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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
+3.83%
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
$2.25B
AUM Growth
-$350M
Cap. Flow
-$418M
Cap. Flow %
-18.6%
Top 10 Hldgs %
46.17%
Holding
122
New
8
Increased
10
Reduced
59
Closed
8

Top Buys

Rank Stock Value
1
JCI icon
Johnson Controls International
JCI
+$25.4M
2
AMGN icon
Amgen
AMGN
+$21.1M
3
LIVN icon
LivaNova
LIVN
+$13.5M
4
HAR
Harman International Industries
HAR
+$9.48M
5
SHPG
Shire pic
SHPG
+$8.64M

Top Sells

Rank Stock Value
1
EQC
Equity Commonwealth
EQC
+$51.6M
2
SKT icon
Tanger
SKT
+$49.2M
3
PPS
Post Properties
PPS
+$47.7M
4
FR icon
First Industrial Realty Trust
FR
+$32.7M
5
GEN icon
Gen Digital
GEN
+$27.8M

Sector Composition

Rank Sector Weight
1 Real Estate 31.28%
2 Financials 27.23%
3 Consumer Discretionary 11.52%
4 Industrials 11.37%
5 Healthcare 4.49%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WY icon
1
Weyerhaeuser
WY
$17.3B
$197M 8.75%
6,610,196
-736,936
-10% -$22.7M
BN icon
2
Brookfield
BN
$104B
$152M 6.75%
12,864,849
-624,502
-5% -$7.47M
FCE.A
3
DELISTED
Forest City Realty Trust, Inc.
FCE.A
$121M 5.38%
5,424,508
-237,225
-4% -$5.17M
RYN icon
4
Rayonier
RYN
$6.39B
$102M 4.53%
4,281,681
-233,121
-5% -$5.35M
MAC icon
5
Macerich
MAC
$7.26B
$90.1M 4%
1,054,701
-322,600
-23% -$25.2M
FR icon
6
First Industrial Realty Trust
FR
$9.04B
$86M 3.82%
3,089,843
-1,336,600
-30% -$32.7M
CMA
7
DELISTED
Comerica
CMA
$80.3M 3.57%
1,953,051
-114,003
-6% -$4.86M
BNY
8
Bank of New York Mellon
BNY
$108B
$79.8M 3.55%
2,053,648
-396,894
-16% -$15.8M
VNO icon
9
Vornado Realty Trust
VNO
$7.48B
$73.4M 3.26%
906,491
-48,738
-5% -$3.78M
WTM icon
10
White Mountains Insurance
WTM
$5.48B
$57.6M 2.56%
68,390
-3,969
-5% -$3.24M
TRC icon
11
Tejon Ranch
TRC
$485M
$53.2M 2.36%
2,316,948
– –
PNC icon
12
PNC Financial Services
PNC
$99.8B
$52.3M 2.33%
643,084
-69,358
-10% -$5.96M
ZION icon
13
Zions Bancorporation
ZION
$10.6B
$51.5M 2.29%
2,048,658
-113,900
-5% -$3.02M
LOW icon
14
Lowe's Companies
LOW
$115B
$50M 2.22%
632,011
-311,400
-33% -$24.1M
LEN icon
15
Lennar Class A
LEN
$20B
$49M 2.18%
1,117,377
-62,403
-5% -$2.73M
Y
16
DELISTED
Alleghany Corp
Y
$45.6M 2.03%
82,977
-3,487
-4% -$1.82M
PARA
17
DELISTED
Paramount Global Class B
PARA
$45.5M 2.02%
835,662
-86,359
-9% -$4.69M
CVCO icon
18
Cavco Industries
CVCO
$4.37B
$44.8M 1.99%
477,727
-252,007
-35% -$23.2M
PNC.WS
19
DELISTED
PNC Financial Services Group Inc
PNC.WS
$42.7M 1.9%
2,452,249
– –
AXE
20
DELISTED
Anixter International Inc
AXE
$37.9M 1.68%
710,789
-9,121
-1% -$523K
BKD icon
21
Brookdale Senior Living
BKD
$3.57B
$37.4M 1.66%
2,424,394
-47,454
-2% -$828K
CVA
22
DELISTED
Covanta Holding Corporation
CVA
$36.4M 1.62%
2,211,720
-604,998
-21% -$9.99M
DVN icon
23
Devon Energy
DVN
$50.5B
$36.4M 1.62%
1,003,389
-31,283
-3% -$1.06M
AGCO icon
24
AGCO
AGCO
$8.13B
$32.7M 1.45%
692,928
-17,372
-2% -$892K
MAS icon
25
Masco
MAS
$15.6B
$30.6M 1.36%
990,521
-434,877
-31% -$13.7M
1
2 3 4 5

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Third Avenue Management's Q2 2016 Portfolio in Review

As of Q2 2016, Third Avenue Management held 122 positions worth $2.25B, down 13% from $2.6B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Third Avenue Management withdrew a net $418M in Q2 2016, closing 8 positions and reducing 59 holdings. Its most notable exit was Equity Commonwealth, an estimated $51.6M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 31% of assets, down from 36% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Third Avenue Management opened a new position in Johnson Controls International worth $26.8M.

  • Third Avenue Management's largest Q2 2016 buy was Johnson Controls International: 577,257 shares worth $26.8M.
  • Third Avenue Management added most to Harman International Industries in Q2 2016, an estimated $9.48M increase.
  • Third Avenue Management's biggest Q2 2016 reduction was Tanger, cutting an estimated $49.2M.
  • Third Avenue Management fully exited Equity Commonwealth in Q2 2016, selling an estimated $51.6M.
  • Third Avenue Management's ten largest holdings make up 46% of its $2.25B portfolio in Q2 2016.
  • Third Avenue Management opened 8 new positions and closed 8 in Q2 2016.
  • Third Avenue Management's portfolio value fell 13% quarter-over-quarter to $2.25B.

Based on Third Avenue Management's 13F filing for Q2 2016, filed 11 Aug 2016.