(PUB) Morningstar FundInvestor
July 2 014
Morningstar FundInvestor
23
Data through June 30, 2014 Third Avenue Value Instl
Ticker
Status Yield Total Assets
Mstar Category
TAVFX Open
3.1% $2,461 mil
World Stock
Morningstar Analyst Rating 06-30-14
Investment Style Equity Stock %
Historical Profile Return Risk Rating Below Avg High Below Avg
74% 85% 90% 91% 91% 94% 87% 87%
ˇ
Manager Change Partial Manager Change
14.0 18.0 22.0 27.6
Morningstar Pillars Process Performance
Growth of $10,000
Neutral Neutral Neutral Neutral Neutral
¶ ¶ ¶ ¶ ¶
Investment Values of Fund Investment Values of MSCI WexUS
People Parent Price
10.0
Performance Quartile (within Category) History
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 06-14
Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨
41.45 37.08 -3.75
51.70 26.62
54.78 16.49
59.46 14.69 -6.26 5.92 8.77
60.76
32.86
46.32 44.51
51.76
40.14
49.84 27.48 10.65 11.35
57.27 18.84 3.55 -3.96 3.87 14.97
61.97
NAV
-45.61 5.76
-20.68 13.87
8.21 2.65 2.03 0.00 8.21 0.00 0.00 16
Total Return % +/-MSCI WexUS
5.71
-10.89 -11.96 -0.13
-0.08 -3.42 0.30
3.06 9.88 3.47
2.72
-6.97
3.09 1.03
11.39
5.65 3.11
-5.90 2.75
-13.33 1.20
+/-MSCI Ac Wrld ND
1.87
2.09
1.74
3.27
Income Return % Capital Return %
36.05
24.75
13.38
-45.91 3.01
41.04
-22.42 11.78
24.21
76
6
8
37
45
74
18
41
96
2
83
Total Rtn % Rank Cat
Pillar Spectrum Positive ∞
0.32 0.00 1.11 1.23
0.78 0.00 1.12 0.34
1.61 3.87 1.10 0.77
3.24 0.10 1.08 2.83
1.63 0.46 1.08 1.32
0.18 0.00 1.11 1.89
1.14 0.00 1.17 2.23
0.97 0.00 1.15 1.55
0.90 0.00 1.15 0.86
1.31 0.00 1.15 0.83
1.93 0.00 1.10 1.45
Income $
§ Negative
¶ Neutral
Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil
. . .
Performance 06-30-14 1st Qtr 2nd Qtr
3rd Qtr
4th Qtr
Total
16 . .
7
5
17
5
2
6
16
21
2010 2011 2012 2013 2014
1.84 -11.17 17.09 7.51 13.87 3.98 -3.62 -23.62 3.63 -20.68 13.40 -1.54 8.61 5.11 27.48 5.70 1.25 6.84 3.93 18.84 0.86 . . . .
3,098
4,321
6,891
11,150 9,725
4,597
5,853
5,055
3,002
2,569
2,553
2,422
Portfolio Analysis 04-30-14 Share change since 01-14 Total Stocks:35 Sector
Rating and Risk Time Load-Adj
Country
% Assets
Morningstar
Morningstar Risk vs Cat
Morningstar Risk-Adj Rating
Period Return % Rtn vs Cat
Cavco Industries, Inc.
Cnsmr Cyc United States
5.60 4.97 4.83 4.80 4.37 4.33 4.27 3.98 3.37 3.34 3.30 3.14 3.03 3.02 2.93 2.70 2.63 2.15 2.15 1.70
1 Yr 3 Yr 5 Yr
20.16
Trailing
Total +/- MSCI
+/- MSCI
%Rank Growth of
POSCO ADR
Basic Mat Real Est Real Est Industrl
Korea
Return% WexUS Ac Wrld ND
Cat
$10,000
9.07
-Avg -Avg -Avg
High High +Avg
Wheelock and Co., Ltd. Henderson Land Developme Covanta Holding Corporat Daiwa Securities Co., Lt Bank of New York Mellon Devon Energy Corp Vodafone Group PLC Toyota Industries Corpor Hang Lung Group Ltd. Apache Corporation
Hong Kong Hong Kong United States
3 Mo 6 Mo 1 Yr
7.29 2.26 8.21 2.65 20.16 -1.59 9.07 3.34 12.78 1.67 6.46 -1.29 8.11 2.81
2.25 2.03 -2.79 -1.18 -1.50 -1.00 3.74
6 10,729 16 10,821 75 12,016 77 12,975 81 18,246 76 18,701 20 32,210
12.78
10 Yr Incept
6.46
12.17
Finan Svs Japan
3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg
Finan Svs United States
Other Measures
Standard Index MSCI WexUS
Best Fit Index MSCI WexUS
Energy
United States
Comm Svs U.K. Cnsmr Cyc Japan
Alpha
3.2
3.2
Beta
1.03
1.03
Real Est Energy
Hong Kong United States
R-Squared
89
89
Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 7.93 73 1.04 70 11.74 81 0.93 81 5.38 77 1.01 67 Potential Capital Gain Exposure: 22% of assets Morningstar’s Take by Leo Acheson 06-30-14 Third Avenue Value’s Morningstar Analyst Rating falls to Neutral from Bronze on a lead manager change. Robert "Chip" Rewey took the reins as this fund’s lead portfolio manager on June 10, 2014, creating substantial uncertainty. Rewey is new to Third Avenue, a transplant from Cramer Rosenthal McGlynn, where he was a named portfolio manager for several of its offerings. Rewey replaces former lead manager Ian Lapey, who had worked on the fund since 2001, comanaging it since 2009 with legendary investor and firm founder Marty Whitman before formally taking over in 2012. The fund’s record under Lapey’s short watch was subpar: From March 1, 2012, through June 10, 2014, its 14.2% annualized return trailed nearly two thirds of its world-stock category rivals. Replacing Lapey with Rewey doesn’t instill great confidence, however. Rewey worked alongside several comanagers on four domestic, value-oriented funds at CRM with mixed results. His ability to manage an eclectic, go-anywhere strategy, like the one used at this fund, is untested.
