Fund Research and Analysis

by Janet Yang, CFA
Third Avenue Small Cap Value hasn't lived up to expectations. Third Avenue's value-oriented strategies have always required abundant patience from investors, and that's consistently been the case at this fund as well. Lead portfolio manager Curtis Jensen's   Read more 

Process Pillar:Positive

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. To Whitman and lead fund   Read more 

Performance Pillar:Negative

A number of performance disappointments in recent years have taken their toll on this fund's long-term performance. Since Jensen took control of the fund in 2001, its annualized 7.2% gain through August   Read more 

People Pillar:Neutral

Lead portfolio manager Curtis Jensen's execution of this fund's value-oriented strategy has seen a number of stumbles in recent years, prompting a downgrade of this fund's People score to Neutral from Positive. It's at least good to see Jensen and Third   Read more 

Price Pillar:Negative

At 1.13%, 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 its expense ratio   Read more 

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