TAM

Third Avenue Management Portfolio holdings

AUM $625M Turnover 10.53%
1-Year Est. Return 48.93%
This Fund
S&P 500
This Quarter Est. Return
+6.09%
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
$2.08B
AUM Growth
-$136M
Cap. Flow
-$249M
Cap. Flow %
-11.94%
Top 10 Hldgs %
51.28%
Holding
113
New
3
Increased
20
Reduced
22
Closed
21
Avg Time Held
2.8 years
Top 10 Avg Time Held
2.3 years
Top 20 Avg Time Held
2.6 years

Top Buys

Rank Stock Value
1
TDW icon
Tidewater
TDW
+$27.3M
2
UHAL icon
U-Haul Holding Co
UHAL
+$20.7M
3
FCE.A
Forest City Realty Trust, Inc.
FCE.A
+$20.5M
4
HCC icon
Warrior Met Coal
HCC
+$17.2M
5
TRC icon
Tejon Ranch
TRC
+$7.75M

Top Sells

Rank Stock Value
1
CERN
Cerner Corp
CERN
+$29.2M
2
BNY icon
Bank of New York Mellon
BNY
+$24.6M
3
CMA icon
Comerica
CMA
+$24.2M
4
PKY
Parkway, Inc.
PKY
+$24.2M
5
DVN icon
Devon Energy
DVN
+$22.7M

Sector Composition

Rank Sector Weight
1 Real Estate 33.26%
2 Financials 26.21%
3 Consumer Discretionary 14.73%
4 Industrials 11.01%
5 Energy 3.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
WY icon
1
Weyerhaeuser
WY
$13.6B
$188M 9.02%
5,324,065
-311,696
-6% -$11M
2013 Q2
18 quarters
BN icon
2
Brookfield
BN
$80.3B
$187M 9%
12,060,380
+6,648
+0.1% +$100K
2013 Q2
18 quarters
LEN icon
3
Lennar Class A
LEN
$17.5B
$166M 7.97%
2,712,092
-302,272
-10% -$17.2M
2016 Q1
7 quarters
FCE.A
4
DELISTED
Forest City Realty Trust, Inc.
FCE.A
$137M 6.58%
5,688,381
+828,259
+17% +$20.5M
2013 Q2
18 quarters
RYN icon
5
Rayonier
RYN
$5.55B
$96.4M 4.63%
3,360,060
-346,148
-9% -$9.61M
2013 Q4
16 quarters
PNC.WS icon
6
DELISTED
PNC Financial Services Group Inc
PNC.WS
$69.7M 3.35%
896,250
-290,599
-24% -$20.7M
2013 Q2
18 quarters
BNY icon
7
Bank of New York Mellon
BNY
$93.4B
$58.6M 2.82%
1,088,424
-461,880
-30% -$24.6M
2013 Q2
18 quarters
MAC icon
8
Macerich
MAC
$6.29B
$55.8M 2.68%
849,829
+2,128
+0.3% +$130K
2015 Q1
11 quarters
TRC icon
9
Tejon Ranch
TRC
$438M
$55.1M 2.65%
2,653,982
+375,979
+17% +$7.75M
2013 Q2
18 quarters
VNO icon
10
Vornado Realty Trust
VNO
$6.04B
$54.1M 2.6%
691,927
+1,913
+0.3% +$146K
2013 Q2
18 quarters
FR icon
11
First Industrial Realty Trust
FR
$7.8B
$53.3M 2.56%
1,692,334
-98,409
-5% -$3.11M
2013 Q2
18 quarters
CMA icon
12
DELISTED
Comerica
CMA
$47.4M 2.28%
546,343
-301,227
-36% -$24.2M
2013 Q2
18 quarters
JCI icon
13
Johnson Controls International
JCI
$92.3B
$46.8M 2.25%
1,228,339
+38,591
+3% +$1.51M
2016 Q2
6 quarters
PNC icon
14
PNC Financial Services
PNC
$86.1B
$46.4M 2.23%
321,580
-164,032
-34% -$22.7M
2014 Q3
13 quarters
LOW icon
15
Lowe's Companies
LOW
$106B
$44.1M 2.12%
474,216
-1,395
-0.3% -$115K
2013 Q2
18 quarters
CVCO icon
16
Cavco Industries
CVCO
$3.89B
$41.4M 1.99%
271,200
– –
2013 Q2
18 quarters
Y
17
DELISTED
Alleghany Corp
Y
$41.3M 1.98%
69,217
– –
2013 Q2
18 quarters
TDW icon
18
Tidewater
TDW
$4.12B
$40.9M 1.96%
1,675,730
+1,041,376
+164% +$27.3M
2017 Q3
1 quarter
AMGN icon
19
Amgen
AMGN
$230B
$37.7M 1.81%
216,733
+6,609
+3% +$1.17M
2016 Q2
6 quarters
FPH icon
20
Five Point Holdings
FPH
$307M
$36.5M 1.75%
2,585,539
+118,878
+5% +$1.62M
2017 Q2
2 quarters
TPHS icon
21
DELISTED
Trinity Place Holdings Inc.com
TPHS
$34M 1.63%
4,893,514
– –
2016 Q1
7 quarters
RS icon
22
Reliance Steel & Aluminium
RS
$20.8B
$30.9M 1.48%
359,937
-13
-0% -$1.02K
2017 Q2
2 quarters
WTM icon
23
White Mountains Insurance
WTM
$5.01B
$28.8M 1.38%
33,848
+1,247
+4% +$1.09M
2013 Q2
18 quarters
ZION icon
24
Zions Bancorporation
ZION
$9.02B
$28.4M 1.37%
559,625
+867
+0.2% +$41.5K
2014 Q3
13 quarters
EOG icon
25
EOG Resources
EOG
$80.9B
$26.9M 1.29%
248,842
-14
-0% -$1.41K
2017 Q1
3 quarters
1
2 3 4 5

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B
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CWM
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LWP
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FGA
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BVC
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APM
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Third Avenue Management's Q4 2017 Portfolio in Review

As of Q4 2017, Third Avenue Management held 113 positions worth $2.08B, down 6.1% from $2.22B the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Third Avenue Management withdrew a net $249M in Q4 2017, closing 21 positions and reducing 22 holdings. Its most notable exit was Cerner Corp, an estimated $29.2M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 33% of assets, up from 32% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Third Avenue Management opened a new position in U-Haul Holding Co worth $20.9M.

  • Third Avenue Management's largest Q4 2017 buy was U-Haul Holding Co: 552,860 shares worth $20.9M.
  • Third Avenue Management added most to Tidewater in Q4 2017, an estimated $27.3M increase.
  • Third Avenue Management's biggest Q4 2017 reduction was Bank of New York Mellon, cutting an estimated $24.6M.
  • Third Avenue Management fully exited Cerner Corp in Q4 2017, selling an estimated $29.2M.
  • Third Avenue Management's ten largest holdings make up 51% of its $2.08B portfolio in Q4 2017.
  • Third Avenue Management opened 3 new positions and closed 21 in Q4 2017.
  • Third Avenue Management's portfolio value fell 6.1% quarter-over-quarter to $2.08B.

Based on Third Avenue Management's 13F filing for Q4 2017, filed 14 Feb 2018.