Comerica Inc
Finan Svs United States
Standard Deviation
18.08
Total SA KeyCorp Intel Corp
Energy
France
Mean
9.07 0.57
Finan Svs United States Technology United States
Sharpe Ratio
Cheung Kong Holdings, Lt
Real Est Energy
Hong Kong
Encana Corp
Canada Canada
Brookfield Asset Managem Real Est
Rewey said he doesn’t plan to make immediate, substantial changes to this fund’s portfolio, though moderate adjustments are likely as he makes his footprint on the fund’s positioning. Over time, he intends to align the portfolio with the firm’s best ideas across all of its strategies. He says he is intimately familiar with all but roughly 10 names in this fund’s 35 stock collection; Morningstar’s data shows limited holdings overlap between this fund and the CRM funds he formerly comanaged. Meanwhile, over the past year, Third Avenue has contended with a spate of personnel turnover at some of its other investment teams; those changes led Morningstar to downgrade Third Avenue’s Parent rating to Neutral from Positive in March 2014. While those personnel changes create concern, it’s comforting that this fund’s other team members, including three portfolio managers and one dedicated analyst, remain on board. Still, until Rewey demonstrates strong leadership here, the fund’s Morningstar Analyst Rating will hold at Neutral.
Tejon Ranch Co
Real Est
United States
Current Investment Style
Sector Weightings
% of Stocks
Rel MSCI
3 Year Low
WexUS High
Market Cap % Giant 25.4 Large 41.6 Mid 16.9 Small 7.4 Micro 8.7 Avg $mil: 11,439
Value Blnd Growth
Cyclical 66.58 BasicMat 5.88 CnsmrCyc11.85 FinanSvs 24.34 Real Est 24.51 Sensitive 33.43 CommSrvs 3.98 Energy 14.53 Technlgy 6.63 Defensive 0.00 CnsmrDef 0.00 Hlthcare 0.00 Utilities 0.00 Industrl 8.29
.
h r t y u j i o p a k s d f
Large Mid Small
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Price/Cash Flow Dividend Yield % Value Measures Price/Earnings Price/Book Price/Sales
Rel Category
6.61 6.11 5.33 4.63 5.93 9.42 0.75 1.40 5.92 2.52
0.64 0.39 1.08 0.83 1.03
% Rel Category
0.59 2.95 20.50
Country Exposure United States 47 Hong Kong 21 Japan 8 UK/W. Europe 12 Japan 8 Asia X Japan 28 Regional Exposure
% Stock
5.94 0.12
N. America 52 Latn America 0 Other 0
Address:
622 Third Avenue New York, NY 10017 800-443-1021
Minimum Purchase: Min Auto Inv Plan:
$100000 $100000
Add: $1000 IRA: $100000
Add: $200
Sales Fees:
No-load, 1.00%R
Composition - Net
Web Address: Inception: Advisor: Subadvisor: NTF Plans:
www.thirdavenuefunds.com
Management Fee:
0.90%
% Stock
Cash
14.1 84.6
Bonds Other
0.2 1.2
11-01-90
Actual Fees:
Mgt:0.90% Dist: .
South Korea 6 France 6
Third Avenue Management LLC
Expense Projections: Income Distribution:
3Yr:$350 Annually
5Yr:$607 10Yr:$1341
Stocks
None
Foreign
53.2
(% of Stock)
Federated Tr NTF
Mutual Funds ß ®
© 2014Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted to be accurate, correct, complete or timely. Pastperformance isnoguarantee of future results.Access updated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.
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