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Third Avenue Management, an investment management company based in New York City, released its “Third Avenue Small-Cap Value Fund” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. During the quarter, the fund returned -4.38% compared to -1.06% for the Fund’s most relevant benchmark, the Russell 2000 Value Index. For the year ended 31 December 2024, the fund returned +3.55% compared to +8.05% return for the Index. The fund’s cash holdings were 8% at the end of Q4 as compared to 12.9% as of September 30th, 2024. For more information on the fund’s top picks in 2024, please check its top five holdings.
Third Avenue Small-Cap Value Fund highlighted stocks like Ambac Financial Group, Inc. (NYSE:AMBC) in its Q4 2024 investor letter. Ambac Financial Group, Inc. (NYSE:AMBC) is a financial services holding company. The one-month return of Ambac Financial Group, Inc. (NYSE:AMBC) was 0.78%, and its shares lost 26.05% of their value over the last 52 weeks. On February 4, 2024, Ambac Financial Group, Inc. (NYSE:AMBC) stock closed at $11.50 per share with a market capitalization of $545.596 million.
Third Avenue Small-Cap Value Fund stated the following regarding Ambac Financial Group, Inc. (NYSE:AMBC) in its Q4 2024 investor letter:
"The Fund initiated two new positions during the quarter, OceanFirst Financial (“OCFC”) and Ambac Financial Group, Inc. (NYSE:AMBC).