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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
+21.61%
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
$713M
AUM Growth
-$6.73M
Cap. Flow
-$130M
Cap. Flow %
-18.25%
Top 10 Hldgs %
45.82%
Holding
67
New
3
Increased
13
Reduced
32
Closed
3
Avg Time Held
14 quarters
Top 10 Avg Time Held
11.1 quarters
Top 20 Avg Time Held
9.7 quarters

Top Buys

Rank Stock Value
1
LAZ icon
Lazard
LAZ
+$13.8M
2
PRA icon
ProAssurance
PRA
+$4.84M
3
HBB icon
Hamilton Beach Brands
HBB
+$2.42M
4
PB icon
Prosperity Bancshares
PB
+$2M
5
AMH icon
American Homes 4 Rent
AMH
+$1.64M

Top Sells

Rank Stock Value
1
VNO icon
Vornado Realty Trust
VNO
+$26.2M
2
LEN icon
Lennar Class A
LEN
+$13.5M
3
LEN.B icon
Lennar Class B
LEN.B
+$13.5M
4
FDX icon
FedEx
FDX
+$12.7M
5
BN icon
Brookfield
BN
+$12M

Sector Composition

Rank Sector Weight
1 Real Estate 37.38%
2 Financials 21.4%
3 Consumer Discretionary 15.31%
4 Industrials 12.43%
5 Materials 7.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
FPH icon
1
Five Point Holdings
FPH
$315M
$48.1M 6.74%
8,804,142
-1,478,718
-14% -$7.38M
2017 Q2
14 quarters
WY icon
2
Weyerhaeuser
WY
$13.7B
$44.8M 6.29%
1,337,290
-349,615
-21% -$10.5M
2013 Q2
30 quarters
BN icon
3
Brookfield
BN
$81.9B
$41.5M 5.83%
1,879,703
-600,159
-24% -$12M
2013 Q2
30 quarters
PLD icon
4
Prologis
PLD
$127B
$31.4M 4.4%
314,604
-34,879
-10% -$3.53M
2020 Q1
3 quarters
LEN.B icon
5
Lennar Class B
LEN.B
$17.8B
$29.4M 4.13%
505,985
-228,504
-31% -$13.5M
2016 Q4
16 quarters
RYN icon
6
Rayonier
RYN
$5.62B
$28.8M 4.03%
1,078,673
-101,029
-9% -$2.58M
2013 Q4
28 quarters
JBGS icon
7
JBG SMITH
JBGS
$653M
$27.9M 3.92%
892,595
-150,630
-14% -$4.34M
2017 Q3
13 quarters
HCC icon
8
Warrior Met Coal
HCC
$4.96B
$25.9M 3.64%
1,216,410
-273,393
-18% -$4.81M
2017 Q4
12 quarters
UHAL icon
9
U-Haul Holding Co
UHAL
$10.8B
$24.6M 3.45%
541,730
-41,300
-7% -$1.65M
2017 Q4
12 quarters
LOW icon
10
Lowe's Companies
LOW
$106B
$24.2M 3.39%
150,686
-10,884
-7% -$1.77M
2020 Q1
3 quarters
ORI icon
11
Old Republic International
ORI
$9.21B
$21.9M 3.07%
1,109,592
-175,568
-14% -$3.08M
2020 Q1
3 quarters
TDW icon
12
Tidewater
TDW
$4.33B
$21.7M 3.05%
2,513,675
-375,527
-13% -$2.98M
2017 Q3
13 quarters
CMA icon
13
DELISTED
Comerica
CMA
$20.7M 2.91%
371,331
-18,674
-5% -$910K
2013 Q2
30 quarters
EXP icon
14
Eagle Materials
EXP
$5.03B
$18.9M 2.65%
186,032
-10,613
-5% -$987K
2019 Q1
7 quarters
MHK icon
15
Mohawk Industries
MHK
$8.09B
$18.7M 2.62%
132,466
-14,881
-10% -$1.79M
2019 Q1
7 quarters
HA icon
16
DELISTED
Hawaiian Holdings, Inc.
HA
$18M 2.52%
1,016,436
-144,279
-12% -$2.44M
2018 Q2
10 quarters
KFY icon
17
Korn Ferry
KFY
$4.02B
$15.6M 2.19%
358,469
+29,996
+9% +$1.1M
2020 Q3
1 quarter
AMH icon
18
American Homes 4 Rent
AMH
$11B
$15.5M 2.18%
517,729
+55,824
+12% +$1.64M
2020 Q2
2 quarters
LAZ icon
19
Lazard
LAZ
$3.56B
$15.5M 2.17%
+366,216
New +$13.8M
2020 Q4
0 quarters
LEN icon
20
Lennar Class A
LEN
$17.8B
$12.1M 1.7%
164,019
-180,793
-52% -$13.5M
2016 Q1
19 quarters
CBRE icon
21
CBRE Group
CBRE
$37.5B
$11.9M 1.68%
190,511
-17,686
-8% -$999K
2020 Q1
3 quarters
FNF icon
22
Fidelity National Financial
FNF
$10.5B
$11.8M 1.65%
312,945
-24,377
-7% -$822K
2016 Q1
19 quarters
CTB
23
DELISTED
Cooper Tire & Rubber Co.
CTB
$10.2M 1.44%
252,680
– –
2019 Q3
5 quarters
FR icon
24
First Industrial Realty Trust
FR
$7.94B
$10.2M 1.43%
241,732
-22,603
-9% -$946K
2013 Q2
30 quarters
UMBF icon
25
UMB Financial
UMBF
$9.88B
$10.1M 1.41%
146,136
+57
+0% +$3.65K
2013 Q2
30 quarters
1
2 3

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Third Avenue Management's Q4 2020 Portfolio in Review

As of Q4 2020, Third Avenue Management held 67 positions worth $713M, down 0.94% from $719M the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Third Avenue Management withdrew a net $130M in Q4 2020, closing 3 positions and reducing 32 holdings. Its most notable exit was FedEx, an estimated $12.7M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 37% of assets, down from 40% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Third Avenue Management opened a new position in Lazard worth $15.5M.

  • Third Avenue Management's largest Q4 2020 buy was Lazard: 366,216 shares worth $15.5M.
  • Third Avenue Management added most to Hamilton Beach Brands in Q4 2020, an estimated $2.42M increase.
  • Third Avenue Management's biggest Q4 2020 reduction was Vornado Realty Trust, cutting an estimated $26.2M.
  • Third Avenue Management fully exited FedEx in Q4 2020, selling an estimated $12.7M.
  • Third Avenue Management's ten largest holdings make up 46% of its $713M portfolio in Q4 2020.
  • Third Avenue Management opened 3 new positions and closed 3 in Q4 2020.
  • Third Avenue Management's portfolio value fell 0.94% quarter-over-quarter to $713M.

Based on Third Avenue Management's 13F filing for Q4 2020, filed 12 Feb 2021.