TAVFX – Third Avenue Value Instl Investment Strategy | Morningstar

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Strategy

The investment seeks long-term capital appreciation. The fund seeks to achieve its objective mainly by acquiring common stocks of well-financed companies (meaning companies with high quality assets and conservative levels of liabilities) at a discount to what the Adviser believes is their intrinsic value. It may invest in companies of any market capitalization and across all industries. The fund may also acquire senior securities, such as convertible securities, preferred stocks and debt instruments, that the Adviser believes are undervalued. It also invests in both domestic and foreign securities.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
TVFVX	Third Avenue Value Fund Investor Class	No Load	Open			Dec 31, 2009	$37.84M	1.390%	Above Average	$2,500	$6.89M
TAVFX	Third Avenue Value Fund Institutional Class	Institutional	Open			Nov 1, 1990	$935.67M	1.160%	Above Average	$10,000	−$24.57M
TAVZX	Third Avenue Value Fund Z Class	Institutional	Open			Mar 1, 2018	$47.05M	1.070%	Average	$25,000	$9.18M

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