分组1 - Third Avenue Small-Cap Value Fund achieved a return of 4.62% in Q4 2025, outperforming the MSCI USA Small-Cap Value Index which gained 3.13% [1] - For the full year 2025, the Fund delivered a return of 14.04%, exceeding the index's return of 10.80% [1] - The Fund focuses on publicly traded companies with independent management teams and boards, often controlled by individuals or families [1] 分组2 - UniFirst Corporation (NYSE:UNF) is highlighted as a key holding, providing workplace uniforms and protective workwear [2] - As of March 10, 2026, UniFirst's stock closed at $257.91, with a one-month return of 9.71% and a 52-week gain of 26.84% [2] - UniFirst has a market capitalization of $4.663 billion [2] 分组3 - Governance of UniFirst is controlled by the founding family through a dual-class share structure, despite the family owning a minority of shares [3] - The company has experienced mediocre operating performance, with little return for shareholders over the past five to six years [3] - Two primary options exist for UniFirst to increase shareholder value: investing in internal improvements like ERP systems or enhancing competitive positioning against larger competitors like Cintas Corporation [3] - Cintas has significantly higher revenue and valuation compared to UniFirst, attributed to better profitability, scale, efficiency, and route density [3]