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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
+18.32%
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
$609M
AUM Growth
+$12.8M
Cap. Flow
-$67.5M
Cap. Flow %
-11.08%
Top 10 Hldgs %
50.18%
Holding
60
New
1
Increased
13
Reduced
22
Closed
1

Top Buys

Rank Stock Value
1
LXU icon
LSB Industries
LXU
+$4.04M
2
COLL icon
Collegium Pharmaceutical
COLL
+$2.08M
3
SUI icon
Sun Communities
SUI
+$1.7M
4
ITIC
Investors Title Co
ITIC
+$1.42M
5
SUPN icon
Supernus Pharmaceuticals
SUPN
+$1.14M

Top Sells

Rank Stock Value
1
LAZ icon
Lazard
LAZ
+$17.1M
2
HCC icon
Warrior Met Coal
HCC
+$15.8M
3
TDW icon
Tidewater
TDW
+$6.83M
4
HA
Hawaiian Holdings, Inc.
HA
+$5.54M
5
LOW icon
Lowe's Companies
LOW
+$5.53M

Sector Composition

Rank Sector Weight
1 Financials 27.95%
2 Real Estate 21.36%
3 Energy 13.05%
4 Materials 11.7%
5 Industrials 10.55%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HCC icon
1
Warrior Met Coal
HCC
$5.65B
$59M 9.69%
967,899
-299,454
-24% -$15.8M
TDW icon
2
Tidewater
TDW
$4.61B
$50.7M 8.33%
703,631
-105,554
-13% -$6.83M
DB icon
3
Deutsche Bank
DB
$75.8B
$34M 5.57%
2,486,569
+1,228
+0% +$14.5K
VAL icon
4
Valaris
VAL
$5.99B
$28.8M 4.73%
420,007
+281
+0.1% +$19.3K
CMA
5
DELISTED
Comerica
CMA
$26.6M 4.36%
476,269
+373
+0.1% +$16.9K
ORI icon
6
Old Republic International
ORI
$10.2B
$24.3M 3.99%
827,421
+864
+0.1% +$24.3K
LEN.B icon
7
Lennar Class B
LEN.B
$20.5B
$23.3M 3.82%
182,743
-33,834
-16% -$3.67M
UHAL.B icon
8
U-Haul Holding Co Series N
UHAL.B
$11.7B
$20.7M 3.4%
294,413
-17,546
-6% -$955K
BN icon
9
Brookfield
BN
$92.3B
$19.6M 3.22%
732,411
-48,117
-6% -$1.09M
DHI icon
10
D.R. Horton
DHI
$41.2B
$18.7M 3.07%
122,998
-35,816
-23% -$4.41M
CBRE icon
11
CBRE Group
CBRE
$43.7B
$17M 2.78%
182,200
+1,298
+0.7% +$101K
PLD icon
12
Prologis
PLD
$134B
$15.5M 2.55%
116,373
-6,316
-5% -$717K
WY icon
13
Weyerhaeuser
WY
$17B
$12.9M 2.11%
370,142
-65,102
-15% -$2.03M
UMBF icon
14
UMB Financial
UMBF
$11B
$12.5M 2.05%
149,284
– –
AMH icon
15
American Homes 4 Rent
AMH
$12.1B
$12.2M 2%
338,379
-16,882
-5% -$590K
HA
16
DELISTED
Hawaiian Holdings, Inc.
HA
$11.6M 1.9%
815,579
-746,546
-48% -$5.54M
RYN icon
17
Rayonier
RYN
$6.06B
$11.3M 1.86%
373,348
-87,596
-19% -$2.34M
IVT icon
18
InvenTrust Properties
IVT
$2.54B
$10.5M 1.73%
415,675
-16,745
-4% -$417K
FPH icon
19
Five Point Holdings
FPH
$367M
$10.1M 1.66%
3,294,796
-451,079
-12% -$1.18M
JLL icon
20
Jones Lang LaSalle
JLL
$17.4B
$9.82M 1.61%
51,990
-22,268
-30% -$3.37M
MYRG icon
21
MYR Group
MYRG
$4.58B
$9.8M 1.61%
67,757
-13,049
-16% -$1.68M
ECPG icon
22
Encore Capital Group
ECPG
$2.1B
$8.66M 1.42%
170,678
– –
SEB icon
23
Seaboard Corp
SEB
$3.75B
$8.33M 1.37%
2,334
+1
+0% +$3.56K
FR icon
24
First Industrial Realty Trust
FR
$8.21B
$8.16M 1.34%
154,848
-2,910
-2% -$136K
HBB icon
25
Hamilton Beach Brands
HBB
$423M
$8M 1.31%
457,577
-111,827
-20% -$1.57M
1
2 3

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Third Avenue Management's Q4 2023 Portfolio in Review

As of Q4 2023, Third Avenue Management held 60 positions worth $609M, up 2.1% from $596M the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Third Avenue Management withdrew a net $67.5M in Q4 2023, closing 1 position and reducing 22 holdings. Its most notable exit was Lazard, an estimated $17.1M position sold in full.

By sector, the portfolio is most concentrated in Financials at 28% of assets, up from 27% a quarter earlier, followed by Real Estate and Energy.

Against the trend, Third Avenue Management opened a new position in Collegium Pharmaceutical worth $2.56M.

  • Third Avenue Management's largest Q4 2023 buy was Collegium Pharmaceutical: 83,120 shares worth $2.56M.
  • Third Avenue Management added most to LSB Industries in Q4 2023, an estimated $4.04M increase.
  • Third Avenue Management's biggest Q4 2023 reduction was Warrior Met Coal, cutting an estimated $15.8M.
  • Third Avenue Management fully exited Lazard in Q4 2023, selling an estimated $17.1M.
  • Third Avenue Management's ten largest holdings make up 50% of its $609M portfolio in Q4 2023.
  • Third Avenue Management opened 1 new position and closed 1 in Q4 2023.
  • Third Avenue Management's portfolio value rose 2.1% quarter-over-quarter to $609M.

Based on Third Avenue Management's 13F filing for Q4 2023, filed 14 Feb 2024.