Estimated return — disclosed long book
What Third Avenue Management LLC’s US-listed long positions did, derived from the share counts and market values in consecutive 13F filings, shown against SPY over exactly the same quarters. This is not the fund’s return. A 13F excludes shorts, bonds, cash, non-US listings and derivatives, says nothing about fees or leverage, and only sees positions held at both quarter ends. The fund figure is a price return while SPY is a total return, so the comparison is tilted against the manager by roughly a dividend yield.
Q2 2026
+4.8%
SPY +15.1%▼ -10.3%
2026 YTD(2Q so far)
+17.0%
SPY +10.1%▲ +6.9%
By calendar year
| Year | Estimated | SPY | Difference |
|---|---|---|---|
| 2025 | +17.7% | +17.7% | +0.0% |
| 2024 | +2.6% | +24.9% | -22.3% |
| 2023 | +32.2% | +26.2% | +6.1% |
| 2022 | -14.9% | -18.2% | +3.3% |
| 2021 | +35.4% | +28.7% | +6.7% |
| 2020 | -12.0% | +18.3% | -30.3% |
| 2019 | +17.5% | +31.2% | -13.8% |
| 2018 | -21.0% | -4.6% | -16.4% |
| 2017 | +16.2% | +21.7% | -5.6% |
| 2016 | +16.0% | +12.0% | +4.0% |
| 2015 | -10.3% | +1.2% | -11.6% |
| 20142/4 Q | -1.4% | +6.1% | -7.5% |
Years marked n/4 Qare built from fewer than four quarters, and the benchmark shown beside them covers the same partial set — so the difference is like-for-like, but the year is not a full year.