Third Avenue

Q3 2013 13F · by Martin Whitman, founder

As of: Sep 30, 2013
Filed: Oct 22, 2013
US stock: $5.2B · prev $5.1B
Positions: 163 · prev 145
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves129 since the prior filing

+11.5 pp in · −12.0 pp out

New 26 +4.99 pp
Added 45 +6.47 pp
Trimmed 50 −6.06 pp
Exited 8 −5.93 pp

The book

Diversified · behaves like 53 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 42% a year, about 2.4 years per position

Low
Moderate
High

Top 5 positions21% of US stock

WY Weyerhaeuser Company added+0.20 pp added+0.204.6%
BNY Bank of New York Mellon Corporation trimmed−0.46 pp trimmed−0.464.5%
DVN Devon Energy Corporation trimmed+0.21 pp trimmed+0.214.2%
unresolved Brookfield Asset Mgmt Inc trimmed+0.04 pp trimmed+0.044.0%
PKX POSCO Holdings Inc. trimmed+0.38 pp trimmed+0.383.8%

Positions163 in this filing · 8 exited


WYWeyerhaeuser Company	4.56%	8,227,549	$236M	added+6%	+0.20 pp	2 q
BNYBank of New York Mellon Corporation	4.45%	7,616,860	$230M	trimmed−15%	−0.46 pp	2 q
DVNDevon Energy Corporation	4.16%	3,720,330	$215M	trimmed−4%	+0.21 pp	2 q
unresolvedBrookfield Asset Mgmt Inc	3.99%	5,514,261	$206M	trimmed−1%	+0.04 pp	2 q
PKXPOSCO Holdings Inc.	3.84%	2,698,251	$199M	trimmed−0%	+0.38 pp	2 q
unresolvedLeucadia National	2.97%	5,637,890	$154M	trimmed−3%	−0.01 pp	2 q
WTMWhite Mountains Insurance Group Ltd.	2.97%	270,824	$154M	added+1%	−0.05 pp	2 q
KEYKeyCorp	2.80%	12,680,969	$145M	trimmed−38%	−1.64 pp	2 q
CVACovanta Holding Corporation	2.74%	6,622,428	$142M	trimmed−16%	−0.36 pp	2 q
unresolvedForest City Enterprises Inc	2.61%	7,125,350	$135M	trimmed−32%	−1.09 pp	2 q
CVCOCavco Industries Inc.	2.22%	2,013,020	$115M	added×13.8	+2.08 pp	2 q
YAlleghany Corporation	1.92%	242,104	$99M	new	+1.92 pp	new
9990302DApache Corp	1.83%	1,111,761	$95M	added+2%	+0.03 pp	2 q
CMAComerica Incorporated	1.83%	2,400,519	$94M	trimmed−3%	−0.10 pp	2 q
LOWLowe's Companies Inc.	1.70%	1,844,950	$88M	trimmed−0%	+0.22 pp	2 q
unresolvedTellabs, Inc.	1.60%	36,512,677	$83M	held	—	2 q
INTCIntel Corp	1.46%	3,288,734	$75M	trimmed−5%	−0.19 pp	2 q
TRCTejon Ranch Co.	1.44%	2,410,906	$74M	trimmed−7%	+0.03 pp	2 q
FRFirst Industrial Realty Trust, Inc.	1.36%	4,334,466	$71M	held	—	2 q
ENSEnerSys, Inc.	1.21%	1,034,161	$63M	added+5%	+0.27 pp	2 q
OSKOshkosh Corp.	1.18%	1,248,589	$61M	trimmed−22%	−0.01 pp	2 q
unresolvedEncana Corp	1.10%	3,281,821	$57M	added+7%	+0.08 pp	2 q
VNOVornado Realty Trust	1.07%	660,669	$56M	added0%	0.00 pp	2 q
