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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
+9.71%
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
$760M
AUM Growth
+$17.4M
(+2.3%)
Cap. Flow
-$40.1M
Cap. Flow
% of AUM
-5.27%
Top 10 Holdings %
Top 10 Hldgs %
51.47%
Holding
64
New
4
Increased
6
Reduced
21
Closed
5
Avg Time Held
3.8
years
Top 10 Avg Time Held
3.3
years
Top 20 Avg Time Held
2.8
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
InvenTrust Properties
IVT
|
+$12.7M |
| 2 |
Warrior Met Coal
HCC
|
+$3.24M |
| 3 |
Sphere Entertainment
SPHR
|
+$2.85M |
| 4 |
APTS
Preferred Apartment Communities, Inc.
APTS
|
+$2.7M |
| 5 |
Trinity Place Holdings Inc.com
TPHS
|
+$849K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Mohawk Industries
MHK
|
+$11.8M |
| 2 |
Vornado Realty Trust
VNO
|
+$8.11M |
| 3 |
Brookfield
BN
|
+$6.81M |
| 4 |
Old Republic International
ORI
|
+$6.68M |
| 5 |
JBG SMITH
JBGS
|
+$5.52M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 38.13% |
| 2 | Financials | 23.03% |
| 3 | Consumer Discretionary | 12.18% |
| 4 | Industrials | 11.45% |
| 5 | Materials | 6.95% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Five Point Holdings
FPH
$317M
| $57.1M | 7.51% |
8,732,674
-165,745
| -2% | -$1.12M |
2017 Q2
18 quarters
|
|
|
2
Warrior Met Coal
HCC
$4.72B
| $48M | 6.31% |
1,865,239
+134,911
| +8% | +$3.24M |
2017 Q4
16 quarters
|
|
3
Lennar Class B
LEN.B
$18.3B
| $45.7M | 6.01% |
502,993
-6,895
| -1% | -$567K |
2016 Q4
20 quarters
|
|
|
4
Brookfield
BN
$82.2B
| $43M | 5.66% |
1,322,138
-215,322
| -14% | -$6.81M |
2013 Q2
34 quarters
|
|
5
Prologis
PLD
$121B
| $42.4M | 5.57% |
251,587
-3,814
| -1% | -$569K |
2020 Q1
7 quarters
|
|
6
DELISTED
Comerica
CMA
| $32.3M | 4.25% |
371,544
| – | – |
2013 Q2
34 quarters
|
|
7
Weyerhaeuser
WY
$14B
| $31.8M | 4.19% |
772,935
-56,908
| -7% | -$2.16M |
2013 Q2
34 quarters
|
|
8
Rayonier
RYN
$5.64B
| $30.9M | 4.06% |
843,633
-65,156
| -7% | -$2.27M |
2013 Q4
32 quarters
|
|
9
U-Haul Holding Co
UHAL
$11.2B
| $30.4M | 4% |
418,330
-6,370
| -1% | -$459K |
2017 Q4
16 quarters
|
|
10
Lowe's Companies
LOW
$110B
| $29.8M | 3.92% |
115,216
-1,763
| -2% | -$419K |
2020 Q1
7 quarters
|
|
11
Tidewater
TDW
$3.94B
| $22.3M | 2.94% |
2,085,705
-261,807
| -11% | -$3.08M |
2017 Q3
17 quarters
|
|
12
American Homes 4 Rent
AMH
$11.1B
| $21.9M | 2.88% |
502,586
-3,059
| -0.6% | -$124K |
2020 Q2
6 quarters
|
|
|
13
Old Republic International
ORI
$9.34B
| $20.7M | 2.72% |
841,178
-269,123
| -24% | -$6.68M |
2020 Q1
7 quarters
|
|
14
DELISTED
Hawaiian Holdings, Inc.
HA
| $18.1M | 2.37% |
983,052
-11,003
| -1% | -$223K |
2018 Q2
14 quarters
|
|
15
CBRE Group
CBRE
$39.2B
| $17.8M | 2.34% |
163,878
-3,198
| -2% | -$328K |
2020 Q1
7 quarters
|
|
16
Lazard
LAZ
$3.52B
| $16.1M | 2.12% |
368,858
| – | – |
2020 Q4
4 quarters
|
|
|
17
InvenTrust Properties
IVT
$2.33B
| $13.7M | 1.81% |
+503,945
| New | +$12.7M |
2021 Q4
0 quarters
|
|
18
UMB Financial
UMBF
$10B
| $13.7M | 1.81% |
129,469
-16,667
| -11% | -$1.72M |
2013 Q2
34 quarters
|
|
19
First Industrial Realty Trust
FR
$7.79B
| $13.2M | 1.74% |
199,779
-3,078
| -2% | -$185K |
2013 Q2
34 quarters
|
|
20
Fidelity National Financial
FNF
$10.6B
| $13M | 1.71% |
258,930
-4,890
| -2% | -$234K |
2016 Q1
23 quarters
|
|
|
21
DELISTED
Trinity Place Holdings Inc.com
TPHS
| $12M | 1.58% |
6,514,436
+434,210
| +7% | +$849K |
2016 Q1
23 quarters
|
|
22
MYR Group
MYRG
$4.45B
| $11.2M | 1.47% |
101,187
-122
| -0.1% | -$13.2K |
2015 Q4
24 quarters
|
|
23
Valaris
VAL
$5.82B
| $11.2M | 1.47% |
310,047
| – | – |
2021 Q3
1 quarter
|
|
24
Essex Property Trust
ESS
$17.3B
| $10.5M | 1.38% |
29,879
-455
| -1% | -$155K |
2020 Q1
7 quarters
|
|
25
Washington Trust Bancorp
WASH
$707M
| $10.3M | 1.35% |
182,745
| – | – |
2020 Q2
6 quarters
|
|
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Third Avenue Management's Q4 2021 Portfolio in Review
As of Q4 2021, Third Avenue Management held 64 positions worth $760M, up 2.3% from $743M the previous quarter. Its ten largest holdings account for 51% of the portfolio.
Third Avenue Management withdrew a net $40.1M in Q4 2021, closing 5 positions and reducing 21 holdings. Its most notable exit was Mohawk Industries, an estimated $11.8M position sold in full.
By sector, the portfolio is most concentrated in Real Estate at 38% of assets, up from 37% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Third Avenue Management opened a new position in InvenTrust Properties worth $13.7M.
- Third Avenue Management's largest Q4 2021 buy was InvenTrust Properties: 503,945 shares worth $13.7M.
- Third Avenue Management added most to Warrior Met Coal in Q4 2021, an estimated $3.24M increase.
- Third Avenue Management's biggest Q4 2021 reduction was Brookfield, cutting an estimated $6.81M.
- Third Avenue Management fully exited Mohawk Industries in Q4 2021, selling an estimated $11.8M.
- Third Avenue Management's ten largest holdings make up 51% of its $760M portfolio in Q4 2021.
- Third Avenue Management opened 4 new positions and closed 5 in Q4 2021.
- Third Avenue Management's portfolio value rose 2.3% quarter-over-quarter to $760M.
Based on Third Avenue Management's 13F filing for Q4 2021, filed 11 Feb 2022.