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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
-19.89%
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
$1.24B
AUM Growth
-$533M
(-30%)
Cap. Flow
-$218M
Cap. Flow
% of AUM
-17.63%
Top 10 Holdings %
Top 10 Hldgs %
58.07%
Holding
78
New
5
Increased
24
Reduced
16
Closed
17
Avg Time Held
3
years
Top 10 Avg Time Held
2
years
Top 20 Avg Time Held
2.2
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
PNC Financial Services
PNC
|
+$30.8M |
| 2 |
Hawaiian Holdings, Inc.
HA
|
+$21M |
| 3 |
Transocean
RIG
|
+$15.4M |
| 4 |
DuPont de Nemours
DD
|
+$14.2M |
| 5 |
Customers Bancorp
CUBI
|
+$10.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PNC Financial Services Group Inc
PNC.WS
|
+$61.8M |
| 2 |
Brookfield
BN
|
+$52.9M |
| 3 |
Bank of New York Mellon
BNY
|
+$33.2M |
| 4 |
ORIG
Ocean Rig UDW Inc. Class A Common Shares
ORIG
|
+$32.4M |
| 5 |
Zions Bancorporation
ZION
|
+$28.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 40.42% |
| 2 | Financials | 18.43% |
| 3 | Consumer Discretionary | 15.88% |
| 4 | Industrials | 10.6% |
| 5 | Materials | 7.09% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
51
Alamo Group
ALG
$1.86B
| $3.61M | 0.29% |
46,706
| – | – |
2013 Q2
22 quarters
|
|
52
State Street SPDR S&P 500 ETF Trust
SPY
$815B
| $2.81M | 0.23% |
+11,248
| New | +$3.03M |
2018 Q4
0 quarters
|
|
53
Standard Motor Products
SMP
$830M
| $2.27M | 0.18% |
46,947
| – | – |
2014 Q2
18 quarters
|
|
|
RESI
54
DELISTED
Front Yard Residential Corporation Common Stock
RESI
| $1.44M | 0.12% |
164,318
+72,709
| +79% | +$680K |
2018 Q2
2 quarters
|
|
55
Century Communities
CCS
$1.58B
| $1.14M | 0.09% |
65,702
+24,031
| +58% | +$501K |
2014 Q3
17 quarters
|
|
|
CTT
56
DELISTED
CATCHMARK TIMBER TRUST, INC.
CTT
| $958K | 0.08% |
134,802
+54,802
| +69% | +$489K |
2015 Q3
13 quarters
|
|
|
CDR
57
DELISTED
Cedar Realty Trust, Inc
CDR
| $925K | 0.07% |
44,595
+10,454
| +31% | +$253K |
2017 Q1
7 quarters
|
|
58
Green Brick Partners
GRBK
$2.67B
| $543K | 0.04% |
75,000
+21,800
| +41% | +$192K |
2018 Q2
2 quarters
|
|
59
DELISTED
Jernigan Capital, Inc.
JCAP
| $496K | 0.04% |
25,000
| – | – |
2018 Q2
2 quarters
|
|
|
WLH
60
DELISTED
WILLIAM LYON HOMES
WLH
| $476K | 0.04% |
+44,471
| New | +$568K |
2018 Q4
0 quarters
|
|
|
AHL
61
DELISTED
ASPEN Insurance Holding Limited
AHL
| $15K | ﹤0.01% |
342
-513,114
| -100% | -$21.4M |
2017 Q4
4 quarters
|
|
62
AMN Healthcare
AMN
$1.55B
| – | – |
-55,755
| Closed | -$3.05M | – |
|
|
63
Bank of New York Mellon
BNY
$96.4B
| – | – |
-651,082
| Closed | -$33.2M | – |
|
64
Commerce Bancshares
CBSH
$7.97B
| – | – |
-159,641
| Closed | -$7.13M | – |
|
65
DELISTED
CSG Systems International
CSGS
| – | – |
-158,988
| Closed | -$6.38M | – |
|
66
Capital Southwest
CSWC
$1.5B
| – | – |
-140,574
| Closed | -$2.67M | – |
|
67
CSW Industrials
CSW
$4.74B
| – | – |
-140,574
| Closed | -$7.55M | – |
|
68
NexPoint Residential Trust
NXRT
$474M
| – | – |
-17,300
| Closed | -$575K | – |
|
69
TotalEnergies
TTE
$195B
| – | – |
-612
| Closed | -$40K | – |
|
70
WesBanco
WSBC
$3.55B
| – | – |
-111,300
| Closed | -$4.96M | – |
|
71
White Mountains Insurance
WTM
$5.12B
| – | – |
-28,649
| Closed | -$26.8M | – |
|
|
72
Zions Bancorporation
ZION
$9.2B
| – | – |
-563,711
| Closed | -$28.3M | – |
|
73
DELISTED
SP Plus Corporation
SP
| – | – |
-166,523
| Closed | -$6.08M | – |
|
|
BMCH
74
DELISTED
BMC Stock Holdings, Inc
BMCH
| – | – |
-296,399
| Closed | -$5.53M | – |
|
|
FCE.A
75
DELISTED
Forest City Realty Trust, Inc.
FCE.A
| – | – |
-256,418
| Closed | -$6.43M | – |
|
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Third Avenue Management's Q4 2018 Portfolio in Review
As of Q4 2018, Third Avenue Management held 78 positions worth $1.24B, down 30% from $1.77B the previous quarter. Its ten largest holdings account for 58% of the portfolio.
Third Avenue Management withdrew a net $218M in Q4 2018, closing 17 positions and reducing 16 holdings. Its most notable exit was PNC Financial Services Group Inc, an estimated $61.8M position sold in full.
By sector, the portfolio is most concentrated in Real Estate at 40% of assets, up from 37% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Third Avenue Management opened a new position in Transocean worth $10.5M.
- Third Avenue Management's largest Q4 2018 buy was Transocean: 1,510,628 shares worth $10.5M.
- Third Avenue Management added most to PNC Financial Services in Q4 2018, an estimated $30.8M increase.
- Third Avenue Management's biggest Q4 2018 reduction was Brookfield, cutting an estimated $52.9M.
- Third Avenue Management fully exited PNC Financial Services Group Inc in Q4 2018, selling an estimated $61.8M.
- Third Avenue Management's ten largest holdings make up 58% of its $1.24B portfolio in Q4 2018.
- Third Avenue Management opened 5 new positions and closed 17 in Q4 2018.
- Third Avenue Management's portfolio value fell 30% quarter-over-quarter to $1.24B.
Based on Third Avenue Management's 13F filing for Q4 2018, filed 13 Feb 2019.