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Expensive Fellow Shareholders,
The Third Avenue Small-Cap Worth Fund (TVSVX, the “Fund”) returned -4.38% throughout the fourth quarter of 2024, in comparison with a return of -1.06% for the Fund’s most related benchmark, the Russell 2000 Worth Index (the “Index”). 1 The Fund returned +3.55% for the yr ended December 31, 2024, in comparison with a return of +8.05% for the Index.
Infrastructure companies supplier MYR Group (MYRG), ADHD drug firm Supernus Prescription drugs (SUPN), and regional financial institution UMB Monetary Company (UMBF) generated the biggest constructive contributions to Fund efficiency for the quarter. Detractors from Fund efficiency throughout the quarter included agricultural conglomerate Seaboard Company (SEB), ache drug firm Collegium Pharmaceutical (COLL), and authorities contractor ICF Worldwide (ICFI).
Engaging Upside to Our Estimated Web Asset Values
Whereas the Fund’s complete return was modest in 2024, Fund Administration was inspired by the strong working outcomes and worth creation in our underlying holdings. The portfolio holdings, on the whole, continued to efficiently execute on their strategic priorities whereas reaping the advantages of supportive financial circumstances resulting in improved earnings, working returns, and company worth creation. Because of the sturdy monetary working progress throughout the portfolio, we consider that the Third Avenue Small-Cap Worth Fund has appreciable potential to supply enticing absolute returns going ahead. Because the chart under signifies, Fund Administration believes the portfolio, in mixture, trades at a traditionally giant low cost to our mid-point estimate of underlying internet asset worth (“NAV”).
Historic Low cost to Web-Asset Worth Estimate
Enhancing Backdrop for Mergers & Acquisitions
Moreover, Fund Administration stays satisfied that the unusually giant relative valuation hole between large-cap and small-cap corporations will in the end compress towards ranges nearer to historic norms. Historic precedents of imply reversion from equally excessive valuation relationships have been very helpful to small-cap relative efficiency. We additionally understand there to be an excellent likelihood that the mix of a resilient U.S. economic system, strong capital market system, and a extra constructive regulatory panorama, might assist a rise in takeover transactions, in addition to different company exercise. We consider the Fund may gain advantage from heightened merger and acquisition exercise because the values of our underpriced belongings grow to be acknowledged by company and monetary consumers, typically at giant premiums. Whereas we don’t management the timing of when these discrepancies between share worth and NAV (or intrinsic worth) are acknowledged, our expertise has been that such reductions don’t persist for lengthy. That mentioned, we consider that the chances of small-cap firm takeovers could improve significantly all through 2025 to the extent coverage actions are taken to alleviate present regulatory impediments to varied types of in any other case smart merger and acquisition exercise.
Useful resource Conversion – Catalyst to Shut the Value to Worth Hole
Third Avenue’s founder, Marty Whitman, initially coined the phrase “resource conversion” to explain a wide range of company actions, impartial of the going-concern operations of the enterprise, carried out to create shareholder wealth. Arguably, probably the most high-profile type of useful resource conversion comes from company occasions similar to takeovers, mergers, and privatizations, which switch possession or management and infrequently act as value-crystalizing occasions for fairness homeowners of the enterprise being acquired or merged. In a broader sense, useful resource conversions additionally embody spin-offs of working segments or asset tendencies. Equally, well-financed corporations with extra liquidity have alternatives to transform their liquid belongings into greater and higher makes use of by buying the belongings or operations of one other firm, executing large-scale share buybacks, or paying out particular dividends. As a sensible matter, whereas most fairness analysts forecast future working efficiency beneath a strict going-concern framework, in Fund Administration’s expertise, only a few U.S. small-cap companies will go longer than 5 years with out being concerned in some type of useful resource conversion exercise whether or not it’s refinancings, reorganizations, growing a brand new line of enterprise, or being acquired.
Chances of Public-To-Non-public Transactions
As we enter 2025 with the potential easing of regulatory impediments to deal exercise, the prevailing quantity of personal fairness capital raised over the previous a number of years however not but deployed (“dry powder”) appears notably related. Non-public- fairness corporations have collected lots of of billions of {dollars} for brand new funds since 2020 in keeping with Preqin (see chart) and but rising rates of interest within the U.S. have stymied personal fairness exits and new deal exercise between mid-2022 and mid-2024. In reality, the tempo of capital deployment and distributions to fund traders has slowed dramatically and funds that closed in 2020 with five-year funding intervals might face rising stress to materially make investments these giant money hordes.
