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TAM

Third Avenue Management Portfolio holdings

AUM $625M
1-Year Est. Return 48.93%
This Fund
S&P 500
This Quarter Est. Return
+7.17%
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
$3.09B
AUM Growth
-$584M
Cap. Flow
-$726M
Cap. Flow %
-23.51%
Top 10 Hldgs %
45.6%
Holding
134
New
5
Increased
10
Reduced
85
Closed
26

Top Buys

Rank Stock Value
1
BXLT
BAXALTA INC COM STK (DE)
BXLT
+$18.2M
2
KEX icon
Kirby Corp
KEX
+$11.4M
3
BMCH
BMC Stock Holdings, Inc
BMCH
+$3.54M
4
HERO
HERCULES OFFSHORE INC COM STK
HERO
+$3.23M
5
MYRG icon
MYR Group
MYRG
+$2.51M

Top Sells

Rank Stock Value
1
WY icon
Weyerhaeuser
WY
+$80.2M
2
HOUS
Anywhere Real Estate
HOUS
+$63.6M
3
BKD icon
Brookdale Senior Living
BKD
+$59.4M
4
NVDA icon
NVIDIA
NVDA
+$42.8M
5
CVCO icon
Cavco Industries
CVCO
+$36.5M

Sector Composition

Rank Sector Weight
1 Real Estate 39.13%
2 Financials 22.93%
3 Consumer Discretionary 9.69%
4 Industrials 9.19%
5 Technology 3.45%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WY icon
1
Weyerhaeuser
WY
$17B
$274M 8.87%
9,145,053
-2,660,082
-23% -$80.2M
FCE.A
2
DELISTED
Forest City Realty Trust, Inc.
FCE.A
$153M 4.96%
6,993,902
-1,108,083
-14% -$24.2M
MAC icon
3
Macerich
MAC
$6.73B
$146M 4.72%
1,805,831
-147,595
-8% -$11.9M
FR icon
4
First Industrial Realty Trust
FR
$8.21B
$142M 4.6%
6,423,328
-1,104,890
-15% -$24.4M
BN icon
5
Brookfield
BN
$92.3B
$136M 4.41%
12,311,896
-753,585
-6% -$8.84M
VNO icon
6
Vornado Realty Trust
VNO
$7.13B
$124M 4%
1,529,087
-99,832
-6% -$7.87M
BNY
7
Bank of New York Mellon
BNY
$110B
$120M 3.88%
2,908,723
-247,915
-8% -$10.4M
RYN icon
8
Rayonier
RYN
$6.06B
$115M 3.71%
5,687,793
-406,515
-7% -$8.55M
CMA
9
DELISTED
Comerica
CMA
$104M 3.35%
2,475,873
-115,461
-4% -$5.05M
EQC
10
DELISTED
Equity Commonwealth
EQC
$95.3M 3.09%
3,438,280
-269,875
-7% -$7.56M
LOW icon
11
Lowe's Companies
LOW
$117B
$90.5M 2.93%
1,189,851
-100,325
-8% -$7.45M
CVCO icon
12
Cavco Industries
CVCO
$4.37B
$79.8M 2.58%
957,501
-430,280
-31% -$36.5M
ZION icon
13
Zions Bancorporation
ZION
$9.89B
$74.4M 2.41%
2,723,858
-210,600
-7% -$6.05M
PPS
14
DELISTED
Post Properties
PPS
$72.6M 2.35%
1,226,651
-114,363
-9% -$6.77M
PNC.WS
15
DELISTED
PNC Financial Services Group Inc
PNC.WS
$71.1M 2.3%
2,477,554
-10,200
-0.4% -$274K
PARA
16
DELISTED
Paramount Global Class B
PARA
$70.6M 2.29%
1,498,442
-60,664
-4% -$2.85M
SKT icon
17
Tanger
SKT
$4.33B
$68.4M 2.22%
2,092,721
-195,032
-9% -$6.62M
PNC icon
18
PNC Financial Services
PNC
$96.6B
$67.1M 2.17%
704,154
-18,245
-3% -$1.69M
WTM icon
19
White Mountains Insurance
WTM
$5.1B
$64.9M 2.1%
89,287
-20,619
-19% -$15.8M
AGCO icon
20
AGCO
AGCO
$7.94B
$64.2M 2.08%
1,413,988
-423,255
-23% -$20M
APA icon
21
APA Corp
APA
$14.9B
$59.6M 1.93%
1,339,834
-31,275
-2% -$1.46M
BKD icon
22
Brookdale Senior Living
BKD
$2.8B
$57.4M 1.86%
3,111,031
-2,756,701
-47% -$59.4M
CVA
23
DELISTED
Covanta Holding Corporation
CVA
$56.1M 1.82%
3,623,912
-670,832
-16% -$11M
AXE
24
DELISTED
Anixter International Inc
AXE
$50.6M 1.64%
838,664
-16,169
-2% -$1.03M
GM icon
25
General Motors
GM
$75.7B
$49.6M 1.61%
1,458,043
-410,242
-22% -$14.3M
1
2 3 4 5

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Third Avenue Management's Q4 2015 Portfolio in Review

As of Q4 2015, Third Avenue Management held 134 positions worth $3.09B, down 16% from $3.67B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Third Avenue Management withdrew a net $726M in Q4 2015, closing 26 positions and reducing 85 holdings. Its most notable exit was Anywhere Real Estate, an estimated $63.6M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 39% of assets, up from 38% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Third Avenue Management opened a new position in BAXALTA INC COM STK (DE) worth $20.4M.

  • Third Avenue Management's largest Q4 2015 buy was BAXALTA INC COM STK (DE): 522,437 shares worth $20.4M.
  • Third Avenue Management added most to Designer Brands in Q4 2015, an estimated $1.77M increase.
  • Third Avenue Management's biggest Q4 2015 reduction was Weyerhaeuser, cutting an estimated $80.2M.
  • Third Avenue Management fully exited Anywhere Real Estate in Q4 2015, selling an estimated $63.6M.
  • Third Avenue Management's ten largest holdings make up 46% of its $3.09B portfolio in Q4 2015.
  • Third Avenue Management opened 5 new positions and closed 26 in Q4 2015.
  • Third Avenue Management's portfolio value fell 16% quarter-over-quarter to $3.09B.

Based on Third Avenue Management's 13F filing for Q4 2015, filed 12 Feb 2016.