I going to make a greatest artwork as I can, by my head, my hand and by my mind./iStock via Getty Images Dear Fellow Shareholders, The Third Avenue Small-Cap Value Fund (the “Fund”) returned 7.18% during the third quarter of 2025, compared to a return of 8.97% for the MSCI USA Small Cap Value Index (the “Index”)1 and a return of 12.60% for the Russell 2000 Value Index.2 For the trailing three-year and five-year periods, the Fund produced annualized returns of 15.11% and 16.09%, respectively. Performance ...