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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
+4.09%
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
$1.01B
AUM Growth
-$96.9M
Cap. Flow
-$137M
Cap. Flow %
-13.56%
Top 10 Hldgs %
53.8%
Holding
59
New
2
Increased
15
Reduced
25
Closed
2
Avg Time Held
3.6 years
Top 10 Avg Time Held
2.6 years
Top 20 Avg Time Held
2.9 years

Top Buys

Rank Stock Value
1
HHH icon
Howard Hughes
HHH
+$13.1M
2
MAC icon
Macerich
MAC
+$7.12M
3
FPH icon
Five Point Holdings
FPH
+$4.71M
4
UHAL icon
U-Haul Holding Co
UHAL
+$1.85M
5
CTB
Cooper Tire & Rubber Co.
CTB
+$1.43M

Top Sells

Rank Stock Value
1
BN icon
Brookfield
BN
+$28.4M
2
LOW icon
Lowe's Companies
LOW
+$23.9M
3
PNC icon
PNC Financial Services
PNC
+$20.2M
4
RYN icon
Rayonier
RYN
+$16.9M
5
WY icon
Weyerhaeuser
WY
+$16.1M

Sector Composition

Rank Sector Weight
1 Real Estate 42.33%
2 Financials 17.04%
3 Consumer Discretionary 14.65%
4 Industrials 12.43%
5 Materials 5.71%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
FPH icon
1
Five Point Holdings
FPH
$307M
$81.4M 8.05%
11,713,323
+689,010
+6% +$4.71M
2017 Q2
10 quarters
WY icon
2
Weyerhaeuser
WY
$13.6B
$79.9M 7.9%
2,644,843
-553,516
-17% -$16.1M
2013 Q2
26 quarters
BN icon
3
Brookfield
BN
$80.3B
$62.2M 6.15%
3,015,034
-1,423,124
-32% -$28.4M
2013 Q2
26 quarters
TDW icon
4
Tidewater
TDW
$4.12B
$53.1M 5.25%
2,754,611
+17,188
+0.6% +$274K
2017 Q3
9 quarters
LEN.B icon
5
Lennar Class B
LEN.B
$17.4B
$50.5M 5%
1,189,168
-152,274
-11% -$6.77M
2016 Q4
12 quarters
LEN icon
6
Lennar Class A
LEN
$17.5B
$49.5M 4.89%
910,528
-64,187
-7% -$3.66M
2016 Q1
15 quarters
JBGS icon
7
JBG SMITH
JBGS
$641M
$48.7M 4.82%
1,222,026
-86,250
-7% -$3.41M
2017 Q3
9 quarters
RYN icon
8
Rayonier
RYN
$5.55B
$42M 4.16%
1,413,369
-619,849
-30% -$16.9M
2013 Q4
24 quarters
VNO icon
9
Vornado Realty Trust
VNO
$6.04B
$38.6M 3.82%
580,664
-41,032
-7% -$2.65M
2013 Q2
26 quarters
HCC icon
10
Warrior Met Coal
HCC
$4.75B
$37.8M 3.74%
1,789,403
+19,513
+1% +$399K
2017 Q4
8 quarters
MAC icon
11
Macerich
MAC
$6.29B
$37.1M 3.67%
1,376,950
+259,115
+23% +$7.12M
2015 Q1
19 quarters
HA icon
12
DELISTED
Hawaiian Holdings, Inc.
HA
$32.1M 3.18%
1,096,849
-318,010
-22% -$9.3M
2018 Q2
6 quarters
UHAL icon
13
U-Haul Holding Co
UHAL
$10.9B
$30.2M 2.98%
802,450
+48,660
+6% +$1.85M
2017 Q4
8 quarters
CMA icon
14
DELISTED
Comerica
CMA
$23.8M 2.35%
331,514
-47,448
-13% -$3.26M
2013 Q2
26 quarters
FR icon
15
First Industrial Realty Trust
FR
$7.8B
$23.4M 2.31%
562,599
-113,667
-17% -$4.68M
2013 Q2
26 quarters
AKR icon
16
Acadia Realty Trust
AKR
$2.48B
$22.6M 2.24%
872,557
-61,616
-7% -$1.69M
2018 Q1
7 quarters
PNC icon
17
PNC Financial Services
PNC
$86.1B
$21.7M 2.15%
136,135
-134,589
-50% -$20.2M
2014 Q3
21 quarters
MHK icon
18
Mohawk Industries
MHK
$8.13B
$20M 1.98%
146,864
+642
+0.4% +$87.3K
2019 Q1
3 quarters
TPHS icon
19
DELISTED
Trinity Place Holdings Inc.com
TPHS
$17.6M 1.74%
5,842,911
+135,675
+2% +$484K
2016 Q1
15 quarters
EXP icon
20
Eagle Materials
EXP
$5.01B
$16.1M 1.59%
177,351
+1,462
+0.8% +$134K
2019 Q1
3 quarters
HHH icon
21
Howard Hughes
HHH
$4.08B
$14.3M 1.41%
+118,306
New +$13.1M
2019 Q4
0 quarters
SRG icon
22
Seritage Growth Properties
SRG
$91.2M
$13.4M 1.33%
334,849
+11,173
+3% +$473K
2018 Q1
7 quarters
CUBI icon
23
Customers Bancorp
CUBI
$2.48B
$13.4M 1.32%
561,121
– –
2018 Q4
4 quarters
MYRG icon
24
MYR Group
MYRG
$4.53B
$12.5M 1.24%
383,607
+148
+0% +$4.89K
2015 Q4
16 quarters
FNF icon
25
Fidelity National Financial
FNF
$10.5B
$11.8M 1.17%
271,281
-81,296
-23% -$3.61M
2016 Q1
15 quarters
1
2 3

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Third Avenue Management's Q4 2019 Portfolio in Review

As of Q4 2019, Third Avenue Management held 59 positions worth $1.01B, down 8.7% from $1.11B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Third Avenue Management withdrew a net $137M in Q4 2019, closing 2 positions and reducing 25 holdings. Its most notable exit was Lowe's Companies, an estimated $23.9M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 42% of assets, up from 41% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Third Avenue Management opened a new position in Howard Hughes worth $14.3M.

  • Third Avenue Management's largest Q4 2019 buy was Howard Hughes: 118,306 shares worth $14.3M.
  • Third Avenue Management added most to Macerich in Q4 2019, an estimated $7.12M increase.
  • Third Avenue Management's biggest Q4 2019 reduction was Brookfield, cutting an estimated $28.4M.
  • Third Avenue Management fully exited Lowe's Companies in Q4 2019, selling an estimated $23.9M.
  • Third Avenue Management's ten largest holdings make up 54% of its $1.01B portfolio in Q4 2019.
  • Third Avenue Management opened 2 new positions and closed 2 in Q4 2019.
  • Third Avenue Management's portfolio value fell 8.7% quarter-over-quarter to $1.01B.

Based on Third Avenue Management's 13F filing for Q4 2019, filed 13 Feb 2020.