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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
+18.3%
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
$714M
AUM Growth
+$37.4M
Cap. Flow
-$57.3M
Cap. Flow %
-8.03%
Top 10 Hldgs %
49.56%
Holding
69
New
2
Increased
13
Reduced
27
Closed
4

Top Buys

Rank Stock Value
1
AMH icon
American Homes 4 Rent
AMH
+$10M
2
ORI icon
Old Republic International
ORI
+$5.07M
3
CMA
Comerica
CMA
+$3.67M
4
WASH icon
Washington Trust Bancorp
WASH
+$2.15M
5
UMBF icon
UMB Financial
UMBF
+$1.34M

Top Sells

Rank Stock Value
1
LEN icon
Lennar Class A
LEN
+$14M
2
PSA icon
Public Storage
PSA
+$12.2M
3
BN icon
Brookfield
BN
+$7.51M
4
LEN.B icon
Lennar Class B
LEN.B
+$6.93M
5
CUBI icon
Customers Bancorp
CUBI
+$5.55M

Sector Composition

Rank Sector Weight
1 Real Estate 43.29%
2 Consumer Discretionary 16.5%
3 Financials 15.7%
4 Industrials 12.15%
5 Materials 6.61%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FPH icon
1
Five Point Holdings
FPH
$367M
$49.8M 6.98%
10,827,355
-821,075
-7% -$4.13M
BN icon
2
Brookfield
BN
$92.3B
$45.5M 6.38%
2,586,526
-427,222
-14% -$7.51M
WY icon
3
Weyerhaeuser
WY
$17B
$38.9M 5.45%
1,732,549
-104,948
-6% -$2.12M
LEN.B icon
4
Lennar Class B
LEN.B
$20.5B
$37.7M 5.29%
861,268
-183,561
-18% -$6.93M
VNO icon
5
Vornado Realty Trust
VNO
$7.13B
$37.5M 5.25%
981,288
-40,838
-4% -$1.59M
PLD icon
6
Prologis
PLD
$134B
$34.1M 4.77%
364,892
-4,034
-1% -$360K
JBGS
7
JBG SMITH
JBGS
$708M
$32.2M 4.51%
1,088,102
-143,634
-12% -$4.45M
RYN icon
8
Rayonier
RYN
$6.06B
$27.7M 3.88%
1,229,608
-118,069
-9% -$2.57M
HCC icon
9
Warrior Met Coal
HCC
$5.65B
$27.5M 3.85%
1,786,569
-59,220
-3% -$807K
LOW icon
10
Lowe's Companies
LOW
$117B
$22.8M 3.2%
168,757
-458
-0.3% -$52.3K
ESS icon
11
Essex Property Trust
ESS
$18.3B
$22M 3.08%
95,949
-1,785
-2% -$428K
LEN icon
12
Lennar Class A
LEN
$20.8B
$21.5M 3.01%
360,398
-273,955
-43% -$14M
UHAL icon
13
U-Haul Holding Co
UHAL
$13.3B
$18.4M 2.58%
608,310
-127,700
-17% -$3.74M
ORI icon
14
Old Republic International
ORI
$10.2B
$18.2M 2.56%
1,118,129
+320,961
+40% +$5.07M
EXP icon
15
Eagle Materials
EXP
$6.06B
$16.6M 2.33%
236,933
-7,464
-3% -$469K
HA
16
DELISTED
Hawaiian Holdings, Inc.
HA
$16.3M 2.28%
1,160,715
-55,023
-5% -$749K
TDW icon
17
Tidewater
TDW
$4.61B
$15.5M 2.17%
2,774,578
+2,826
+0.1% +$16.1K
MHK icon
18
Mohawk Industries
MHK
$8.8B
$15.4M 2.16%
151,559
-15,043
-9% -$1.32M
CMA
19
DELISTED
Comerica
CMA
$13M 1.83%
342,378
+105,222
+44% +$3.67M
AMH icon
20
American Homes 4 Rent
AMH
$12.1B
$10.8M 1.52%
+402,492
New +$10M
MYRG icon
21
MYR Group
MYRG
$4.58B
$10.7M 1.49%
333,913
-49,694
-13% -$1.36M
FR icon
22
First Industrial Realty Trust
FR
$8.21B
$10.6M 1.48%
275,569
-26,559
-9% -$972K
FNF icon
23
Fidelity National Financial
FNF
$12.8B
$10.4M 1.45%
351,643
-33,537
-9% -$922K
FDX icon
24
FedEx
FDX
$78.3B
$10.1M 1.41%
71,753
+242
+0.3% +$30.4K
CBRE icon
25
CBRE Group
CBRE
$43.7B
$9.82M 1.38%
217,135
-17,980
-8% -$775K
1
2 3

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Third Avenue Management's Q2 2020 Portfolio in Review

As of Q2 2020, Third Avenue Management held 69 positions worth $714M, up 5.5% from $676M the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Third Avenue Management withdrew a net $57.3M in Q2 2020, closing 4 positions and reducing 27 holdings. Its most notable exit was Genpact, an estimated $2.5M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 43% of assets, down from 46% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Third Avenue Management opened a new position in American Homes 4 Rent worth $10.8M.

  • Third Avenue Management's largest Q2 2020 buy was American Homes 4 Rent: 402,492 shares worth $10.8M.
  • Third Avenue Management added most to Old Republic International in Q2 2020, an estimated $5.07M increase.
  • Third Avenue Management's biggest Q2 2020 reduction was Lennar Class A, cutting an estimated $14M.
  • Third Avenue Management fully exited Genpact in Q2 2020, selling an estimated $2.5M.
  • Third Avenue Management's ten largest holdings make up 50% of its $714M portfolio in Q2 2020.
  • Third Avenue Management opened 2 new positions and closed 4 in Q2 2020.
  • Third Avenue Management's portfolio value rose 5.5% quarter-over-quarter to $714M.

Based on Third Avenue Management's 13F filing for Q2 2020, filed 14 Aug 2020.