Here’s Third Avenue Small-Cap Value Fund’s Updates on Cintas Corporation’s (CTAS) Unifirst Takeover Offer

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Soumya Eswaran

Wed, March 11, 2026 astatine 7:57 AM CDT 4 min read

Third Avenue Management, a New York City-based concern firm, published its fourth-quarter 2025 capitalist missive for the “Third Avenue Small-Cap Value Fund. " A transcript of the missive is disposable for download here. In the quarter, the Fund returned 4.62%, outperforming the MSCI USA Small-Cap Value Index (the “Index”), which gained 3.13%. For the twelvemonth 2025, the Fund delivered a 14.04% return, surpassing the 10.80% instrumentality of the index. The Fund chiefly invests successful publically traded companies with boards of directors, sometimes controlled by individuals oregon families, and absorption teams that run independently from the Fund. Reviewing 2025, the steadfast is pleased with the Fund's performance, operational success, and shareholder worth creation, and is optimistic astir 2026. Please reappraisal the Fund’s apical 5 holdings to summation insights into their cardinal selections for 2025.

In its fourth-quarter 2025 capitalist letter, Third Avenue Small-Cap Value Fund highlighted stocks similar Cintas Corporation (NASDAQ:CTAS). Cintas Corporation (NASDAQ:CTAS) is simply a concern services institution that provides firm individuality uniforms and related concern services. On March 10, 2026, Cintas Corporation (NASDAQ:CTAS) banal closed astatine $196.28 per share. One-month instrumentality of Cintas Corporation (NASDAQ:CTAS) was -2.04%, and its shares gained 2.12% implicit the past 52 weeks. Cintas Corporation (NASDAQ:CTAS) has a marketplace capitalization of $78.88 billion.

Third Avenue Small-Cap Value Fund stated the pursuing regarding Cintas Corporation (NASDAQ:CTAS) successful its 4th fourth 2025 capitalist letter:

"Regarding Unifirst’s competitory positioning, the institution often competes straight against Cintas Corporation (NASDAQ:CTAS), a institution with gross 4 times that of Unifirst and a valuation 10 times larger than Unifirst. Cintas’ immense valuation premium derives from acold higher profitability, which, successful turn, derives from superior scale, efficiency, and way density, areas wherever Unifirst has continued to permission investors disappointed.

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