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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
+8.2%
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
$2.21B
AUM Growth
+$24.2M
Cap. Flow
-$103M
Cap. Flow %
-4.67%
Top 10 Hldgs %
45.23%
Holding
118
New
8
Increased
13
Reduced
85
Closed
4

Top Buys

Rank Stock Value
1
LEN icon
Lennar Class A
LEN
+$83.6M
2
TPHS
Trinity Place Holdings Inc.com
TPHS
+$40.6M
3
CERN
Cerner Corp
CERN
+$21.7M
4
PKY
Parkway, Inc.
PKY
+$19.8M
5
AMGN icon
Amgen
AMGN
+$11.4M

Top Sells

Rank Stock Value
1
ZION icon
Zions Bancorporation
ZION
+$47.5M
2
PNC.WS
PNC Financial Services Group Inc
PNC.WS
+$42.3M
3
MAC icon
Macerich
MAC
+$36.4M
4
CMA
Comerica
CMA
+$29.7M
5
AXE
Anixter International Inc
AXE
+$25.7M

Sector Composition

Rank Sector Weight
1 Real Estate 27.18%
2 Financials 27.14%
3 Consumer Discretionary 14.04%
4 Industrials 11.54%
5 Healthcare 5.73%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WY icon
1
Weyerhaeuser
WY
$17B
$181M 8.2%
6,013,322
-31,026
-0.5% -$956K
BN icon
2
Brookfield
BN
$92.3B
$142M 6.43%
12,049,343
-282,062
-2% -$3.44M
LEN icon
3
Lennar Class A
LEN
$20.8B
$127M 5.74%
3,101,200
+2,067,238
+200% +$83.6M
FCE.A
4
DELISTED
Forest City Realty Trust, Inc.
FCE.A
$101M 4.6%
4,867,140
-186,268
-4% -$3.77M
RYN icon
5
Rayonier
RYN
$6.06B
$91.8M 4.16%
3,805,188
-158,831
-4% -$3.84M
BNY
6
Bank of New York Mellon
BNY
$110B
$83.4M 3.78%
1,759,465
-274,936
-14% -$12.4M
PNC icon
7
PNC Financial Services
PNC
$96.6B
$74M 3.35%
632,296
-3,019
-0.5% -$314K
CMA
8
DELISTED
Comerica
CMA
$70.7M 3.2%
1,037,604
-507,189
-33% -$29.7M
PNC.WS
9
DELISTED
PNC Financial Services Group Inc
PNC.WS
$64.6M 2.93%
1,305,349
-1,146,900
-47% -$42.3M
VNO icon
10
Vornado Realty Trust
VNO
$7.13B
$62.5M 2.83%
741,228
-31,048
-4% -$2.44M
TRC icon
11
Tejon Ranch
TRC
$438M
$55M 2.49%
2,229,078
-87,870
-4% -$2.13M
WTM icon
12
White Mountains Insurance
WTM
$5.1B
$53.6M 2.43%
64,091
-2,010
-3% -$1.68M
FR icon
13
First Industrial Realty Trust
FR
$8.21B
$50.6M 2.29%
1,802,943
-448,600
-20% -$12M
Y
14
DELISTED
Alleghany Corp
Y
$50.1M 2.27%
82,354
-264
-0.3% -$147K
CVCO icon
15
Cavco Industries
CVCO
$4.37B
$47.2M 2.14%
472,919
– –
HAR
16
DELISTED
Harman International Industries
HAR
$43.9M 1.99%
395,177
-2,119
-0.5% -$205K
PARA
17
DELISTED
Paramount Global Class B
PARA
$41.4M 1.88%
650,481
-188,535
-22% -$11.2M
LOW icon
18
Lowe's Companies
LOW
$117B
$39.9M 1.81%
560,911
-23,700
-4% -$1.68M
TPHS
19
DELISTED
Trinity Place Holdings Inc.com
TPHS
$39.1M 1.77%
4,219,014
+4,206,285
+33,045% +$40.6M
DVN icon
20
Devon Energy
DVN
$52.1B
$34.9M 1.58%
764,345
-5,587
-0.7% -$247K
AMGN icon
21
Amgen
AMGN
$234B
$30.7M 1.39%
210,262
+76,036
+57% +$11.4M
JCI icon
22
Johnson Controls International
JCI
$84.6B
$29.5M 1.34%
715,724
+9,981
+1% +$437K
AXE
23
DELISTED
Anixter International Inc
AXE
$28.6M 1.29%
352,400
-354,273
-50% -$25.7M
MAS icon
24
Masco
MAS
$14.4B
$27M 1.22%
852,594
+64,969
+8% +$2.08M
CVA
25
DELISTED
Covanta Holding Corporation
CVA
$26.3M 1.19%
1,682,990
-19,573
-1% -$291K
1
2 3 4 5

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LWP
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Third Avenue Management's Q4 2016 Portfolio in Review

As of Q4 2016, Third Avenue Management held 118 positions worth $2.21B, up 1.1% from $2.18B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Third Avenue Management withdrew a net $103M in Q4 2016, closing 4 positions and reducing 85 holdings. Its most notable exit was Ingram Micro, an estimated $3.95M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 27% of assets, down from 29% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Third Avenue Management opened a new position in Cerner Corp worth $19.4M.

  • Third Avenue Management's largest Q4 2016 buy was Cerner Corp: 408,707 shares worth $19.4M.
  • Third Avenue Management added most to Lennar Class A in Q4 2016, an estimated $83.6M increase.
  • Third Avenue Management's biggest Q4 2016 reduction was Zions Bancorporation, cutting an estimated $47.5M.
  • Third Avenue Management fully exited Ingram Micro in Q4 2016, selling an estimated $3.95M.
  • Third Avenue Management's ten largest holdings make up 45% of its $2.21B portfolio in Q4 2016.
  • Third Avenue Management opened 8 new positions and closed 4 in Q4 2016.
  • Third Avenue Management's portfolio value rose 1.1% quarter-over-quarter to $2.21B.

Based on Third Avenue Management's 13F filing for Q4 2016, filed 13 Feb 2017.