Third Avenue Value Fund commentary for the first quarter ended March 31, 2025.
Dear Fellow Shareholders,
For the three months ended March 31, 2025, the Third Avenue Value Fund (the “Fund”) returned 2.95%, as compared to the MSCI World Index, which returned -1.69%, and the MSCI World Value Index, which returned 5.00%.
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During the quarter, smaller-capitalization companies continued to underperform large-cap companies, globally speaking, which has been a common occurrence over the last decade or so. For example, during the first quarter, the MSCI World Small-Cap Index returned -3.62%, underperforming the MSCI World Index by roughly 2%. On the other hand, non- U.S. stocks substantially outperformed U.S. stocks during the quarter, which is...