unresolvedSeacor Holdings Inc.	1.03%	588,164	$53M	added0%	+0.07 pp	2 q
unresolvedLiberty Media Corp Delaware	1.02%	358,544	$53M	trimmed−4%	+0.09 pp	2 q
unresolvedHCC Insurance Holdings, Inc.	0.99%	1,173,376	$51M	added0%	0.00 pp	2 q
SEMGSemgroup Corp-class A	0.99%	901,971	$51M	held	—	2 q
unresolvedThomas Properties Gp Inc.	0.99%	7,638,779	$51M	added0%	+0.20 pp	2 q
NVDANvidia Corp	0.98%	3,262,133	$51M	trimmed−0%	+0.08 pp	2 q
EMEEMCOR Group, Inc.	0.92%	1,215,455	$48M	added+15%	+0.08 pp	2 q
SYMCGen Digital Inc.	0.92%	1,912,330	$47M	added+2%	+0.09 pp	2 q
ICFIICF International, Inc.	0.91%	1,335,820	$47M	trimmed−8%	+0.01 pp	2 q
PRGSProgress Software Corp (DE)	0.90%	1,795,337	$46M	added+4%	+0.12 pp	2 q
TFXTeleflex Incorporated	0.89%	557,733	$46M	added+15%	+0.15 pp	2 q
SKTTanger Inc.	0.88%	1,394,811	$46M	new	+0.88 pp	new
unresolvedAxiall Corp	0.87%	1,193,189	$45M	added+76%	+0.30 pp	2 q
UNFUnifirst Corp	0.87%	428,325	$45M	held	—	2 q
BKDBrookdale Senior Living, Inc.	0.84%	1,646,138	$43M	added×2.5	+0.50 pp	2 q
CMPCompass Minerals International, Inc.	0.81%	549,128	$42M	added+11%	−0.01 pp	2 q
SXTSensient Technology Corporation	0.81%	869,882	$42M	added+1%	+0.13 pp	2 q
ACGLArch Capital Group Ltd	0.81%	777,715	$42M	held	—	2 q
EFIIElectronics for Imaging	0.80%	1,307,114	$41M	trimmed−14%	−0.05 pp	2 q
KMTKennametal Inc.	0.75%	851,218	$39M	trimmed−24%	−0.11 pp	2 q
RSTIRofin-sinar Technologies Inc	0.74%	1,583,882	$38M	added+11%	+0.04 pp	2 q
LXULsb Industries Inc	0.73%	1,120,678	$38M	added0%	+0.06 pp	2 q
unresolvedHersha Hospitality Trust	0.68%	6,335,167	$35M	new	+0.68 pp	new
KALUKaiser Aluminum Corporation	0.65%	469,302	$33M	added+8%	+0.12 pp	2 q
KGCKinross Gold Corporation	0.64%	6,568,998	$33M	added+7%	+0.02 pp	2 q
TTEKTetra Tech Inc	0.64%	1,280,861	$33M	added+38%	+0.21 pp	2 q
unresolvedPost Properties, Inc.	0.61%	695,236	$31M	added+64%	+0.20 pp	2 q
MTXMinerals Technologies Inc	0.60%	623,872	$31M	trimmed−7%	+0.06 pp	2 q
SCLStepan Co.	0.60%	533,312	$31M	added+13%	+0.09 pp	2 q
unresolvedCommonWealth REIT	0.58%	1,359,990	$30M	held	—	2 q
WIREEncore Wire Corp	0.57%	746,563	$29M	held	—	2 q
unresolvedGlatfelter P. H. Co.	0.57%	1,081,449	$29M	added+9%	+0.08 pp	2 q
CALMCal-Maine Foods Inc	0.56%	598,032	$29M	added+9%	+0.06 pp	2 q
unresolvedIngram Micro Inc	0.56%	1,257,495	$29M	trimmed−53%	−0.43 pp	2 q
MANTMantech International Corp	0.56%	1,004,966	$29M	trimmed−30%	−0.18 pp	2 q
ABMABM Industries, Inc.	0.54%	1,041,798	$28M	added+1%	+0.05 pp	2 q
PDPrecision Drilling Corporation	0.54%	2,832,828	$28M	added0%	+0.07 pp	2 q
