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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
+18.32%
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
$609M
AUM Growth
+$12.8M
Cap. Flow
-$67.5M
Cap. Flow %
-11.08%
Top 10 Hldgs %
50.18%
Holding
60
New
1
Increased
13
Reduced
22
Closed
1

Top Buys

Rank Stock Value
1
LXU icon
LSB Industries
LXU
+$4.04M
2
COLL icon
Collegium Pharmaceutical
COLL
+$2.08M
3
SUI icon
Sun Communities
SUI
+$1.7M
4
ITIC
Investors Title Co
ITIC
+$1.42M
5
SUPN icon
Supernus Pharmaceuticals
SUPN
+$1.14M

Top Sells

Rank Stock Value
1
LAZ icon
Lazard
LAZ
+$17.1M
2
HCC icon
Warrior Met Coal
HCC
+$15.8M
3
TDW icon
Tidewater
TDW
+$6.83M
4
HA
Hawaiian Holdings, Inc.
HA
+$5.54M
5
LOW icon
Lowe's Companies
LOW
+$5.53M

Sector Composition

Rank Sector Weight
1 Financials 27.95%
2 Real Estate 21.36%
3 Energy 13.05%
4 Materials 11.7%
5 Industrials 10.55%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FRPH icon
26
FRP Holdings
FRPH
$426M
$7.95M 1.31%
252,978
– –
KALU icon
27
Kaiser Aluminum
KALU
$2.56B
$7.88M 1.29%
110,739
+14,018
+14% +$888K
ICFI icon
28
ICF International
ICFI
$1.62B
$7.75M 1.27%
57,779
– –
BATRA icon
29
Atlanta Braves Holdings Series A
BATRA
$3.58B
$7.03M 1.15%
164,438
– –
PB icon
30
Prosperity Bancshares
PB
$8.69B
$6.91M 1.13%
101,965
– –
SUI icon
31
Sun Communities
SUI
$15B
$6.77M 1.11%
50,634
+14,107
+39% +$1.7M
ALG icon
32
Alamo Group
ALG
$2.01B
$6.7M 1.1%
31,880
– –
LOW icon
33
Lowe's Companies
LOW
$117B
$6.62M 1.09%
29,730
-27,262
-48% -$5.53M
SBSI icon
34
Southside Bancshares
SBSI
$950M
$6.56M 1.08%
209,426
– –
WASH icon
35
Washington Trust Bancorp
WASH
$753M
$6.45M 1.06%
199,119
-95,875
-33% -$2.61M
ITIC
36
Investors Title Co
ITIC
$565M
$6.35M 1.04%
39,164
+9,565
+32% +$1.42M
PRA
37
DELISTED
ProAssurance
PRA
$6.12M 1%
443,619
– –
FNF icon
38
Fidelity National Financial
FNF
$12.8B
$6.02M 0.99%
117,953
-3,254
-3% -$142K
TPH
39
DELISTED
Tri Pointe Homes
TPH
$5.52M 0.91%
155,997
– –
BAM icon
40
Brookfield Asset Management
BAM
$83.2B
$5.29M 0.87%
131,670
+1,233
+0.9% +$41.7K
SUPN icon
41
Supernus Pharmaceuticals
SUPN
$2.54B
$4.62M 0.76%
159,717
+43,168
+37% +$1.14M
LXU icon
42
LSB Industries
LXU
$748M
$4.41M 0.72%
473,214
+442,596
+1,446% +$4.04M
CET
43
Central Securities Corp
CET
$1.62B
$4.2M 0.69%
111,210
– –
FIX icon
44
Comfort Systems
FIX
$53.5B
$4M 0.66%
19,434
-6,270
-24% -$1.16M
UNF icon
45
Unifirst Corp
UNF
$5.1B
$3.63M 0.6%
19,837
– –
SPHR icon
46
Sphere Entertainment
SPHR
$5.09B
$3.59M 0.59%
105,583
-5,669
-5% -$197K
COLL icon
47
Collegium Pharmaceutical
COLL
$786M
$2.56M 0.42%
+83,120
New +$2.08M
ROIC
48
DELISTED
Retail Opportunity Investments Corp.
ROIC
$1.26M 0.21%
90,000
– –
CTO
49
CTO Realty Growth
CTO
$809M
$1.09M 0.18%
63,000
– –
EQC
50
DELISTED
Equity Commonwealth
EQC
$1.06M 0.17%
55,000
– –
1
2
3

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LWP
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Third Avenue Management's Q4 2023 Portfolio in Review

As of Q4 2023, Third Avenue Management held 60 positions worth $609M, up 2.1% from $596M the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Third Avenue Management withdrew a net $67.5M in Q4 2023, closing 1 position and reducing 22 holdings. Its most notable exit was Lazard, an estimated $17.1M position sold in full.

By sector, the portfolio is most concentrated in Financials at 28% of assets, up from 27% a quarter earlier, followed by Real Estate and Energy.

Against the trend, Third Avenue Management opened a new position in Collegium Pharmaceutical worth $2.56M.

  • Third Avenue Management's largest Q4 2023 buy was Collegium Pharmaceutical: 83,120 shares worth $2.56M.
  • Third Avenue Management added most to LSB Industries in Q4 2023, an estimated $4.04M increase.
  • Third Avenue Management's biggest Q4 2023 reduction was Warrior Met Coal, cutting an estimated $15.8M.
  • Third Avenue Management fully exited Lazard in Q4 2023, selling an estimated $17.1M.
  • Third Avenue Management's ten largest holdings make up 50% of its $609M portfolio in Q4 2023.
  • Third Avenue Management opened 1 new position and closed 1 in Q4 2023.
  • Third Avenue Management's portfolio value rose 2.1% quarter-over-quarter to $609M.

Based on Third Avenue Management's 13F filing for Q4 2023, filed 14 Feb 2024.