Third Avenue

Q4 2013 13F · by Martin Whitman, founder

As of: Dec 31, 2013
Filed: Feb 18, 2014
US stock: $5.5B · prev $5.2B
Positions: 170 · prev 163
Options notional: $0
Documents: 1· 1 amendment

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%

Moves161 since the prior filing

+8.3 pp in · −7.9 pp out

New 24 +5.20 pp
Added 48 +3.15 pp
Trimmed 72 −4.36 pp
Exited 17 −3.56 pp

The book

Diversified · behaves like 56 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 33% a year, about 3.0 years per position

Low
Moderate
High

Top 5 positions20% of US stock

WY Weyerhaeuser Company trimmed+0.19 pp trimmed+0.194.8%
BNY Bank of New York Mellon Corporation trimmed+0.11 pp trimmed+0.114.6%
unresolved Brookfield Asset Mgmt Inc trimmed−0.23 pp trimmed−0.233.8%
PKX POSCO Holdings Inc. trimmed−0.21 pp trimmed−0.213.6%
DVN Devon Energy Corporation trimmed−0.63 pp trimmed−0.633.5%

Revealed late, restated

restated 170 rows corrected by the filer; later quarters recomputed 13F-HR/A · Feb 18, 2014 ↗

Positions170 in this filing · 17 exited


WYWeyerhaeuser Company	4.75%	8,215,227	$259M	trimmed−0%	+0.19 pp	3 q
BNYBank of New York Mellon Corporation	4.56%	7,117,407	$249M	trimmed−7%	+0.11 pp	3 q
unresolvedBrookfield Asset Mgmt Inc	3.76%	5,279,197	$205M	trimmed−4%	−0.23 pp	3 q
PKXPOSCO Holdings Inc.	3.63%	2,542,382	$198M	trimmed−6%	−0.21 pp	3 q
DVNDevon Energy Corporation	3.53%	3,115,295	$193M	trimmed−16%	−0.63 pp	3 q
unresolvedLeucadia National	3.07%	5,902,658	$167M	added+5%	+0.10 pp	3 q
WTMWhite Mountains Insurance Group Ltd.	3.04%	274,818	$166M	added+1%	+0.07 pp	3 q
KEYKeyCorp	2.77%	11,257,939	$151M	trimmed−11%	−0.03 pp	3 q
unresolvedForest City Enterprises Inc	2.47%	7,069,629	$135M	trimmed−1%	−0.14 pp	3 q
CVCOCavco Industries Inc.	2.22%	2,004,502	$121M	trimmed−0%	0.00 pp	3 q
CVACovanta Holding Corporation	2.15%	6,622,428	$118M	held	—	3 q
CMAComerica Incorporated	2.11%	2,418,940	$115M	added+1%	+0.28 pp	3 q
9990302DApache Corp	1.72%	1,091,980	$94M	trimmed−2%	−0.11 pp	3 q
LOWLowe's Companies Inc.	1.67%	1,842,437	$91M	trimmed−0%	−0.03 pp	3 q
TRCTejon Ranch Co.	1.60%	2,369,185	$87M	trimmed−2%	+0.16 pp	3 q
YAlleghany Corporation	1.55%	211,651	$85M	trimmed−13%	−0.37 pp	2 q
INTCIntel Corp	1.55%	3,252,638	$84M	trimmed−1%	+0.09 pp	3 q
FRFirst Industrial Realty Trust, Inc.	1.39%	4,330,258	$76M	trimmed−0%	+0.03 pp	3 q
unresolvedEncana Corp	1.21%	3,661,035	$66M	added+12%	+0.11 pp	3 q
unresolvedPost Properties, Inc.	1.21%	1,454,621	$66M	added×2.1	+0.60 pp	3 q
SEMGSemgroup Corp-class A	1.08%	899,481	$59M	trimmed−0%	+0.09 pp	3 q
EMEEMCOR Group, Inc.	1.07%	1,369,960	$58M	added+13%	+0.15 pp	3 q
VNOVornado Realty Trust	1.07%	659,703	$59M	trimmed−0%	0.00 pp	3 q
unresolvedHCC Insurance Holdings, Inc.	1.04%	1,234,679	$57M	added+5%	+0.05 pp	3 q
