TAVZX Fees and Costs — Third Avenue Value Fund, Z Class
Data updated: 2026-09-22
The net expense ratio is 1.07%: a 0.90% management fee plus 0.18% other expenses, less a 0.02% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $366K in broker commissions, 0.0501% of average net assets, and portfolio turnover was 23%.
TAVZX Fees and Expenses
Annual operating expenses and sales charges of TAVZX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.18% |
| Gross expense ratio | 1.09% |
| Fee waiver | −0.02% |
| Net expense ratio | 1.07% |
| 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 |
TAVZX Costs Over Time
On $10,000 invested in TAVZX, assuming 5% a year before costs, total costs come to $699 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 1.07%) | $112 | $350 | $606 |
| Trading costs (broker commissions) | $5 | $16 | $28 |
| Lost growth on money paid in costs | $0 | $18 | $64 |
| Total costs | $118 | $385 | $699 |
| Value after costs | $10,382 | $11,192 | $12,064 |
| Impact on return, per year | 1.18% | 1.18% | 1.18% |
TAVZX 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): 0.0501%
- Total broker commissions: $366K
- Bought from dealers (principal trades, not a cost): $7.9M
- Portfolio turnover (prospectus): 23%
- Securities lending: none during the year
TAVZX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INSTINET, LLC | $182K | 52.68% |
| JEFFERIES LLC | $50K | 14.65% |
| CLSA Americas, LLC | $22K | 6.42% |
| CITIGROUP GLOBAL MARKETS INC. | $18K | 5.21% |
| Berenberg Capital Markets LLC | $17K | 4.80% |
| BARCLAYS CAPITAL, INC. | $16K | 4.58% |
| SCOTIA CAPITAL (USA) INC. | $13K | 3.82% |
| EVERCORE GROUP L.L.C. | $10K | 2.89% |
| J.P. MORGAN SECURITIES LLC | $9K | 2.73% |
| UBS Securities LLC | $8K | 2.21% |
TAVZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $4.5M | 56.69% |
| RBC CAPITAL MARKETS, LLC | $3.4M | 43.31% |
Third Avenue 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 |
|---|---|---|---|
| TAVZX | Z Class | 1.07% | none |
| TAVFX | Institutional Class | 1.16% | none |
| TVFVX | Investor Class | 1.39% | 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.