Third Avenue Funds re-opened the Third Avenue Value Fund to new investors on Oct. 15.

The no-load fund, which has $1.5 billion in assets, was closed on July 15 because of a large cash position of approximately $434 million. The fund's cash position has been lowered to $209 million.

Portfolio manager Martin J. Whitman says the current market downturn has created "numerous investment opportunities which suit our value approach" and has enabled him and co-portfolio manager Michael Winer to reduce the cash position.

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