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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
+7.17%
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
$3.09B
AUM Growth
-$584M
(-16%)
Cap. Flow
-$726M
Cap. Flow
% of AUM
-23.51%
Top 10 Holdings %
Top 10 Hldgs %
45.6%
Holding
134
New
5
Increased
10
Reduced
85
Closed
26
Avg Time Held
1.7
years
Top 10 Avg Time Held
1.4
years
Top 20 Avg Time Held
1.4
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
BXLT
BAXALTA INC COM STK (DE)
BXLT
|
+$18.2M |
| 2 |
Kirby Corp
KEX
|
+$11.4M |
| 3 |
BMCH
BMC Stock Holdings, Inc
BMCH
|
+$3.54M |
| 4 |
HERCULES OFFSHORE INC COM STK
HERO
|
+$3.23M |
| 5 |
MYR Group
MYRG
|
+$2.51M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Weyerhaeuser
WY
|
+$80.2M |
| 2 |
Anywhere Real Estate
HOUS
|
+$63.6M |
| 3 |
Brookdale Senior Living
BKD
|
+$59.4M |
| 4 |
NVIDIA
NVDA
|
+$42.8M |
| 5 |
Cavco Industries
CVCO
|
+$36.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 39.13% |
| 2 | Financials | 22.93% |
| 3 | Consumer Discretionary | 9.69% |
| 4 | Industrials | 9.19% |
| 5 | Technology | 3.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
101
Valmont Industries
VMI
$8.98B
| $900K | 0.03% |
8,489
-6,422
| -43% | -$696K |
2014 Q4
4 quarters
|
|
102
DELISTED
Mr. Cooper
COOP
| $719K | 0.02% |
23,142
-1,559
| -6% | -$46.3K |
2015 Q3
1 quarter
|
|
103
State Street SPDR S&P 500 ETF Trust
SPY
$813B
| $303K | 0.01% |
1,487
-8,938
| -86% | -$1.84M |
2015 Q3
1 quarter
|
|
104
iShares Core S&P US Value ETF
IUSV
$27.7B
| $300K | 0.01% |
7,068
-42,327
| -86% | -$1.83M |
2015 Q3
1 quarter
|
|
105
TotalEnergies
TTE
$198B
| $137K | ﹤0.01% |
3,056
| – | – |
2014 Q4
4 quarters
|
|
|
NOR
106
DELISTED
NORANDA ALUM HLDG CORP COM NEW
NOR
| $107K | ﹤0.01% |
333,434
| – | – |
2015 Q2
2 quarters
|
|
107
Vodafone
VOD
$35.9B
| $102K | ﹤0.01% |
3,159
+833
| +36% | +$27.2K |
2015 Q1
3 quarters
|
|
108
DELISTED
TEJON RANCH CO WTS EXP 8/31/2016 (DE)
TRC.WS
| $3K | ﹤0.01% |
354,918
-2,414
| -0.7% | -$85 |
2013 Q3
9 quarters
|
|
109
Acadia Realty Trust
AKR
$2.48B
| – | – |
-19,999
| Closed | -$601K | – |
|
110
Advanced Micro Devices
AMD
$932B
| – | – |
-250,000
| Closed | -$430K | – |
|
111
Are Dynamic Credit Allocation Fund
ARDC
$270M
| – | – |
-253,978
| Closed | -$3.55M | – |
|
112
BlackRock Credit Allocation Income Trust
BTZ
$872M
| – | – |
-409,999
| Closed | -$4.99M | – |
|
113
Hyatt Hotels
H
$15.1B
| – | – |
-482,381
| Closed | -$22.7M | – |
|
|
114
DELISTED
Anywhere Real Estate
HOUS
| – | – |
-1,689,009
| Closed | -$63.6M | – |
|
115
Western Asset High Yield Opportunity Fund Inc
HYI
$123M
| – | – |
-562,522
| Closed | -$7.88M | – |
|
116
BlackRock Corporate High Yield Fund
HYT
$1.51B
| – | – |
-1,304,420
| Closed | -$12.9M | – |
|
117
Kimco Realty
KIM
$15B
| – | – |
-26,045
| Closed | -$636K | – |
|
118
LSB Industries
LXU
$727M
| – | – |
-216,888
| Closed | -$2.56M | – |
|
119
Neuberger High Yield Strategies Fund Inc
NHS
$224M
| – | – |
-425,826
| Closed | -$4.34M | – |
|
|
120
NVIDIA
NVDA
$5.34T
| – | – |
-69,512,120
| Closed | -$42.8M | – |
|
121
Prologis
PLD
$124B
| – | – |
-8,880
| Closed | -$345K | – |
|
122
Powell Industries
POWL
$6.18B
| – | – |
-18,600
| Closed | -$187K | – |
|
123
SPX Corp
SPXC
$8.43B
| – | – |
-83,019
| Closed | -$990K | – |
|
124
Terreno Realty
TRNO
$7.06B
| – | – |
-42,290
| Closed | -$831K | – |
|
|
HYB
125
DELISTED
New America High Income Fund, Inc.
HYB
| – | – |
-595,362
| Closed | -$4.75M | – |
|
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Third Avenue Management's Q4 2015 Portfolio in Review
As of Q4 2015, Third Avenue Management held 134 positions worth $3.09B, down 16% from $3.67B the previous quarter. Its ten largest holdings account for 46% of the portfolio.
Third Avenue Management withdrew a net $726M in Q4 2015, closing 26 positions and reducing 85 holdings. Its most notable exit was Anywhere Real Estate, an estimated $63.6M position sold in full.
By sector, the portfolio is most concentrated in Real Estate at 39% of assets, up from 38% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Third Avenue Management opened a new position in BAXALTA INC COM STK (DE) worth $20.4M.
- Third Avenue Management's largest Q4 2015 buy was BAXALTA INC COM STK (DE): 522,437 shares worth $20.4M.
- Third Avenue Management added most to Designer Brands in Q4 2015, an estimated $1.77M increase.
- Third Avenue Management's biggest Q4 2015 reduction was Weyerhaeuser, cutting an estimated $80.2M.
- Third Avenue Management fully exited Anywhere Real Estate in Q4 2015, selling an estimated $63.6M.
- Third Avenue Management's ten largest holdings make up 46% of its $3.09B portfolio in Q4 2015.
- Third Avenue Management opened 5 new positions and closed 26 in Q4 2015.
- Third Avenue Management's portfolio value fell 16% quarter-over-quarter to $3.09B.
Based on Third Avenue Management's 13F filing for Q4 2015, filed 12 Feb 2016.