Hedge funds

Third Avenue Small Cap Value Fund 2014 Letter

Third Avenue Small Cap Value Fund's letter to shareholders for the year ended December 31, 2014.

Dear Fellow Shareholders,

Our investment philosophy is to construct a concentrated portfolio, composed of companies i) with healthy balance sheets to try to provide downside protection, ii) with the ability to strongly grow book value over time and iii) that trade at an attractive discount to our conservative estimate of Net Asset Value (NAV).

In the past quarter, we . . .

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