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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
-1.59%
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
$1.97B
AUM Growth
-$117M
Cap. Flow
-$73.6M
Cap. Flow %
-3.75%
Top 10 Hldgs %
54.31%
Holding
97
New
5
Increased
24
Reduced
8
Closed
19

Top Buys

Rank Stock Value
1
AKR icon
Acadia Realty Trust
AKR
+$44.7M
2
FCE.A
Forest City Realty Trust, Inc.
FCE.A
+$29.9M
3
MAC icon
Macerich
MAC
+$22.4M
4
ORIG
Ocean Rig UDW Inc. Class A Common Shares
ORIG
+$21.5M
5
HCC icon
Warrior Met Coal
HCC
+$17M

Top Sells

Rank Stock Value
1
JCI icon
Johnson Controls International
JCI
+$46.8M
2
PNC icon
PNC Financial Services
PNC
+$43.7M
3
AMGN icon
Amgen
AMGN
+$37.7M
4
RS icon
Reliance Steel & Aluminium
RS
+$30.9M
5
EOG icon
EOG Resources
EOG
+$26.9M

Sector Composition

Rank Sector Weight
1 Real Estate 37.69%
2 Financials 25.01%
3 Consumer Discretionary 15.77%
4 Industrials 8.56%
5 Energy 4.31%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WY icon
1
Weyerhaeuser
WY
$17B
$177M 9%
5,055,211
-268,854
-5% -$9.49M
BN icon
2
Brookfield
BN
$92.3B
$160M 8.15%
11,512,743
-547,637
-5% -$7.93M
LEN icon
3
Lennar Class A
LEN
$20.8B
$155M 7.9%
2,722,491
+10,399
+0.4% +$627K
FCE.A
4
DELISTED
Forest City Realty Trust, Inc.
FCE.A
$143M 7.25%
7,035,206
+1,346,825
+24% +$29.9M
RYN icon
5
Rayonier
RYN
$6.06B
$108M 5.49%
3,380,670
+20,610
+0.6% +$627K
PNC.WS
6
DELISTED
PNC Financial Services Group Inc
PNC.WS
$75.3M 3.83%
896,250
– –
MAC icon
7
Macerich
MAC
$6.73B
$68.2M 3.47%
1,217,161
+367,332
+43% +$22.4M
TDW icon
8
Tidewater
TDW
$4.61B
$63.9M 3.25%
2,233,048
+557,318
+33% +$14.9M
TRC icon
9
Tejon Ranch
TRC
$438M
$61.2M 3.12%
2,649,682
-4,300
-0.2% -$95.1K
BNY
10
Bank of New York Mellon
BNY
$110B
$56.1M 2.85%
1,088,443
+19
+0% +$1.06K
VNO icon
11
Vornado Realty Trust
VNO
$7.13B
$56M 2.85%
831,699
+139,772
+20% +$9.69M
CMA
12
DELISTED
Comerica
CMA
$51.8M 2.64%
540,238
-6,105
-1% -$582K
FR icon
13
First Industrial Realty Trust
FR
$8.21B
$49.8M 2.53%
1,702,028
+9,694
+0.6% +$286K
CVCO icon
14
Cavco Industries
CVCO
$4.37B
$47.1M 2.4%
271,200
– –
AKR icon
15
Acadia Realty Trust
AKR
$2.85B
$44.8M 2.28%
+1,822,246
New +$44.7M
Y
16
DELISTED
Alleghany Corp
Y
$43.5M 2.21%
70,772
+1,555
+2% +$938K
LOW icon
17
Lowe's Companies
LOW
$117B
$42M 2.14%
478,713
+4,497
+0.9% +$426K
FPH icon
18
Five Point Holdings
FPH
$367M
$38.1M 1.94%
2,668,974
+83,435
+3% +$1.17M
HCC icon
19
Warrior Met Coal
HCC
$5.65B
$35.6M 1.81%
1,272,485
+586,102
+85% +$17M
TPHS
20
DELISTED
Trinity Place Holdings Inc.com
TPHS
$32M 1.63%
4,924,645
+31,131
+0.6% +$206K
UHAL icon
21
U-Haul Holding Co
UHAL
$13.3B
$30.1M 1.53%
872,240
+319,380
+58% +$11.4M
ZION icon
22
Zions Bancorporation
ZION
$9.89B
$29.7M 1.51%
562,479
+2,854
+0.5% +$154K
WTM icon
23
White Mountains Insurance
WTM
$5.1B
$28.1M 1.43%
34,195
+347
+1% +$286K
FNF icon
24
Fidelity National Financial
FNF
$12.8B
$21.7M 1.1%
563,581
+2,532
+0.5% +$96.3K
LEN.B icon
25
Lennar Class B
LEN.B
$20.5B
$21M 1.07%
462,764
+314,681
+213% +$15M
1
2 3 4

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Third Avenue Management's Q1 2018 Portfolio in Review

As of Q1 2018, Third Avenue Management held 97 positions worth $1.97B, down 5.6% from $2.08B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Third Avenue Management withdrew a net $73.6M in Q1 2018, closing 19 positions and reducing 8 holdings. Its most notable exit was Johnson Controls International, an estimated $46.8M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 38% of assets, up from 33% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Third Avenue Management opened a new position in Acadia Realty Trust worth $44.8M.

  • Third Avenue Management's largest Q1 2018 buy was Acadia Realty Trust: 1,822,246 shares worth $44.8M.
  • Third Avenue Management added most to Forest City Realty Trust, Inc. in Q1 2018, an estimated $29.9M increase.
  • Third Avenue Management's biggest Q1 2018 reduction was PNC Financial Services, cutting an estimated $43.7M.
  • Third Avenue Management fully exited Johnson Controls International in Q1 2018, selling an estimated $46.8M.
  • Third Avenue Management's ten largest holdings make up 54% of its $1.97B portfolio in Q1 2018.
  • Third Avenue Management opened 5 new positions and closed 19 in Q1 2018.
  • Third Avenue Management's portfolio value fell 5.6% quarter-over-quarter to $1.97B.

Based on Third Avenue Management's 13F filing for Q1 2018, filed 14 May 2018.