Core Insights - The article compares two small-cap value ETFs: iShares Morningstar Small-Cap Value ETF (ISCV) and State Street SPDR S&P 600 Small Cap Value ETF (SLYV), highlighting their differences in expense ratios, stock counts, and risk profiles [1][8]. Cost & Size Comparison - SLYV has an expense ratio of 0.15%, while ISCV has a lower expense ratio of 0.06%, making ISCV more cost-effective for investors [3][10]. - As of January 5, 2026, ISCV has a one-year return of 9.57%, compared to SLYV's 6.11% [3]. - ISCV has assets under management (AUM) of $575 million, significantly lower than SLYV's $4 billion [3]. Performance & Risk Comparison - Over five years, SLYV experienced a maximum drawdown of -28.68%, while ISCV had a lower maximum drawdown of -25.34% [4]. - An investment of $1,000 would grow to $1,517 in ISCV and $1,422 in SLYV over five years, indicating better performance for ISCV [4][11]. Portfolio Composition - ISCV holds 1,092 stocks with major sector allocations in financial services (21%), consumer cyclicals (15%), and industrials (13%), providing broad diversification [5][9]. - SLYV, in contrast, holds 459 stocks with similar sector allocations: financial services (20%), consumer cyclicals (16%), and industrials (14%) [7]. Dividend Yield & Liquidity - SLYV offers a higher dividend yield of 2.13% compared to ISCV's 1.89%, which may attract income-focused investors [3][12]. - SLYV's larger AUM implies greater liquidity, allowing for larger transactions without significantly affecting the price [12]. Conclusion - Both ETFs provide small-cap value exposure, but ISCV is more diversified and cost-effective, while SLYV offers higher dividends and liquidity [8][13].

Core Insights - Third Avenue Management's "Third Avenue Small-Cap Value Fund" reported a return of 7.18% in Q3 2025, underperforming the MSCI USA Small-Cap Value Index at 8.97% and the Russell 2000 Value Index at 12.60% [1] - The fund's performance was positively influenced by contributions from a diverse range of businesses [1] Company Highlights - Boise Cascade Company (NYSE:BCC) was highlighted as a key stock in the fund's Q3 2025 investor letter, involved in the distribution and manufacturing of building materials and engineered wood products [2][3] - Over the last month, Boise Cascade Company (NYSE:BCC) experienced a return of -3.40%, and its stock price decreased by 49.32% over the past 52 weeks, closing at $71.38 on November 5, 2025, with a market capitalization of $2.644 billion [2]