Since 1986, Third Avenue Management has consistently pursued a fundamental, bottom-up approach to deep value. We focus on a company's balance sheet and capital structure in order to identify undervalued companies with high-quality assets and strong potential to create significant value over the long term. Our value-oriented investment strategies leverage the collective expertise across investment teams. We believe our team approach enables us to generate and evaluate ideas from multiple perspectives and to efficiently identify the part of the asset class or capital structure that offers the most compelling risk/return opportunity. Third Avenue Management LLC offers its services to private and institutional clients and is partially owned by Affiliated Managers Group, a publicly-traded asset management firm holding company. Third Avenue Funds are distributed by Foreside Fund Services, LLC and are offered by prospectus only.