Dry Powder at U.S. Non-public Fairness Funds by Classic Yr as Of March 2024
Fund Administration believes nearly all of the Fund’s holdings match effectively into the private-equity mannequin with the unifying themes of buying and selling at low valuations with overcapitalized steadiness sheets and resilient money circulate profiles. The Fund’s non-financial holdings can outline their sturdy steadiness sheets with a internet debt to capital ratio of simply 10.9% and almost 24% of Fund holdings are at (or close to) net-cash steadiness sheets. Steadiness sheet energy of an acquiree firm typically represents one other enticing high quality for leveraged buyout (“LBO”) sponsors by providing flexibility in how the corporate could be recapitalized following the takeover. A latest uptick in leveraged buyouts throughout a number of industries underscores the alternatives that exist in lots of smaller, undervalued corporations. Moreover, in recent times, the quantity of capital raised in personal fairness methods has brought on growing competitors and rising acquisition multiples for personal corporations. Immediately, there’s an argument to be made that the U.S. small-cap fairness universe could supply some very enticing bargains, not solely relative to U.S. large-caps however relative to the valuations at which personal corporations have been taken over in recent times. As personal fairness corporations look to deploy file quantities of capital and may now not depend on many years of falling rates of interest and rising valuation multiples, well-financed, publicly traded, small-cap corporations ought to seem like more and more fertile floor.
Lastly, it’s price noting that buyout offers have traditionally centered on transaction sizes very a lot akin to U.S. small-cap market capitalizations, with the overwhelming majority of offers falling into the $100 million to $5.0 billion transaction dimension vary with the typical deal dimension in 2023 at $788 million. In different phrases, the everyday market capitalization of Fund holdings sits proper on the epicenter of deal sizes focused by monetary buyout corporations. The Fund’s median market capitalization presently stands at $1.3 billion with over 30% of its holdings under the $1 billion threshold.
Distribution of World Buyout Offers, by Transaction Dimension
We enter 2025 with a watch on accelerating merger and acquisition exercise beneath a friendlier regulatory regime. Clearly, we’ll cease wanting predicting the timing, dimension, and precise individuals of such a wave of transactions throughout industries in coming years. That mentioned, there are a number of areas the place the Fund has been notably lively and for which we’d not be stunned to see growing transaction exercise: (i) Regional Banks like Southside Financial institution (SBSI), (ii) U.S. manufacturing capability similar to LSB Industries (LXU), (iii) Transmission & Distribution contractors like MYR Group, (iv) Aerospace suppliers similar to Kaiser Aluminum (KALU), (V) Homebuilders & Land Builders similar to TRI Pointe Houses (TPH) and 5 Level Holdings (FPH), and (vi) Biotechnology similar to Supernus Prescription drugs.
A subset of the consolidation theme consists of capital intensive companies with excessive limitations to entry, that have cyclicality. Immediately we discover the chance to purchase sure belongings cheaply, coinciding with the potential exit of weaker gamers throughout difficult instances. Such a rationalization might result in enhancements in trade construction and returns. Fund holdings LSB Industries and PBF Vitality are two such operators which will profit from consolidation and enhancing trade construction or in any other case would possibly supply an acquirer an entrance into the U.S. market by way of the acquisition of belongings for which new-build replication will not be a sensible chance. Constant amongst the Fund holdings that match this description, we consider now we have invested in well-capitalized corporations, with competent administration groups, which improve the chance of their survival and talent to prosper because the ranks of their friends are finally thinned.
Because it pertains to the regulatory impetus for extra useful resource conversion exercise, we too anticipate a extra sympathetic surroundings regarding the supervision of consolidating transactions. In reality, a groundswell in multibillion-dollar takeout bulletins has already transpired in January with direct implications for Fund holdings and efficiency. Most notably, Cintas Company (CTAS), in its quest to amass Fund holding UniFirst Company (UNF), lately launched a hostile $5.3 billion takeover supply, amounting to a consideration of $275 per share in money (or +60% premium to the pre-announcement worth). As is frequent amongst Fund holdings, the points of interest to UniFirst embody a powerful steadiness sheet, a cash-generative enterprise, a gorgeous management place in a consolidating market, and alternatives for operational enhancements.
