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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
-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
Cap. Flow
-$218M
Cap. Flow %
-17.63%
Top 10 Hldgs %
58.07%
Holding
78
New
5
Increased
24
Reduced
16
Closed
17

Top Buys

Rank Stock Value
1
PNC icon
PNC Financial Services
PNC
+$30.8M
2
HA
Hawaiian Holdings, Inc.
HA
+$21M
3
RIG icon
Transocean
RIG
+$15.4M
4
DD icon
DuPont de Nemours
DD
+$14.2M
5
CUBI icon
Customers Bancorp
CUBI
+$10.4M

Top Sells

Rank Stock Value
1
PNC.WS
PNC Financial Services Group Inc
PNC.WS
+$61.8M
2
BN icon
Brookfield
BN
+$52.9M
3
BNY
Bank of New York Mellon
BNY
+$33.2M
4
ORIG
Ocean Rig UDW Inc. Class A Common Shares
ORIG
+$32.4M
5
ZION icon
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
ALG icon
51
Alamo Group
ALG
$2.01B
$3.61M 0.29%
46,706
– –
SPY icon
52
State Street SPDR S&P 500 ETF Trust
SPY
$825B
$2.81M 0.23%
+11,248
New +$3.03M
SMP icon
53
Standard Motor Products
SMP
$827M
$2.27M 0.18%
46,947
– –
RESI
54
DELISTED
Front Yard Residential Corporation Common Stock
RESI
$1.44M 0.12%
164,318
+72,709
+79% +$680K
CCS icon
55
Century Communities
CCS
$1.97B
$1.14M 0.09%
65,702
+24,031
+58% +$501K
CTT
56
DELISTED
CATCHMARK TIMBER TRUST, INC.
CTT
$958K 0.08%
134,802
+54,802
+69% +$489K
CDR
57
DELISTED
Cedar Realty Trust, Inc
CDR
$925K 0.07%
44,595
+10,454
+31% +$253K
GRBK icon
58
Green Brick Partners
GRBK
$3.15B
$543K 0.04%
75,000
+21,800
+41% +$192K
JCAP
59
DELISTED
Jernigan Capital, Inc.
JCAP
$496K 0.04%
25,000
– –
WLH
60
DELISTED
WILLIAM LYON HOMES
WLH
$476K 0.04%
+44,471
New +$568K
AHL
61
DELISTED
ASPEN Insurance Holding Limited
AHL
$15K ﹤0.01%
342
-513,114
-100% -$21.4M
AMN icon
62
AMN Healthcare
AMN
$1.34B
– –
-55,755
Closed -$3.05M
BNY
63
Bank of New York Mellon
BNY
$110B
– –
-651,082
Closed -$33.2M
CBSH icon
64
Commerce Bancshares
CBSH
$8.32B
– –
-159,641
Closed -$7.13M
CSGS
65
DELISTED
CSG Systems International
CSGS
– –
-158,988
Closed -$6.38M
CSWC icon
66
Capital Southwest
CSWC
$1.62B
– –
-140,574
Closed -$2.67M
CSW
67
CSW Industrials
CSW
$5.19B
– –
-140,574
Closed -$7.55M
NXRT
68
NexPoint Residential Trust
NXRT
$602M
– –
-17,300
Closed -$575K
TTE icon
69
TotalEnergies
TTE
$191B
– –
-612
Closed -$40K
WSBC icon
70
WesBanco
WSBC
$3.88B
– –
-111,300
Closed -$4.96M
WTM icon
71
White Mountains Insurance
WTM
$5.1B
– –
-28,649
Closed -$26.8M
ZION icon
72
Zions Bancorporation
ZION
$9.89B
– –
-563,711
Closed -$28.3M
SP
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
1 2
3
4

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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.