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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
+21.61%
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
$713M
AUM Growth
-$6.73M
Cap. Flow
-$130M
Cap. Flow %
-18.25%
Top 10 Hldgs %
45.82%
Holding
67
New
3
Increased
13
Reduced
32
Closed
3
Avg Time Held
3.5 years
Top 10 Avg Time Held
2.8 years
Top 20 Avg Time Held
2.4 years

Top Buys

Rank Stock Value
1
LAZ icon
Lazard
LAZ
+$13.8M
2
PRA icon
ProAssurance
PRA
+$4.84M
3
HBB icon
Hamilton Beach Brands
HBB
+$2.42M
4
PB icon
Prosperity Bancshares
PB
+$2M
5
AMH icon
American Homes 4 Rent
AMH
+$1.64M

Top Sells

Rank Stock Value
1
VNO icon
Vornado Realty Trust
VNO
+$26.2M
2
LEN icon
Lennar Class A
LEN
+$13.5M
3
LEN.B icon
Lennar Class B
LEN.B
+$13.5M
4
FDX icon
FedEx
FDX
+$12.7M
5
BN icon
Brookfield
BN
+$12M

Sector Composition

Rank Sector Weight
1 Real Estate 37.38%
2 Financials 21.4%
3 Consumer Discretionary 15.31%
4 Industrials 12.43%
5 Materials 7.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
VNO icon
26
Vornado Realty Trust
VNO
$6.24B
$8.87M 1.24%
237,599
-716,529
-75% -$26.2M
2013 Q2
30 quarters
ESS icon
27
Essex Property Trust
ESS
$17.4B
$8.81M 1.24%
37,117
-25,926
-41% -$5.98M
2020 Q1
3 quarters
WASH icon
28
Washington Trust Bancorp
WASH
$713M
$8.19M 1.15%
182,745
+14,806
+9% +$571K
2020 Q2
2 quarters
MYRG icon
29
MYR Group
MYRG
$4.4B
$7.61M 1.07%
126,566
-177,358
-58% -$8.81M
2015 Q4
20 quarters
TPHS icon
30
DELISTED
Trinity Place Holdings Inc.com
TPHS
$7.6M 1.07%
6,077,466
– –
2016 Q1
19 quarters
SRG icon
31
Seritage Growth Properties
SRG
$92.9M
$7.58M 1.06%
516,264
-41,436
-7% -$613K
2018 Q1
11 quarters
PB icon
32
Prosperity Bancshares
PB
$8.21B
$7.49M 1.05%
107,928
+32,572
+43% +$2M
2014 Q1
27 quarters
ALG icon
33
Alamo Group
ALG
$1.87B
$6.44M 0.9%
46,706
– –
2013 Q2
30 quarters
ICFI icon
34
ICF International
ICFI
$1.61B
$6.22M 0.87%
83,673
+69
+0.1% +$4.96K
2013 Q2
30 quarters
SEB icon
35
Seaboard Corp
SEB
$3.83B
$6.06M 0.85%
2,000
+78
+4% +$254K
2016 Q1
19 quarters
CALM icon
36
Cal-Maine
CALM
$2.97B
$5.98M 0.84%
159,394
+22,466
+16% +$864K
2020 Q1
3 quarters
FRPH icon
37
FRP Holdings
FRPH
$370M
$5.91M 0.83%
259,446
-4,068
-2% -$89.3K
2018 Q1
11 quarters
SBSI icon
38
Southside Bancshares
SBSI
$926M
$5.61M 0.79%
180,778
+31,509
+21% +$907K
2015 Q3
21 quarters
PRA icon
39
DELISTED
ProAssurance
PRA
$5.29M 0.74%
+297,038
New +$4.84M
2020 Q4
0 quarters
KALU icon
40
Kaiser Aluminum
KALU
$2.47B
$5.16M 0.72%
52,160
-5,909
-10% -$453K
2013 Q2
30 quarters
BATRA icon
41
Atlanta Braves Holdings Series A
BATRA
$3.49B
$4.33M 0.61%
174,128
+51,413
+42% +$1.22M
2020 Q1
3 quarters
MAC icon
42
Macerich
MAC
$6.6B
$4.2M 0.59%
393,421
+18,449
+5% +$168K
2015 Q1
23 quarters
EME icon
43
Emcor
EME
$32.3B
$4.19M 0.59%
45,788
– –
2013 Q2
30 quarters
TPH icon
44
DELISTED
Tri Pointe Homes
TPH
$4.02M 0.56%
232,961
– –
2017 Q1
15 quarters
VC icon
45
Visteon
VC
$2.38B
$4M 0.56%
31,848
-44,097
-58% -$4.65M
2015 Q3
21 quarters
CFR icon
46
Cullen/Frost Bankers
CFR
$9.72B
$3.69M 0.52%
42,331
– –
2013 Q2
30 quarters
CET icon
47
Central Securities Corp
CET
$1.65B
$3.63M 0.51%
111,210
– –
2020 Q1
3 quarters
HBB icon
48
Hamilton Beach Brands
HBB
$469M
$3.26M 0.46%
186,030
+123,003
+195% +$2.42M
2020 Q3
1 quarter
UNF icon
49
Unifirst Corp
UNF
$4.77B
$3.16M 0.44%
14,942
– –
2013 Q2
30 quarters
FIX icon
50
Comfort Systems
FIX
$51.4B
$2.76M 0.39%
52,390
– –
2016 Q3
17 quarters
1
2
3

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Third Avenue Management's Q4 2020 Portfolio in Review

As of Q4 2020, Third Avenue Management held 67 positions worth $713M, down 0.94% from $719M the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Third Avenue Management withdrew a net $130M in Q4 2020, closing 3 positions and reducing 32 holdings. Its most notable exit was FedEx, an estimated $12.7M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 37% of assets, down from 40% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Third Avenue Management opened a new position in Lazard worth $15.5M.

  • Third Avenue Management's largest Q4 2020 buy was Lazard: 366,216 shares worth $15.5M.
  • Third Avenue Management added most to Hamilton Beach Brands in Q4 2020, an estimated $2.42M increase.
  • Third Avenue Management's biggest Q4 2020 reduction was Vornado Realty Trust, cutting an estimated $26.2M.
  • Third Avenue Management fully exited FedEx in Q4 2020, selling an estimated $12.7M.
  • Third Avenue Management's ten largest holdings make up 46% of its $713M portfolio in Q4 2020.
  • Third Avenue Management opened 3 new positions and closed 3 in Q4 2020.
  • Third Avenue Management's portfolio value fell 0.94% quarter-over-quarter to $713M.

Based on Third Avenue Management's 13F filing for Q4 2020, filed 12 Feb 2021.