TASZX Fees and Costs — Third Avenue Small-Cap Value Fund, Z Class
Data updated: 2026-09-22
The net expense ratio is 1.09% (1.20% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $64K in broker commissions, 0.0382% of average net assets, and portfolio turnover was 15%.
TASZX Fees and Expenses
Annual operating expenses and sales charges of TASZX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.27% |
| Gross expense ratio | 1.20% |
| Fee waiver | −0.11% |
| Net expense ratio | 1.09% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
TASZX Costs Over Time
On $10,000 invested in TASZX, assuming 5% a year before costs, total costs come to $704 over 5 years, cutting the return by 1.18% 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 1.09%) | $114 | $357 | $618 |
| Trading costs (broker commissions) | $4 | $12 | $22 |
| Lost growth on money paid in costs | $0 | $18 | $65 |
| Total costs | $118 | $387 | $704 |
| Value after costs | $10,382 | $11,189 | $12,059 |
| Impact on return, per year | 1.18% | 1.18% | 1.18% |
TASZX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0382%
- Total broker commissions: $64K
- Bought from dealers (principal trades, not a cost): $5K
- Portfolio turnover (prospectus): 15%
- Securities lending: none during the year
TASZX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| VIRTU AMERICAS LLC | $26K | 40.78% |
| KEEFE, BRUYETTE & WOODS, INC. | $16K | 25.00% |
| EVERCORE GROUP L.L.C. | $15K | 22.76% |
| BARCLAYS CAPITAL, INC. | $4K | 5.89% |
| INSTINET, LLC | $4K | 5.55% |
| J.P. Morgan Securities LLC | $14 | 0.02% |
TASZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| VIRTU AMERICAS LLC | $5K | 100.00% |
Third Avenue Small-Cap Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TASZX | Z Class | 1.09% | none |
| TASCX | Institutional Class | 1.19% | none |
| TVSVX | Investor Class | 1.44% | none |
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.