unresolvedSyntel Inc	0.49%	319,275	$26M	added+2%	+0.11 pp	2 q
ALGAlamo Group, Inc.	0.48%	510,789	$25M	trimmed−3%	+0.06 pp	2 q
NEMNewmont Corporation	0.48%	874,219	$25M	trimmed−6%	−0.07 pp	2 q
unresolvedSusser Hldgs Corp	0.48%	463,919	$25M	added×3.8	+0.36 pp	2 q
unresolvedAVX Corporation	0.43%	1,686,086	$22M	trimmed−19%	−0.05 pp	2 q
BRSBristow Group, Inc.	0.43%	306,693	$22M	trimmed−6%	+0.01 pp	2 q
HHyatt Hotels Corporation	0.41%	490,229	$21M	trimmed−0%	+0.02 pp	2 q
unresolvedMadison Square Garden Co	0.41%	368,492	$21M	trimmed−34%	−0.24 pp	2 q
MDRXVeradigm Inc	0.40%	1,380,244	$21M	added+22%	+0.11 pp	2 q
CTOCTO Realty Growth, Inc.	0.40%	543,230	$21M	held	—	2 q
UMBFUMB Financial Corp	0.40%	381,800	$21M	added×2.9	+0.26 pp	2 q
MTNVail Resorts, Inc.	0.39%	289,337	$20M	trimmed−24%	−0.07 pp	2 q
WHGWestwood Holdings Group, Inc.	0.39%	414,877	$20M	held	—	2 q
NSITInsight Enterprises Inc	0.38%	1,032,290	$20M	new	+0.38 pp	new
unresolvedPNC Financial Services Group 2018 Warrants	0.38%	1,289,241	$20M	held	—	2 q
unresolvedCity National Corp.	0.37%	283,422	$19M	trimmed−22%	−0.08 pp	2 q
CLDCloud Peak Energy Inc	0.37%	1,306,076	$19M	trimmed−39%	−0.32 pp	2 q
CUBLionheart Holdings Class A	0.36%	342,505	$18M	added0%	+0.04 pp	2 q
BRBroadridge Financial Solutions Inc	0.33%	543,883	$17M	trimmed−34%	−0.10 pp	2 q
CBSHCommerce Bancshares Inc	0.33%	395,141	$17M	trimmed−25%	−0.12 pp	2 q
BIGGQBig Lots Inc	0.32%	447,053	$17M	added+39%	+0.12 pp	2 q
BCORBlucora Inc	0.32%	726,320	$17M	added+3%	+0.06 pp	2 q
unresolvedOrbital Sciences Corp.	0.32%	780,935	$17M	held	—	2 q
CFRCullen/Frost Bankers Inc.	0.30%	219,472	$15M	trimmed−25%	−0.08 pp	2 q
unresolvedCst Brands Inc	0.29%	495,167	$15M	added+18%	+0.04 pp	2 q
FCNFTI Consulting, Inc.	0.28%	381,698	$14M	new	+0.28 pp	new
ALCOAlico Inc	0.27%	343,912	$14M	added+6%	+0.02 pp	2 q
VLYValley National Bancorp	0.27%	1,383,246	$14M	trimmed−5%	0.00 pp	2 q
ASNAAscena Retail Group Inc	0.26%	663,601	$13M	trimmed−45%	−0.15 pp	2 q
JJSFJ&J Snack Foods Corp	0.26%	166,317	$13M	trimmed−37%	−0.14 pp	2 q
WTWWillis Towers Watson Public Limited Company	0.26%	360,000	$13M	held	—	2 q
unresolvedWells Fargo Warrants, 34.01 St	0.26%	941,975	$13M	held	—	2 q
unresolvedStarz	0.24%	436,434	$12M	held	—	2 q
DARDarling Ingredients Inc.	0.23%	562,366	$12M	held	—	2 q
unresolvedJos A Bank Clothiers Inc.	0.23%	271,062	$12M	added+6%	+0.02 pp	2 q
unresolvedElectro Scientific Industries, Inc.	0.22%	977,904	$11M	trimmed−39%	−0.12 pp	2 q
