Third Avenue Management, an investment management company based in New York City, released its “Third Avenue Small-Cap Value Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. During the quarter, the fund returned +8.35% compared to +10.15% for the Fund’s most relevant benchmark, the Russell 2000 Value Index. Year-to-date the fund returned +8.30% compared to +9.22% return for the Index. The fund’s cash holdings declined to 12.9% during the quarter from 14.6% at the end of the preceding quarter. For more information on the fund’s top picks in 2024, please check its top five holdings.

Third Avenue Small-Cap Value Fund highlighted stocks like SandRidge Energy, Inc. (NYSE:SD) in the third quarter 2024 investor letter. SandRidge Energy, Inc. (NYSE:SD) is an oil and gas exploration and production company. The one-month return of SandRidge Energy, Inc. (NYSE:SD) was -3.80%, and its shares lost 27.03% of their value over the last 52 weeks. On October 18, 2024, SandRidge Energy, Inc. (NYSE:SD) stock closed at $11.66 per share with a market capitalization of $433.537 million.

Third Avenue Small-Cap Value Fund stated the following regarding SandRidge Energy, Inc. (NYSE:SD) in its Q3 2024 investor letter:

"Alongside those changes, the Fund also established new positions in two companies, SandRidge Energy, Inc. (NYSE:SD) and PBF Energy (“PBF”). Curiously, while both companies have “energy” in their names and both operate in the oil and gas industry, they have very little in common in terms of fundamental business drivers. We offer more details below but, in a word, SandRidge is a small-cap U.S. oil and gas exploration and production company, which operates a portfolio of producing assets, along with gathering and processing assets. While we believe the SandRidge story offers many interesting details, its business model is one that carries explicit risks and rewards of commodity price fluctuations. Today, SandRidge represents the only Fund holding that bears direct revenue exposure to oil and gas prices.

A vertical offshore oil rig in the middle of a calm sea, symbolizing the company's oil and gas exploration.