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
+8.2%
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
$2.21B
AUM Growth
+$24.2M
(+1.1%)
Cap. Flow
-$103M
Cap. Flow
% of AUM
-4.67%
Top 10 Holdings %
Top 10 Hldgs %
45.23%
Holding
118
New
8
Increased
13
Reduced
85
Closed
4
Avg Time Held
2.2
years
Top 10 Avg Time Held
2
years
Top 20 Avg Time Held
2
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Lennar Class A
LEN
|
+$83.6M |
| 2 |
Trinity Place Holdings Inc.com
TPHS
|
+$40.6M |
| 3 |
CERN
Cerner Corp
CERN
|
+$21.7M |
| 4 |
PKY
Parkway, Inc.
PKY
|
+$19.8M |
| 5 |
Amgen
AMGN
|
+$11.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Zions Bancorporation
ZION
|
+$47.5M |
| 2 |
PNC Financial Services Group Inc
PNC.WS
|
+$42.3M |
| 3 |
Macerich
MAC
|
+$36.4M |
| 4 |
Comerica
CMA
|
+$29.7M |
| 5 |
AXE
Anixter International Inc
AXE
|
+$25.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 27.18% |
| 2 | Financials | 27.14% |
| 3 | Consumer Discretionary | 14.04% |
| 4 | Industrials | 11.54% |
| 5 | Healthcare | 5.73% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
SBSA
101
DELISTED
Spanish Broadcasting System Inc.
SBSA
| $1.95M | 0.09% |
639,603
| – | – |
2013 Q2
14 quarters
|
|
102
DELISTED
CIRCOR International, Inc
CIR
| $1.7M | 0.08% |
26,267
-109
| -0.4% | -$6.5K |
2015 Q1
7 quarters
|
|
103
Quanex
NX
$834M
| $1.59M | 0.07% |
+78,300
| New | +$1.45M |
2016 Q4
0 quarters
|
|
|
104
DELISTED
Comerica Incorporated Ws
CMA.WS
| $1.48M | 0.07% |
38,300
-51,700
| -57% | -$1.5M |
2013 Q2
14 quarters
|
|
105
Tanger
SKT
$3.94B
| $1.34M | 0.06% |
37,519
-155
| -0.4% | -$5.47K |
2013 Q3
13 quarters
|
|
|
CTT
106
DELISTED
CATCHMARK TIMBER TRUST, INC.
CTT
| $901K | 0.04% |
80,000
| – | – |
2015 Q3
5 quarters
|
|
|
FPO
107
DELISTED
First Potomac Realty Trust
FPO
| $878K | 0.04% |
80,000
| – | – |
2015 Q2
6 quarters
|
|
108
Synaptics
SYNA
$4.66B
| $847K | 0.04% |
+15,800
| New | +$914K |
2016 Q4
0 quarters
|
|
109
NexPoint Residential Trust
NXRT
$467M
| $559K | 0.03% |
25,000
| – | – |
2016 Q2
2 quarters
|
|
110
Lennar Class B
LEN.B
$17.4B
| $392K | 0.02% |
+12,185
| New | +$388K |
2016 Q4
0 quarters
|
|
111
Valmont Industries
VMI
$8.98B
| $239K | 0.01% |
1,699
-670
| -28% | -$93K |
2014 Q4
8 quarters
|
|
112
TotalEnergies
TTE
$198B
| $93K | ﹤0.01% |
1,823
-984
| -35% | -$47.4K |
2014 Q4
8 quarters
|
|
113
Vodafone
VOD
$35.9B
| $46K | ﹤0.01% |
1,877
-893
| -32% | -$23.5K |
2015 Q1
7 quarters
|
|
|
FCE.B
114
DELISTED
Forest City Realty Trust, Inc.
FCE.B
| $19K | ﹤0.01% |
702
| – | – |
2016 Q1
3 quarters
|
|
115
DELISTED
Mr. Cooper
COOP
| – | – |
-18,059
| Closed | -$507K | – |
|
116
DELISTED
SPX FLOW, Inc.
FLOW
| – | – |
-67,624
| Closed | -$2.09M | – |
|
|
CST
117
DELISTED
CST Brands, Inc.
CST
| – | – |
-60,534
| Closed | -$2.91M | – |
|
|
IM
118
DELISTED
Ingram Micro
IM
| – | – |
-110,658
| Closed | -$3.95M | – |
|
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Third Avenue Management's Q4 2016 Portfolio in Review
As of Q4 2016, Third Avenue Management held 118 positions worth $2.21B, up 1.1% from $2.18B the previous quarter. Its ten largest holdings account for 45% of the portfolio.
Third Avenue Management withdrew a net $103M in Q4 2016, closing 4 positions and reducing 85 holdings. Its most notable exit was Ingram Micro, an estimated $3.95M position sold in full.
By sector, the portfolio is most concentrated in Real Estate at 27% of assets, down from 29% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Third Avenue Management opened a new position in Cerner Corp worth $19.4M.
- Third Avenue Management's largest Q4 2016 buy was Cerner Corp: 408,707 shares worth $19.4M.
- Third Avenue Management added most to Lennar Class A in Q4 2016, an estimated $83.6M increase.
- Third Avenue Management's biggest Q4 2016 reduction was Zions Bancorporation, cutting an estimated $47.5M.
- Third Avenue Management fully exited Ingram Micro in Q4 2016, selling an estimated $3.95M.
- Third Avenue Management's ten largest holdings make up 45% of its $2.21B portfolio in Q4 2016.
- Third Avenue Management opened 8 new positions and closed 4 in Q4 2016.
- Third Avenue Management's portfolio value rose 1.1% quarter-over-quarter to $2.21B.
Based on Third Avenue Management's 13F filing for Q4 2016, filed 13 Feb 2017.