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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
(-17%)
Cap. Flow
-$1B
Cap. Flow
% of AUM
-25.28%
Top 10 Holdings %
Top 10 Hldgs %
37.65%
Holding
155
New
9
Increased
35
Reduced
79
Closed
16
Top Buys
| 1 |
General Motors
GM
|
+$59.9M |
| 2 |
Rayonier
RYN
|
+$58.2M |
| 3 |
PARA
Paramount Global Class B
PARA
|
+$29.9M |
| 4 |
Valmont Industries
VMI
|
+$24.3M |
| 5 |
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 |
Progress Software
PRGS
|
+$31.1M |
| 4 |
SYNT
Syntel Inc
SYNT
|
+$29.4M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
126
Powell Industries
POWL
$8.49B
| $523K | 0.01% |
+31,950
| New | +$474K |
|
|
EXL
127
DELISTED
EXCEL TRUST , INC COM STK
EXL
| $521K | 0.01% |
38,890
-248,725
| -86% | -$3.18M |
|
128
Sanofi
SNY
$107B
| $488K | 0.01% |
10,704
-1,602
| -13% | -$77.7K |
|
|
PSB
129
DELISTED
PS Business Parks, Inc.
PSB
| $485K | 0.01% |
6,100
| – | – |
|
130
EXL Service
EXLS
$4.36B
| $431K | 0.01% |
75,035
-2,676,380
| -97% | -$14.7M |
|
131
Prologis
PLD
$141B
| $382K | 0.01% |
8,880
| – | – |
|
132
Ovintiv
OVV
$16.2B
| $357K | 0.01% |
5,120
-206,679
| -98% | -$17.6M |
|
|
ISLE
133
DELISTED
Isle of Capri Casinos Inc
ISLE
| $299K | 0.01% |
35,743
-964,212
| -96% | -$7.08M |
|
|
DST
134
DELISTED
DST Systems Inc.
DST
| $282K | 0.01% |
+6,000
| New | +$281K |
|
135
Westlake Corp
WLK
$10.1B
| $275K | 0.01% |
+4,500
| New | +$306K |
|
136
TotalEnergies
TTE
$179B
| $215K | 0.01% |
+4,201
| New | +$237K |
|
|
CMO
137
DELISTED
Capstead Mortgage Corp.
CMO
| $154K | ﹤0.01% |
12,500
| – | – |
|
138
Annaly Capital Management
NLY
$17.2B
| $143K | ﹤0.01% |
3,304
| – | – |
|
139
Foster
FSTR
$441M
| – | – |
-66,826
| Closed | -$3.07M |
|
140
InterDigital
IDCC
$6.71B
| – | – |
-648,252
| Closed | -$25.8M |
|
141
Kelly Services Class A
KELYA
$549M
| – | – |
-225,000
| Closed | -$3.53M |
|
142
Kennametal
KMT
$2.59B
| – | – |
-295,876
| Closed | -$12.2M |
|
143
Oshkosh
OSK
$9.13B
| – | – |
-277,129
| Closed | -$12.2M |
|
|
PDS
144
Precision Drilling
PDS
$1.07B
| – | – |
-6,655
| Closed | -$1.44M |
|
145
Tredegar Corp
TG
$266M
| – | – |
-689,569
| Closed | -$12.7M |
|
146
Texas Pacific Land
TPL
$29.2B
| – | – |
-76,887
| Closed | -$1.64M |
|
147
Westwood Holdings Group
WHG
$191M
| – | – |
-315,624
| Closed | -$17.9M |
|
|
MANT
148
DELISTED
Mantech International Corp
MANT
| – | – |
-567,492
| Closed | -$15.3M |
|
|
AKS
149
DELISTED
AK Steel Holding Corp
AKS
| – | – |
-711,375
| Closed | -$5.7M |
|
|
ESND
150
DELISTED
Essendant Inc.
ESND
| – | – |
-455,659
| Closed | -$17.1M |
|
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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.