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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
+7.09%
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
$5.17B
AUM Growth
+$75.1M
Cap. Flow
-$252M
Cap. Flow %
-4.88%
Top 10 Hldgs %
35.08%
Holding
169
New
24
Increased
45
Reduced
52
Closed
6

Top Buys

Rank Stock Value
1
CVCO icon
Cavco Industries
CVCO
+$102M
2
SKT icon
Tanger
SKT
+$45.7M
3
HT
Hersha Hospitality Trust Priority Class A Common Shares of Beneficial Interest
HT
+$35.5M
4
BKD icon
Brookdale Senior Living
BKD
+$27.1M
5
AXLL
AXIALL CORP COM STK (DE)
AXLL
+$21.5M

Top Sells

Rank Stock Value
1
AMAT icon
Applied Materials
AMAT
+$132M
2
KEY icon
KeyCorp
KEY
+$93.4M
3
FCE.A
Forest City Realty Trust, Inc.
FCE.A
+$61.5M
4
HAR
Harman International Industries
HAR
+$41.2M
5
BNY
Bank of New York Mellon
BNY
+$40M

Sector Composition

Rank Sector Weight
1 Financials 25.42%
2 Real Estate 14.22%
3 Industrials 12.5%
4 Materials 10.24%
5 Energy 9.55%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CLD
76
DELISTED
Cloud Peak Energy Inc
CLD
$19.2M 0.37%
1,306,076
-839,195
-39% -$13.5M
CYN
77
DELISTED
CITY NATIONAL CORPORATION
CYN
$18.9M 0.37%
283,422
-80,475
-22% -$5.44M
CUB
78
DELISTED
Cubic Corporation
CUB
$18.4M 0.36%
342,505
+100
+0% +$5.15K
CBSH icon
79
Commerce Bancshares
CBSH
$8.5B
$17.3M 0.33%
745,097
-245,795
-25% -$5.85M
BR icon
80
Broadridge
BR
$17.2B
$17.3M 0.33%
543,883
-278,800
-34% -$8.29M
AVTA
81
DELISTED
Avantax, Inc. Common Stock
AVTA
$16.7M 0.32%
726,320
+20,150
+3% +$420K
BIG
82
DELISTED
Big Lots, Inc.
BIG
$16.6M 0.32%
447,053
+125,910
+39% +$4.46M
ORB
83
DELISTED
ORBITAL SCIENCES CORP
ORB
$16.5M 0.32%
780,935
– –
CFR icon
84
Cullen/Frost Bankers
CFR
$10.3B
$15.5M 0.3%
219,472
-73,255
-25% -$5.21M
CST
85
DELISTED
CST Brands, Inc.
CST
$14.8M 0.29%
495,167
+77,252
+18% +$2.42M
FCN icon
86
FTI Consulting
FCN
$4.82B
$14.4M 0.28%
+381,698
New +$13.5M
ALCO icon
87
Alico
ALCO
$286M
$14.2M 0.27%
343,912
+20,346
+6% +$876K
VLY icon
88
Valley National Bancorp
VLY
$7.93B
$13.8M 0.27%
1,383,246
-79,255
-5% -$801K
WW
89
DELISTED
WW International
WW
$13.5M 0.26%
360,000
– –
JJSF icon
90
J&J Snack Foods
JJSF
$1.43B
$13.4M 0.26%
166,317
-98,393
-37% -$7.85M
ASNA
91
DELISTED
Ascena Retail Group, Inc.
ASNA
$13.2M 0.26%
33,180
-27,407
-45% -$9.74M
WFC.WS
92
DELISTED
Wells Fargo & Company Ws
WFC.WS
$13.2M 0.26%
941,975
– –
STRZA
93
DELISTED
Starz - Series A
STRZA
$12.3M 0.24%
436,434
– –
JOSB
94
DELISTED
JOS A BANK CLOTHIERS INC
JOSB
$11.9M 0.23%
271,062
+15,000
+6% +$627K
DAR icon
95
Darling Ingredients
DAR
$9.93B
$11.9M 0.23%
562,366
– –
ESIO
96
DELISTED
Electro Scientific Industries
ESIO
$11.5M 0.22%
977,904
-626,818
-39% -$7.24M
PES
97
DELISTED
Pioneer Energy Services Corp.
PES
$11.4M 0.22%
1,520,195
– –
EXL
98
DELISTED
EXCEL TRUST , INC COM STK
EXL
$11.3M 0.22%
942,491
– –
PKE icon
99
Park Aerospace
PKE
$745M
$10.7M 0.21%
372,754
-226,600
-38% -$6.21M
VTOL icon
100
Bristow Group
VTOL
$1.35B
$10.7M 0.21%
196,197
– –
2 3
4
5 6

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DTL
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Third Avenue Management's Q3 2013 Portfolio in Review

As of Q3 2013, Third Avenue Management held 169 positions worth $5.17B, up 1.5% from $5.1B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Third Avenue Management withdrew a net $252M in Q3 2013, closing 6 positions and reducing 52 holdings. Its most notable exit was Applied Materials, an estimated $132M position sold in full.

By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 28% a quarter earlier, followed by Real Estate and Industrials.

Against the trend, Third Avenue Management opened a new position in Tanger worth $45.5M.

  • Third Avenue Management's largest Q3 2013 buy was Tanger: 1,394,811 shares worth $45.5M.
  • Third Avenue Management added most to Cavco Industries in Q3 2013, an estimated $102M increase.
  • Third Avenue Management's biggest Q3 2013 reduction was KeyCorp, cutting an estimated $93.4M.
  • Third Avenue Management fully exited Applied Materials in Q3 2013, selling an estimated $132M.
  • Third Avenue Management's ten largest holdings make up 35% of its $5.17B portfolio in Q3 2013.
  • Third Avenue Management opened 24 new positions and closed 6 in Q3 2013.
  • Third Avenue Management's portfolio value rose 1.5% quarter-over-quarter to $5.17B.

Based on Third Avenue Management's 13F filing for Q3 2013, filed 14 Nov 2013.