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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
+2.46%
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
$5.16B
AUM Growth
-$293M
Cap. Flow
-$392M
Cap. Flow %
-7.6%
Top 10 Hldgs %
30.12%
Holding
181
New
11
Increased
41
Reduced
61
Closed
24

Top Buys

Rank Stock Value
1
G icon
Genpact
G
+$36.3M
2
APA icon
APA Corp
APA
+$31.7M
3
LABL
Multi-Color Corp
LABL
+$28.7M
4
EQC
Equity Commonwealth
EQC
+$27.1M
5
PHH
PHH Corporation
PHH
+$24M

Top Sells

Rank Stock Value
1
BNY
Bank of New York Mellon
BNY
+$60.2M
2
PKY
Parkway, Inc.
PKY
+$56.2M
3
JEF icon
Jefferies Financial Group
JEF
+$55.9M
4
WY icon
Weyerhaeuser
WY
+$50.5M
5
WTM icon
White Mountains Insurance
WTM
+$48.6M

Sector Composition

Rank Sector Weight
1 Financials 23.79%
2 Real Estate 15.33%
3 Industrials 11.08%
4 Materials 10.72%
5 Energy 10.17%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TG icon
101
Tredegar Corp
TG
$268M
$13.4M 0.26%
584,359
+484,885
+487% +$11.9M
ALCO icon
102
Alico
ALCO
$286M
$12.6M 0.24%
335,217
-7,300
-2% -$279K
STRZA
103
DELISTED
Starz - Series A
STRZA
$11.5M 0.22%
355,012
– –
FSD
104
DELISTED
FIRST TRUST HIGH INCOME LONG/SHORT FUND
FSD
$10.6M 0.21%
597,983
+18,439
+3% +$325K
IIIN icon
105
Insteel Industries
IIIN
$633M
$10M 0.19%
508,683
-89,125
-15% -$1.75M
CLD
106
DELISTED
Cloud Peak Energy Inc
CLD
$9.85M 0.19%
465,868
-283,295
-38% -$5.32M
UONEK icon
107
Urban One Class D
UONEK
$22.9M
$9.39M 0.18%
198,058
– –
HYI
108
Western Asset High Yield Opportunity Fund Inc
HYI
$134M
$8.96M 0.17%
500,830
+284,483
+131% +$5.11M
ANV
109
DELISTED
Allied Nevada Gold Corp
ANV
$8.46M 0.16%
1,961,723
+442,268
+29% +$2.22M
ASNA
110
DELISTED
Ascena Retail Group, Inc.
ASNA
$8.25M 0.16%
23,863
– –
VZ icon
111
Verizon
VZ
$194B
$7.86M 0.15%
+165,189
New +$7.81M
TECK icon
112
Teck Resources
TECK
$29.5B
$7.79M 0.15%
360,260
+292,693
+433% +$6.79M
FST
113
DELISTED
FOREST OIL CORPORATION
FST
$7.64M 0.15%
+4,000,000
New +$10.8M
CSWC icon
114
Capital Southwest
CSWC
$1.46B
$7.37M 0.14%
578,501
-40,860
-7% -$519K
NHS
115
Neuberger High Yield Strategies Fund Inc
NHS
$252M
$6.87M 0.13%
504,626
+146,600
+41% +$1.99M
NOR
116
DELISTED
NORANDA ALUM HLDG CORP COM NEW
NOR
$6.17M 0.12%
214,286
– –
HYB
117
DELISTED
New America High Income Fund, Inc.
HYB
$6.14M 0.12%
625,520
+215,618
+53% +$2.11M
ARDC
118
Are Dynamic Credit Allocation Fund
ARDC
$297M
$5.96M 0.12%
329,003
+6,128
+2% +$112K
DHG
119
DELISTED
Deutsche High Incm Opportunities
DHG
$5.75M 0.11%
393,556
– –
KELYA icon
120
Kelly Services Class A
KELYA
$526M
$5.34M 0.1%
225,000
– –
AKS
121
DELISTED
AK Steel Holding Corp
AKS
$5.14M 0.1%
711,375
– –
CASS icon
122
Cass Information Systems
CASS
$698M
$5M 0.1%
128,132
-93,244
-42% -$3.96M
GM icon
123
General Motors
GM
$74.7B
$4.18M 0.08%
121,467
-100,000
-45% -$3.67M
RFP
124
DELISTED
Resolute Forest Products Inc.
RFP
$4.15M 0.08%
206,686
-108,809
-34% -$2.09M
HYT icon
125
BlackRock Corporate High Yield Fund
HYT
$1.36B
$4.08M 0.08%
332,703
– –
3 4
5
6 7

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Third Avenue Management's Q1 2014 Portfolio in Review

As of Q1 2014, Third Avenue Management held 181 positions worth $5.16B, down 5.4% from $5.46B the previous quarter. Its ten largest holdings account for 30% of the portfolio.

Third Avenue Management withdrew a net $392M in Q1 2014, closing 24 positions and reducing 61 holdings. Its most notable exit was Parkway, Inc., an estimated $56.2M position sold in full.

By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 26% a quarter earlier, followed by Real Estate and Industrials.

Against the trend, Third Avenue Management opened a new position in Genpact worth $37.5M.

  • Third Avenue Management's largest Q1 2014 buy was Genpact: 2,149,998 shares worth $37.5M.
  • Third Avenue Management added most to APA Corp in Q1 2014, an estimated $31.7M increase.
  • Third Avenue Management's biggest Q1 2014 reduction was Bank of New York Mellon, cutting an estimated $60.2M.
  • Third Avenue Management fully exited Parkway, Inc. in Q1 2014, selling an estimated $56.2M.
  • Third Avenue Management's ten largest holdings make up 30% of its $5.16B portfolio in Q1 2014.
  • Third Avenue Management opened 11 new positions and closed 24 in Q1 2014.
  • Third Avenue Management's portfolio value fell 5.4% quarter-over-quarter to $5.16B.

Based on Third Avenue Management's 13F filing for Q1 2014, filed 14 May 2014.