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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
-1.59%
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
$1.97B
AUM Growth
-$117M
(-5.6%)
Cap. Flow
-$73.6M
Cap. Flow
% of AUM
-3.75%
Top 10 Holdings %
Top 10 Hldgs %
54.31%
Holding
97
New
5
Increased
24
Reduced
8
Closed
19
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Acadia Realty Trust
AKR
|
+$44.7M |
| 2 |
FCE.A
Forest City Realty Trust, Inc.
FCE.A
|
+$29.9M |
| 3 |
Macerich
MAC
|
+$22.4M |
| 4 |
ORIG
Ocean Rig UDW Inc. Class A Common Shares
ORIG
|
+$21.5M |
| 5 |
Warrior Met Coal
HCC
|
+$17M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Johnson Controls International
JCI
|
+$46.8M |
| 2 |
PNC Financial Services
PNC
|
+$43.7M |
| 3 |
Amgen
AMGN
|
+$37.7M |
| 4 |
Reliance Steel & Aluminium
RS
|
+$30.9M |
| 5 |
EOG Resources
EOG
|
+$26.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 37.69% |
| 2 | Financials | 25.01% |
| 3 | Consumer Discretionary | 15.77% |
| 4 | Industrials | 8.56% |
| 5 | Energy | 4.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ORIG
26
DELISTED
Ocean Rig UDW Inc. Class A Common Shares
ORIG
| $20.7M | 1.05% |
+820,373
| New | +$21.5M |
|
|
AHL
27
DELISTED
ASPEN Insurance Holding Limited
AHL
| $17.7M | 0.9% |
393,969
+235,262
| +148% | +$9.23M |
|
28
KeyCorp
KEY
$23.4B
| $16.6M | 0.85% |
850,900
-802
| -0.1% | -$16.8K |
|
|
JBGS
29
JBG SMITH
JBGS
$708M
| $10.9M | 0.55% |
322,037
+2,680
| +0.8% | +$88.9K |
|
30
Deutsche Bank
DB
$75.8B
| $9.79M | 0.5% |
700,000
+100,000
| +17% | +$1.69M |
|
31
Arcos Dorados Holdings
ARCO
$1.69B
| $8.89M | 0.45% |
998,171
| – | – |
|
32
ICF International
ICFI
$1.62B
| $8.46M | 0.43% |
144,822
| – | – |
|
|
CUB
33
DELISTED
Cubic Corporation
CUB
| $8.41M | 0.43% |
132,204
| – | – |
|
34
FTI Consulting
FCN
$4.25B
| $7.68M | 0.39% |
158,683
| – | – |
|
|
LM
35
DELISTED
Legg Mason, Inc.
LM
| $7.62M | 0.39% |
187,411
| – | – |
|
36
MYR Group
MYRG
$4.58B
| $7.61M | 0.39% |
246,824
| – | – |
|
|
SRG
37
Seritage Growth Properties
SRG
$119M
| $7.56M | 0.38% |
+212,680
| New | +$8.24M |
|
38
Prosperity Bancshares
PB
$8.69B
| $7.54M | 0.38% |
103,872
| – | – |
|
39
Southside Bancshares
SBSI
$950M
| $6.89M | 0.35% |
198,385
| – | – |
|
|
CSW
40
CSW Industrials
CSW
$5.19B
| $6.77M | 0.34% |
150,348
| – | – |
|
|
TPH
41
DELISTED
Tri Pointe Homes
TPH
| $6.75M | 0.34% |
410,900
| – | – |
|
42
AMN Healthcare
AMN
$1.34B
| $6.73M | 0.34% |
118,617
| – | – |
|
43
Korn Ferry
KFY
$4.43B
| $6.47M | 0.33% |
125,500
| – | – |
|
44
Commerce Bancshares
CBSH
$8.32B
| $6.47M | 0.33% |
159,641
| – | – |
|
45
Cullen/Frost Bankers
CFR
$10B
| $6.45M | 0.33% |
60,800
| – | – |
|
46
Tetra Tech
TTEK
$9.36B
| $6.43M | 0.33% |
657,220
| – | – |
|
47
Emcor
EME
$32.6B
| $6.4M | 0.33% |
82,107
| – | – |
|
48
Kaiser Aluminum
KALU
$2.56B
| $6.33M | 0.32% |
62,678
| – | – |
|
|
BMCH
49
DELISTED
BMC Stock Holdings, Inc
BMCH
| $6.26M | 0.32% |
319,949
+49,149
| +18% | +$1.05M |
|
50
Interface
TILE
$2.23B
| $6.1M | 0.31% |
241,920
| – | – |
|
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Third Avenue Management's Q1 2018 Portfolio in Review
As of Q1 2018, Third Avenue Management held 97 positions worth $1.97B, down 5.6% from $2.08B the previous quarter. Its ten largest holdings account for 54% of the portfolio.
Third Avenue Management withdrew a net $73.6M in Q1 2018, closing 19 positions and reducing 8 holdings. Its most notable exit was Johnson Controls International, an estimated $46.8M position sold in full.
By sector, the portfolio is most concentrated in Real Estate at 38% of assets, up from 33% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Third Avenue Management opened a new position in Acadia Realty Trust worth $44.8M.
- Third Avenue Management's largest Q1 2018 buy was Acadia Realty Trust: 1,822,246 shares worth $44.8M.
- Third Avenue Management added most to Forest City Realty Trust, Inc. in Q1 2018, an estimated $29.9M increase.
- Third Avenue Management's biggest Q1 2018 reduction was PNC Financial Services, cutting an estimated $43.7M.
- Third Avenue Management fully exited Johnson Controls International in Q1 2018, selling an estimated $46.8M.
- Third Avenue Management's ten largest holdings make up 54% of its $1.97B portfolio in Q1 2018.
- Third Avenue Management opened 5 new positions and closed 19 in Q1 2018.
- Third Avenue Management's portfolio value fell 5.6% quarter-over-quarter to $1.97B.
Based on Third Avenue Management's 13F filing for Q1 2018, filed 14 May 2018.