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THIRD AVENUE INTERNATIONAL VALUE FUND
THIRD AVENUE MANAGEMENT LLC
622 THIRD AVENUE
NEW YORK, NY 10017
212.888.5222
WWW.THIRDAVE.COM
For Investment Professionals Only For Investment Professionals Only For Investment Professionals Only For Investment Professionals Only –––– Not for Public DistributionNot for Public DistributionNot for Public DistributionNot for Public Distribution
THIRD AVENUE MANAGEMENT 2
A STRONG FOUNDATION FOR WEALTH CREATION AND PRESERVATION
Our History
� Founded in 1986 by Martin Whitman as the culmination of a multi-decade career in value and distress investing
� Overarching value philosophy derived from a creditor’s point of view and driven by a belief in the primacy of the
balance sheet
� Evolved into a global asset management firm offering five value-oriented strategies:
� Global
� Small-Cap
� Real Estate
� International
� Credit/Distressed
Stable, Long-Tenured Team
� Collaborative culture of independent thinkers – 27 investment professionals
� Consistent, long-standing portfolio management teams
Aligned Interests
� Senior management and investment professionals have material ownership stakes in the firm
� Investment professionals have significant portions of their liquid personal wealth in Third Avenue Funds invested
alongside our clients
Sound Enterprise
� $12 billion* in assets under management
� Partnered with $327 billion* global asset manager Affiliated Managers Group (NYSE: AMG) since 2002
*AUM as of March 31, 2012
THIRD AVENUE MANAGEMENT 3
THIRD AVENUE MANAGEMENT & VALUE INVESTING
The common view is that there is an elementary trade-off: you have to
take risks to obtain rewards. In Third Avenue Management’s view, there
is no such trade-off, but rather, the cheaper you buy, the greater the
potential investment reward and the cheaper you buy, the less the
inherent risk.
DEDICATED INTERNATIONAL TEAM
4THIRD AVENUE MANAGEMENT 4
Portfolio Manager
29 Years Experience
17 With Firm
Amit Wadhwaney
Sr. Research Analyst
17 Years Experience
8 With Firm
Jakub Rehor
Portfolio Manager
12 Years Experience
12 With Firm
Matthew Fine
Research Analyst
9 Years Experience
9 With Firm
John Mauro
Research Analyst
7 Years Experience
5 With Firm
Michael Campagna
THIRD AVENUE MANAGEMENT 5
WHY THIRD AVENUE INTERNATIONAL VALUE?
A Differentiated Approach to Global Investing
� Opportunistic approach yields unconstrained portfolios that offer a unique mix of securities across the globe
� Not benchmark focused; high active share*
� Willingness to hold cash in the absence of attractive opportunities
Prudently Concentrated
� Extremely thorough research leads to high conviction portfolios
� Portfolio typically consists of fewer than 40 securities
Global Expertise
� Third Avenue manages approximately $6 billion** in non-U.S. investments across multiple portfolios
� Investing globally since 1996
Augmented Research Capabilities
� The Third Avenue International team benefits from the ability to collaborate with Third Avenue’s Value, Real
Estate and Credit research teams to help source and evaluate investment ideas
Transparent Client Communications
� Informative quarterly portfolio commentaries
� Regularly scheduled conference calls for investment professionals
*The term “active share” refers to the proportion of a portfolio’s stock holdings that is different from the composition of the portfolio’s benchmark.