Exercise
The Fund’s money holdings have now declined for 3 straight quarters because the Small-Cap Worth staff continues to seek out enticing alternatives at an encouraging tempo. Money, at quarter-end, was roughly 8% as in comparison with 12.9% as of September thirtieth, 2024. The Fund initiated two new positions throughout the quarter, OceanFirst Monetary (OCFC) and Ambac Monetary Group (AMBC), and re-established a brand new place in previously-held 5 Level Holdings (“FPH”). The Fund eradicated one place, InvenTrust (IVT), throughout the quarter. At quarter -end, the Fund held 26 positions.
OceanFirst Monetary (“OceanFirst”) is a regional financial institution headquartered in New Jersey. Based in 1902, it represents one of many largest and oldest community-based monetary establishments. The financial institution has lately ascended to “large institution” standing beneath the Volcker Rule by surpassing $10 billion or extra in belongings. Whereas nearly all of the financial institution’s mortgage portfolio caters to native industrial actual property, it has maintained distinctive credit score efficiency with historic internet charge-off charges at only a small fraction of its peer industrial banks. So far, OceanFirst was lately awarded funding grade standing by Moody’s. We predict extremely of administration and their deep experience within the native industrial actual property markets they serve.
OceanFirst’s low-risk, low-net charge-off method comes, symmetrically, with decrease than trade returns on belongings. Additional, lending conservatism has manifested in a comparatively slower fee of mortgage progress and the financial institution has traditionally maintained important mortgage publicity to industrial actual property, which is at the moment considered with trepidation. However OceanFirst’s underwriting file on this space, throughout a variety of financial circumstances, this trait is contributing to a depressed valuation and the Fund’s skill to provoke its holding of OceanFirst at 62% of e-book worth, or 89% of tangible e-book. However, OceanFirst has constructed a high-quality, very steady, and diversified deposit base catering to customers, small enterprise accounts, native authorities banking accounts, similar to college districts and municipalities, and a well-diversified company money administration operate.
To be clear, we’d be content material to personal OceanFirst as a stand-alone financial institution, given its alternatives to enhance returns, together with its high-quality steadiness sheet, which offers alternatives to construct shareholder wealth by way of prudent capital allocation. At quarter-end, the financial institution was buying and selling at an inexpensive a number of of earnings, 10.4x, with a well-covered 4.42% dividend yield. Nonetheless, attributes of OceanFirst actually relate to the useful resource conversion dialogue above. A lighter regulatory burden might result in growing consolidation within the U.S. regional banking trade, which, regardless of an amazing many mergers in latest many years, stays terribly fragmented. We additionally consider that OceanFirst’s enticing deposit base could be considered as a really fascinating asset to a bigger multi-regional financial institution with the scope of deploying these sources of funds right into a extra diversified set of geographies and mortgage exposures and with larger scale and operational effectivity.
Ambac Monetary Group (“Ambac”) was previously a enterprise that supplied monetary ensures and different insurance coverage insurance policies previous to the World Monetary Disaster. This summer time, it introduced a transformational take care of Oaktree Capital Administration to promote its legacy enterprise for $420 million in money, and a elimination of all materials debt encumbrances from the steadiness sheet.
It’s anticipated that the transaction will shut within the first quarter of 2025, at which level the enterprise may have been reworked, with nearly all of its NAV, in our view, represented by its important internet money place and a tax-loss carryforward of $1.3 billion that it’s going to search to monetize. Fund Administration’s attraction to Ambac additionally stems from the enticing, asset-light nature of its different insurance-related working companies. Whereas a lot work stays to be completed, we see the potential to construct a rising, high-margin working platform of managing normal brokers who give attention to specialised Extra & Surplus insurance coverage strains. The present Ambac working models generate recurring income and earnings, primarily based on a share of the insurance coverage premium they underwrite on behalf of insurance coverage carriers, an exercise which typically doesn’t assume steadiness sheet danger. We additionally see optionality for shareholders to profit from useful resource conversion exercise because the scope of the enterprise grows, providing working leverage enhancements and NAV progress, but in addition by way of redeployment of great internet money and monetization of very giant tax belongings. Conversion of internet money and tax belongings into greater and higher makes use of possible entails additional acquisitions of managing normal brokers and underwriters. Ambac ought to be capable of obtain a considerably greater valuation if it is ready to execute on its strategic aims. These embody constructing its fame as an asset- mild, high-margin insurance coverage operation, moderately than as a legacy monetary assure enterprise, whereas rising its scale and margins, and changing steadiness sheet belongings into high- high quality working belongings.
