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
+6.09%
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
$2.08B
AUM Growth
-$136M
Cap. Flow
-$249M
Cap. Flow %
-11.94%
Top 10 Hldgs %
51.28%
Holding
113
New
3
Increased
20
Reduced
22
Closed
21
Avg Time Held
2.8 years
Top 10 Avg Time Held
2.3 years
Top 20 Avg Time Held
2.6 years

Top Buys

Rank Stock Value
1
TDW icon
Tidewater
TDW
+$27.3M
2
UHAL icon
U-Haul Holding Co
UHAL
+$20.7M
3
FCE.A
Forest City Realty Trust, Inc.
FCE.A
+$20.5M
4
HCC icon
Warrior Met Coal
HCC
+$17.2M
5
TRC icon
Tejon Ranch
TRC
+$7.75M

Top Sells

Rank Stock Value
1
CERN
Cerner Corp
CERN
+$29.2M
2
BNY icon
Bank of New York Mellon
BNY
+$24.6M
3
CMA icon
Comerica
CMA
+$24.2M
4
PKY
Parkway, Inc.
PKY
+$24.2M
5
DVN icon
Devon Energy
DVN
+$22.7M

Sector Composition

Rank Sector Weight
1 Real Estate 33.26%
2 Financials 26.21%
3 Consumer Discretionary 14.73%
4 Industrials 11.01%
5 Energy 3.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
MAS icon
26
Masco
MAS
$13.7B
$24.5M 1.18%
558,114
+2,069
+0.4% +$84.1K
2015 Q2
10 quarters
FNF icon
27
Fidelity National Financial
FNF
$10.5B
$21.2M 1.02%
561,049
-396,097
-41% -$14.4M
2016 Q1
7 quarters
UHAL icon
28
U-Haul Holding Co
UHAL
$10.9B
$20.9M 1%
+552,860
New +$20.7M
2017 Q4
0 quarters
KIM icon
29
Kimco Realty
KIM
$15B
$19.6M 0.94%
1,080,300
– –
2017 Q3
1 quarter
HCC icon
30
Warrior Met Coal
HCC
$4.75B
$17.3M 0.83%
+686,383
New +$17.2M
2017 Q4
0 quarters
KEY icon
31
KeyCorp
KEY
$21.1B
$17.2M 0.83%
851,702
-116
-0% -$2.19K
2013 Q2
18 quarters
DB icon
32
Deutsche Bank
DB
$61.6B
$11.4M 0.55%
600,000
+100,000
+20% +$1.8M
2017 Q2
2 quarters
JBGS icon
33
JBG SMITH
JBGS
$641M
$11.1M 0.53%
319,357
– –
2017 Q3
1 quarter
ARCO icon
34
Arcos Dorados Holdings
ARCO
$1.66B
$10.1M 0.48%
998,171
– –
2014 Q2
14 quarters
MYRG icon
35
MYR Group
MYRG
$4.53B
$8.82M 0.42%
246,824
+116,424
+89% +$3.86M
2015 Q4
8 quarters
LM
36
DELISTED
Legg Mason, Inc.
LM
$7.87M 0.38%
187,411
+128,079
+216% +$5.03M
2013 Q4
16 quarters
CUB icon
37
DELISTED
Cubic Corporation
CUB
$7.79M 0.37%
132,204
– –
2013 Q2
18 quarters
ICFI icon
38
ICF International
ICFI
$1.55B
$7.6M 0.37%
144,822
– –
2013 Q2
18 quarters
TPH icon
39
DELISTED
Tri Pointe Homes
TPH
$7.36M 0.35%
410,900
– –
2017 Q1
3 quarters
PB icon
40
Prosperity Bancshares
PB
$8.02B
$7.28M 0.35%
103,872
+10,826
+12% +$723K
2014 Q1
15 quarters
LEN.B icon
41
Lennar Class B
LEN.B
$17.4B
$7.28M 0.35%
148,083
+97,644
+194% +$4.51M
2016 Q4
4 quarters
CSW icon
42
CSW Industrials
CSW
$4.7B
$6.91M 0.33%
150,348
– –
2016 Q1
7 quarters
VC icon
43
Visteon
VC
$2.31B
$6.9M 0.33%
55,119
+6,366
+13% +$807K
2015 Q3
9 quarters
BMCH
44
DELISTED
BMC Stock Holdings, Inc
BMCH
$6.85M 0.33%
270,800
– –
2016 Q4
4 quarters
FCN icon
45
FTI Consulting
FCN
$3.87B
$6.82M 0.33%
158,683
+22,391
+16% +$914K
2013 Q3
17 quarters
EME icon
46
Emcor
EME
$32.9B
$6.71M 0.32%
82,107
– –
2013 Q2
18 quarters
KALU icon
47
Kaiser Aluminum
KALU
$2.42B
$6.7M 0.32%
62,678
– –
2013 Q2
18 quarters
SBSI icon
48
Southside Bancshares
SBSI
$901M
$6.68M 0.32%
198,385
– –
2015 Q3
9 quarters
AHL
49
DELISTED
ASPEN Insurance Holding Limited
AHL
$6.44M 0.31%
+158,707
New +$6.56M
2017 Q4
0 quarters
TTEK icon
50
Tetra Tech
TTEK
$8.61B
$6.33M 0.3%
657,220
– –
2013 Q2
18 quarters
1
2
3 4 5

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LWP
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Third Avenue Management's Q4 2017 Portfolio in Review

As of Q4 2017, Third Avenue Management held 113 positions worth $2.08B, down 6.1% from $2.22B the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Third Avenue Management withdrew a net $249M in Q4 2017, closing 21 positions and reducing 22 holdings. Its most notable exit was Cerner Corp, an estimated $29.2M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 33% of assets, up from 32% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Third Avenue Management opened a new position in U-Haul Holding Co worth $20.9M.

  • Third Avenue Management's largest Q4 2017 buy was U-Haul Holding Co: 552,860 shares worth $20.9M.
  • Third Avenue Management added most to Tidewater in Q4 2017, an estimated $27.3M increase.
  • Third Avenue Management's biggest Q4 2017 reduction was Bank of New York Mellon, cutting an estimated $24.6M.
  • Third Avenue Management fully exited Cerner Corp in Q4 2017, selling an estimated $29.2M.
  • Third Avenue Management's ten largest holdings make up 51% of its $2.08B portfolio in Q4 2017.
  • Third Avenue Management opened 3 new positions and closed 21 in Q4 2017.
  • Third Avenue Management's portfolio value fell 6.1% quarter-over-quarter to $2.08B.

Based on Third Avenue Management's 13F filing for Q4 2017, filed 14 Feb 2018.