** As of March 31, 2012.
THIRD AVENUE’S APPROACH TO GLOBAL INVESTING
5 Key Points
� Strictly “bottom-up” approach
� Buy businesses at a significant discount to net asset value
� Risk averse
� Balance sheet focused
� Long-term investors
THIRD AVENUE MANAGEMENT 6THIRD AVENUE MANAGEMENT
6 ONTARIO TEACHERS’ PENSION PLAN
� Understandable business model with a high-quality balance sheet
� Lies in a defensible position in the value chain – assets difficult to replicate
� High quality management aligned with shareholder interests
� Limited risks from currency exposure, political or regulatory issues
� Analysis based on what is currently known. We do not pay up for “optionality” of potential cash flows
� Meaningfully discounted on an “as-is” basis compared to the price a private cash acquirer would pay in an arms-
length, non-distressed, non-hyped transaction
Appropriate Valuations
Key Qualitative Criteria
6
Attractive Valuation
� Trading at about 4x EBITDA*, and at a meaningful discount to our conservative estimate of net
asset value
Strong Growth Potential
� Catalysts for growth and/or stock price appreciation include:
� Broadband penetration in Poland (which is among the lowest in EU)
� Favorable regulatory environment for independent telecom companies
� Continued expansion of EBITDA margins
� Margins had fallen from 35% to 15% on subscriber acquisition investment and other growth
initiatives, but have since rebounded to about 27% currently*.
� Recently two acquisitions have confirmed Netia’s position as the prime consolidator of the Polish
telecom market.
� Further expansion via M&A remains an option.
THIRD AVENUE MANAGEMENT 7
^2012 adjusted EBITDA guidance.
*Pro forma, before integration costs and synergies from recent acquisitions.
Source: TAM research, company website. TAM believes that Netia provides an illustrative example of its investment approach. This information should not be considered a recommendation to purchase or sell any
particular security.
INDEPENDENT POLISH TELECOM OPERATOR
NETIA (NET PW)
Corporate Description
� Netia is a leading independent fixed-line telecommunications operator in
Poland. It has a nationwide fiber optic network, limited competition from cable
TV, last mile access in cities and excellent opportunities for growth.
Balance Sheet Strength
� Even after acquiring two large competitors for cash in December 2011, the
company’s net debt is only 0.8x EBITDA^.
Netia’s network
DISCOUNTED CANADIAN GLOBAL AGRIBUSINESS PLAYER
VITERRA (TSX: VT)
Investment Conclusion
� On March 20, 2012, global commodities supplier Glencore announced a takeover bid for Viterra, valuing the company at
C $6.1 billion, a 48% premium to its market value prior to Viterra’s disclosure that it received expressions of interest. The
deal is expected to close in Summer 2012.
Source: TAM research, company website. TAM believes that Viterra provides an illustrative example of its investment approach. This information should not be considered a recommendation to purchase
or sell any particular security.
8THIRD AVENUE MANAGEMENT
Corporate Description
� Viterra, formerly Saskatchewan Wheat Pool, is a global agribusiness
operator whose main assets are grain-handling infrastructure in Canada
and Australia, moving grains from farm to ship. The company is also a
retailer of crop inputs, grain trader, and food processor (malting barley
and oats).
� The company originated as a Saskatchewan cooperative, with an
inequitable voting structure and relative lack of access to equity
markets.
THIRD AVENUE MANAGEMENT 8
Third Avenue Investment
� Third Avenue Management (“TAM”) purchased shares at a meaningful discount to NAV and at a modest multiple of operating
earnings, starting in late 2005.
� TAM provided financing for the hostile takeover of Viterra’s biggest Canadian competitor in 2006.
� TAM supported Viterra’s tender offer for its acquisition of ABB Grain in Australia in 2009.
THIRD AVENUE MANAGEMENT 9
THIRD AVENUE INTERNATIONAL VALUE FUND (UCITS)
PORTFOLIO CHARACTERISTICS AS OF APRIL 30, 2012
THIRD AVENUE MANAGEMENT 9
INDUSTRY WEIGHTINGS1
+ Holdings subject to change without notice.
1 Industry classifications provided by Third Avenue for equity holdings only.
2 Source: Thomson Portfolio Analytics; based on equity holdings only
3 Informa IS definitions; based on equity holdings only
4 Includes assets from all Third Avenue offerings under the International
strategy, as of 31 March 2012.
5 “Other” may consist of option investments.
