NEW YORK, Sept. 22 /PRNewswire/ -- Third Avenue Management LLC, investment adviser to the Third Avenue Funds, announced today that the holding period for shares of Third Avenue Focused Credit Fund (TFCIX, TFCVX) subject to early redemption fees will be reduced from one year to 60 days, effective October 1, 2010. Third Avenue Focused Credit Fund (the "Fund") seeks total return from a combination of capital appreciation and interest income. The Fund utilizes a comprehensive, bottom-up approach to identify investment opportunities throughout the credit spectrum, by investing in high-yield bonds, bank loans, convertible bonds, capital infusion deals and distressed securities.
In making the announcement David Barse, Chief Executive of Third Avenue Management stated, "Given the success we have had in raising significant assets within one year of its launch, the Fund is now large enough to reduce the holding period from one year to 60 days, to align it with all of the other Third Avenue Funds."
Mr. Barse added that, "Jeff Gary and Tom Lapointe, Co-Managers of the Focused Credit Fund, have diligently managed the Fund's composition, maturity and duration to ensure adequate liquidity and are comfortable with the Fund's asset size and stability of the portfolio. We continue to focus on clients with longer-term investment horizons and have determined that the 60-day holding period is sufficient to discourage short-term trading, while enabling Jeff and Tom to manage the portfolio in accordance with the Fund's investment objective."
An early redemption fee of 2.00% will continue to be imposed on Fund shares redeemed within less than 60 days from date of purchase, in order to discourage short-term trading in Fund shares.
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, 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 has approximately $14 billion in assets under management and offers value-oriented strategies through mutual funds, UCITS, separate accounts and alternative vehicles.
Third Avenue Management LLC
CONTACT: Bridget Wysong, Third Avenue Management LLC, +1-212-906-1164,
bwysong@thirdave.com
