Pershing FundCenter
Pershing FundVest NTF
Principal Advantage
Protected Investors of America NTF
PruChoice Investments
Raymond James
Raymond James Recommended
Raymond James WRAP Eligible
RBC Wealth Management-Advisory Eligible
RBC Wealth Management-Network Eligible
Robert W. Baird & Co.
Royal Alliance
Schwab Institutional
Schwab Institutional NTF
Schwab Retail
Schwab Retail OneSource & NTF at NAV
Schwab RPS All
Schwab RPS SDE
Scottrade TF
Securities America Advisors
Standard Retirement Services, Inc.
Sterne, Agee & Leach, Inc.,
Sun Life CPS
Sun Life Recordkeeper Plus
SunAmerica Securities Premier / Pinnacle
SunGard Transaction Network
T. Rowe Price
TD Ameritrade Institutional
TD Ameritrade Institutional Services
TD Ameritrade Instl Services NTF
TD Ameritrade NTF
TD Ameritrade Retail
Td Ameritrade, Inc.
Thrivent – Advisory Eligible
TIAA-CREF Brokerage Services
Trade PMR Transaction Fee
TRUSTlynx
UBS Financial Services Inc.
Vanguard NTF
Wachovia CustomChoice & Asset Adv
Wachovia FundSource
Wachovia PIM
Wells Fargo Advisors CustomChoice
WR Hambrecht Co LLC
Analyst Report Archive
Third Avenue Value Insti Cl  TAVFX
 Analyst Report Archive 
DateAnalyst Report Analyst
01-26-10Third Avenue's recent announcement isn't a sign of much change. Bridget B. Hughes, CFA
07-29-09Despite a conservative approach to stock-picking, this mutual fund carries risk. Bridget B. Hughes, CFA
03-03-09Marty Whitman and team should be able to take advantage of the current economic environment. Bridget B. Hughes, CFA
12-31-08A tough year, yes, but we're optimistic about its future. Bridget B. Hughes, CFA
09-30-08We'd encourage shareholders to stop selling this mutual fund. Bridget B. Hughes, CFA
02-29-08Cheung Kong and Henderson Land Development will drive returns at this mutual fund. Bridget B. Hughes, CFA
12-07-07This mutual fund is perfectly cut for times like these. Karen Dolan, CFA
04-27-07This mutual fund will invest almost anywhere, and that's just fine. Kerry O'Boyle
11-30-06Shareholders here face another year-end tax bite, though it's largely a result of the fund's history of success. Kerry O'Boyle
07-03-06This mutual fund defies categorization; we just know it's good. Kerry O'Boyle
01-26-06Investors here may have to watch out for the taxman going forward, but this remains a topnotch fund. Kerry O'Boyle
12-27-05This standout mutual fund has changed categories, but not its unique approach to investing. Kerry O'Boyle
04-29-05This offering treads its own path, much to the advantage of long-term investors. Kerry O'Boyle
11-30-04Patience is a virtue. Christopher J. Traulsen, CFA
07-01-04A blue light special pays off. Christopher J. Traulsen, CFA
02-01-04A great fund that won't suit everyone. Christopher J. Traulsen, CFA
12-04-03Is this fund too concentrated? Christopher J. Traulsen, CFA
09-04-03Concentration is in the eye of the beholder. Christopher J. Traulsen, CFA
06-11-03Blue-light special, anyone? Christopher J. Traulsen, CFA
03-28-03Blue-light special, anyone? Christopher J. Traulsen, CFA
10-11-02Longtime manager Marty Whitman makes this vulture-like investing fund a keeper. Christopher J. Traulsen, CFA
06-03-02The sale of this fund's advisor isn't cause for alarm. Christopher J. Traulsen, CFA
03-22-02Third Avenue Value Fund can require patience, but it's well worth the wait. Christopher J. Traulsen, CFA
10-24-01For Third Avenue Value Fund, the market's September slump was a golden opportunity. Christopher J. Traulsen, CFA
08-01-01Third Avenue Value Fund's recent struggles don't diminish its appeal. Christopher J. Traulsen, CFA
02-19-01Third Avenue Value fund remains a vulture and a victor. William Samuel Rocco
10-02-00Third Avenue Value Fund is looking for fresh prey. Christopher J. Traulsen, CFA
04-19-00Third Avenue Value Fund looks a little out of character right now, but it's not a permanent condition. Christopher J. Traulsen, CFA
12-03-99Redemptions continue to hamstring this fund, but they haven't kept it entirely on the sidelines. Christopher J. Traulsen, CFA
07-07-99Third Avenue Value Fund has suffered at the hands of shareholders who don't share its patient philosophy. Kevin McDevitt, CFA
02-05-99Third Avenue Value Fund has reopened its doors, but it hasn't sold out. Kevin McDevitt, CFA
09-08-98Third Avenue Value Fund's closing has allowed it to put its money where its mouth is. Jon Hale
03-20-98Third Avenue Value Fund might be getting a bit jealous of its younger sibling. William Samuel Rocco
12-19-97Third Avenue Value Fund is circling. William Samuel Rocco
08-01-97Third Avenue Value Fund buys stocks that stink, but its total returns are sweet. Russel Kinnel
03-14-97Where there's smoke, there's Third Avenue Value Fund. Abhay Deshpande
07-19-96The vulture is at it again. William Samuel Rocco
03-01-96Third Avenue Value Fund goes where others fear to tread. William Samuel Rocco
10-13-95Third Avenue Value Fund has produced Park Avenue results. William Samuel Rocco
05-26-95Third Avenue Value Fund has taken its own advice--up to a point. Natalie Andrus
01-06-95Third Avenue Value Fund continues to act as the market's buzzard. Natalie Andrus
07-22-94Third Avenue Value Fund is adding to its heavy weights. Natalie Andrus
03-04-94Third Avenue Value Fund is casting its net further these days. Natalie Andrus
10-15-93Third Avenue Value Fund is an exemplary asset buyer. Amy C. Arnott
05-28-93It's hard to fathom why Third Avenue Value Fund hasn't been discovered. Amy C. Arnott
01-08-93Third Avenue Value Fund has had a banner year. Amy C. Arnott
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Italics indicate Extended Performance. Extended performance is an estimate based on the performance of the fund's oldest share class, adjusted for fees.