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TAM

Third Avenue Management Portfolio holdings

AUM $616M
1-Year Est. Return 45.6%
This Fund
S&P 500
This Quarter Est. Return
+4.09%
1 Year Est. Return
+45.6%
3 Year Est. Return
+111.18%
5 Year Est. Return
+162.64%
10 Year Est. Return
+374.2%
AUM
$1.01B
AUM Growth
-$96.9M
Cap. Flow
-$137M
Cap. Flow %
-13.56%
Top 10 Hldgs %
53.8%
Holding
59
New
2
Increased
15
Reduced
25
Closed
2

Top Buys

1
HHH icon
Howard Hughes
HHH
+$13.1M
2
MAC icon
Macerich
MAC
+$7.12M
3
FPH icon
Five Point Holdings
FPH
+$4.71M
4
UHAL icon
U-Haul Holding Co
UHAL
+$1.85M
5
CTB
Cooper Tire & Rubber Co.
CTB
+$1.43M

Top Sells

1
BN icon
Brookfield
BN
+$28.4M
2
LOW icon
Lowe's Companies
LOW
+$23.9M
3
PNC icon
PNC Financial Services
PNC
+$20.2M
4
RYN icon
Rayonier
RYN
+$16.9M
5
WY icon
Weyerhaeuser
WY
+$16.1M

Sector Composition

1 Real Estate 42.33%
2 Financials 17.04%
3 Consumer Discretionary 14.65%
4 Industrials 12.43%
5 Materials 5.71%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CCS icon
51
Century Communities
CCS
$1.9B
$1.09M 0.11%
40,000
– –
SPY icon
52
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$1.08M 0.11%
+3,365
New +$1.04M
WLH
53
DELISTED
WILLIAM LYON HOMES
WLH
$800K 0.08%
40,000
– –
GRBK icon
54
Green Brick Partners
GRBK
$3.18B
$689K 0.07%
60,000
– –
CTT
55
DELISTED
CATCHMARK TIMBER TRUST, INC.
CTT
$528K 0.05%
45,961
-34,039
-43% -$388K
JCAP
56
DELISTED
Jernigan Capital, Inc.
JCAP
$383K 0.04%
20,000
– –
RESI
57
DELISTED
Front Yard Residential Corporation Common Stock
RESI
$318K 0.03%
25,728
-64,272
-71% -$763K
LOW icon
58
Lowe's Companies
LOW
$118B
– –
-217,258
Closed -$23.9M
TRC icon
59
Tejon Ranch
TRC
$497M
– –
-686,108
Closed -$11.6M
1 2
3

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Third Avenue Management's Q4 2019 Portfolio in Review

As of Q4 2019, Third Avenue Management held 59 positions worth $1.01B, down 8.7% from $1.11B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Third Avenue Management withdrew a net $137M in Q4 2019, closing 2 positions and reducing 25 holdings. Its most notable exit was Lowe's Companies, an estimated $23.9M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 42% of assets, up from 41% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Third Avenue Management opened a new position in Howard Hughes worth $14.3M.

  • Third Avenue Management's largest Q4 2019 buy was Howard Hughes: 118,306 shares worth $14.3M.
  • Third Avenue Management added most to Macerich in Q4 2019, an estimated $7.12M increase.
  • Third Avenue Management's biggest Q4 2019 reduction was Brookfield, cutting an estimated $28.4M.
  • Third Avenue Management fully exited Lowe's Companies in Q4 2019, selling an estimated $23.9M.
  • Third Avenue Management's ten largest holdings make up 54% of its $1.01B portfolio in Q4 2019.
  • Third Avenue Management opened 2 new positions and closed 2 in Q4 2019.
  • Third Avenue Management's portfolio value fell 8.7% quarter-over-quarter to $1.01B.

Based on Third Avenue Management's 13F filing for Q4 2019, filed 13 Feb 2020.