Third Avenue Small-Cap Value Fund Insti Class
TASCX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 622 Third Avenue New York NY United States of America 10017
- IPO Date
- Mar 31, 1997
- CIK
- 0001031661
- Website
- thirdavenuefunds.com
- Similar Companies
- Business
- Third Avenue Small-Cap Value Fund Institutional Class (TASCX) is an open-end mutual fund that seeks long-term capital appreciation by primarily investing at least 80% of its net assets in equity securities, including common stocks and convertible securities, of well-financed small-cap companies trading at discounts to their estimated intrinsic value or conservatively appraised net asset value; the fund employs a balance sheet-focused, contrarian deep-value investment approach emphasizing companies with strong financial positions, potential for corporate transformation, and identifiable value-creation levers such as acquisitions, recapitalizations, or operational improvements, while avoiding secular decliners. The fund's portfolio typically comprises 25 equity holdings concentrated in sectors like financial services, industrials, consumer discretionary, and healthcare, with top positions including Tidewater Inc., MYR Group Inc., UMB Financial Corp., Seaboard Corp., and ProAssurance Corp.; it maintains high active share (99% versus the Russell 2000 Value Index), low turnover (around 20%), and diversified asset allocation with approximately 93-94% in U.S. stocks, 3-4% cash, and minimal other assets. Available share classes include Institutional (TASCX), Investor (TVSVX), and Z Class (TASZX), distributed by Foreside Fund Services, LLC, with gross expense ratios of 1.25%, 1.51%, and 1.18%, respectively, and minimum initial investments starting at $10,000 for institutional shares. Launched on April 1, 1997, and domiciled in the United States, the fund operates under Third Avenue Management LLC, an investment adviser founded in 1986 and headquartered at 675 Third Avenue, Suite 2900-05, New York, New York 10017, which manages approximately $1.4 billion in assets across registered investment companies and other vehicles with a focus on value-oriented strategies. Recent developments include the fund's initiation of new positions in Boise Cascade (building materials distribution and wood products manufacturing) and Rogers Corporation (advanced electronics and elastomeric materials solutions) during Q3 2025, alongside additions to holdings like UniFirst Corporation and a full exit from Hamilton Beach Brands Holding Co.; portfolio companies such as Supernus Pharmaceuticals completed an attractive acquisition, UMB Financial advanced integration of its Heartland Financial acquisition, and Ambac Financial finalized the sale of its legacy financial guarantee business to Oaktree Capital Management followed by the $250 million acquisition of ArmadaCare to accelerate its shift toward high-margin insurance distribution via managing general agents and underwriters. In Q4 2024 commentary, management highlighted expectations for increased merger and acquisition activity in 2025, particularly in regional banks, U.S. manufacturing, transmission contractors, aerospace suppliers, homebuilders, and biotechnology, amid a friendlier regulatory environment and the fund's emphasis on overcapitalized balance sheets (net debt to capital ratio of 10.9%, with nearly 24% net-cash positions).