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
+0.3%
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
$2.6B
AUM Growth
-$489M
(-16%)
Cap. Flow
-$457M
Cap. Flow
% of AUM
-17.57%
Top 10 Holdings %
Top 10 Hldgs %
43.68%
Holding
120
New
12
Increased
21
Reduced
64
Closed
6
Avg Time Held
1.8
years
Top 10 Avg Time Held
1.7
years
Top 20 Avg Time Held
1.6
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Lennar Class A
LEN
|
+$48.4M |
| 2 |
Fidelity National Financial
FNF
|
+$25.5M |
| 3 |
Howard Hughes
HHH
|
+$22.7M |
| 4 |
Ralph Lauren
RL
|
+$22.4M |
| 5 |
HAR
Harman International Industries
HAR
|
+$22.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Weyerhaeuser
WY
|
+$48M |
| 2 |
Equity Commonwealth
EQC
|
+$43.5M |
| 3 |
First Industrial Realty Trust
FR
|
+$42.1M |
| 4 |
Vornado Realty Trust
VNO
|
+$41.6M |
| 5 |
AGCO
AGCO
|
+$33.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 36.32% |
| 2 | Financials | 24.64% |
| 3 | Consumer Discretionary | 11.71% |
| 4 | Industrials | 9.27% |
| 5 | Technology | 4.07% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
101
ANI Pharmaceuticals
ANIP
$1.61B
| $1.69M | 0.06% |
50,053
| – | – |
2015 Q2
3 quarters
|
|
102
Interface
TILE
$2.03B
| $1.54M | 0.06% |
+83,211
| New | +$1.4M |
2016 Q1
0 quarters
|
|
|
CRZO
103
DELISTED
Carrizo Oil & Gas Inc
CRZO
| $1.45M | 0.06% |
+46,900
| New | +$1.18M |
2016 Q1
0 quarters
|
|
104
DELISTED
Comerica Incorporated Ws
CMA.WS
| $1.33M | 0.05% |
100,000
| – | – |
2013 Q2
11 quarters
|
|
|
FPO
105
DELISTED
First Potomac Realty Trust
FPO
| $1.31M | 0.05% |
145,000
| – | – |
2015 Q2
3 quarters
|
|
106
Valmont Industries
VMI
$8.98B
| $1.02M | 0.04% |
8,255
-234
| -3% | -$26K |
2014 Q4
5 quarters
|
|
107
Magnera Corp
MAGN
$377M
| $966K | 0.04% |
3,584
-4,968
| -58% | -$1.13M |
2013 Q2
11 quarters
|
|
108
DELISTED
Mr. Cooper
COOP
| $650K | 0.03% |
23,142
| – | – |
2015 Q3
2 quarters
|
|
109
TotalEnergies
TTE
$198B
| $139K | 0.01% |
3,056
| – | – |
2014 Q4
5 quarters
|
|
110
Vodafone
VOD
$35.9B
| $101K | ﹤0.01% |
3,159
| – | – |
2015 Q1
4 quarters
|
|
111
Seaboard Corp
SEB
$3.86B
| $57K | ﹤0.01% |
+19
| New | +$53.3K |
2016 Q1
0 quarters
|
|
112
DELISTED
Trinity Place Holdings Inc.com
TPHS
| $42K | ﹤0.01% |
+6,029
| New | +$37.1K |
2016 Q1
0 quarters
|
|
|
FCE.B
113
DELISTED
Forest City Realty Trust, Inc.
FCE.B
| $15K | ﹤0.01% |
+702
| New | +$13.7K |
2016 Q1
0 quarters
|
|
114
iShares Core S&P US Value ETF
IUSV
$27.7B
| – | – |
-7,068
| Closed | -$300K | – |
|
115
Loews
L
$22.3B
| – | – |
-701,723
| Closed | -$26.9M | – |
|
116
POSCO
PKX
$17.2B
| – | – |
-651,865
| Closed | -$23M | – |
|
117
State Street SPDR S&P 500 ETF Trust
SPY
$813B
| – | – |
-1,487
| Closed | -$303K | – |
|
|
BMCH
118
DELISTED
BMC Stock Holdings, Inc
BMCH
| – | – |
-209,240
| Closed | -$3.5M | – |
|
119
DELISTED
TEJON RANCH CO WTS EXP 8/31/2016 (DE)
TRC.WS
| $0 | ﹤0.01% |
352,189
-2,729
| -0.8% | -$8 |
2013 Q3
10 quarters
|
|
|
NOR
120
DELISTED
NORANDA ALUM HLDG CORP COM NEW
NOR
| – | – |
-333,434
| Closed | -$107K | – |
|
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Third Avenue Management's Q1 2016 Portfolio in Review
As of Q1 2016, Third Avenue Management held 120 positions worth $2.6B, down 16% from $3.09B the previous quarter. Its ten largest holdings account for 44% of the portfolio.
Third Avenue Management withdrew a net $457M in Q1 2016, closing 6 positions and reducing 64 holdings. Its most notable exit was Loews, an estimated $26.9M position sold in full.
By sector, the portfolio is most concentrated in Real Estate at 36% of assets, down from 39% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Third Avenue Management opened a new position in Lennar Class A worth $54.3M.
- Third Avenue Management's largest Q1 2016 buy was Lennar Class A: 1,179,780 shares worth $54.3M.
- Third Avenue Management added most to Kennedy-Wilson Holdings in Q1 2016, an estimated $17.8M increase.
- Third Avenue Management's biggest Q1 2016 reduction was Weyerhaeuser, cutting an estimated $48M.
- Third Avenue Management fully exited Loews in Q1 2016, selling an estimated $26.9M.
- Third Avenue Management's ten largest holdings make up 44% of its $2.6B portfolio in Q1 2016.
- Third Avenue Management opened 12 new positions and closed 6 in Q1 2016.
- Third Avenue Management's portfolio value fell 16% quarter-over-quarter to $2.6B.
Based on Third Avenue Management's 13F filing for Q1 2016, filed 12 May 2016.