6 All classes are accumulation shares.
MARKET CAPITALIZATION3
Micro (<$500 Million) 4.3%
Small ($500 Million to $2 Billion) 26.1%
Mid ($2 Billion to $7 Billion) 35.1%
Large (>$7 Billion) 34.5%
CHARACTERISTICS
Total Strategy Assets4 $2.12 Billion
Weighted Market Cap2 $15.38 Billion
Median Market Cap2 $3.28 Billion
TAVIXU P/B2 0.89x
MSCI AC World ex US Index P/B2 1.18x
Active share vs MSCI AC World
Index as of 5/31/1298.4%
Active share vs MSCI AC World ex
US Index as of 5/31/1297.3%
ASSET CLASSES
Equity 90.8%
Debt 0.0%
Cash, Equivalents & Other5 9.2%
1.5%
5.7%
3.4%
11.8%5.4%
2.3%
5.2%
2.9%
0.2%
0.5%
2.3%
9.2%
5.3%
7.1%
4.4%
0.7%
2.2%
2.5%
2.2%
1.4%
2.3%
0% 2% 4% 6% 8% 10% 12%
Transportation
Telecommunications
Securities Brokerage
Real Estate
Pharmaceuticals
Other Financial
Oil & Gas
Metals & Mining
Media and Entertainment
IT Services
Investment Companies
Insurance & Reinsurance
Holding Companies
Forest Products & Paper
Electronics Components
Diversified Operations
Corporate Services
Capital Goods
Building & Construction Products/Services
Automotive
Agriculture
Advertising
12.1%
SHARE CLASSES6 ISIN MANAGEMENT FEE NAV/SHARE
Class A1 USD IE00B57HGV17 1.60% $26.93
Class A2 GBP IE00B57HGW24 1.60% NA
Class A3 EUR IE00B57HGX31 1.60% €25.44
Class A4 USD Institutional IE00B6WFK593 1.10% $22.65
Class A5 EUR (Hedged) Institutional IE00B6WFK601 1.10% NA
TOP 10 HOLDINGS*
WBL Corp. 7.1%
Netia SA 5.7%
Taylor Wimpey 4.2%
Weyerhaeuser Co. 4.1%
White Mountains Insurance Group 3.7%
Daiwa Securities 3.4%
Sanofi-Aventis 3.4%
Leucadia National Corp. 3.3%
Allianz 2.8%
Munich Re 2.8%
TOP 10 COUNTRIES
United States 12.6% Canada 6.0%
United
Kingdom 11.0% Poland 5.7%
Japan 10.4% France 5.5%
Singapore 7.9% Hong Kong 4.8%
Germany 7.7% Austria 2.6%
THIRD AVENUE MANAGEMENT 10
THIRD AVENUE INTERNATIONAL VALUE FUND (UCITS)
PORTFOLIO HOLDINGS AS OF APRIL 30, 2012
THIRD AVENUE MANAGEMENT 10
NAME WEIGHT COUNTRY INDUSTRY
WBL CORP LTD 7.14% SINGAPORE ELECTRONICS COMPONENTS
NETIA SA 5.72% POLAND TELECOMMUNICATIONS
TAYLOR WIMPEY PLC 4.15% UNITED KINGDOM REAL ESTATE
WEYERHAEUSER CO 4.10% UNITED STATES FOREST PRODUCTS & PAPER
WHITE MOUNTAINS INSURANCE GROUP, LTD 3.66% UNITED STATES INSURANCE & REINSURANCE
DAIWA SECURITIES 3.45% JAPAN SECURITIES BROKERAGE
SANOFI-AVENTIS SA 3.36% FRANCE PHARMACEUTICALS
LEUCADIA NATIONAL CORP 3.34% UNITED STATES HOLDING COMPANIES
ALLIANZ SE 2.80% GERMANY INSURANCE & REINSURANCE
MUENCHENER RUECKVERSICHERUNGS AG 2.76% GERMANY INSURANCE & REINSURANCE
MITSUI FUDOSAN CO LTD 2.61% JAPAN REAL ESTATE
