Third Avenue launches Focused Credit Fund

By Marisa Wong

Milwaukee, Aug. 31 - Third Avenue Management LLC announced that it has launched the Third Avenue Focused Credit Fund. The fund will complement the firm's four other mutual fund offerings.

The Focused Credit Fund seeks long term total return from capital appreciation and interest income by investing in high-yield bonds, bank loans and distressed securities.

"Our opportunistic mandate allows us to invest in a wide range of credit securities - including bank loans, high-yield and convertible securities - that have the best risk-adjusted return potential which distinguishes the fund from typical high-yield funds," said Jeff Gary, portfolio manager for the new portfolio.

"Very few funds have the flexibility and expertise necessary to capitalize on opportunities, including distressed investments, throughout many different periods of economic uncertainty and high levels of default."

According to an earlier Third Avenue announcement in June, Gary and Thomas Lapointe were hired as portfolio manager and senior research analyst, respectively. They will be managing the new fund, with the support of a credit team.

Gary will be responsible for portfolio construction and for identifying credit opportunities. Gary has more than 20 years of experience in high-yield, bank loan and distressed investment strategies.

Lapointe will be responsible for identifying and researching opportunities in high-yield and bank loan investments. Lapointe has over 17 years of investment experience, particularly in high-yield investment analysis.

Third Avenue is a New York-based investment advisory firm.

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