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
SP icon
51
DELISTED
SP Plus Corporation
SP
$6.18M 0.3%
166,523
– –
2016 Q3
5 quarters
TILE icon
52
Interface
TILE
$2.03B
$6.08M 0.29%
241,920
– –
2016 Q1
7 quarters
CBSH icon
53
Commerce Bancshares
CBSH
$7.81B
$6.03M 0.29%
159,641
– –
2013 Q2
18 quarters
PRSU icon
54
Pursuit Attractions and Hospitality Inc
PRSU
$1.45B
$6M 0.29%
108,235
– –
2014 Q4
12 quarters
FIX icon
55
Comfort Systems
FIX
$54.3B
$5.88M 0.28%
134,697
-34,778
-21% -$1.42M
2016 Q3
5 quarters
NTCT icon
56
NETSCOUT
NTCT
$2.81B
$5.85M 0.28%
192,244
-55,456
-22% -$1.69M
2016 Q2
6 quarters
UMBF icon
57
UMB Financial
UMBF
$9.79B
$5.85M 0.28%
81,391
– –
2013 Q2
18 quarters
AMN icon
58
AMN Healthcare
AMN
$1.46B
$5.84M 0.28%
118,617
-25,025
-17% -$1.14M
2017 Q2
2 quarters
CFR icon
59
Cullen/Frost Bankers
CFR
$9.42B
$5.75M 0.28%
60,800
– –
2013 Q2
18 quarters
NSIT icon
60
Insight Enterprises
NSIT
$4.87B
$5.66M 0.27%
147,700
– –
2013 Q3
17 quarters
CZZ
61
DELISTED
Cosan Limited
CZZ
$5.46M 0.26%
563,000
– –
2015 Q3
9 quarters
ALG icon
62
Alamo Group
ALG
$1.87B
$5.27M 0.25%
46,706
– –
2013 Q2
18 quarters
SYNT
63
DELISTED
Syntel Inc
SYNT
$5.26M 0.25%
229,006
-259,691
-53% -$6.15M
2013 Q2
18 quarters
KFY icon
64
Korn Ferry
KFY
$3.97B
$5.19M 0.25%
125,500
– –
2016 Q4
4 quarters
G icon
65
Genpact
G
$5.91B
$5.14M 0.25%
162,066
– –
2014 Q1
15 quarters
UNF icon
66
Unifirst Corp
UNF
$4.67B
$4.93M 0.24%
29,910
– –
2013 Q2
18 quarters
WSBC icon
67
WesBanco
WSBC
$3.5B
$4.53M 0.22%
111,300
– –
2017 Q2
2 quarters
AXE
68
DELISTED
Anixter International Inc
AXE
$4.44M 0.21%
58,456
-293,895
-83% -$21.6M
2014 Q3
13 quarters
ALCO icon
69
Alico
ALCO
$283M
$4.14M 0.2%
140,451
+20,724
+17% +$669K
2013 Q2
18 quarters
SEB icon
70
Seaboard Corp
SEB
$3.86B
$4.13M 0.2%
937
– –
2016 Q1
7 quarters
FNSR
71
DELISTED
Finisar Corp
FNSR
$4.1M 0.2%
201,400
– –
2017 Q2
2 quarters
PDCE
72
DELISTED
PDC Energy, Inc.
PDCE
$4.07M 0.2%
79,000
– –
2017 Q2
2 quarters
DST
73
DELISTED
DST Systems Inc.
DST
$3.9M 0.19%
62,900
– –
2015 Q3
9 quarters
SYNA icon
74
Synaptics
SYNA
$4.66B
$3.87M 0.19%
96,807
– –
2016 Q4
4 quarters
CRZO
75
DELISTED
Carrizo Oil & Gas Inc
CRZO
$3.79M 0.18%
177,853
-119,600
-40% -$2.21M
2016 Q1
7 quarters
1 2
3
4 5

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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.