TAM
Third Avenue Management Portfolio holdings
AUM
$625M
Turnover
10.53%
1-Year Est. Return
48.93%
This Fund
S&P 500
This Quarter
Est. Return
+6.09%
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
$2.08B
AUM Growth
-$136M
(-6.1%)
Cap. Flow
-$249M
Cap. Flow
% of AUM
-11.94%
Top 10 Holdings %
Top 10 Hldgs %
51.28%
Holding
113
New
3
Increased
20
Reduced
22
Closed
21
Avg Time Held
2.8
years
Top 10 Avg Time Held
2.3
years
Top 20 Avg Time Held
2.6
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Tidewater
TDW
|
+$27.3M |
| 2 |
U-Haul Holding Co
UHAL
|
+$20.7M |
| 3 |
FCE.A
Forest City Realty Trust, Inc.
FCE.A
|
+$20.5M |
| 4 |
Warrior Met Coal
HCC
|
+$17.2M |
| 5 |
Tejon Ranch
TRC
|
+$7.75M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CERN
Cerner Corp
CERN
|
+$29.2M |
| 2 |
Bank of New York Mellon
BNY
|
+$24.6M |
| 3 |
Comerica
CMA
|
+$24.2M |
| 4 |
PKY
Parkway, Inc.
PKY
|
+$24.2M |
| 5 |
Devon Energy
DVN
|
+$22.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 33.26% |
| 2 | Financials | 26.21% |
| 3 | Consumer Discretionary | 14.73% |
| 4 | Industrials | 11.01% |
| 5 | Energy | 3.63% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
76
Progress Software
PRGS
$1.58B
| $3.73M | 0.18% |
87,555
| – | – |
2013 Q2
18 quarters
|
|
77
CNH Industrial
CNH
$19.3B
| $3.55M | 0.17% |
304,600
| – | – |
2015 Q2
10 quarters
|
|
78
ABM Industries
ABM
$2.97B
| $3.39M | 0.16% |
89,857
| – | – |
2013 Q2
18 quarters
|
|
79
DELISTED
CSG Systems International
CSGS
| $2.94M | 0.14% |
67,198
| – | – |
2013 Q4
16 quarters
|
|
80
Dorman Products
DORM
$3.62B
| $2.67M | 0.13% |
43,600
| – | – |
2015 Q1
11 quarters
|
|
81
Jefferies Financial Group
JEF
$10.1B
| $2.66M | 0.13% |
111,973
| – | – |
2013 Q2
18 quarters
|
|
82
Capital Southwest
CSWC
$1.49B
| $2.49M | 0.12% |
150,348
| – | – |
2013 Q2
18 quarters
|
|
83
Century Communities
CCS
$1.53B
| $2.23M | 0.11% |
71,671
| – | – |
2014 Q3
13 quarters
|
|
84
DELISTED
Kennedy-Wilson Holdings
KW
| $2.17M | 0.1% |
124,753
-1,054,800
| -89% | -$19.9M |
2015 Q3
9 quarters
|
|
85
Valley National Bancorp
VLY
$6.86B
| $2.13M | 0.1% |
189,675
| – | – |
2013 Q2
18 quarters
|
|
86
Standard Motor Products
SMP
$810M
| $2.11M | 0.1% |
46,947
| – | – |
2014 Q2
14 quarters
|
|
|
87
DELISTED
Comerica Incorporated Ws
CMA.WS
| $1.94M | 0.09% |
33,300
| – | – |
2013 Q2
18 quarters
|
|
|
CDR
88
DELISTED
Cedar Realty Trust, Inc
CDR
| $1.07M | 0.05% |
26,621
| – | – |
2017 Q1
3 quarters
|
|
|
CTT
89
DELISTED
CATCHMARK TIMBER TRUST, INC.
CTT
| $1.05M | 0.05% |
80,000
| – | – |
2015 Q3
9 quarters
|
|
90
NexPoint Residential Trust
NXRT
$467M
| $484K | 0.02% |
17,300
-7,700
| -31% | -$204K |
2016 Q2
6 quarters
|
|
91
DELISTED
Haynes International, Inc.
HAYN
| $158K | 0.01% |
4,900
-125,543
| -96% | -$4.28M |
2017 Q2
2 quarters
|
|
92
TotalEnergies
TTE
$198B
| $55K | ﹤0.01% |
984
| – | – |
2014 Q4
12 quarters
|
|
93
Avnet
AVT
$7.88B
| – | – |
-13,379
| Closed | -$526K | – |
|
|
94
Devon Energy
DVN
$54.9B
| – | – |
-618,038
| Closed | -$22.7M | – |
|
95
LivaNova
LIVN
$4.19B
| – | – |
-219,422
| Closed | -$15.4M | – |
|
96
Quanex
NX
$834M
| – | – |
-214,700
| Closed | -$4.93M | – |
|
97
DELISTED
Paramount Global Class B
PARA
| – | – |
-353,287
| Closed | -$20.5M | – |
|
98
Photronics
PLAB
$1.67B
| – | – |
-467,900
| Closed | -$4.14M | – |
|
99
Ralph Lauren
RL
$22.4B
| – | – |
-9,556
| Closed | -$844K | – |
|
100
TriNet
TNET
$3.08B
| – | – |
-120,700
| Closed | -$4.06M | – |
|
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Third Avenue Management's Q4 2017 Portfolio in Review
As of Q4 2017, Third Avenue Management held 113 positions worth $2.08B, down 6.1% from $2.22B the previous quarter. Its ten largest holdings account for 51% of the portfolio.
Third Avenue Management withdrew a net $249M in Q4 2017, closing 21 positions and reducing 22 holdings. Its most notable exit was Cerner Corp, an estimated $29.2M position sold in full.
By sector, the portfolio is most concentrated in Real Estate at 33% of assets, up from 32% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Third Avenue Management opened a new position in U-Haul Holding Co worth $20.9M.
- Third Avenue Management's largest Q4 2017 buy was U-Haul Holding Co: 552,860 shares worth $20.9M.
- Third Avenue Management added most to Tidewater in Q4 2017, an estimated $27.3M increase.
- Third Avenue Management's biggest Q4 2017 reduction was Bank of New York Mellon, cutting an estimated $24.6M.
- Third Avenue Management fully exited Cerner Corp in Q4 2017, selling an estimated $29.2M.
- Third Avenue Management's ten largest holdings make up 51% of its $2.08B portfolio in Q4 2017.
- Third Avenue Management opened 3 new positions and closed 21 in Q4 2017.
- Third Avenue Management's portfolio value fell 6.1% quarter-over-quarter to $2.08B.
Based on Third Avenue Management's 13F filing for Q4 2017, filed 14 Feb 2018.