Venerable value shop Third Avenue just released its second quarter 2017 investor letters.
The Value Fund talks about thematic investing and the fund's big bets in financials and housing. It also discusses the new position in Reliance Steel & Aluminum (RS).
The International Value Fund first discusses the Chinese economy and global commodity markets with a focus on copper and zinc. The letter then outlines the investment case for its holdings in mining and other international companies.
The Small-Cap Value Fund letter discusses six new portfolio holdings: PDC Energy (PDCE), Haynes International (HAYN), Finisar Corp (FNSR), Horizon Global (HZN), AMN Healthcare (AMN), and WesBanco Bank (WSBC).
You can find the full letters here and in our letters section: Hedge Fund Second Quarter 2017 Letters