NVDANvidia Corp	1.04%	3,548,212	$57M	added+9%	+0.06 pp	3 q
unresolvedAxiall Corp	1.03%	1,189,524	$56M	trimmed−0%	+0.16 pp	3 q
unresolvedParkway Prop., Inc.	1.03%	2,914,821	$56M	new	+1.03 pp	new
BKDBrookdale Senior Living, Inc.	0.95%	1,900,958	$52M	added+15%	+0.11 pp	3 q
EFIIElectronics for Imaging	0.93%	1,315,207	$51M	added+1%	+0.13 pp	3 q
SKTTanger Inc.	0.87%	1,481,110	$47M	added+6%	−0.01 pp	2 q
PRGSProgress Software Corp (DE)	0.85%	1,789,967	$46M	trimmed−0%	−0.05 pp	3 q
SYMCGen Digital Inc.	0.85%	1,966,805	$46M	added+3%	−0.07 pp	3 q
ACGLArch Capital Group Ltd	0.85%	775,565	$46M	trimmed−0%	+0.04 pp	3 q
LXULsb Industries Inc	0.84%	1,117,393	$46M	trimmed−0%	+0.11 pp	3 q
RSTIRofin-sinar Technologies Inc	0.84%	1,701,340	$46M	added+7%	+0.10 pp	3 q
UNFUnifirst Corp	0.84%	427,160	$46M	trimmed−0%	−0.03 pp	3 q
unresolvedLiberty Media Corp Delaware	0.81%	302,959	$44M	trimmed−16%	−0.21 pp	3 q
CMPCompass Minerals International, Inc.	0.80%	547,543	$44M	trimmed−0%	−0.01 pp	3 q
ENSEnerSys, Inc.	0.77%	602,118	$42M	trimmed−42%	−0.44 pp	3 q
SXTSensient Technology Corporation	0.77%	867,397	$42M	trimmed−0%	−0.04 pp	3 q
KMTKennametal Inc.	0.76%	800,873	$42M	trimmed−6%	+0.01 pp	3 q
SCLStepan Co.	0.74%	617,103	$41M	added+16%	+0.14 pp	3 q
unresolvedSeacor Holdings Inc.	0.73%	435,664	$40M	trimmed−26%	−0.30 pp	3 q
TTEKTetra Tech Inc	0.73%	1,421,072	$40M	added+11%	+0.09 pp	3 q
ICFIICF International, Inc.	0.72%	1,125,230	$39M	trimmed−16%	−0.19 pp	3 q
MTXMinerals Technologies Inc	0.69%	622,137	$37M	trimmed−0%	+0.09 pp	3 q
LMLegg Mason, Inc.	0.68%	855,488	$37M	new	+0.68 pp	new
CALMCal-Maine Foods Inc	0.66%	596,192	$36M	trimmed−0%	+0.10 pp	3 q
unresolvedHersha Hospitality Trust	0.65%	6,325,809	$35M	trimmed−0%	−0.03 pp	2 q
unresolvedSusser Hldgs Corp	0.65%	538,176	$35M	added+16%	+0.17 pp	3 q
TFXTeleflex Incorporated	0.64%	369,692	$35M	trimmed−34%	−0.25 pp	3 q
unresolvedGlatfelter P. H. Co.	0.60%	1,181,053	$33M	added+9%	+0.03 pp	3 q
KALUKaiser Aluminum Corporation	0.60%	468,102	$33M	trimmed−0%	−0.05 pp	3 q
unresolvedCommonWealth REIT	0.58%	1,357,834	$32M	trimmed−0%	0.00 pp	3 q
ALGAlamo Group, Inc.	0.55%	490,501	$30M	trimmed−4%	+0.07 pp	3 q
KGCKinross Gold Corporation	0.55%	6,825,154	$30M	added+4%	−0.09 pp	3 q
ABMABM Industries, Inc.	0.54%	1,038,773	$30M	trimmed−0%	0.00 pp	3 q
NSITInsight Enterprises Inc	0.53%	1,272,905	$29M	added+23%	+0.15 pp	2 q
unresolvedSyntel Inc	0.53%	318,315	$29M	trimmed−0%	+0.04 pp	3 q
unresolvedCsg Sys Intl Inc	0.51%	953,215	$28M	new	+0.51 pp	new
SXCSuncoke Energy Inc	0.51%	1,228,631	$28M	new	+0.51 pp	new
PDPrecision Drilling Corporation	0.49%	2,833,088	$27M	added0%	−0.05 pp	3 q
DARDarling Ingredients Inc.	0.48%	1,247,226	$26M	added×2.2	+0.25 pp	3 q
UMBFUMB Financial Corp	0.47%	399,649	$26M	added+5%	+0.07 pp	3 q