HUTCHISON WHAMPOA LTD 2.59% HONG KONG DIVERSIFIED OPERATIONS
ATRIUM EUROPEAN REAL ESTATE LTD 2.57% AUSTRIA REAL ESTATE
LG CORP 2.56% SOUTH KOREA HOLDING COMPANIES
PARGESA HOLDING SA 2.50% SWITZERLAND HOLDING COMPANIES
SEGRO PLC 2.48% UNITED KINGDOM REAL ESTATE
ASATSU-DK INC 2.33% JAPAN ADVERTISING
YUANTA FINANCIAL HOLDING CO LTD 2.33% TAIWAN OTHER FINANCIAL
RESOLUTION LTD 2.30% UNITED KINGDOM INVESTMENT COMPANIES
GUOCO GROUP LTD 2.20% HONG KONG HOLDING COMPANIES
DAIMLER AG 2.16% GERMANY AUTOMOTIVE
NEXANS SA 2.15% FRANCE CAPITAL GOODS
GLAXOSMITHKLINE PLC 2.09% UNITED KINGDOM PHARMACEUTICALS
TITAN CEMENT CO 2.04% GREECE BUILDING & CONSTRUCTION PRODUCTS/SERVICES
PETROLEUM GEO-SERVICES 2.03% NORWAY OIL & GAS
ANTARCHILE SA 1.78% CHILE DIVERSIFIED OPERATIONS
ENCANA CORP 1.71% CANADA OIL & GAS
NEWMONT MINING CORP 1.54% UNITED STATES METALS & MINING
PRECISION DRILLING TRUST 1.48% CANADA OIL & GAS
SEINO HOLDINGS CORP 1.48% JAPAN TRANSPORTATION
GP INVESTMENTS 1.47% BRAZIL HOLDING COMPANIES
VITERRA INC 1.43% CANADA AGRICULTURE
RUBICON LTD 1.25% NEW ZEALAND FOREST PRODUCTS & PAPER
KINROSS GOLD CORP 1.23% CANADA METALS & MINING
BOARDROOM, LTD 0.74% SINGAPORE CORPORATE SERVICES
OTSUKA CORP 0.52% JAPAN IT SERVICES
TENON LTD 0.49% NEW ZEALAND BUILDING & CONSTRUCTION PRODUCTS/SERVICES
ALMA MEDIA OYJ 0.15% FINLAND MEDIA AND ENTERTAINMENT
DUNDEE PRECIOUS METALS INC 0.12% CANADA METALS & MINING
4/30/12 Portfolio
Cash Level = 9.21%
THIRD AVENUE MANAGEMENT 11
THIRD AVENUE INTERNATIONAL VALUE FUND
PERFORMANCE AS OF MAY 31, 2012
*Inception for Third Avenue International Value Fund (40Act) is December 31, 2001.
^Inception for Third Avenue International Value Fund (UCITS) is March 31, 2009.
The MSCI AC World ex US Index is an unmanaged index of common stocks and includes securities representative of the market structure of over 50 developed and emerging market countries (other than the United States)
in North America, Europe, Latin America and the Asian Pacific Region. The MSCI AC World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of
developed and emerging markets. The MSCI World Value Index covers the full range of MSCI Developed, Emerging and All Country Indices across large, mid and small cap size segmentations. The index is constructed using an approach that provides a precise definition of style using historical and forward-looking fundamental data for each security in order to properly capture the appropriate value (as opposed to growth) securities.