unresolvedExcel Trust, Inc.	0.22%	942,491	$11M	held	—	2 q
PESPioneer Energy Services Corp.	0.22%	1,520,195	$11M	held	—	2 q
ERABristow Group Inc.	0.21%	392,393	$11M	held	—	2 q
PKEPark Aerospace Corp.	0.21%	372,754	$11M	trimmed−38%	−0.07 pp	2 q
CASSCass Information Systems Inc	0.20%	193,854	$10M	trimmed−22%	−0.02 pp	2 q
IIINInsteel Industries, Inc.	0.20%	649,222	$10M	trimmed−4%	−0.03 pp	2 q
BELFBBel Fuse Inc	0.18%	530,821	$9M	trimmed−37%	−0.04 pp	2 q
AEOAmerican Eagle Outfitters	0.17%	618,067	$9M	added+12%	−0.03 pp	2 q
CSWCCapital Southwest Corp	0.15%	227,372	$8M	held	—	2 q
SSUPSuperior Industries Intl	0.15%	439,701	$8M	trimmed−73%	−0.39 pp	2 q
CCRNCross Ctry. Healthcare Inc.	0.13%	1,135,308	$7M	trimmed−24%	−0.02 pp	2 q
BTZBlackRock Credit Allocation Income Trust	0.11%	447,448	$6M	new	+0.11 pp	new
unresolvedStanley Furniture Co., Inc.	0.11%	1,559,077	$6M	trimmed−5%	−0.02 pp	2 q
unresolvedDWS High Income Opp Fd Inc	0.10%	353,260	$5M	new	+0.10 pp	new
unresolvedCowen group Inc.	0.09%	1,341,760	$5M	trimmed−15%	0.00 pp	2 q
unresolvedFirst Potomac Realty Trust	0.09%	388,415	$5M	trimmed−1%	−0.01 pp	2 q
IAGIAMGold Corporation	0.09%	995,315	$5M	added×3.1	+0.06 pp	2 q
GMGeneral Motors Company	0.08%	121,467	$4M	held	—	2 q
unresolvedKearny Financial Corp.	0.08%	382,278	$4M	trimmed−16%	−0.01 pp	2 q
KELYAKelly Services Inc	0.08%	225,000	$4M	trimmed−21%	−0.02 pp	2 q
7AB1Resolute Forest Products	0.08%	315,495	$4M	held	—	2 q
unresolvedWestern Asset Mgd Hi Inc Fd	0.07%	669,372	$4M	new	+0.07 pp	new
YRIYamana Gold Inc	0.07%	328,100	$3M	added×2.3	+0.04 pp	2 q
unresolvedChiquita Brands Int'l Inc.	0.06%	244,155	$3M	held	—	2 q
unresolvedFirst Trust High Income Long/Short Fund	0.06%	166,114	$3M	new	+0.06 pp	new
NHSNeuberger High Yield Strategies Fund Inc.	0.06%	229,145	$3M	new	+0.06 pp	new
XXHYBXXNew America High Income Fund	0.06%	333,065	$3M	new	+0.06 pp	new
AKSAK Steel Holding Corp.	0.05%	711,375	$3M	held	—	2 q
unresolvedAllied Nevada Gold Corp	0.05%	568,205	$2M	new	+0.05 pp	new
CHKChesapeake Energy Corp	0.05%	100,000	$3M	held	—	2 q
unresolvedFirst Trust Strategic Hi IncFd II	0.05%	150,793	$2M	new	+0.05 pp	new
VTGDFVantage Drilling Co Ord	0.05%	1,400,000	$2M	added+12%	0.00 pp	2 q
unresolvedBlackRock Corp Hi Yld Fd III Inc	0.04%	314,366	$2M	new	+0.04 pp	new
unresolvedEldorado Gold (C$)	0.04%	301,600	$2M	added×2.4	+0.02 pp	2 q
unresolvedPrudential Glb Sht Dur Hi Yld Fd	0.04%	122,868	$2M	new	+0.04 pp	new
TRNOTerreno Realty Corporation	0.04%	121,290	$2M	held	—	2 q
