- ISIN
- US8841162030
- CUSIP
- 884116203
- Issuer
- Third Avenue
- Inception Date
- Apr 1, 1997
- Category
- Small Cap Value Equities
- Min. Investment
- $10,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Small-Cap
- Asset Class Style
- Value
Share Price Chart
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Performance
TASCX Performance Chart
Third Avenue Small Cap Value Fund (TASCX) is up 16.4% since the beginning of the year. TASCX is currently trading at $24 per share. Investors who bought $1,000 worth of TASCX shares 5 years ago would now be looking at an investment worth $1,718.
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Returns By Period
Third Avenue Small Cap Value Fund (TASCX) has returned 16.38% so far this year and 32.53% over the past 12 months. Over the last ten years, TASCX has returned 10.69% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Third Avenue Small Cap Value Fund
- 1D
- 0.00%
- 1M
- 1.35%
- YTD
- 16.38%
- 6M
- 14.22%
- 1Y
- 32.53%
- 3Y*
- 16.62%
- 5Y*
- 11.43%
- 10Y*
- 10.69%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
TASCX Monthly Returns History
Based on dividend-adjusted daily data since Mar 31, 1997, TASCX's average daily return is +0.04%, while the average monthly return is +0.88%. At this rate, an investment would double in approximately 6.6 years.
Historically, 63% of months were positive and 38% were negative. The best month was Apr 2009 with a return of +16.5%, while the worst month was Oct 2008 at -23.5%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 6 months.
On a daily basis, TASCX closed higher 51% of trading days. The best single day was Mar 12, 2025 with a return of +30.6%, while the worst single day was Mar 13, 2025 at -23.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 4.46% | 5.38% | -2.03% | 6.56% | 0.04% | 1.22% | 16.38% | ||||||
| 2025 | 5.15% | -6.53% | -2.29% | -2.90% | 5.41% | 4.09% | 1.00% | 8.72% | -2.39% | -0.34% | 5.00% | 0.04% | 14.79% |
| 2024 | -2.14% | 0.81% | 7.76% | -3.93% | 1.90% | -3.96% | 9.30% | 0.14% | -1.00% | -1.61% | 4.71% | -7.66% | 3.04% |
| 2023 | 7.22% | 3.19% | -5.86% | 0.86% | -5.52% | 8.07% | 7.91% | -2.46% | -1.31% | -5.58% | 4.66% | 11.24% | 22.49% |
| 2022 | -3.93% | 0.51% | 3.10% | -5.91% | 3.46% | -5.52% | 5.63% | -2.18% | -6.38% | 12.02% | 2.08% | -3.10% | -1.87% |
| 2021 | 0.97% | 11.87% | 4.93% | 1.96% | 3.99% | -3.89% | -1.27% | 2.38% | -2.33% | 3.14% | -1.29% | 3.72% | 25.92% |
Benchmark Metrics
Third Avenue Small Cap Value Fund has an annualized alpha of 3.57%, beta of 0.78, and R2 of 0.56 versus S&P 500 Index. Calculated based on daily prices since March 31, 1997.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (90.60%) than losses (84.78%) - typical of diversified or defensive assets.
- This fund generated an annualized alpha of 3.57% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Alpha
- 3.57%
- Beta
- 0.78
- R²
- 0.56
- Upside Capture
- 90.60%
- Downside Capture
- 84.78%
Expense Ratio
TASCX has a high expense ratio of 1.15%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
TASCX ranks 80 for risk / return — in the top 80% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Third Avenue Small Cap Value Fund (TASCX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TASCX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.37 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 5.25 | 2.78 | +2.47 |
| Martin ratioReturn relative to average drawdown | 16.54 | 12.44 | +4.10 |
Dividends
Dividend History
Third Avenue Small Cap Value Fund provided a 3.24% dividend yield over the last twelve months, with an annual payout of $0.78 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.78 | $0.78 | $2.21 | $2.89 | $1.02 | $1.74 | $0.26 | $1.43 | $2.05 | $2.83 | $1.98 | $2.76 |
Dividend yield | 3.24% | 3.78% | 11.87% | 14.38% | 5.40% | 8.55% | 1.50% | 7.75% | 12.67% | 13.61% | 9.15% | 14.70% |
Monthly Dividends
The table displays the monthly dividend distributions for Third Avenue Small Cap Value Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.78 | $0.78 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.21 | $2.21 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.89 | $2.89 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.02 | $1.02 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.74 | $1.74 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Third Avenue Small Cap Value Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Third Avenue Small Cap Value Fund was 58.55%, occurring on Mar 9, 2009. Recovery took 970 trading sessions.
The current Third Avenue Small Cap Value Fund drawdown is 1.64%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -58.55%Mar 2009 | 1y 9mo | 3y 10mo | 5y 7moJun 2007 - Jan 2013 |
COVID crash2020 | -40.45%Mar 2020 | 1y 6mo | 9mo 25d | 2y 4moAug 2018 - Jan 2021 |
1998 bear market1998 | -33.21%Oct 1998 | 5mo | 1y 4mo | 1y 9moMay 1998 - Feb 2000 |
Dot-com crash2000–2002 | -30.37%Oct 2002 | 5mo 24d | 10mo 16d | 1y 4moApr 2002 - Aug 2003 |
2025 selloff2025 | -30.26%Apr 2025 | 26d | 9mo 18d | 10mo 14dMar 2025 - Jan 2026 |
Drawdown Indicators
| TASCX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.55% | -56.78% | -1.77% |
Max Drawdown (1Y)Largest decline over 1 year | -6.29% | -9.10% | +2.81% |
Max Drawdown (3Y)Largest decline over 3 years | -30.26% | -18.90% | -11.36% |
Max Drawdown (5Y)Largest decline over 5 years | -30.26% | -25.43% | -4.83% |
Max Drawdown (10Y)Largest decline over 10 years | -40.45% | -33.92% | -6.53% |
Current DrawdownCurrent decline from peak | -1.64% | -1.80% | +0.16% |
Average DrawdownAverage peak-to-trough decline | -8.60% | -10.71% | +2.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.99% | 2.03% | -0.04% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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