Third Avenue Management

ProAssurance Corp recently announced that it has agreed to be acquired by The Doctors Company for a premium of roughly 60% over the pre-announcement price. The most recent Third Avenue Small-Cap Value Fund letter discussed an important thematic takeover and industry consolidation opportunity within select parts of the U.S. small-cap market, pointing to a number of current Fund investments including ProAssurance Corp. We are pleased to see such a strong supporting data point so soon after discussing the opportunity. Read the commentary to learn more about why we think M&A activity is likely to pick up, especially in select industries: https://lnkd.in/eaKuebDd Read the full Press Release here: https://lnkd.in/eWwkYbfy The above is a holding in the Small-Cap Value Fund as of 12/31/24.?Please view the top ten holdings and other important Information here: https://lnkd.in/eQ9gUM4i #mergersandacquisitions #Smallcaps #valueinvesting

Tune in to Barron's Live on Monday, March 24th at 12 pm ET for Matthew Fine, CFA insights on the outlook for Value Investing. Cohosted by Barron's Senior Managing Editor Lauren Rublin and Deputy Editor Ben Ben Levisohn, Matt will discuss his key market observations and certain global investment themes and ideas. Register now: https://lnkd.in/eXfSAEqf #TAVFX #activemanagement #valueinvesting

Third Avenue’s Real Estate Value Fund was recently named the Best Global Real Estate Fund Over Three and Five Years by LSEG (London Stock Exchange Group) Lipper. “We are honored to receive this recognition for delivering the Fund’s investors with sector-leading results,” said Co-PM Ryan Dobratz, CFA. Read the full press release for further details on the distinction: https://lnkd.in/e9HiSemZ #realestate #valueinvesting #activemanagement #TAREX #LipperFundAwards

Most people are not aware that BMW Group is the United States’ largest exporter of vehicles by value. As the Press Release below details, 57% of BMW’s produced in South Carolina in 2024 were exported to other countries. In the maelstrom of tariff headlines, the structure of the global automotive industry continues to be very poorly understood. In our opinion, this represents a great source of investment opportunity.?Read more about the “Autopocalypse” in the Q4 ’24 Value Fund Commentary below. BMW Press Release: https://lnkd.in/euxjyu-y BMW is a holding in the Value Fund as of 12/31/24.?Please view the top ten holdings and other important information here:?https://lnkd.in/ec_2NGKs #TAVFX #activemanagement #valueinvesting

Third Avenue Management is honored to have Matthew Fine, CFA as a Robotti Value Live panelist at the 2025 Markel Reunion, alongside these esteemed panelists & moderators.?See you in Richmond!

Gain exclusive insights from Third Avenue’s latest shareholder letters that are now available. Read the Q4 '24?commentaries for further perspective on?performance, activity, and positioning: https://lnkd.in/gPuM9Dn3 #valueinvesting #activemanagement #investing

“We believe this debt-free company with significant natural gas fields has a lot of potential for future growth in response to A.I. demand." says Christopher Dowd in this Forbes interview when speaking about gas exploration & production company SandRidge Energy. The full interview can be found here: https://lnkd.in/eqhSvuJa For additional important information, including the fund's top 10 holdings, click here: https://lnkd.in/eQ9gUM4i #TASCX #activemanagement #valueinvesting

“We acknowledge the possibility that…Toyota could acquire Subaru and its valuable niche brand to substantially enhance significant synergies already being capitalized upon through existing partnerships and collaboration,” says Matthew Fine, CFA, in this Barron's interview.?Subaru’s stock is trading at attractive levels, with a market cap of $12 billion and $7 billion in net cash. It is profitable and offers significant investment potential. Important information and the full interview can be found here: https://lnkd.in/eDYm__W9 #TAVFX #activemanagement #valueinvesting

We wish you a wonderful holiday season and a prosperous New Year. Happy Holidays from our family to yours! #thirdavenuemanagement #valueinvesting #activemanagement

“We look for situations where the baby is being thrown out with the bathwater,” says Matthew Fine, CFA, in this Kiplinger interview, spotlighting the bargain-hunting Third Avenue Value Fund scouring the world for undervalued, well-run businesses that are trading at deep discounts due to temporary setbacks. See standard performance and other important information here: https://lnkd.in/ec_2NGKs #TAVFX #activemanagement #valueinvesting