Third Avenue Management’s Cowen Inc. Class A Common Stock COWN Stock Holding History

Third Avenue Management’s Portfolio COWN Stock Details COWN Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2014 Q2	–	Sell	-181,527	Closed	-$3.2M	–	169
2014 Q1	$3.2M	Sell	181,527 -46,682	-20%	-$769K	0.06%	129
2013 Q4	$3.57M	Sell	228,209 -107,231	-32%	-$1.64M	0.07%	129
2013 Q3	$4.63M	Sell	335,440 -57,345	-15%	-$765K	0.09%	113
2013 Q2	$4.56M	Buy	+392,785	New	+$4.43M	0.09%	115

Other funds holding COWN

Ariel Investments Chicago, Illinois $8.93B AUM 29.58% 1-Year Est. Return

FCP

Fine Capital Partners New York $563M AUM 7.48% 1-Year Est. Return

Dimensional Fund Advisors Austin, Texas $481B AUM 30.42% 1-Year Est. Return

Cowen Inc New York $1.39B AUM 60.14% 1-Year Est. Return

BIT

BlackRock Institutional Trust San Francisco, California $675B AUM 16.07% 1-Year Est. Return

Royce & Associates New York $10.1B AUM 42.88% 1-Year Est. Return

WCM Investment Management Laguna Beach, California $43.8B AUM 42.28% 1-Year Est. Return

APCM

Arbiter Partners Capital Management New York $175M AUM 99.81% 1-Year Est. Return

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

BFA

BlackRock Fund Advisors San Francisco, California $542B AUM 18.13% 1-Year Est. Return

Third Avenue Management's COWN Position: Q2 2014 in Review

Third Avenue Management sold out of Cowen Inc. Class A Common Stock (COWN) in Q2 2014, closing a stake of 181,527 shares — an estimated $3.2M sold.

Third Avenue Management first reported a position in COWN in Q2 2013 and held it in 4 quarters. The position peaked at $4.63M in Q3 2013. 136 funds tracked by Wall St. Rank hold COWN as of Q2 2014.

Third Avenue Management reported no remaining Cowen Inc. Class A Common Stock position as of Q2 2014 after selling out during the quarter.
Third Avenue Management sold 181,527 Cowen Inc. Class A Common Stock shares in Q2 2014, an estimated $3.2M.
Third Avenue Management first reported a position in Cowen Inc. Class A Common Stock in Q2 2013 and held it in 4 quarters.
Third Avenue Management's Cowen Inc. Class A Common Stock position peaked at $4.63M in Q3 2013.
136 funds tracked by Wall St. Rank held Cowen Inc. Class A Common Stock as of Q2 2014.

Based on Third Avenue Management's 13F filing for Q2 2014, filed 14 Aug 2014.