Robert “Chip” Rewey, who recently began to manage the Value and Small-Cap Value funds at Third Avenue Management, embraces an “intellectually honest investment style” by digging deep and avoiding the herd mentality. The Small-Cap fund is now beating 62% of its peers, up from 11%, and is doing slightly better than its benchmark Russell 2000 index.  Rewey says that “the market is narrowing on these high-priced internet and media companies that seem to be getting a valuation pass [that] has driven growth over value year-to-date.”  But, he says that over his funds’ three-to-four year horizon, those stocks “will at least lose their ability to grow.”  Instead, he has continued to follow the value approach of his firm’s founder, Marty Whitman, by focusing on stocks that he believes are currently undervalued by the market. For example, he says that “Visteon is a classic example of what people are missing in companies if they just screen and don’t dig in. If you were looking to find this company through a screen, you would have missed it because it’s going to look more expensive.”