Past performance is no guarantee of future results; returns include reinvestment of all distributions. Third Avenue Funds are offered by prospectus only. The prospectus contains important information, including investment
objectives, risks, advisory fees and expenses. Please read the prospectus carefully before investing in the Funds. Past performance is no guarantee of future results. Investment return and principal value fluctuate so that
an investor's shares, when redeemed, may be worth more or less than the original cost. For updated information or a copy of the Fund’s prospectus, please call 1-800-443-1021 or go to our web site at www.thirdave.com
11
2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
International Value Fund (40 Act) -15.28% 11.11% 35.43% -37.28% 3.36% 17.13% 18.00% 27.71% 54.68% -2.87%
MSCI AC World ex US Index -13.33% 11.60% 42.14% -45.24% 17.12% 27.16% 17.11% 21.36% 41.41% -14.67%
MSCI AC World Index -6.86% 13.21% 35.41% -41.85% 12.18% 21.53% 11.37% 15.75% 34.63% -18.98%
MSCI World Value Index -4.92% 9.77% 27.70% -39.85% 4.09% 25.94% 10.30% 19.26% 39.00% -19.55%
THIRD AVENUE MANAGEMENT 11
THIRD AVENUE INTERNATIONAL VALUE FUND (40ACT) NET PERFORMANCE AS OF MAY 31, 2012
Annualized
1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Inception*
International Value Fund (40Act) -9.90% -13.03% -0.42% -20.88% 3.28% -5.31% 7.48% 7.77%
MSCI AC World ex US Index -11.25% -13.73% -2.66% -20.11% 5.01% -5.12% 6.11% 6.20%
MSCI AC World Index -8.88% -9.22% 0.97% -11.81% 9.38% -3.17% 5.09% 4.66%
MSCI World Value Index -8.53% -9.15% -0.92% -12.65% 7.86% -5.53% 4.39% 4.18%
THIRD AVENUE INTERNATIONAL VALUE FUND (UCITS) NET PERFORMANCE AS OF MAY 31, 2012
Annualized
1 Month 3 Month YTD 1 Year 2 Year Inception^
International Value Fund (UCITS) -10.39% -13.32% -0.45% -21.31% -0.74% 6.11%
MSCI AC World ex US Index -11.25% -13.73% -2.66% -20.11% 2.10% 13.58%
MSCI AC World Index -8.88% -9.22% 0.97% -11.81% 6.57% 16.26%
MSCI World Value Index -8.53% -9.15% -0.92% -12.65% 5.16% 15.23%
THIRD AVENUE INTERNATIONAL VALUE FUND: UP/DOWN CAPTURE
VS MSCI AC WORLD EX US INDEX
Inception through March 31, 2012
THIRD AVENUE MANAGEMENT 12
Upside%
0
20
40
60
80
100
120
140
Downside%
0 20 40 60 80 100 120 140
Third Avenue International Value
MSCI AC WORLD INDEX ex USA
Third Avenue International Value
Up
28
MSCI AC WORLD INDEX ex USA 28
Down
13
13
Up
Market
7.29
8.22
Down
Market
-7.00
-9.79
Best
65.98
61.67
Worst
-43.50
-46.18
Up
Capture
87.0
100.0
Down
Capture
75.1
100.0
R-Squared
87.75
100.00
# of QuartersAverage Return (%)
vs. Market1-Year (%) Market Benchmark (%)
Inception for Fund is December 31, 2001.
Source: Zephyr StyleADVISOR. Manager returns supplied by: Morningstar, Inc.
Past performance is no indication of future results.
THIRD AVENUE MANAGEMENT 13
Upside%
0
20
40
60
80
100
120
140
Downside%
0 20 40 60 80 100 120 140
Third Avenue International Value
MSCI ACWI
Third Avenue International Value
Up
28
MSCI ACWI 27
Down
13
14
Up
Market
7.16
7.57
Down
Market
-5.74
-8.93
Best
65.98
56.31
Worst
-43.50
-42.74
Up
Capture
92.7
100.0
Down
Capture
69.7
100.0
R-Squared
83.14
100.00
# of QuartersAverage Return (%)
vs. Market1-Year (%) Market Benchmark (%)
Inception for Fund is December 31, 2001.
Source: Zephyr StyleADVISOR. Manager returns supplied by: Morningstar, Inc.
Past performance is no indication of future results.
THIRD AVENUE INTERNATIONAL VALUE FUND: UP/DOWN CAPTURE
VS MSCI AC WORLD INDEX
Inception through March 31, 2012