The Award Recognizes Third Avenue Funds for Consistently Strong Risk-Adjusted Performance Across the Value, Small-Cap, and Real Estate Strategies

Third Avenue Management LLC (“the Firm” or “Third Avenue”) announced today that the Firm was named as the LSEG Lipper Fund Awards Winner United States 2024, Best Equity Small Size Fund Family Group Over Three Years. The Group Awards are presented by LSEG Lipper each year to recognize fund companies that have excelled relative to their peers.

“Third Avenue Management has remained singularly committed to executing upon its unique form of active, fundamental, value investing,” said Matthew Fine, Portfolio Manager of the Third Avenue Value Fund. “This has become an increasingly unconventional approach in recent years but one we believe enables our firm to produce superior results for clients across our strategies. We are thrilled to deliver on those expectations and grateful to LSEG Lipper for recognizing that success.”

The LSEG Lipper Fund Awards have been synonymous with strong risk-adjusted performance for more than three decades, and the Small Group Awards are reserved for Fund Families that have at least three distinct portfolios in one of the Asset Classes (Equity, Bonds, or Mixed-Asset portfolios) and the most superior rank, on average, per Asset Class¹.

Third Avenue’s designation as the 2024 Best Equity Small Size Fund Family Group was driven by the performance within its actively managed Mutual Funds, including the Third Avenue Value Fund (NASDAQ: TAVFX), Third Avenue Small-Cap Value Fund (NASDAQ: TASCX), and Third Avenue Real Estate Value Fund (NASDAQ: TAREX) for the three-year period ended December 31, 2023².

“An actively managed fund with a sound strategy, robust process, and aligned portfolio management team has strong prospects to outperform over the long-term,” said Jason Wolf and Ryan Dobratz, Co-Portfolio Managers of the Third Avenue Real Estate Value Fund. “This distinguished award not only reinforces such a view but also represents the steadfast commitment Third Avenue has to delivering superior long-term results to our clients.”

Robert Jenkins, Global Head of Research, Investment & Wealth at LSEG Lipper added, “We applaud the 2024 LSEG Lipper Fund Award winners such as Third Avenue Management for delivering outperformance and the accompanying comfort of consistency to investors’ portfolios through a cross-current of global market disruptions.”

The LSEG Lipper United States Fund Awards 2024 were presented in New York City on March 13, 2024.

Group Awards:

• LSEG Lipper Fund Awards Winner United States 2024, Best Equity Small Size Fund Family Group Over Three Years.

About LSEG Lipper Fund Awards

For more than 30 years and in over 19 countries worldwide, the highly-respected LSEG Lipper Awards have honored funds and fund management firms that have excelled in providing consistently strong risk-adjusted performance relative to their peers and focus the investment world on top-funds. The merit of the winners is based on entirely objective, quantitative criteria. This coupled with the unmatched depth of fund data, results in a unique level of prestige and ensures the award has lasting value. Renowned fund data and proprietary methodology is the foundation of this prestigious award qualification, recognizing excellence in fund management.

Find out more at www.lipperfundawards.com.

¹ - Asset class group awards will be given to the best large and small groups separately. Large fund family groups with at least five equity, five bond, or three mixed-asset portfolios in the respective asset classes are eligible for a group award. Small fund family groups will need to have at least three distinct portfolios in one of the asset classes – equity, bond, or mixed-asset. The lowest average decile rank of the three years’ Consistent Return measure of the eligible funds per asset class and group will determine the asset class group award winner over the three-year period. In cases of identical results, the lower average percentile rank will determine the winner.

² - For the three-year period ended December 31, 2023, the Third Avenue Value Fund (managed by Matthew Fine since 2017) and the Third Avenue Real Estate Value Fund (managed by Jason Wolf and Ryan Dobratz since 2010 and 2013, respectively) were within the top percentile of performance for Funds within their Lipper categories. For the same period, the Third Avenue Small-Cap Value Fund (managed by Vic Cunningham since 2017) and the Third Avenue International Real Estate Value Fund (managed by Quentin Velleley since 2013) were within the top decile of performance for Funds within their Lipper categories.

About Third Avenue Management

Third Avenue Management is a New York City-based investment adviser founded in 1986 by legendary investor Martin J. Whitman. For more than 35 years, the Firm has consistently pursued a value approach to investing by focusing on the company’s balance sheet, the value of its underlying assets, the discounted price of its securities, and the ability of the enterprise to increase its corporate net worth over time. Today, the Firm is partnered with AMG (NYSE: AMG) and has more than $1.4 billion in assets under management across its five core strategies – Global Value, U.S. Small-Cap Value, Real Estate Value, International Real Estate, and International Value – which are available to investors through Mutual Funds, UCITS, Separate Accounts, and Sub-Advisory Arrangements.

Third Avenue Funds are offered only by prospectus. The prospectus contains important information, including investment objectives, risks, advisory fees and expenses. Please read the Prospectus carefully before investing or sending money. For a current Prospectus please visit our website at www.thirdave.com, or call 800-443-1021. Distributor of Third Avenue Funds: Foreside Fund Services, LLC.

Past performance does not guarantee future results. Mutual fund investing involves risk. Principal loss is possible.

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