Third Avenue Focused Credit Fund Celebrates Five-Year Anniversary
NEW YORK--(BUSINESS WIRE)--Third Avenue Management LLC (“Third Avenue”), an investment adviser to private and institutional clients, today announced that its Third Avenue Focused Credit Fund (TFCIX) celebrated a milestone 5th anniversary on August 30, 2014, with a five-year annualized return of 11.88%. The Fund ranks in the top quartile amongst 497 funds in Morningstar’s High Yield Bond fund category for the 5-year period ended August 30, 2014. In addition, the Focused Credit Fund is ranked in the top percentile in its category for the 3-year, 1-year, and year-to-date periods ending August 30, 2014.
“Managing the Focused Credit Fund has been a tremendous experience with great support from our entire Third Avenue team”
“Since its inception, the Focused Credit team has been a strong addition to Third Avenue and exemplifies the power of original thinking that we pride ourselves on,” said David Barse, Chief Executive Officer at Third Avenue. “We’ve been exceptionally pleased with how the Focused Credit Fund has performed throughout its one, three and now five-year milestones and remain thoroughly committed to continuing to execute on our opportunistic strategy and are excited by the prospects ahead.”
Led by Thomas Lapointe, CFA, the Third Avenue Focused Credit Fund seeks long-term total return through an opportunistic, bottom-up investment strategy that selects high yield stressed and distressed credits up and down the capital structure.
“Managing the Focused Credit Fund has been a tremendous experience with great support from our entire Third Avenue team,” said Lapointe. “I’m grateful for the trust investors have placed in the Fund and we continue to see a great deal of unique opportunities in troubled industries with credit profiles that provide significant upside. In the long run, we are confident our approach is well positioned to deliver strong results for investors.”
About Third Avenue Management
Third Avenue Management LLC is a New York-based investment advisory firm that offers its services to private and institutional clients. Third Avenue adheres to a disciplined bottom-up value investment strategy in order to identify investment opportunities in undervalued securities of companies with high quality assets, understandable businesses and strong management teams that have the potential to create value over the long term. Third Avenue Management offers value-oriented strategies through mutual funds, UCITS funds, separate accounts and alternative products.
Third Avenue Focused Credit Fund is offered by prospectus only. The prospectus contains more complete information on advisory fees, distribution charges, and other expenses and should be read carefully before investing or sending money. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. The Fund’s returns should be viewed in light of its investment policy and objectives and quality of its portfolio securities and the periods selected. M.J. Whitman LLC Distributor.
Third Avenue Focused Credit Fund Institutional Class ranks number 100 out of the 497 funds with 5-year track records that are currently included in Morningstar’s High Yield Bond category, based on 5-year average annual returns, as of August 30, 2014. For the YTD, one, and three-year periods, the Fund ranked 4 out of 735 in the category, 2 out of 709, and 1 out of 568, respectively, Source: Morningstar.
Third Avenue Focused Credit Fund Investor Class ranks number 115 out of the 497 funds with 5-year track records that are currently included in Morningstar’s High Yield Bond category, based on 5-year average annual returns, as of August 31, 2014. For the YTD, one, and three-year periods, the Fund ranked 5 out of 735 in the category, 3 out of 709, and 4 out of 568, respectively, Source: Morningstar.
Please note Morningstar categories are subject to change over time, based on portfolio composition. Please note that TFCIX has not been the number one ranked fund for all time periods and might not be ranked number one in the future. Different funds take different levels of risk. You should read the Fund’s prospectus for a detailed description of risk prior to investing.
If you should have any questions, or for updated information (including performance data current to the most recent month-end) or a copy of our prospectus, please call 1-800-443-1021 or go to our web site at www.thirdave.com. Current performance may be lower or higher than performance quoted.