Third Avenue Management, an investment management company based in New York City, released its “Third Avenue Value Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. During the quarter, the Third Avenue Value Fund returned 7.47%, surpassing the MSCI World Value Index’s (the “Index”) 3.12% return and the MSCI World Value Index’s 3.34% return. For the year-to-date period, the Fund delivered a 35.46% return, significantly ahead of the indexes 21.09% and 20.79% gains for the same period. The Fund’s mining businesses made significant positive contributions to performance during the quarter. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, Third Avenue Value Fund highlighted stocks like Warrior Met Coal, Inc. (NYSE:HCC). Warrior Met Coal, Inc. (NYSE:HCC) is a non-thermal metallurgical coal producer. On March 09, 2026, Warrior Met Coal, Inc. (NYSE:HCC) stock closed at $78.94 per share. One-month return of Warrior Met Coal, Inc. (NYSE:HCC) was -12.59%, and its shares gained 61.50% over the past 52 weeks. Warrior Met Coal, Inc. (NYSE:HCC) has a market capitalization of $4.15 billion.
Third Avenue Value Fund stated the following regarding Warrior Met Coal, Inc. (NYSE:HCC) in its fourth quarter 2025 investor letter:
“During the quarter, each of the Fund’s mining businesses made significant positive contributions to performance. Warrior Met Coal, Inc. (NYSE:HCC) was the single largest contributor to Fund performance. Regarding Warrior Met Coal (“Warrior”), in our preceding shareholder letter we commented upon Warrior’s progress towards the construction of a third metallurgical coal mine called Blue Creek. Very shortly after we published that letter in October 2025, Warrior unexpectedly disclosed that the company had been able to begin commercial-scale mining at Blue Creek roughly eight months ahead of schedule, resulting in an immediate positive impact on revenue and cash flow and an upgrade to 2025 production estimates. Those developments helped propel Warrior shares during this most recent quarter. Going forward, the completion of Blue Creek ultimately portends far higher coal production, much lower capital spending and a likely return to significant cash distributions to shareholders.”
Warrior Met Coal, Inc. (NYSE:HCC) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 37 hedge fund portfolios held Warrior Met Coal, Inc. (NYSE:HCC) at the end of the fourth quarter, up from 32 in the previous quarter. While we acknowledge the potential of Warrior Met Coal, Inc. (NYSE:HCC) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.














