Third Avenue

Q1 2014 13F · by Martin Whitman, founder

As of: Mar 31, 2014
Filed: May 14, 2014
US stock: $5.2B · prev $5.5B
Positions: 157 · prev 170
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%

Moves137 since the prior filing

+8.2 pp in · −8.8 pp out

New 11 +3.11 pp
Added 41 +5.08 pp
Trimmed 61 −5.82 pp
Exited 24 −3.01 pp

The book

Diversified · behaves like 62 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 29% a year, about 3.5 years per position

Low
Moderate
High

Top 5 positions17% of US stock

WY Weyerhaeuser Company trimmed−1.03 pp trimmed−1.033.7%
BNY Bank of New York Mellon Corporation trimmed−0.94 pp trimmed−0.943.6%
PKX POSCO Holdings Inc. added−0.17 pp added−0.173.5%
DVN Devon Energy Corporation trimmed−0.21 pp trimmed−0.213.3%
unresolved Brookfield Asset Mgmt Inc trimmed−0.47 pp trimmed−0.473.3%

Positions157 in this filing · 24 exited


WYWeyerhaeuser Company	3.72%	6,538,015	$192M	trimmed−20%	−1.03 pp	4 q
BNYBank of New York Mellon Corporation	3.62%	5,296,072	$187M	trimmed−26%	−0.94 pp	4 q
PKXPOSCO Holdings Inc.	3.46%	2,574,148	$179M	added+1%	−0.17 pp	4 q
DVNDevon Energy Corporation	3.32%	2,562,708	$172M	trimmed−18%	−0.21 pp	4 q
unresolvedBrookfield Asset Mgmt Inc	3.29%	4,160,589	$170M	trimmed−21%	−0.47 pp	4 q
CVCOCavco Industries Inc.	2.94%	1,935,758	$152M	trimmed−3%	+0.72 pp	4 q
unresolvedForest City Enterprises Inc	2.59%	7,008,991	$134M	trimmed−1%	+0.12 pp	4 q
CMAComerica Incorporated	2.42%	2,410,354	$125M	trimmed−0%	+0.31 pp	4 q
9990302DApache Corp	2.38%	1,478,213	$123M	added+35%	+0.66 pp	4 q
KEYKeyCorp	2.38%	8,643,141	$123M	trimmed−23%	−0.39 pp	4 q
CVACovanta Holding Corporation	2.32%	6,622,428	$120M	held	—	4 q
WTMWhite Mountains Insurance Group Ltd.	2.23%	191,574	$115M	trimmed−30%	−0.81 pp	4 q
unresolvedLeucadia National	2.10%	3,873,183	$108M	trimmed−34%	−0.97 pp	4 q
unresolvedEncana Corp	1.92%	4,628,927	$99M	added+26%	+0.71 pp	4 q
YAlleghany Corporation	1.78%	225,281	$92M	added+6%	+0.23 pp	3 q
LOWLowe's Companies Inc.	1.74%	1,832,757	$90M	trimmed−1%	+0.07 pp	4 q
INTCIntel Corp	1.63%	3,256,638	$84M	added0%	+0.08 pp	4 q
unresolvedPost Properties, Inc.	1.62%	1,702,115	$84M	added+17%	+0.41 pp	4 q
FRFirst Industrial Realty Trust, Inc.	1.61%	4,298,711	$83M	trimmed−1%	+0.22 pp	4 q
TRCTejon Ranch Co.	1.55%	2,369,185	$80M	held	—	4 q
VNOVornado Realty Trust	1.26%	657,602	$65M	trimmed−0%	+0.19 pp	4 q
unresolvedCommonWealth REIT	1.23%	2,419,214	$64M	added+78%	+0.65 pp	4 q
BKDBrookdale Senior Living, Inc.	1.22%	1,886,865	$63M	trimmed−1%	+0.27 pp	4 q
NVDANvidia Corp	1.22%	3,512,635	$63M	trimmed−1%	+0.18 pp	4 q
unresolvedAxiall Corp	1.09%	1,247,819	$56M	added+5%	+0.06 pp	4 q
unresolvedHCC Insurance Holdings, Inc.	1.09%	1,234,598	$56M	trimmed−0%	+0.05 pp	4 q
SKTTanger Inc.	1.00%	1,475,470	$52M	trimmed−0%	+0.13 pp	3 q
EMEEMCOR Group, Inc.	0.85%	936,449	$44M	trimmed−32%	−0.22 pp	4 q
LMLegg Mason, Inc.	0.83%	874,388	$43M	added+2%	+0.15 pp	2 q
SYMCGen Digital Inc.	0.83%	2,145,287	$43M	added+9%	−0.02 pp	4 q
UNFUnifirst Corp	0.82%	384,535	$42M	trimmed−10%	−0.02 pp	4 q
