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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
+5.65%
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
$3.97B
AUM Growth
-$799M
Cap. Flow
-$1B
Cap. Flow %
-25.28%
Top 10 Hldgs %
37.65%
Holding
155
New
9
Increased
35
Reduced
79
Closed
16

Top Buys

1
GM icon
General Motors
GM
+$59.9M
2
RYN icon
Rayonier
RYN
+$58.2M
3
PARA
Paramount Global Class B
PARA
+$29.9M
4
VMI icon
Valmont Industries
VMI
+$24.3M
5
BKD icon
Brookdale Senior Living
BKD
+$20.7M

Top Sells

1
CVA
Covanta Holding Corporation
CVA
+$55M
2
HCC
HCC INSURANCES HOLDINGS INC
HCC
+$38.1M
3
PRGS icon
Progress Software
PRGS
+$31.1M
4
SYNT
Syntel Inc
SYNT
+$29.4M
5
LOW icon
Lowe's Companies
LOW
+$28.2M

Sector Composition

1 Real Estate 29.29%
2 Financials 24.97%
3 Consumer Discretionary 8.95%
4 Industrials 7.75%
5 Energy 5.8%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WOOF
76
DELISTED
VCA Inc.
WOOF
$7.5M 0.19%
153,881
-293,851
-66% -$13.2M
MAGN
77
Magnera Corp
MAGN
$499M
$7.5M 0.19%
22,565
-50,310
-69% -$16.2M
CYN
78
DELISTED
CITY NATIONAL CORPORATION
CYN
$7.22M 0.18%
89,315
-172,160
-66% -$13.3M
ACGL icon
79
Arch Capital
ACGL
$35B
$7.21M 0.18%
365,751
-789,816
-68% -$15M
ALCO icon
80
Alico
ALCO
$305M
$7.18M 0.18%
143,568
-85,892
-37% -$3.4M
ALG icon
81
Alamo Group
ALG
$2.02B
$7.09M 0.18%
146,379
-294,834
-67% -$13.2M
EPAC icon
82
Enerpac Tool Group
EPAC
$1.81B
$7.03M 0.18%
257,877
-481,185
-65% -$14.4M
ICFI icon
83
ICF International
ICFI
$1.47B
$6.94M 0.17%
169,313
-270,933
-62% -$10M
CKH
84
DELISTED
Seacor Holdings Inc.
CKH
$6.83M 0.17%
95,612
-333,026
-78% -$24.2M
NSIT icon
85
Insight Enterprises
NSIT
$3.49B
$6.72M 0.17%
259,467
-551,862
-68% -$13.1M
SEMG
86
DELISTED
SEMGROUP CORPORATION
SEMG
$6.62M 0.17%
96,800
-139,683
-59% -$10.3M
CST
87
DELISTED
CST Brands, Inc.
CST
$6.46M 0.16%
148,116
-283,034
-66% -$11.4M
TFX icon
88
Teleflex
TFX
$5.99B
$6.44M 0.16%
56,069
-119,025
-68% -$13.5M
ABM icon
89
ABM Industries
ABM
$2.82B
$6.2M 0.16%
216,472
-433,566
-67% -$11.7M
CSWC icon
90
Capital Southwest
CSWC
$1.5B
$5.7M 0.14%
409,548
– –
PNK
91
DELISTED
Pinnacle Entertainment Inc.
PNK
$5.68M 0.14%
255,200
– –
IM
92
DELISTED
Ingram Micro
IM
$5.61M 0.14%
203,094
-432,944
-68% -$11.4M
CLH icon
93
Clean Harbors
CLH
$16.4B
$5.48M 0.14%
114,107
+24
+0% +$1.17K
MHY
94
DELISTED
WESTERN ASSET MANAGED HIGH INCOM FD INC. COM
MHY
$5.24M 0.13%
1,025,669
+91,097
+10% +$485K
NHS
95
Neuberger High Yield Strategies Fund Inc
NHS
$258M
$5.24M 0.13%
425,826
-78,800
-16% -$996K
VTOL icon
96
Bristow Group
VTOL
$1.31B
$5.17M 0.13%
122,261
-137,686
-53% -$6.1M
BR icon
97
Broadridge
BR
$17.7B
$5.14M 0.13%
111,313
-231,074
-67% -$10.1M
HYB
98
DELISTED
New America High Income Fund, Inc.
HYB
$5.06M 0.13%
565,757
-84,871
-13% -$789K
DHG
99
DELISTED
Deutsche High Incm Opportunities
DHG
$4.84M 0.12%
345,156
-48,400
-12% -$686K
ARDC
100
Are Dynamic Credit Allocation Fund
ARDC
$301M
$4.7M 0.12%
296,871
-45,125
-13% -$746K
2 3
4
5 6

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Third Avenue Management's Q4 2014 Portfolio in Review

As of Q4 2014, Third Avenue Management held 155 positions worth $3.97B, down 17% from $4.77B the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Third Avenue Management withdrew a net $1B in Q4 2014, closing 16 positions and reducing 79 holdings. Its most notable exit was InterDigital, an estimated $25.8M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 29% of assets, up from 22% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Third Avenue Management opened a new position in Valmont Industries worth $23.1M.

  • Third Avenue Management's largest Q4 2014 buy was Valmont Industries: 181,983 shares worth $23.1M.
  • Third Avenue Management added most to General Motors in Q4 2014, an estimated $59.9M increase.
  • Third Avenue Management's biggest Q4 2014 reduction was Covanta Holding Corporation, cutting an estimated $55M.
  • Third Avenue Management fully exited InterDigital in Q4 2014, selling an estimated $25.8M.
  • Third Avenue Management's ten largest holdings make up 38% of its $3.97B portfolio in Q4 2014.
  • Third Avenue Management opened 9 new positions and closed 16 in Q4 2014.
  • Third Avenue Management's portfolio value fell 17% quarter-over-quarter to $3.97B.

Based on Third Avenue Management's 13F filing for Q4 2014, filed 13 Feb 2015.