5 Level Holdings (“Five Point”) is a place the Fund re- established throughout the quarter. The U.S.-based actual property working firm focuses on coastal California the place it controls strategic land positions in Los Angeles, San Francisco, and Irvine. In complete, the corporate has plans for greater than 40,000 residential houses and 23 million sq. ft of business properties in these supply-constrained markets, largely by way of its three major mixed-use communities (i.e., Nice Park, Valencia, and the Shipyards).
Though the corporate has undeniably useful land positions which might be modestly encumbered, 5 Level has a combined monitor file as a public firm. That’s to say, the corporate spent the primary 5 years of its public existence working with extra elevated ranges of company overhead relative to expectations. Additional, considerably evasive monetary communications left many market individuals wanting extra readability on the corporate’s technique to unlock worth. As well as, important delays in its Shipyards neighborhood created uncertainty regarding the timing (and viability) of the event plans for San Francisco. In consequence, 5 Level’s e-book worth per share declined modestly over its first 5 years of being listed, and its frequent inventory skilled a big “derating” relative to its residential friends.
However, there have been important enhancements extra lately. Specifically, the corporate has taken swift motion beneath new management and (i) diminished the corporate’s price construction by greater than 50%, (ii) pushed ahead reconfigured plans for its Shipyards improvement in San Francisco, (iii) accelerated the monetization of sure land positions in its Valencia and Nice Park developments, and (iv) utilized free money circulate to cut back debt ranges and lengthen out the maturity on the remaining notes. In consequence, the trajectory for 5 Level has modified in Fund Administration’s view. In reality, the corporate’s e-book worth per share has elevated by almost 20% over the previous two years and its money place is anticipated to exceed $300 million by the top of the yr. Moreover, 5 Level is slated to renew improvement on the Candlestick Level portion of its San Francisco challenge in 2025 and indicated a willingness to herald capital companions to the event (in addition to its master- deliberate neighborhood in Valencia).
Ought to 5 Level execute on these initiatives, the corporate might understand important proceeds and even return to a “net cash” place. It might additionally improve the recurring administration charges going ahead in addition to reinforce the worth of those extremely scarce land positions—which might be notably useful in San Francisco the place exercise has been extra restricted in recent times however yielded values exceeding $20 million per acre prior to now. Together, such developments would additionally possible end in an improved price of capital (i.e., a better a number of) and be fairly rewarding for 5 Level shareholders. To wit, the frequent inventory trades at lower than 30% of e-book worth and Third Avenue’s conservative estimate of Web-Asset Worth is greater than 4 instances prevailing costs.
Sincerely,
The Third Avenue Small Cap Worth Staff
IMPORTANT INFORMATION
This publication doesn’t represent a suggestion or solicitation of any transaction in any securities. Any suggestion contained herein will not be appropriate for all traders. Data contained on this publication has been obtained from sources we consider to be dependable, however can’t be assured.
The data on this portfolio supervisor letter represents the opinions of the portfolio supervisor(s) and isn’t supposed to be a forecast of future occasions, a assure of future outcomes or funding recommendation. Views expressed are these of the portfolio supervisor(s) and should differ from these of different portfolio managers or of the agency as an entire. Additionally, please be aware that any dialogue of the Fund’s holdings, the Fund’s efficiency, and the portfolio supervisor(s) views are as of December 31, 2024 (besides as in any other case said), and are topic to alter with out discover. Sure info contained on this letter constitutes “forward- looking statements,” which will be recognized by means of forward-looking terminology similar to “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe,” or the negatives thereof (similar to “may not,” “should not,” “are not expected to,” and so on.) or different variations thereon or comparable terminology. As a result of varied dangers and uncertainties, precise occasions or outcomes or the precise efficiency of any fund could differ materially from these mirrored or contemplated in any such forward-looking assertion. Present efficiency outcomes could also be decrease or greater than efficiency numbers quoted in sure letters to shareholders.
