Fund Research and Analysis

by Leo Acheson
New leadership has come to Third Avenue Small Cap Value.Curtis Jensen, a lead manager on this fund since 2001, will leave Third Avenue on Sept. 30, 2014. Charles Page, a longtime analyst on the team promoted to comanager in January 2013, will also depart   Read more 

Process Pillar:Neutral

The fund is managed in the style long exercised by value manager and fund family founder Marty Whitman, whose stock-picking discipline is guided by his "safe and cheap" mantra. "Safe" companies are those   Read more 

Performance Pillar:Neutral

Performance disappointments in recent years have taken their toll. Since Curtis Jensen took control of the fund in 2001, its annualized 7.9% gain through August 2014 trails its official benchmark, the   Read more 

People Pillar:Neutral

On Sept. 3, 2014, Third Avenue announced that lead manager Curtis Jensen will leave the firm on Sept. 30, 2014. Jensen joined Third Avenue in 1995 and launched this fund in April 1997. He and fund-family founder Marty Whitman comanaged it until mid-2001,  Read more 

Price Pillar:Negative

At 1.12%, this fund's expense ratio is above average among institutional small-cap offerings. This expense ratio has risen slightly since the fund's net-asset peak in mid-2007, when it clocked in at   Read more 

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