WHGWestwood Holdings Group, Inc.	0.47%	414,877	$26M	held	—	3 q
WKCWorld Kinect Corporation	0.47%	597,994	$26M	new	+0.47 pp	new
WIREEncore Wire Corp	0.46%	465,628	$25M	trimmed−38%	−0.11 pp	3 q
MANTMantech International Corp	0.46%	843,573	$25M	trimmed−16%	−0.10 pp	3 q
MDRXVeradigm Inc	0.44%	1,535,465	$24M	added+11%	+0.04 pp	3 q
HHyatt Hotels Corporation	0.44%	489,323	$24M	trimmed−0%	+0.03 pp	3 q
BRSBristow Group, Inc.	0.43%	314,928	$24M	added+3%	0.00 pp	3 q
IDCCInterDigital, Inc.	0.42%	781,611	$23M	new	+0.42 pp	new
unresolvedPNC Financial Services Group 2018 Warrants	0.42%	1,286,884	$23M	trimmed−0%	+0.04 pp	3 q
unresolvedCity National Corp.	0.41%	282,662	$22M	trimmed−0%	+0.04 pp	3 q
OSKOshkosh Corp.	0.41%	444,701	$22M	trimmed−64%	−0.77 pp	3 q
NEMNewmont Corporation	0.40%	947,660	$22M	added+8%	−0.08 pp	3 q
MTNVail Resorts, Inc.	0.40%	288,312	$22M	trimmed−0%	+0.01 pp	3 q
BCORBlucora Inc	0.39%	724,395	$21M	trimmed−0%	+0.07 pp	3 q
unresolvedMadison Square Garden Co	0.39%	367,177	$21M	trimmed−0%	−0.02 pp	3 q
CUBLionheart Holdings Class A	0.38%	398,011	$21M	added+16%	+0.02 pp	3 q
unresolvedAVX Corporation	0.37%	1,439,492	$20M	trimmed−15%	−0.06 pp	3 q
FCNFTI Consulting, Inc.	0.37%	486,340	$20M	added+27%	+0.09 pp	2 q
unresolvedVca Inc	0.37%	636,712	$20M	new	+0.37 pp	new
CBSHCommerce Bancshares Inc	0.36%	436,933	$20M	added+5%	+0.03 pp	3 q
CTOCTO Realty Growth, Inc.	0.36%	541,406	$20M	trimmed−0%	−0.04 pp	3 q
BIGGQBig Lots Inc	0.34%	570,465	$18M	added+28%	+0.02 pp	3 q
unresolvedCst Brands Inc	0.33%	493,587	$18M	trimmed−0%	+0.04 pp	3 q
unresolvedOrbital Sciences Corp.	0.33%	778,370	$18M	trimmed−0%	+0.01 pp	3 q
CFRCullen/Frost Bankers Inc.	0.31%	230,230	$17M	added+5%	+0.01 pp	3 q
BRBroadridge Financial Solutions Inc	0.28%	393,358	$16M	trimmed−28%	−0.05 pp	3 q
unresolvedWells Fargo Warrants, 34.01 St	0.27%	940,678	$15M	trimmed−0%	+0.01 pp	3 q
AMHAmerican Homes 4 Rent	0.26%	880,720	$14M	new	+0.26 pp	new
VLYValley National Bancorp	0.26%	1,379,621	$14M	trimmed−0%	−0.01 pp	3 q
CLDCloud Peak Energy Inc	0.25%	749,163	$13M	trimmed−43%	−0.12 pp	3 q
unresolvedIngram Micro Inc	0.25%	584,495	$14M	trimmed−54%	−0.31 pp	3 q
IIINInsteel Industries, Inc.	0.25%	597,808	$14M	trimmed−8%	+0.05 pp	3 q
ALCOAlico Inc	0.24%	342,517	$13M	trimmed−0%	−0.03 pp	3 q
BTZBlackRock Credit Allocation Income Trust	0.24%	1,006,171	$13M	added×2.2	+0.13 pp	2 q
ERABristow Group Inc.	0.24%	432,153	$13M	added+10%	+0.03 pp	3 q
unresolvedExcel Trust, Inc.	0.22%	1,040,091	$12M	added+10%	0.00 pp	3 q
JJSFJ&J Snack Foods Corp	0.22%	137,509	$12M	trimmed−17%	−0.04 pp	3 q
CASSCass Information Systems Inc	0.21%	167,709	$11M	trimmed−13%	+0.01 pp	3 q
ASNAAscena Retail Group Inc	0.19%	477,260	$10M	trimmed−28%	−0.07 pp	3 q
unresolvedStarz	0.19%	355,012	$10M	trimmed−19%	−0.05 pp	3 q