Date of first use of portfolio supervisor commentary: January 17, 2025
1 The Russell 2000® Worth Index measures the efficiency of small-cap worth phase of the US fairness universe. It consists of these Russell 2000® corporations with decrease price-to-book ratios and decrease forecasted progress values. The Russell 2000® Worth Index is constructed to supply a complete and unbiased barometer for the small-cap worth phase. The index is totally reconstituted yearly to make sure bigger shares don’t distort the efficiency and traits of the true small-cap alternative set and that the represented corporations proceed to mirror worth attribute. Indexes usually are not securities that may be bought or offered.
For the Third Avenue Glossary please go to right here.
FUND PERFORMANCE
3Mo
1Yr
3Yr
Annualized
5Yr 10Yr
Inception
Inception Date
Third Ave Small-Cap Worth Fund (Inst. Class)
-4.38%
3.55%
7.41%
8.64% 7.65%
8.54%
4/1/1997
Third Ave Small-Cap Worth Fund (Inv. Class)
-4.44%
3.33%
7.14%
8.37% 7.38%
8.81%
12/31/2009
Third Ave Small-Cap Worth Fund (Z Class)
-4.35%
3.69%
7.52%
8.75% N/A
7.68%
3/1/2018
Click on to enlarge
TOP TEN HOLDINGS
UMB Monetary Corp. 6.7%
MYR Group, Inc. 6.2%
Buyers Title Co. 5.3%
ProAssurance Company 5.2%
Encore Capital Group, Inc. 4.7%
Click on to enlarge
FRP Holdings, Inc. 4.5%
Atlanta Braves Holdings, Inc. 4.4%
Prosperity Bancshares, Inc. 4.4%
Supernus Prescription drugs, Inc. 3.9%
Southside Bancshares, Inc. 3.8%
TOTAL 49.1%
Click on to enlarge
Previous efficiency isn’t any assure of future outcomes; returns embody reinvestment of all distributions. The above represents previous efficiency and present efficiency could also be decrease or greater than efficiency quoted above. Funding return and principal worth fluctuate in order that an investor’s shares, when redeemed, could also be price kind of than the unique price. For the newest month-end efficiency please go to the Fund’s web site at Third Avenue Administration | Pioneers in Worth Investing Since 1986. The gross expense ratio for the Fund’s Institutional, Investor and Z share lessons is 1.25%, 1.50% and 1.18%, respectively, as of March 1, 2024.
Dangers that would negatively influence returns embody: fluctuations in currencies versus the US greenback, political/social/financial instability in overseas nations the place the Fund invests, lack of diversification, volatility related to investing in small-cap securities, and adversarial normal market circumstances.
The fund’s funding aims, dangers, costs, and bills have to be thought of fastidiously earlier than investing. The prospectus comprises this and different necessary details about the funding firm, and it might be obtained by calling 800-443-1021 or visiting Third Avenue Administration | Pioneers in Worth Investing Since 1986. Learn it fastidiously earlier than investing.
Distributor of Third Avenue Funds: Foreside Fund Companies, LLC.
Present efficiency outcomes could also be decrease or greater than efficiency numbers quoted in sure letters to shareholders.
Third Avenue presents a number of funding options with distinctive exposures and return profiles. Our core methods are presently obtainable by way of ’40Act mutual funds and customised accounts. If you want additional info, please contact a Relationship Supervisor at:
Third Avenue Administration
675 Third Avenue, Suite 2900-05 New York, New York 10017
P: 212.906.1160
Previous efficiency isn’t any assure of future outcomes; returns embody reinvestment of all distributions. The above represents previous efficiency and present efficiency could also be decrease or greater than efficiency quoted above. Funding return and principal worth fluctuate in order that an investor’s shares, when redeemed, could also be price kind of than the unique price. For the newest month-end efficiency, please go to the Fund’s web site at Third Avenue Administration | Pioneers in Worth Investing Since 1986.
The U.S. Lipper Fund Award for Finest Fairness Small Fund Household relies on a evaluate of 185 certified fund administration corporations that have been eligible for the three-year interval ending on 11/30/23. To qualify for Lipper’s Total Small Fund Household Group Award, Small fund household teams should have no less than three fairness portfolios. The group award will probably be given to the group with the bottom common decile rating of its respective asset class outcomes primarily based on the three-year Constant Return measure of the eligible funds.
From LSEG Lipper Fund Award© 2024 LSEG. All rights reserved. Used beneath license.
Click on to enlarge
Authentic Put up
Editor’s Notice: The abstract bullets for this text have been chosen by Looking for Alpha editors.
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