Fact sheet: Third Avenue Value

Fund information
Fund name
Third Avenue Value A1 Acc USD
Fund manager company
Third Avenue Management
Fund type
OEIC
Fund managers
  • Vic Cunninghamsince 30/03/2009
  • Yang Liesince 30/03/2009
  • Michael Lehmannsince 30/03/2009
  • Ian Lapeysince 30/03/2009
Fund objective
To achieve Long-term capital appreciation with limited investment risk.
Benchmark
  • No Specified Index
Investment style
Value
Investment method
Shares
Quick stats
1 Year return
3.3%
1 Year rank in sector
171/471
Sector
FO Equity - International
Yield
-
Fund size
£1,940m (£2,200m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
111
Top in this sector
Fund name1 Year
Heptagon Kprnk GblAlCpEq38.4%
Schroder ISF Gbl Rec34%
Dodge & Cox Gbl Stk32.2%
Dimensional Gbl Small Cos29.1%
GS Global SmCap Core Eq28.8%
...more in FO Equity - International

Performance snapshot

Holdings snapshot

  • USA61.2%
    Money Market11.6%
    UK6.3%
    Hong Kong5.5%
    Canada5.4%
  • Money Market11.6%
    Banks10.4%
    Conglomerates10.2%
    Financial Services8.9%
    Oil & Gas8%
  • US Equities61.2%
    Money Market11.6%
    UK Equities6.3%
    Hong Kong Equities5.5%
    Canadian Equities5.4%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund5.7%2.4%4.3%3.3%-0.2%43.8%
Sector0.6%0.5%4.8%3.3%14%53.6%
Rank within sector35 / 499161 / 496235 / 486171 / 471341 / 383216 / 287
Quartile1st2nd2nd2nd4th4th
Calendar performance
 YTD - 20162015201420132012
Fund10.5%-11.1%0.6%20.1%23.2%
Sector5.4%0.7%6%21.3%12.7%
Rank within sector102 / 475419 / 427314 / 387224 / 3388 / 289
Quartile1st4th4th3rd1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
-6.73
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.3
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
-0.01
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
14.24
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
7.54
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
-0.76
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.75
Price movement
52 week high38.33
52 week low29.26
Current bid price-
Current offer price-
Current mid price38.03
Region
1USA61.2%
2Money Market11.6%
3UK6.3%
4Hong Kong5.5%
5Canada5.4%
6France3.8%
7Sweden2.8%
8Switzerland1.9%
9Japan1.5%
Industry sector
1Money Market11.6%
2Banks10.4%
3Conglomerates10.2%
4Financial Services8.9%
5Oil & Gas8%
6Forest Products7.7%
7Consumer Products7.2%
8Insurance6.3%
9Property5.3%
Asset type
1US Equities61.2%
2Money Market11.6%
3UK Equities6.3%
4Hong Kong Equities5.5%
5Canadian Equities5.4%
6French Equities3.8%
7Swedish Equities2.8%
8Swiss Equities1.9%
9Japanese Equities1.5%
Individual holdings
1WEYERHAEUSER CO5.7%
2BANK OF NEW YORK MELLON CORP5.6%
3COMERICA INC5.2%
4CK HUTCHISON HLDGS LTD4%
5TOTAL SA3.9%
6PNC FINANCIAL SERVICES GROUP3.8%
7WHITE MOUNTAINS INSURANCE GROUP3.7%
8BROOKFIELD ASSET MANAGEMENT INC3.3%
9CAVCO INDUSTRIES INC3%
Management
Fund manager group
Third Avenue Management
Fund manager company
Third Avenue Management
Fund type
OEIC
Fund objective
To achieve Long-term capital appreciation with limited investment risk.
Benchmark
  • No Specified Index
Investment style
Value
Investment method
Shares
Fund managers
NameSinceBiography
Vic Cunningham30/03/2009Mr. Vic Cunningham is a portfolio manager for the Third Avenue Value Fund. He joined Third Avenue in 2012. Previously he was founder and owner of Lucid Asset Management where he spent the last six years running his own long-only value fund catering to high net worth individuals and institutions. Prior to forming Lucid, Mr. Cunningham spent five years as the Research Director at Olstein Funds. Mr. Cunningham holds a B.S. in Accounting from Fairfield University and a Masters of Business Administration in Finance from the University of Notre Dame. He is an (inactive) Certified Public Accountant and is a member of the New York Society of Security Analysts.
Yang Lie30/03/2009Ms.Yang Lie is a portfolio manager for the Third Avenue Value Fund. She is a senior member of Third Avenue's investment team and manages one of the firm's largest subadvised accounts. She joined Third Avenue in 1996 and helped develop the firm's high net worth and institutional separate accounts business. Previously she was an equities analyst at Prudential Securities where she covered technology and imaging stocks. Ms. Lie began her career at Motorola where she managed a team of software engineers and developed both software and hardware components for encryption key management systems. Ms. Lie has an M.B.A. in Finance from the University of Chicago and a B.S. in Electrical Engineering from Marquette University.
Michael Lehmann30/03/2009Mr. Michael Lehmann is a portfolio manager for the Third Avenue Value Fund. He helped to introduce and develop Third Avenue's Value Equity Separate Accounts when he joined the firm in 1998. He manages concentrated portfolios made up of the best stocks from Third Avenue's value equity, small cap, real estate and international strategies. Mr. Lehmann co-manages the Third Avenue Value Fund UCITS for offshore investors as well as many of Third Avenue's subadvised accounts. Previously, Mr. Lehmann analyzed small-cap stocks and special situations for Robert M. Cohen & Co. a proprietary trading firm that also ran separate account and hedge fund portfolios. As Vice President of Gabelli Funds, Mr. Lehmann managed separate accounts while also producing due diligence research into special situations for the entire fund group. He worked closely with Mario Gabelli on institutional private accounts. Mr. Lehmann was a stand-out collegiate baseball player for the University of Southern California and then for Fordham University where he graduated with a B.S. in Finance.
Ian Lapey30/03/2009Mr. Ian Lapey is lead portfolio manager of the flagship Third Avenue Value Fund. He is also co-manager of the Third Avenue Value Fund UCITS for offshore investors. He joined Third Avenue in 2001. Before he joined Third Avenue, Mr. Lapey analyzed housing and furniture stocks at Credit Suisse First Boston and Salomon Brothers. Earlier in his career he was a financial analyst with Revlon and an accountant with Ernst & Young. Mr. Lapey often works closely with the management teams of companies in which Third Avenue is invested. He served on the Official Committee of Unsecured Creditors of Haynes International during its reorganization in 2004 and sat on the Board of Directors of Canfor, a Canadian forest products company, from 2007-2008. Mr. Lapey holds an M.B.A. from New York University's Stern School of Business, an M.S. in Accounting from Northeastern University's Graduate School of Professional Accounting and a B.A. in Economics from Williams College.
Compliance
Reporting Fund Status, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
Belgium, Switzerland, United Kingdom, Ireland, Luxembourg, Offshore, Singapore
Third Avenue Value A1 Acc USD
Initial charge-
Annual charge1.6%
Min single investment£1,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price38.031
CurrencyUSD
Price updated30/11/2016
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeFUG2
Third Avenue Value A2 Dis GBP
Initial charge-
Annual charge1.6%
Min single investment£1,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price-
CurrencyGBP
Price updated01/01/1900
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeFUG3
Third Avenue Value A3 Acc EUR
Initial charge-
Annual charge1.6%
Min single investment£1,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price26.005
CurrencyEUR
Price updated30/11/2016
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeFUG4
Data provided by

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