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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
+7.09%
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
$5.17B
AUM Growth
+$75.1M
Cap. Flow
-$252M
Cap. Flow %
-4.88%
Top 10 Hldgs %
35.08%
Holding
169
New
24
Increased
45
Reduced
52
Closed
6

Top Buys

Rank Stock Value
1
CVCO icon
Cavco Industries
CVCO
+$102M
2
SKT icon
Tanger
SKT
+$45.7M
3
HT
Hersha Hospitality Trust Priority Class A Common Shares of Beneficial Interest
HT
+$35.5M
4
BKD icon
Brookdale Senior Living
BKD
+$27.1M
5
AXLL
AXIALL CORP COM STK (DE)
AXLL
+$21.5M

Top Sells

Rank Stock Value
1
AMAT icon
Applied Materials
AMAT
+$132M
2
KEY icon
KeyCorp
KEY
+$93.4M
3
FCE.A
Forest City Realty Trust, Inc.
FCE.A
+$61.5M
4
HAR
Harman International Industries
HAR
+$41.2M
5
BNY
Bank of New York Mellon
BNY
+$40M

Sector Composition

Rank Sector Weight
1 Financials 25.42%
2 Real Estate 14.22%
3 Industrials 12.5%
4 Materials 10.24%
5 Energy 9.55%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WY icon
1
Weyerhaeuser
WY
$17.3B
$236M 4.56%
8,227,549
+429,903
+6% +$12.2M
BNY
2
Bank of New York Mellon
BNY
$108B
$230M 4.45%
7,616,860
-1,303,991
-15% -$40M
DVN icon
3
Devon Energy
DVN
$50.5B
$215M 4.16%
3,720,330
-163,533
-4% -$9.34M
BN icon
4
Brookfield
BN
$104B
$206M 3.99%
23,553,420
-298,436
-1% -$2.55M
PKX icon
5
POSCO
PKX
$15.3B
$199M 3.84%
2,698,251
-8,280
-0.3% -$602K
WTM icon
6
White Mountains Insurance
WTM
$5.48B
$154M 2.97%
270,824
+3,551
+1% +$2.06M
JEF icon
7
Jefferies Financial Group
JEF
$12.7B
$154M 2.97%
6,298,245
-181,664
-3% -$4.35M
KEY icon
8
KeyCorp
KEY
$25.2B
$145M 2.8%
12,680,969
-7,815,781
-38% -$93.4M
CVA
9
DELISTED
Covanta Holding Corporation
CVA
$142M 2.74%
6,622,428
-1,262,500
-16% -$26.5M
FCE.A
10
DELISTED
Forest City Realty Trust, Inc.
FCE.A
$135M 2.61%
7,125,350
-3,389,870
-32% -$61.5M
CVCO icon
11
Cavco Industries
CVCO
$4.37B
$115M 2.22%
2,013,020
+1,867,370
+1,282% +$102M
Y
12
DELISTED
Alleghany Corp
Y
$99.2M 1.92%
242,104
-16,400
-6% -$6.55M
APA icon
13
APA Corp
APA
$12.3B
$94.7M 1.83%
1,111,761
+17,649
+2% +$1.47M
CMA
14
DELISTED
Comerica
CMA
$94.4M 1.83%
2,400,519
-68,537
-3% -$2.85M
LOW icon
15
Lowe's Companies
LOW
$115B
$87.8M 1.7%
1,844,950
-1,400
-0.1% -$63.5K
TLAB
16
DELISTED
TELLABS INC
TLAB
$82.9M 1.6%
36,512,677
– –
INTC icon
17
Intel
INTC
$488B
$75.4M 1.46%
3,288,734
-173,700
-5% -$4M
TRC icon
18
Tejon Ranch
TRC
$485M
$74.4M 1.44%
2,483,233
-198,937
-7% -$6.04M
FR icon
19
First Industrial Realty Trust
FR
$9.04B
$70.5M 1.36%
4,334,466
– –
ENS icon
20
EnerSys
ENS
$7.01B
$62.7M 1.21%
1,034,161
+52,785
+5% +$2.84M
OSK icon
21
Oshkosh
OSK
$8.85B
$61.2M 1.18%
1,248,589
-347,628
-22% -$15.5M
OVV icon
22
Ovintiv
OVV
$16.2B
$56.9M 1.1%
656,364
+41,819
+7% +$3.64M
VNO icon
23
Vornado Realty Trust
VNO
$7.48B
$55.5M 1.07%
903,036
+342
+0% +$21.2K
CKH
24
DELISTED
Seacor Holdings Inc.
CKH
$53.2M 1.03%
608,162
+569
+0.1% +$47.8K
FWONA icon
25
Liberty Media Series A
FWONA
$22.8B
$52.8M 1.02%
2,018,233
-84,435
-4% -$2.12M
1
2 3 4 5

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Third Avenue Management's Q3 2013 Portfolio in Review

As of Q3 2013, Third Avenue Management held 169 positions worth $5.17B, up 1.5% from $5.1B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Third Avenue Management withdrew a net $252M in Q3 2013, closing 6 positions and reducing 52 holdings. Its most notable exit was Applied Materials, an estimated $132M position sold in full.

By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 28% a quarter earlier, followed by Real Estate and Industrials.

Against the trend, Third Avenue Management opened a new position in Tanger worth $45.5M.

  • Third Avenue Management's largest Q3 2013 buy was Tanger: 1,394,811 shares worth $45.5M.
  • Third Avenue Management added most to Cavco Industries in Q3 2013, an estimated $102M increase.
  • Third Avenue Management's biggest Q3 2013 reduction was KeyCorp, cutting an estimated $93.4M.
  • Third Avenue Management fully exited Applied Materials in Q3 2013, selling an estimated $132M.
  • Third Avenue Management's ten largest holdings make up 35% of its $5.17B portfolio in Q3 2013.
  • Third Avenue Management opened 24 new positions and closed 6 in Q3 2013.
  • Third Avenue Management's portfolio value rose 1.5% quarter-over-quarter to $5.17B.

Based on Third Avenue Management's 13F filing for Q3 2013, filed 14 Nov 2013.