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Fund Times

Two Managers Are Leaving Third Avenue

Third Avenue Small Cap Value is Under Review because of impending manager changes.

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Curtis Jensen, the lead manager of the $575 million  Third Avenue Small Cap Value (TASCX) since 2001, will leave Third Avenue on Sept. 30, 2014. Charles Page, a longtime analyst on the team promoted to comanager in January 2013, will also depart the firm at the end of September. According to Third Avenue, Jensen is leaving to take time off and Page is pursuing other opportunities. The fund is Under Review.

Chip Rewey, who joined Third Avenue and became this fund's co-lead manager alongside Jensen in June 2014, will assume sole lead manager responsibilities of the fund upon Jensen's departure. Tim Bui, a comanager on the fund since 2013, remains on the manager roster.

Morningstar lowered this fund's Morningstar Analyst Rating to Neutral from Bronze in September 2013. At that point, Jensen's dozen years at the helm had proved wanting, wearing away the good will built upon the fund's association with famed investor Marty Whitman and the firm's storied approach to value investing.

Rewey's addition to the team in mid-2014 did not change that view. Rewey came from Cramer Rosenthal McGlynn, where he worked alongside several comanagers on four of its offerings, including CRM Small/Mid Cap Value (CRIAX), which had mixed results. Rewey's taking over the fund's reins creates uncertainty, as his abilities to manage the fund's distinct strategy are untested. In June, Rewey also took the lead on Neutral-rated  Third Avenue Value (TVFVX), the firm's flagship offering.

Leo Acheson does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.