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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
+2.46%
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
$5.16B
AUM Growth
-$293M
Cap. Flow
-$392M
Cap. Flow %
-7.6%
Top 10 Hldgs %
30.12%
Holding
181
New
11
Increased
41
Reduced
61
Closed
24

Top Buys

Rank Stock Value
1
G icon
Genpact
G
+$36.3M
2
APA icon
APA Corp
APA
+$31.7M
3
LABL
Multi-Color Corp
LABL
+$28.7M
4
EQC
Equity Commonwealth
EQC
+$27.1M
5
PHH
PHH Corporation
PHH
+$24M

Top Sells

Rank Stock Value
1
BNY
Bank of New York Mellon
BNY
+$60.2M
2
PKY
Parkway, Inc.
PKY
+$56.2M
3
JEF icon
Jefferies Financial Group
JEF
+$55.9M
4
WY icon
Weyerhaeuser
WY
+$50.5M
5
WTM icon
White Mountains Insurance
WTM
+$48.6M

Sector Composition

Rank Sector Weight
1 Financials 23.79%
2 Real Estate 15.33%
3 Industrials 11.08%
4 Materials 10.72%
5 Energy 10.17%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BPY
151
DELISTED
Brookfield Property Partners L.P. Limited Partnership Units
BPY
$499K 0.01%
26,692
– –
CDR
152
DELISTED
Cedar Realty Trust, Inc
CDR
$489K 0.01%
12,121
-8,031
-40% -$333K
PLD icon
153
Prologis
PLD
$138B
$363K 0.01%
8,880
– –
STLY
154
DELISTED
Stanley Furniture Co Inc
STLY
$260K 0.01%
94,758
– –
VOD icon
155
Vodafone
VOD
$34.9B
$226K ﹤0.01%
+6,133
New +$236K
CMO
156
DELISTED
Capstead Mortgage Corp.
CMO
$158K ﹤0.01%
12,500
– –
NLY icon
157
Annaly Capital Management
NLY
$16.9B
$145K ﹤0.01%
3,304
– –
AEO icon
158
American Eagle Outfitters
AEO
$2.85B
– –
-407,998
Closed -$5.88M
BELFB
159
Bel Fuse Inc Class B
BELFB
$3.88B
– –
-156,384
Closed -$3.33M
CVE icon
160
Cenovus Energy
CVE
$54.6B
– –
-19,200
Closed -$550K
EGO icon
161
Eldorado Gold
EGO
$8.31B
– –
-12,060
Closed -$342K
IAG icon
162
IAMGOLD
IAG
$8.47B
– –
-158,825
Closed -$529K
JJSF icon
163
J&J Snack Foods
JJSF
$1.43B
– –
-137,509
Closed -$12.2M
MYGN icon
164
Myriad Genetics
MYGN
$530M
– –
-328,314
Closed -$6.89M
NEM icon
165
Newmont
NEM
$98.2B
– –
-947,660
Closed -$21.8M
VOYA icon
166
Voya Financial
VOYA
$8.94B
– –
-20,000
Closed -$703K
WW
167
DELISTED
WW International
WW
– –
-165,285
Closed -$5.44M
AUY
168
DELISTED
Yamana Gold, Inc.
AUY
– –
-67,900
Closed -$585K
CTB
169
DELISTED
Cooper Tire & Rubber Co.
CTB
– –
-40,000
Closed -$962K
CHK
170
DELISTED
Chesapeake Energy Corporation
CHK
– –
-529
Closed -$2.71M
PES
171
DELISTED
Pioneer Energy Services Corp.
PES
– –
-1,062,874
Closed -$8.51M
ESIO
172
DELISTED
Electro Scientific Industries
ESIO
– –
-477,069
Closed -$4.99M
PKY
173
DELISTED
Parkway, Inc.
PKY
– –
-2,914,821
Closed -$56.2M
FNFG
174
DELISTED
FIRST NIAGARA FINANCIAL GROUP INC
FNFG
– –
-10,275
Closed -$109K
ARPI
175
DELISTED
AMERICAN RESIDENTIAL PPTYS INC COM
ARPI
– –
-100,000
Closed -$1.72M
4 5 6
7
8

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Third Avenue Management's Q1 2014 Portfolio in Review

As of Q1 2014, Third Avenue Management held 181 positions worth $5.16B, down 5.4% from $5.46B the previous quarter. Its ten largest holdings account for 30% of the portfolio.

Third Avenue Management withdrew a net $392M in Q1 2014, closing 24 positions and reducing 61 holdings. Its most notable exit was Parkway, Inc., an estimated $56.2M position sold in full.

By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 26% a quarter earlier, followed by Real Estate and Industrials.

Against the trend, Third Avenue Management opened a new position in Genpact worth $37.5M.

  • Third Avenue Management's largest Q1 2014 buy was Genpact: 2,149,998 shares worth $37.5M.
  • Third Avenue Management added most to APA Corp in Q1 2014, an estimated $31.7M increase.
  • Third Avenue Management's biggest Q1 2014 reduction was Bank of New York Mellon, cutting an estimated $60.2M.
  • Third Avenue Management fully exited Parkway, Inc. in Q1 2014, selling an estimated $56.2M.
  • Third Avenue Management's ten largest holdings make up 30% of its $5.16B portfolio in Q1 2014.
  • Third Avenue Management opened 11 new positions and closed 24 in Q1 2014.
  • Third Avenue Management's portfolio value fell 5.4% quarter-over-quarter to $5.16B.

Based on Third Avenue Management's 13F filing for Q1 2014, filed 14 May 2014.