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TAM

Third Avenue Management Portfolio holdings

AUM $625M
1-Year Est. Return 48.93%
This Fund
S&P 500
This Quarter Est. Return
+5.65%
1 Year Est. Return
+48.93%
3 Year Est. Return
+112.7%
5 Year Est. Return
+169.82%
10 Year Est. Return
+390.58%
AUM
$3.97B
AUM Growth
-$799M
Cap. Flow
-$1B
Cap. Flow %
-25.28%
Top 10 Hldgs %
37.65%
Holding
155
New
9
Increased
35
Reduced
79
Closed
16

Top Buys

Rank Stock Value
1
GM icon
General Motors
GM
+$59.9M
2
RYN icon
Rayonier
RYN
+$58.2M
3
PARA
Paramount Global Class B
PARA
+$29.9M
4
VMI icon
Valmont Industries
VMI
+$24.3M
5
BKD icon
Brookdale Senior Living
BKD
+$20.7M

Top Sells

Rank Stock Value
1
CVA
Covanta Holding Corporation
CVA
+$55M
2
HCC
HCC INSURANCES HOLDINGS INC
HCC
+$38.1M
3
PRGS icon
Progress Software
PRGS
+$31.1M
4
SYNT
Syntel Inc
SYNT
+$29.4M
5
LOW icon
Lowe's Companies
LOW
+$28.2M

Sector Composition

Rank Sector Weight
1 Real Estate 29.29%
2 Financials 25.1%
3 Consumer Discretionary 9.14%
4 Industrials 7.92%
5 Energy 5.8%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PARA
26
DELISTED
Paramount Global Class B
PARA
$69.4M 1.75%
1,253,973
+560,873
+81% +$29.9M
SFR
27
DELISTED
Starwood Waypoint Homes
SFR
$69.1M 1.74%
2,621,933
+257,057
+11% +$6.64M
TRC icon
28
Tejon Ranch
TRC
$444M
$68.6M 1.73%
2,397,900
+24,406
+1% +$688K
Y
29
DELISTED
Alleghany Corp
Y
$63.7M 1.61%
137,394
-43,494
-24% -$19.4M
TGT icon
30
Target
TGT
$74.7B
$57.2M 1.44%
753,665
+193,197
+34% +$13M
JEF icon
31
Jefferies Financial Group
JEF
$12.7B
$55.8M 1.41%
2,778,241
-696,277
-20% -$14.4M
NVDA icon
32
NVIDIA
NVDA
$5.56T
$53.9M 1.36%
107,494,920
-11,601,680
-10% -$5.65M
PNC.WS
33
DELISTED
PNC Financial Services Group Inc
PNC.WS
$49.4M 1.25%
1,980,654
+208,204
+12% +$4.96M
L icon
34
Loews
L
$22.3B
$48.5M 1.22%
1,155,399
+97,000
+9% +$4.06M
H icon
35
Hyatt Hotels
H
$15.6B
$28.5M 0.72%
473,613
+9,251
+2% +$543K
WFC.WS
36
DELISTED
Wells Fargo & Company Ws
WFC.WS
$25.4M 0.64%
1,186,903
+246,673
+26% +$5.08M
HT
37
DELISTED
Hersha Hospitality Trust Priority Class A Common Shares of Beneficial Interest
HT
$25.2M 0.63%
895,424
-673,814
-43% -$19.1M
HYT icon
38
BlackRock Corporate High Yield Fund
HYT
$1.61B
$24.2M 0.61%
2,121,660
+1,344,924
+173% +$15.6M
VMI icon
39
Valmont Industries
VMI
$9.29B
$23.1M 0.58%
+181,983
New +$24.3M
HCC
40
DELISTED
HCC INSURANCES HOLDINGS INC
HCC
$16.7M 0.42%
311,894
-737,041
-70% -$38.1M
UNF icon
41
Unifirst Corp
UNF
$4.98B
$15.2M 0.38%
124,833
-252,835
-67% -$27.6M
FSD
42
DELISTED
FIRST TRUST HIGH INCOME LONG/SHORT FUND
FSD
$12.8M 0.32%
798,023
+144,963
+22% +$2.41M
WKC icon
43
World Kinect Corp
WKC
$1.81B
$12.6M 0.32%
267,611
-547,877
-67% -$23.7M
PRGS icon
44
Progress Software
PRGS
$1.81B
$12.3M 0.31%
453,607
-1,197,282
-73% -$31.1M
RSTI
45
DELISTED
Rofin-Sinar Technologies Inc
RSTI
$12.1M 0.31%
422,287
-935,479
-69% -$23.5M
G icon
46
Genpact
G
$6.27B
$12.1M 0.3%
638,961
-1,295,538
-67% -$22.8M
BTZ icon
47
BlackRock Credit Allocation Income Trust
BTZ
$929M
$11.7M 0.29%
902,228
+638,888
+243% +$8.53M
LM
48
DELISTED
Legg Mason, Inc.
LM
$11.5M 0.29%
214,949
-457,739
-68% -$24.1M
FCN icon
49
FTI Consulting
FCN
$4.19B
$11.1M 0.28%
287,343
-618,439
-68% -$23.5M
EME icon
50
Emcor
EME
$33.3B
$10.9M 0.28%
246,113
-527,833
-68% -$22.7M
1
2
3 4 5

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Third Avenue Management's Q4 2014 Portfolio in Review

As of Q4 2014, Third Avenue Management held 155 positions worth $3.97B, down 17% from $4.77B the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Third Avenue Management withdrew a net $1B in Q4 2014, closing 16 positions and reducing 79 holdings. Its most notable exit was InterDigital, an estimated $25.8M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 29% of assets, up from 22% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Third Avenue Management opened a new position in Valmont Industries worth $23.1M.

  • Third Avenue Management's largest Q4 2014 buy was Valmont Industries: 181,983 shares worth $23.1M.
  • Third Avenue Management added most to General Motors in Q4 2014, an estimated $59.9M increase.
  • Third Avenue Management's biggest Q4 2014 reduction was Covanta Holding Corporation, cutting an estimated $55M.
  • Third Avenue Management fully exited InterDigital in Q4 2014, selling an estimated $25.8M.
  • Third Avenue Management's ten largest holdings make up 38% of its $3.97B portfolio in Q4 2014.
  • Third Avenue Management opened 9 new positions and closed 16 in Q4 2014.
  • Third Avenue Management's portfolio value fell 17% quarter-over-quarter to $3.97B.

Based on Third Avenue Management's 13F filing for Q4 2014, filed 13 Feb 2015.