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Third Avenue Focused Credit Fund celebrates fifth anniversary

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Third Avenue Management’s Focused Credit Fund celebrated its fifth anniversary on 30 August, with a five-year annualised return of 11.88 per cent.

The fund ranks in the top quartile amongst 497 funds in Morningstar’s high yield bond fund category for the five-year period ended 30 August 2014.
 
In addition, the Focused Credit Fund is ranked in the top percentile in its category for the three-year, one-year, and year-to-date periods.
 
“Since its inception, the focused credit team has been a strong addition to Third Avenue and exemplifies the power of original thinking that we pride ourselves on,” says David Barse, chief executive officer at Third Avenue. “We’ve been exceptionally pleased with how the Focused Credit Fund has performed throughout its one, three and now five-year milestones and remain thoroughly committed to continuing to execute on our opportunistic strategy and are excited by the prospects ahead.”
 
Led by Thomas Lapointe, the Third Avenue Focused Credit Fund seeks long-term total return through an opportunistic, bottom-up investment strategy that selects high yield stressed and distressed credits up and down the capital structure.
 
“Managing the Focused Credit Fund has been a tremendous experience with great support from our entire Third Avenue team,” says Lapointe. “I’m grateful for the trust investors have placed in the Fund and we continue to see a great deal of unique opportunities in troubled industries with credit profiles that provide significant upside. In the long run, we are confident our approach is well positioned to deliver strong results for investors.”

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