XEADXAllspring Income Opport	0.04%	232,918	$2M	new	+0.04 pp	new
ALXAlexander's Inc.	0.03%	5,000	$1M	held	—	2 q
unresolvedBlackRock High Income Shares	0.03%	799,788	$2M	new	+0.03 pp	new
unresolvedComerica Inc.	0.03%	130,000	$2M	held	—	2 q
HAEHaemonetics Corporation	0.03%	42,000	$2M	held	—	2 q
unresolvedMFS Intermediate Hi Inc Fd	0.03%	480,650	$1M	new	+0.03 pp	new
SBSAQSpanish Brdcstng Sys A	0.03%	382,686	$2M	held	—	2 q
unresolvedAmerican Residential Prop., Inc.	0.02%	60,000	$1M	new	+0.02 pp	new
JAKKJakks Pacific Inc	0.02%	267,038	$1M	trimmed−78%	−0.25 pp	2 q
unresolvedTejon Ranch Co. WTS EXP 08/31/2016	0.02%	372,073	$1M	new	+0.02 pp	new
unresolvedWalter Energy, Inc.	0.02%	80,100	$1M	new	+0.02 pp	new
HIOWestern Asset High Income Opportunity Fund, Inc.	0.02%	179,449	$1M	new	+0.02 pp	new
AKRAcadia Realty Trust	0.01%	19,999	$494,000	held	—	2 q
unresolvedBrookfield Properties Inc.	0.01%	37,550	$716,000	held	—	2 q
unresolvedCapital One Financial 2018 Warrants	0.01%	15,000	$436,000	held	—	2 q
CDRCedar Realty Trust, Inc	0.01%	133,000	$689,000	held	—	2 q
CVECenovus Energy Inc.	0.01%	19,200	$573,000	held	—	2 q
EFFEaton Vance Floating-rate In	0.01%	30,551	$545,000	new	+0.01 pp	new
unresolvedInvestment Tech. Group	0.01%	40,787	$641,000	trimmed−95%	−0.22 pp	2 q
KIMKimco Realty Corp.	0.01%	26,045	$526,000	held	—	2 q
PSBPS Business Parks, Inc.	0.01%	6,100	$455,000	held	—	2 q
PLDPrologis, Inc.	0.01%	8,880	$334,000	held	—	2 q
SNYSanofi	0.01%	13,830	$700,000	added+5%	0.00 pp	2 q
unresolvedSelect Income REIT	0.01%	20,000	$516,000	held	—	2 q
HYIWestern Asset High Yield Opportunity Fund Inc.	0.01%	28,942	$517,000	new	+0.01 pp	new
BPY-UCADBrookfield Property Partners	0.01%	26,692	$517,000	new	+0.01 pp	new
NLYAnnaly Capital Management. Inc.	0.00%	13,215	$153,000	held	—	2 q
CFFNCapitol Federal Financial, Inc.	0.00%	14,075	$175,000	new	0.00 pp	new
CMOCapstead Mortgage Corp.	0.00%	12,500	$147,000	held	—	2 q
unresolvedDesarrolladora Homex	0.00%	100,000	$212,000	held	—	2 q
unresolvedFirst Niagara Finl Gp Inc	0.00%	10,275	$107,000	held	—	2 q
AMATApplied Materials Inc	—	−8,858,678	—	exited	−2.59 pp	—
unresolvedAlleghany Corp.	—	−258,504	—	exited	−1.94 pp	—
unresolvedHarman Intl Inds Inc	—	−759,611	—	exited	−0.81 pp	—
HYHyster-Yale, Inc.	—	−186,123	—	exited	−0.23 pp	—
Chiquita Brands Intlconvertible	—	−10,300,000	—	exited	−0.19 pp	—
XECCimarex Energy Co	—	−113,665	—	exited	−0.14 pp	—
unresolvedTidewater Inc	—	−14,000	—	exited	−0.02 pp	—
unresolvedCapitol Federal Fin'l, Inc.	—	−22,615	—	exited	−0.01 pp	—