C000003889 Fees and Costs — Third Avenue Value Portfolio
Data updated: 2026-08-21
The net expense ratio is 1.31%: a 0.90% management fee plus 0.47% other expenses, less a 0.07% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $42K in broker commissions, 0.0056% of average net assets, and portfolio turnover was 72%.
C000003889 Fees and Expenses
Annual operating expenses and sales charges of C000003889. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | — |
| Other expenses | 0.47% |
| Gross expense ratio | 1.38% |
| Fee waiver | −0.07% |
| Net expense ratio | 1.31% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
C000003889 Costs Over Time
On $10,000 invested in C000003889, assuming 5% a year before costs, total costs come to $818 over 5 years, cutting the return by 1.38% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.31%) | $138 | $428 | $739 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $21 | $75 |
| Total costs | $138 | $451 | $818 |
| Value after costs | $10,362 | $11,125 | $11,945 |
| Impact on return, per year | 1.38% | 1.38% | 1.38% |
C000003889 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0056%
- Total broker commissions: $42K
- Bought from dealers (principal trades, not a cost): $790K
- Portfolio turnover (prospectus): 72%
- Securities lending: none during the year
C000003889 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INSTINET, LLC | $22K | 53.68% |
| JEFFERIES LLC | $5K | 12.75% |
| SCOTIA CAPITAL (USA) INC. | $2K | 5.66% |
| GOLDMAN SACHS & CO. LLC | $2K | 5.54% |
| CLSA AMERICAS, LLC | $2K | 5.43% |
| CITIGROUP GLOBAL MARKETS INC. | $2K | 4.41% |
| BARCLAYS CAPITAL, INC. | $2K | 3.77% |
| JP MORGAN SECURITIES LLC | $1K | 3.59% |
| DAVY SECURITIES | $1K | 2.86% |
| Berenberg Capital Markets LLC | $942 | 2.32% |
C000003889 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| RBC CAPITAL MARKETS, LLC | $340K | 50.39% |
| GOLDMAN SACHS & CO. LLC | $335K | 49.61% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.