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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
-1.24%
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
$1.77B
AUM Growth
-$247M
Cap. Flow
-$215M
Cap. Flow %
-12.14%
Top 10 Hldgs %
55.33%
Holding
77
New
1
Increased
28
Reduced
21
Closed
4

Top Buys

Rank Stock Value
1
FPH icon
Five Point Holdings
FPH
+$17M
2
JBGS
JBG SMITH
JBGS
+$11.3M
3
HA
Hawaiian Holdings, Inc.
HA
+$6.96M
4
AHL
ASPEN Insurance Holding Limited
AHL
+$4.19M
5
HCC icon
Warrior Met Coal
HCC
+$3.58M

Top Sells

Rank Stock Value
1
FCE.A
Forest City Realty Trust, Inc.
FCE.A
+$169M
2
Y
Alleghany Corp
Y
+$40.7M
3
TRC icon
Tejon Ranch
TRC
+$13M
4
WY icon
Weyerhaeuser
WY
+$12.4M
5
FR icon
First Industrial Realty Trust
FR
+$9.07M

Sector Composition

Rank Sector Weight
1 Real Estate 36.9%
2 Financials 22.96%
3 Consumer Discretionary 14.35%
4 Industrials 9.2%
5 Materials 4.59%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BN icon
1
Brookfield
BN
$104B
$177M 10%
11,148,548
-117,252
-1% -$1.78M
WY icon
2
Weyerhaeuser
WY
$17.3B
$151M 8.54%
4,685,535
-356,499
-7% -$12.4M
LEN icon
3
Lennar Class A
LEN
$20B
$123M 6.93%
2,715,972
+2,092
+0.1% +$105K
FPH icon
4
Five Point Holdings
FPH
$374M
$96.2M 5.43%
10,218,135
+1,541,609
+18% +$17M
MAC icon
5
Macerich
MAC
$7.26B
$87.7M 4.95%
1,585,516
+4,742
+0.3% +$273K
RYN icon
6
Rayonier
RYN
$6.39B
$80.2M 4.53%
2,615,405
+5,552
+0.2% +$178K
HCC icon
7
Warrior Met Coal
HCC
$4.17B
$71.8M 4.06%
2,655,834
+140,067
+6% +$3.58M
TDW icon
8
Tidewater
TDW
$3.75B
$69.8M 3.94%
2,238,085
-21,069
-0.9% -$664K
PNC.WS
9
DELISTED
PNC Financial Services Group Inc
PNC.WS
$61.8M 3.49%
896,250
– –
VNO icon
10
Vornado Realty Trust
VNO
$7.48B
$61M 3.45%
835,693
+2,263
+0.3% +$168K
LOW icon
11
Lowe's Companies
LOW
$115B
$55.2M 3.12%
481,026
+1,307
+0.3% +$136K
AKR icon
12
Acadia Realty Trust
AKR
$2.99B
$51.3M 2.9%
1,831,470
+2,964
+0.2% +$82K
CMA
13
DELISTED
Comerica
CMA
$48M 2.71%
532,225
-5,615
-1% -$536K
LEN.B icon
14
Lennar Class B
LEN.B
$19.6B
$45.3M 2.56%
1,236,942
+81,843
+7% +$3.31M
FR icon
15
First Industrial Realty Trust
FR
$9.04B
$44.7M 2.53%
1,425,033
-279,989
-16% -$9.07M
BNY
16
Bank of New York Mellon
BNY
$108B
$33.2M 1.88%
651,082
-130,866
-17% -$6.89M
ORIG
17
DELISTED
Ocean Rig UDW Inc. Class A Common Shares
ORIG
$32.4M 1.83%
936,650
+116,277
+14% +$3.36M
UHAL icon
18
U-Haul Holding Co
UHAL
$13.9B
$31.3M 1.77%
876,590
+2,210
+0.3% +$81.6K
TPHS
19
DELISTED
Trinity Place Holdings Inc.com
TPHS
$30.1M 1.7%
4,948,595
+14,085
+0.3% +$88.9K
ZION icon
20
Zions Bancorporation
ZION
$10.6B
$28.3M 1.6%
563,711
– –
TRC icon
21
Tejon Ranch
TRC
$485M
$27.8M 1.57%
1,278,691
-568,463
-31% -$13M
WTM icon
22
White Mountains Insurance
WTM
$5.48B
$26.8M 1.51%
28,649
-96
-0.3% -$89K
JBGS
23
JBG SMITH
JBGS
$847M
$23.2M 1.31%
629,885
+307,848
+96% +$11.3M
HA
24
DELISTED
Hawaiian Holdings, Inc.
HA
$23M 1.3%
574,199
+175,319
+44% +$6.96M
AHL
25
DELISTED
ASPEN Insurance Holding Limited
AHL
$21.5M 1.21%
513,456
+104,984
+26% +$4.19M
1
2 3 4

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Third Avenue Management's Q3 2018 Portfolio in Review

As of Q3 2018, Third Avenue Management held 77 positions worth $1.77B, down 12% from $2.02B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Third Avenue Management withdrew a net $215M in Q3 2018, closing 4 positions and reducing 21 holdings. Its most notable exit was Alleghany Corp, an estimated $40.7M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 37% of assets, down from 43% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Third Avenue Management opened a new position in AdvanSix worth $2.6M.

  • Third Avenue Management's largest Q3 2018 buy was AdvanSix: 76,658 shares worth $2.6M.
  • Third Avenue Management added most to Five Point Holdings in Q3 2018, an estimated $17M increase.
  • Third Avenue Management's biggest Q3 2018 reduction was Forest City Realty Trust, Inc., cutting an estimated $169M.
  • Third Avenue Management fully exited Alleghany Corp in Q3 2018, selling an estimated $40.7M.
  • Third Avenue Management's ten largest holdings make up 55% of its $1.77B portfolio in Q3 2018.
  • Third Avenue Management opened 1 new position and closed 4 in Q3 2018.
  • Third Avenue Management's portfolio value fell 12% quarter-over-quarter to $1.77B.

Based on Third Avenue Management's 13F filing for Q3 2018, filed 9 Nov 2018.