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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
VLY icon
101
Valley National Bancorp
VLY
$8.42B
$4.6M 0.12%
473,304
-393,553
-45% -$3.81M
RRX icon
102
Regal Rexnord
RRX
$14.1B
$4.27M 0.11%
56,756
-350,434
-86% -$24.6M
UONEK icon
103
Urban One Class D
UONEK
$19M
$3.86M 0.1%
231,136
– –
ALLY icon
104
Ally Financial
ALLY
$14.3B
$3.53M 0.09%
149,500
+10,000
+7% +$226K
PRSU
105
Pursuit Attractions and Hospitality Inc
PRSU
$1.46B
$2.62M 0.07%
+98,288
New +$2.35M
WIRE
106
DELISTED
Encore Wire Corp
WIRE
$2.49M 0.06%
66,812
-142,017
-68% -$5.31M
CMA.WS
107
DELISTED
Comerica Incorporated Ws
CMA.WS
$2.34M 0.06%
130,000
– –
FOR icon
108
Forestar Group
FOR
$1.58B
$2.33M 0.06%
151,436
-321,395
-68% -$5.26M
CCS icon
109
Century Communities
CCS
$1.96B
$2.29M 0.06%
132,474
+49,600
+60% +$846K
CTB
110
DELISTED
Cooper Tire & Rubber Co.
CTB
$2.25M 0.06%
64,854
-595,246
-90% -$18.7M
UCP
111
DELISTED
UCP, Inc.
UCP
$1.82M 0.05%
173,800
+40,458
+30% +$481K
AIG icon
112
American International
AIG
$41.4B
$1.58M 0.04%
28,200
+8,200
+41% +$440K
SBSA
113
DELISTED
Spanish Broadcasting System Inc.
SBSA
$1.57M 0.04%
681,637
– –
NAVI icon
114
Navient
NAVI
$815M
$1.54M 0.04%
71,100
+51,100
+256% +$1.02M
PNC icon
115
PNC Financial Services
PNC
$102B
$1.31M 0.03%
14,310
+10,039
+235% +$870K
WFC icon
116
Wells Fargo
WFC
$267B
$916K 0.02%
16,701
+12,002
+255% +$635K
FST
117
DELISTED
FOREST OIL CORPORATION
FST
$900K 0.02%
4,000,000
– –
TRNO icon
118
Terreno Realty
TRNO
$7.94B
$872K 0.02%
42,290
– –
VOYA icon
119
Voya Financial
VOYA
$9.12B
$848K 0.02%
+20,000
New +$800K
MSGS icon
120
Madison Square Garden
MSGS
$9.33B
$757K 0.02%
14,094
-555,921
-98% -$28M
KIM icon
121
Kimco Realty
KIM
$17.6B
$655K 0.02%
26,045
– –
AKR icon
122
Acadia Realty Trust
AKR
$2.95B
$641K 0.02%
19,999
– –
TRC.WS
123
DELISTED
TEJON RANCH CO WTS EXP 8/31/2016 (DE)
TRC.WS
$629K 0.02%
359,332
– –
COF.WS
124
DELISTED
Capital One Financial Corp
COF.WS
$627K 0.02%
15,000
– –
CDR
125
DELISTED
Cedar Realty Trust, Inc
CDR
$587K 0.01%
12,121
– –
3 4
5
6 7

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CPC
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AOWM
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VHMC
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DTL
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ACP
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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.