unresolvedFirst Trust High Income Long/Short Fund	0.18%	579,544	$10M	added×3.5	+0.12 pp	2 q
GMGeneral Motors Company	0.17%	221,467	$9M	added+82%	+0.09 pp	3 q
PESPioneer Energy Services Corp.	0.16%	1,062,874	$9M	trimmed−30%	−0.06 pp	3 q
CSWCCapital Southwest Corp	0.15%	227,372	$8M	held	—	3 q
unresolvedRadio One Inc	0.14%	1,980,578	$8M	new	+0.14 pp	new
MYGNMyriad Genetics Inc	0.13%	328,314	$7M	new	+0.13 pp	new
AKSAK Steel Holding Corp.	0.11%	711,375	$6M	held	—	3 q
AEOAmerican Eagle Outfitters	0.11%	407,998	$6M	trimmed−34%	−0.06 pp	3 q
ARDCAres Dynamic Credit Allocation Fund, Inc.	0.11%	322,875	$6M	new	+0.11 pp	new
unresolvedAllied Nevada Gold Corp	0.10%	1,519,455	$5M	added×2.7	+0.05 pp	2 q
unresolvedDWS High Income Opp Fd Inc	0.10%	393,556	$6M	added+11%	0.00 pp	2 q
KELYAKelly Services Inc	0.10%	225,000	$6M	held	—	3 q
WTWWillis Towers Watson Public Limited Company	0.10%	165,285	$5M	trimmed−54%	−0.16 pp	3 q
unresolvedElectro Scientific Industries, Inc.	0.09%	477,069	$5M	trimmed−51%	−0.13 pp	3 q
NHSNeuberger High Yield Strategies Fund Inc.	0.09%	358,026	$5M	added+56%	+0.03 pp	2 q
unresolvedNoranda Alum Hldg Corp	0.09%	1,500,000	$5M	new	+0.09 pp	new
7AB1Resolute Forest Products	0.09%	315,495	$5M	held	—	3 q
ABXBarrick Mining Corporation	0.08%	249,447	$4M	new	+0.08 pp	new
unresolvedFirst Potomac Realty Trust	0.08%	359,144	$4M	trimmed−8%	−0.01 pp	3 q
HYTBlackrock Corporate High Yield Fund Inc.	0.07%	332,703	$4M	new	+0.07 pp	new
unresolvedCowen group Inc.	0.07%	912,834	$4M	trimmed−32%	−0.02 pp	3 q
XXHYBXXNew America High Income Fund	0.07%	409,902	$4M	added+23%	+0.01 pp	2 q
1JFDPimco Dynamic Credit And Mor	0.07%	179,209	$4M	new	+0.07 pp	new
unresolvedWestern Asset Mgd Hi Inc Fd	0.07%	669,372	$4M	held	—	2 q
HYIWestern Asset High Yield Opportunity Fund Inc.	0.07%	216,347	$4M	added×7.5	+0.06 pp	2 q
BELFBBel Fuse Inc	0.06%	156,384	$3M	trimmed−71%	−0.12 pp	3 q
CHKChesapeake Energy Corp	0.05%	100,000	$3M	held	—	3 q
unresolvedChiquita Brands Int'l Inc.	0.05%	244,155	$3M	held	—	3 q
unresolvedComerica Inc.	0.05%	130,000	$2M	held	—	3 q
unresolvedFirst Trust Strategic Hi IncFd II	0.05%	177,241	$3M	added+18%	0.00 pp	2 q
TGTredegar Corporation	0.05%	99,474	$3M	new	+0.05 pp	new
VTGDFVantage Drilling Co Ord	0.05%	1,400,000	$3M	held	—	3 q
unresolvedPrudential Glb Sht Dur Hi Yld Fd	0.04%	124,646	$2M	added+1%	0.00 pp	2 q
unresolvedQuicksilver Resources Inc	0.04%	650,000	$2M	new	+0.04 pp	new
unresolvedTejon Ranch Co. WTS EXP 08/31/2016	0.04%	372,079	$2M	added0%	+0.02 pp	2 q
TRNOTerreno Realty Corporation	0.04%	121,290	$2M	held	—	3 q
unresolvedWalter Energy, Inc.	0.04%	125,000	$2M	added+56%	+0.02 pp	2 q
XEADXAllspring Income Opport	0.04%	234,126	$2M	added+1%	0.00 pp	2 q
ALXAlexander's Inc.	0.03%	5,000	$2M	held	—	3 q
unresolvedAmerican Residential Properties, Inc.	0.03%	100,000	$2M	new	+0.03 pp	new
