TAM

Third Avenue Management Portfolio holdings

AUM $625M Turnover 10.53%
1-Year Est. Return 48.93%
This Fund
S&P 500
This Quarter Est. Return
+0.3%
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
$2.6B
AUM Growth
-$489M
Cap. Flow
-$457M
Cap. Flow %
-17.57%
Top 10 Hldgs %
43.68%
Holding
120
New
12
Increased
21
Reduced
64
Closed
6
Avg Time Held
1.8 years
Top 10 Avg Time Held
1.7 years
Top 20 Avg Time Held
1.6 years

Top Buys

Rank Stock Value
1
LEN icon
Lennar Class A
LEN
+$48.4M
2
FNF icon
Fidelity National Financial
FNF
+$25.5M
3
HHH icon
Howard Hughes
HHH
+$22.7M
4
RL icon
Ralph Lauren
RL
+$22.4M
5
HAR
Harman International Industries
HAR
+$22.2M

Top Sells

Rank Stock Value
1
WY icon
Weyerhaeuser
WY
+$48M
2
EQC icon
Equity Commonwealth
EQC
+$43.5M
3
FR icon
First Industrial Realty Trust
FR
+$42.1M
4
VNO icon
Vornado Realty Trust
VNO
+$41.6M
5
AGCO icon
AGCO
AGCO
+$33.9M

Sector Composition

Rank Sector Weight
1 Real Estate 36.32%
2 Financials 24.64%
3 Consumer Discretionary 11.71%
4 Industrials 9.27%
5 Technology 4.07%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
BKD icon
26
Brookdale Senior Living
BKD
$2.41B
$39.3M 1.51%
2,471,848
-639,183
-21% -$9.75M
2013 Q2
11 quarters
AXE
27
DELISTED
Anixter International Inc
AXE
$37.5M 1.44%
719,910
-118,754
-14% -$5.58M
2014 Q3
6 quarters
AGCO icon
28
AGCO
AGCO
$7.48B
$35.3M 1.36%
710,300
-703,688
-50% -$33.9M
2014 Q2
7 quarters
KW icon
29
DELISTED
Kennedy-Wilson Holdings
KW
$31.6M 1.21%
1,441,412
+898,612
+166% +$17.8M
2015 Q3
2 quarters
DVN icon
30
Devon Energy
DVN
$54.9B
$28.4M 1.09%
1,034,672
-62,075
-6% -$1.51M
2013 Q2
11 quarters
GEN icon
31
Gen Digital
GEN
$14.2B
$27.8M 1.07%
1,510,674
-709,164
-32% -$13.6M
2013 Q2
11 quarters
FNF icon
32
Fidelity National Financial
FNF
$10.5B
$26.8M 1.03%
+1,138,060
New +$25.5M
2016 Q1
0 quarters
HHH icon
33
Howard Hughes
HHH
$4.08B
$24.9M 0.96%
+247,144
New +$22.7M
2016 Q1
0 quarters
HAR
34
DELISTED
Harman International Industries
HAR
$24.9M 0.96%
+279,242
New +$22.2M
2016 Q1
0 quarters
RL icon
35
Ralph Lauren
RL
$22.4B
$22M 0.85%
+228,864
New +$22.4M
2016 Q1
0 quarters
GM icon
36
General Motors
GM
$72.9B
$21.6M 0.83%
687,348
-770,695
-53% -$23.2M
2013 Q2
11 quarters
BXLT
37
DELISTED
BAXALTA INC COM STK (DE)
BXLT
$21.1M 0.81%
521,322
-1,115
-0.2% -$44.1K
2015 Q4
1 quarter
WFC.WS icon
38
DELISTED
Wells Fargo & Company Ws
WFC.WS
$18.1M 0.7%
1,156,551
-12,752
-1% -$205K
2013 Q2
11 quarters
KEY icon
39
KeyCorp
KEY
$21.1B
$16.5M 0.64%
1,497,210
-5,610
-0.4% -$62.7K
2013 Q2
11 quarters
VC icon
40
Visteon
VC
$2.31B
$10.3M 0.4%
129,268
+5,735
+5% +$452K
2015 Q3
2 quarters
NSIT icon
41
Insight Enterprises
NSIT
$4.87B
$8.54M 0.33%
298,115
– –
2013 Q3
10 quarters
CBSH icon
42
Commerce Bancshares
CBSH
$7.81B
$8.48M 0.33%
307,271
+171
+0.1% +$4.43K
2013 Q2
11 quarters
FCN icon
43
FTI Consulting
FCN
$3.87B
$8.38M 0.32%
235,986
+117
+0% +$3.92K
2013 Q3
10 quarters
WCIC
44
DELISTED
WCI Communities, Inc.
WCIC
$8.16M 0.31%
439,331
-40,684
-8% -$766K
2014 Q3
6 quarters
TTEK icon
45
Tetra Tech
TTEK
$8.61B
$8.06M 0.31%
1,350,825
+450
+0% +$2.39K
2013 Q2
11 quarters
G icon
46
Genpact
G
$5.91B
$7.95M 0.31%
292,342
-29,000
-9% -$735K
2014 Q1
8 quarters
UMBF icon
47
UMB Financial
UMBF
$9.79B
$7.76M 0.3%
150,273
-9,600
-6% -$461K
2013 Q2
11 quarters
WOOF icon
48
DELISTED
VCA Inc.
WOOF
$7.65M 0.29%
132,590
– –
2013 Q4
9 quarters
VLY icon
49
Valley National Bancorp
VLY
$6.86B
$6.93M 0.27%
726,953
+561
+0.1% +$5.1K
2013 Q2
11 quarters
ALG icon
50
Alamo Group
ALG
$1.87B
$6.93M 0.27%
124,402
-13,800
-10% -$733K
2013 Q2
11 quarters
1
2
3 4 5

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LWP
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Third Avenue Management's Q1 2016 Portfolio in Review

As of Q1 2016, Third Avenue Management held 120 positions worth $2.6B, down 16% from $3.09B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Third Avenue Management withdrew a net $457M in Q1 2016, closing 6 positions and reducing 64 holdings. Its most notable exit was Loews, an estimated $26.9M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 36% of assets, down from 39% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Third Avenue Management opened a new position in Lennar Class A worth $54.3M.

  • Third Avenue Management's largest Q1 2016 buy was Lennar Class A: 1,179,780 shares worth $54.3M.
  • Third Avenue Management added most to Kennedy-Wilson Holdings in Q1 2016, an estimated $17.8M increase.
  • Third Avenue Management's biggest Q1 2016 reduction was Weyerhaeuser, cutting an estimated $48M.
  • Third Avenue Management fully exited Loews in Q1 2016, selling an estimated $26.9M.
  • Third Avenue Management's ten largest holdings make up 44% of its $2.6B portfolio in Q1 2016.
  • Third Avenue Management opened 12 new positions and closed 6 in Q1 2016.
  • Third Avenue Management's portfolio value fell 16% quarter-over-quarter to $2.6B.

Based on Third Avenue Management's 13F filing for Q1 2016, filed 12 May 2016.