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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
-31.25%
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
$676M
AUM Growth
-$335M
Cap. Flow
+$36.5M
Cap. Flow %
5.39%
Top 10 Hldgs %
51.2%
Holding
76
New
19
Increased
15
Reduced
17
Closed
9

Top Buys

Rank Stock Value
1
PLD icon
Prologis
PLD
+$32.2M
2
ESS icon
Essex Property Trust
ESS
+$28.1M
3
VNO icon
Vornado Realty Trust
VNO
+$25.1M
4
PSA icon
Public Storage
PSA
+$21.7M
5
LOW icon
Lowe's Companies
LOW
+$18.5M

Top Sells

Rank Stock Value
1
AKR icon
Acadia Realty Trust
AKR
+$22.6M
2
PNC icon
PNC Financial Services
PNC
+$21.7M
3
WY icon
Weyerhaeuser
WY
+$21.2M
4
MAC icon
Macerich
MAC
+$20.3M
5
LEN icon
Lennar Class A
LEN
+$15.6M

Sector Composition

Rank Sector Weight
1 Real Estate 46.43%
2 Financials 14.92%
3 Consumer Discretionary 13.56%
4 Industrials 12.54%
5 Materials 5.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CFR icon
51
Cullen/Frost Bankers
CFR
$10.3B
$2.36M 0.35%
42,331
– –
MAC icon
52
Macerich
MAC
$7.38B
$2.01M 0.3%
356,561
-1,020,389
-74% -$20.3M
TPH
53
DELISTED
Tri Pointe Homes
TPH
$1.89M 0.28%
215,389
-287,189
-57% -$4.2M
SMHI icon
54
SEACOR Marine Holdings
SMHI
$217M
$1.57M 0.23%
358,074
– –
BATRA icon
55
Atlanta Braves Holdings Series A
BATRA
$3.54B
$1.34M 0.2%
+68,715
New +$1.77M
GRBK icon
56
Green Brick Partners
GRBK
$3.13B
$644K 0.1%
80,000
+20,000
+33% +$212K
IYR icon
57
iShares US Real Estate ETF
IYR
$4.73B
$627K 0.09%
+9,000
New +$797K
NXRT
58
NexPoint Residential Trust
NXRT
$678M
$580K 0.09%
+23,000
New +$1.01M
JCAP
59
DELISTED
Jernigan Capital, Inc.
JCAP
$533K 0.08%
48,582
+28,582
+143% +$503K
PCH
60
DELISTED
PotlatchDeltic
PCH
$503K 0.07%
+16,000
New +$620K
ROIC
61
DELISTED
Retail Opportunity Investments Corp.
ROIC
$456K 0.07%
+55,000
New +$817K
STC icon
62
Stewart Information Services
STC
$2.04B
$454K 0.07%
+17,000
New +$625K
CIO
63
DELISTED
City Office REIT
CIO
$398K 0.06%
+55,000
New +$653K
RMR icon
64
The RMR Group
RMR
$346M
$378K 0.06%
+14,000
New +$542K
CTO
65
CTO Realty Growth
CTO
$751M
$363K 0.05%
+29,472
New +$458K
MNR
66
DELISTED
Monmouth Real Estate Investment Corp
MNR
$362K 0.05%
+30,000
New +$415K
RESI
67
DELISTED
Front Yard Residential Corporation Common Stock
RESI
$359K 0.05%
30,000
+4,272
+17% +$49.9K
AKR icon
68
Acadia Realty Trust
AKR
$3B
– –
-872,557
Closed -$22.6M
CCS icon
69
Century Communities
CCS
$2.04B
– –
-40,000
Closed -$1.09M
DBRG icon
70
DigitalBridge
DBRG
$2.94B
– –
-450,858
Closed -$8.57M
HHH icon
71
Howard Hughes
HHH
$3.96B
– –
-118,306
Closed -$14.3M
PNC icon
72
PNC Financial Services
PNC
$99.4B
– –
-136,135
Closed -$21.7M
SPY icon
73
State Street SPDR S&P 500 ETF Trust
SPY
$781B
– –
-3,365
Closed -$1.08M
PRSU
74
Pursuit Attractions and Hospitality Inc
PRSU
$1.44B
– –
-73,261
Closed -$4.95M
CTT
75
DELISTED
CATCHMARK TIMBER TRUST, INC.
CTT
– –
-45,961
Closed -$528K
1 2
3
4

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Third Avenue Management's Q1 2020 Portfolio in Review

As of Q1 2020, Third Avenue Management held 76 positions worth $676M, down 33% from $1.01B the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Third Avenue Management deployed $36.5M of net new capital in Q1 2020, opening 19 new positions and adding to 15 existing holdings. Its largest new stake was Prologis: 368,926 shares worth $29.7M.

By sector, the portfolio is most concentrated in Real Estate at 46% of assets, up from 42% a quarter earlier, followed by Financials and Consumer Discretionary.

On the sell side, the largest reduction was Weyerhaeuser, an estimated $21.2M trimmed.

  • Third Avenue Management's largest Q1 2020 buy was Prologis: 368,926 shares worth $29.7M.
  • Third Avenue Management added most to Vornado Realty Trust in Q1 2020, an estimated $25.1M increase.
  • Third Avenue Management's biggest Q1 2020 reduction was Weyerhaeuser, cutting an estimated $21.2M.
  • Third Avenue Management fully exited Acadia Realty Trust in Q1 2020, selling an estimated $22.6M.
  • Third Avenue Management's ten largest holdings make up 51% of its $676M portfolio in Q1 2020.
  • Third Avenue Management opened 19 new positions and closed 9 in Q1 2020.
  • Third Avenue Management's portfolio value fell 33% quarter-over-quarter to $676M.

Based on Third Avenue Management's 13F filing for Q1 2020, filed 13 May 2020.