unresolvedBabson Cap Glb Sht Dur Hi Yd Fd	0.03%	81,347	$2M	new	+0.03 pp	new
unresolvedMFS Intermediate Hi Inc Fd	0.03%	524,984	$2M	added+9%	0.00 pp	2 q
RYNRayonier Inc.	0.03%	40,760	$2M	new	+0.03 pp	new
TECKTeck Resources Limited	0.03%	67,567	$2M	new	+0.03 pp	new
CDRCedar Realty Trust, Inc	0.02%	133,000	$833,000	held	—	3 q
CTBCooper Tire & Rubber Co.	0.02%	40,000	$962,000	new	+0.02 pp	new
SNYSanofi	0.02%	16,105	$864,000	added+16%	+0.01 pp	3 q
unresolvedSelect Income REIT	0.02%	40,000	$1M	added×2.0	+0.01 pp	3 q
SBSAQSpanish Brdcstng Sys A	0.02%	382,686	$1M	held	—	3 q
Usec Incconvertible	0.02%	4,000,000	$1M	new	+0.02 pp	new
HIOWestern Asset High Income Opportunity Fund, Inc.	0.02%	179,449	$1M	held	—	2 q
AKRAcadia Realty Trust	0.01%	19,999	$497,000	held	—	3 q
unresolvedCapital One Financial 2018 Warrants	0.01%	15,000	$532,000	held	—	3 q
CVECenovus Energy Inc.	0.01%	19,200	$550,000	held	—	3 q
unresolvedEldorado Gold (C$)	0.01%	60,300	$342,000	trimmed−80%	−0.03 pp	3 q
IAGIAMGold Corporation	0.01%	158,825	$529,000	trimmed−84%	−0.08 pp	3 q
unresolvedIng U S Inc	0.01%	20,000	$703,000	new	+0.01 pp	new
KIMKimco Realty Corp.	0.01%	26,045	$514,000	held	—	3 q
PSBPS Business Parks, Inc.	0.01%	6,100	$466,000	held	—	3 q
PLDPrologis, Inc.	0.01%	8,880	$328,000	held	—	3 q
unresolvedStanley Furniture Co., Inc.	0.01%	94,758	$364,000	trimmed−94%	−0.10 pp	3 q
YRIYamana Gold Inc	0.01%	67,900	$585,000	trimmed−79%	−0.06 pp	3 q
BPY-UCADBrookfield Property Partners	0.01%	26,692	$532,000	held	—	2 q
NLYAnnaly Capital Management. Inc.	0.00%	13,215	$132,000	held	—	3 q
CMOCapstead Mortgage Corp.	0.00%	12,500	$151,000	held	—	3 q
unresolvedFirst Niagara Finl Gp Inc	0.00%	10,275	$109,000	held	—	3 q
unresolvedTellabs, Inc.	—	−36,512,677	—	exited	−1.60 pp	—
unresolvedThomas Properties Gp Inc.	—	−7,638,779	—	exited	−0.99 pp	—
unresolvedJos A Bank Clothiers Inc.	—	−271,062	—	exited	−0.23 pp	—
PKEPark Aerospace Corp.	—	−372,754	—	exited	−0.21 pp	—
SSUPSuperior Industries Intl	—	−439,701	—	exited	−0.15 pp	—
CCRNCross Ctry. Healthcare Inc.	—	−1,135,308	—	exited	−0.13 pp	—
unresolvedKearny Financial Corp.	—	−382,278	—	exited	−0.08 pp	—
unresolvedBlackRock Corp Hi Yld Fd III Inc	—	−314,366	—	exited	−0.04 pp	—
unresolvedBlackRock High Income Shares	—	−799,788	—	exited	−0.03 pp	—
HAEHaemonetics Corporation	—	−42,000	—	exited	−0.03 pp	—
unresolvedAmerican Residential Prop., Inc.	—	−60,000	—	exited	−0.02 pp	—
JAKKJakks Pacific Inc	—	−267,038	—	exited	−0.02 pp	—
unresolvedBrookfield Properties Inc.	—	−37,550	—	exited	−0.01 pp	—
EFFEaton Vance Floating-rate In	—	−30,551	—	exited	−0.01 pp	—
unresolvedInvestment Tech. Group	—	−40,787	—	exited	−0.01 pp	—
CFFNCapitol Federal Financial, Inc.	—	−14,075	—	exited	0.00 pp	—
unresolvedDesarrolladora Homex	—	−100,000	—	exited	0.00 pp	—