Pawel Kacperek/iStock via Getty Images Dear Fellow Shareholders, For the three months ended September 30, 2025, the Third Avenue Value Fund (the “Fund”) returned 11.85%, as compared to the MSCI World Index1, which returned 7.36%, and the MSCI World Value Index2, which returned 5.98%. For the year-to-date period, the Fund returned 26.04%, compared to the MSCI World Index and the MSCI World Value Index, which returned 17.83% and 17.54%, respectively. As of quarter end, annualized Fund performance for the ...

Core Insights - EverQuote, Inc. (EVER) has seen a year-to-date share price increase of 16.3%, outperforming its industry, the Finance sector, and the Zacks S&P 500 Composite, which recorded gains of 5.5%, 12.1%, and 11.5% respectively [1] - The company has a market capitalization of $848.9 million, with an average trading volume of 0.5 million shares over the last three months [1] Valuation and Projections - EVER's shares are trading at a price-to-book value of 4.94X, significantly higher than the industry average of 2.05X, indicating an expensive valuation [4] - The Zacks Consensus Estimate for EVER's 2025 earnings per share is $1.31, with projected revenues of $648.5 million. For 2026, earnings per share and revenues are expected to rise by 18.3% and 10.6% respectively from 2025 estimates [6] - The average price target from six analysts is $34 per share, suggesting a potential upside of 39.86% from the last closing price [10] Growth Strategy - EverQuote is focusing on long-term growth through investments in data, AI, and auto insurance, with plans to expand beyond auto markets [9] - The company anticipates third-quarter 2025 revenues between $163 million and $169 million, reflecting approximately 15% growth at the midpoint, and aims to exceed $1 billion in annual revenues soon [16] - EVER has authorized a $50 million share repurchase program, indicating management's confidence in the company's performance and cash position [18] Financial Performance - The return on equity (ROE) for the trailing 12 months is 36.9%, outperforming the industry average of 14.8%, showcasing efficiency in utilizing shareholders' funds [13] - Return on invested capital for the trailing 12 months stands at 36.3%, significantly better than the industry average of 2% [14] Challenges and Risks - EverQuote faces rising expenses related to marketing, operations, and technology, which may impact margins [21] - Regulatory risks and competition from larger carriers and rival platforms pose additional challenges to the company's growth [22]

Core Insights - Assurant, Inc. (AIZ) shares have increased by 12.5% over the past year, outperforming the industry growth of 9.2% [1][6] - The company has a market capitalization of $10.72 billion, with an average trading volume of 0.5 million shares over the last three months [1] Valuation and Trading Metrics - Assurant shares are trading at a forward price-to-earnings multiple of 1.97X, which is lower than the industry average of 2.19X, the Finance sector's 4.03X, and the Zacks S&P 500 Composite's 8.37X [2] - The stock closed at $212.50, near its 52-week high of $230.55, and is trading above its 50-day and 200-day simple moving averages of $194.91 and $203.53, indicating strong upward momentum [3] Growth Projections - The Zacks Consensus Estimate for Assurant's 2025 earnings per share indicates a year-over-year increase of 2.2%, with revenues projected at $12.55 billion, reflecting a 5% improvement [7] - Earnings have grown by 16.6% over the past five years, surpassing the industry average of 9.8%, and the company holds a Growth Score of B [8] Analyst Sentiment - Three out of five analysts have raised their estimates for both 2025 and 2026 in the past 30 days, leading to a 3.9% and 1.6% increase in the Zacks Consensus Estimate for those years, respectively [9] Target Price and Upside Potential - The average price target for AIZ is $237.33 per share, suggesting an 11.4% upside from the last closing price [11] Financial Performance - Assurant's return on equity in the trailing 12 months was 16.4%, exceeding the industry average of 14.6%, indicating efficient use of shareholders' funds [13] - The return on invested capital (ROIC) was 10.7%, significantly higher than the industry average of 1.92% [14] Business Strategy and Growth Areas - Assurant is focusing on expanding its capital-light businesses, which account for 52% of segment revenues, and management expects this segment to grow in double digits over the long term [15] - The Connected Living segment is anticipated to drive growth through innovative offerings and improved relationships with mobile carriers and cable operators [16] - Global Housing is expected to see growth from favorable loss experiences and increased policies in-force, with strong adjusted EBITDA growth projected for 2025 [17] Capital Management and Shareholder Returns - Assurant has a solid capital management policy, with an 11% dividend hike approved in November 2024, marking the 20th consecutive year of increases [20] - The company repurchased shares worth $62 million in the first quarter of 2025, with $287 million remaining under the current repurchase authorization [20][22] Conclusion - Assurant's focus on capital-light businesses, strong return on capital, and favorable growth estimates position the company well for long-term benefits [23][24]