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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
+0.3%
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
$2.6B
AUM Growth
-$489M
Cap. Flow
-$457M
Cap. Flow %
-17.57%
Top 10 Hldgs %
43.68%
Holding
120
New
12
Increased
21
Reduced
64
Closed
6

Top Buys

Rank Stock Value
1
LEN icon
Lennar Class A
LEN
+$48.4M
2
FNF icon
Fidelity National Financial
FNF
+$25.5M
3
HHH icon
Howard Hughes
HHH
+$22.7M
4
RL icon
Ralph Lauren
RL
+$22.4M
5
HAR
Harman International Industries
HAR
+$22.2M

Top Sells

Rank Stock Value
1
WY icon
Weyerhaeuser
WY
+$48M
2
EQC
Equity Commonwealth
EQC
+$43.5M
3
FR icon
First Industrial Realty Trust
FR
+$42.1M
4
VNO icon
Vornado Realty Trust
VNO
+$41.6M
5
AGCO icon
AGCO
AGCO
+$33.9M

Sector Composition

Rank Sector Weight
1 Real Estate 36.32%
2 Financials 24.64%
3 Consumer Discretionary 11.71%
4 Industrials 9.27%
5 Technology 4.07%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WY icon
1
Weyerhaeuser
WY
$17B
$228M 8.75%
7,347,132
-1,797,921
-20% -$48M
BN icon
2
Brookfield
BN
$92.3B
$165M 6.34%
13,489,351
+1,177,455
+10% +$12.7M
FCE.A
3
DELISTED
Forest City Realty Trust, Inc.
FCE.A
$119M 4.59%
5,661,733
-1,332,169
-19% -$26.2M
MAC icon
4
Macerich
MAC
$6.73B
$109M 4.2%
1,377,301
-428,530
-24% -$33.5M
RYN icon
5
Rayonier
RYN
$6.06B
$101M 3.89%
4,514,802
-1,172,991
-21% -$22.8M
FR icon
6
First Industrial Realty Trust
FR
$8.21B
$101M 3.87%
4,426,443
-1,996,885
-31% -$42.1M
BNY
7
Bank of New York Mellon
BNY
$110B
$90.3M 3.47%
2,450,542
-458,181
-16% -$16.6M
CMA
8
DELISTED
Comerica
CMA
$78.3M 3.01%
2,067,054
-408,819
-17% -$14.7M
VNO icon
9
Vornado Realty Trust
VNO
$7.13B
$72.9M 2.8%
955,229
-573,858
-38% -$41.6M
LOW icon
10
Lowe's Companies
LOW
$117B
$71.5M 2.75%
943,411
-246,440
-21% -$17.4M
CVCO icon
11
Cavco Industries
CVCO
$4.37B
$68.2M 2.62%
729,734
-227,767
-24% -$18.8M
PNC icon
12
PNC Financial Services
PNC
$96.6B
$60.3M 2.32%
712,442
+8,288
+1% +$706K
WTM icon
13
White Mountains Insurance
WTM
$5.1B
$58.1M 2.23%
72,359
-16,928
-19% -$12.7M
LEN icon
14
Lennar Class A
LEN
$20.8B
$54.3M 2.09%
+1,179,780
New +$48.4M
ZION icon
15
Zions Bancorporation
ZION
$9.89B
$52.4M 2.01%
2,162,558
-561,300
-21% -$12.9M
SKT icon
16
Tanger
SKT
$4.33B
$52.3M 2.01%
1,438,525
-654,196
-31% -$21.6M
EQC
17
DELISTED
Equity Commonwealth
EQC
$51.6M 1.98%
1,828,204
-1,610,076
-47% -$43.5M
PARA
18
DELISTED
Paramount Global Class B
PARA
$50.8M 1.95%
922,021
-576,421
-38% -$28.1M
PNC.WS
19
DELISTED
PNC Financial Services Group Inc
PNC.WS
$49.8M 1.92%
2,452,249
-25,305
-1% -$531K
APA icon
20
APA Corp
APA
$14.9B
$49.1M 1.89%
1,006,432
-333,402
-25% -$13.9M
PPS
21
DELISTED
Post Properties
PPS
$47.7M 1.84%
798,642
-428,009
-35% -$24.4M
CVA
22
DELISTED
Covanta Holding Corporation
CVA
$47.5M 1.83%
2,816,718
-807,194
-22% -$11.9M
TRC icon
23
Tejon Ranch
TRC
$438M
$46.3M 1.78%
2,316,948
-14,632
-0.6% -$269K
MAS icon
24
Masco
MAS
$14.4B
$44.8M 1.72%
1,425,398
-102,860
-7% -$2.83M
Y
25
DELISTED
Alleghany Corp
Y
$42.9M 1.65%
86,464
-3,560
-4% -$1.68M
1
2 3 4 5

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Third Avenue Management's Q1 2016 Portfolio in Review

As of Q1 2016, Third Avenue Management held 120 positions worth $2.6B, down 16% from $3.09B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Third Avenue Management withdrew a net $457M in Q1 2016, closing 6 positions and reducing 64 holdings. Its most notable exit was Loews, an estimated $26.9M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 36% of assets, down from 39% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Third Avenue Management opened a new position in Lennar Class A worth $54.3M.

  • Third Avenue Management's largest Q1 2016 buy was Lennar Class A: 1,179,780 shares worth $54.3M.
  • Third Avenue Management added most to Kennedy-Wilson Holdings in Q1 2016, an estimated $17.8M increase.
  • Third Avenue Management's biggest Q1 2016 reduction was Weyerhaeuser, cutting an estimated $48M.
  • Third Avenue Management fully exited Loews in Q1 2016, selling an estimated $26.9M.
  • Third Avenue Management's ten largest holdings make up 44% of its $2.6B portfolio in Q1 2016.
  • Third Avenue Management opened 12 new positions and closed 6 in Q1 2016.
  • Third Avenue Management's portfolio value fell 16% quarter-over-quarter to $2.6B.

Based on Third Avenue Management's 13F filing for Q1 2016, filed 12 May 2016.