MTXMinerals Technologies Inc	0.81%	650,388	$42M	added+5%	+0.12 pp	4 q
RSTIRofin-sinar Technologies Inc	0.81%	1,748,731	$42M	added+3%	−0.03 pp	4 q
TTEKTetra Tech Inc	0.81%	1,421,072	$42M	held	—	4 q
LXULsb Industries Inc	0.79%	1,085,738	$41M	trimmed−3%	−0.05 pp	4 q
ENSEnerSys, Inc.	0.77%	572,989	$40M	trimmed−5%	0.00 pp	4 q
SCLStepan Co.	0.77%	617,103	$40M	held	—	4 q
TFXTeleflex Incorporated	0.77%	369,692	$40M	held	—	4 q
PRGSProgress Software Corp (DE)	0.76%	1,789,967	$39M	held	—	4 q
SEMGSemgroup Corp-class A	0.75%	586,529	$39M	trimmed−35%	−0.33 pp	4 q
CMPCompass Minerals International, Inc.	0.74%	464,147	$38M	trimmed−15%	−0.06 pp	4 q
GGenpact Limited	0.73%	2,149,998	$37M	new	+0.73 pp	new
unresolvedHersha Hospitality Trust	0.71%	6,258,732	$36M	trimmed−1%	+0.06 pp	3 q
unresolvedSeacor Holdings Inc.	0.69%	414,616	$36M	trimmed−5%	−0.04 pp	4 q
SXTSensient Technology Corporation	0.68%	618,625	$35M	trimmed−29%	−0.09 pp	4 q
WKCWorld Kinect Corporation	0.66%	775,409	$34M	added+30%	+0.19 pp	2 q
KALUKaiser Aluminum Corporation	0.65%	468,102	$33M	held	—	4 q
unresolvedSusser Hldgs Corp	0.65%	538,176	$34M	held	—	4 q
FCNFTI Consulting, Inc.	0.63%	969,135	$32M	added+99%	+0.26 pp	3 q
SXCSuncoke Energy Inc	0.63%	1,431,916	$33M	added+17%	+0.12 pp	2 q
UMBFUMB Financial Corp	0.63%	503,860	$33M	added+26%	+0.16 pp	4 q
NSITInsight Enterprises Inc	0.62%	1,272,905	$32M	held	—	3 q
EFIIElectronics for Imaging	0.61%	732,222	$32M	trimmed−44%	−0.32 pp	4 q
MDRXVeradigm Inc	0.60%	1,708,718	$31M	added+11%	+0.16 pp	4 q
unresolvedPNC Financial Services Group 2018 Warrants	0.59%	1,283,250	$30M	trimmed−0%	+0.17 pp	4 q
KMTKennametal Inc.	0.56%	654,283	$29M	trimmed−18%	−0.20 pp	4 q
unresolvedMulti-Color Corporation	0.56%	826,659	$29M	new	+0.56 pp	new
unresolvedSyntel Inc	0.55%	318,315	$29M	held	—	4 q
unresolvedLiberty Media Corp Delaware	0.53%	207,489	$27M	trimmed−32%	−0.28 pp	4 q
ACGLArch Capital Group Ltd	0.53%	476,524	$27M	trimmed−39%	−0.32 pp	4 q
unresolvedCsg Sys Intl Inc	0.52%	1,028,299	$27M	added+8%	+0.01 pp	2 q
DARDarling Ingredients Inc.	0.52%	1,334,847	$27M	added+7%	+0.04 pp	4 q
WHGWestwood Holdings Group, Inc.	0.50%	414,877	$26M	held	—	4 q
CALMCal-Maine Foods Inc	0.49%	402,616	$25M	trimmed−32%	−0.17 pp	4 q
MANTMantech International Corp	0.49%	863,640	$25M	added+2%	+0.03 pp	4 q
ALGAlamo Group, Inc.	0.48%	460,001	$25M	trimmed−6%	−0.07 pp	4 q
HHyatt Hotels Corporation	0.48%	463,363	$25M	trimmed−5%	+0.04 pp	4 q
IDCCInterDigital, Inc.	0.48%	745,452	$25M	trimmed−5%	+0.06 pp	2 q
unresolvedPhh Corp	0.48%	954,725	$25M	new	+0.48 pp	new
RYNRayonier Inc.	0.48%	541,023	$25M	added×13.3	+0.45 pp	2 q
unresolvedGlatfelter P. H. Co.	0.47%	894,140	$24M	trimmed−24%	−0.13 pp	4 q
PDPrecision Drilling Corporation	0.46%	1,981,588	$24M	trimmed−30%	−0.03 pp	4 q
BRSBristow Group, Inc.	0.45%	310,322	$23M	trimmed−1%	+0.02 pp	4 q
ICFIICF International, Inc.	0.45%	582,866	$23M	trimmed−48%	−0.27 pp	4 q
unresolvedCity National Corp.	0.43%	282,662	$22M	held	—	4 q
ABMABM Industries, Inc.	0.42%	745,547	$21M	trimmed−28%	−0.12 pp	4 q
CBSHCommerce Bancshares Inc	0.42%	463,588	$22M	added+6%	+0.06 pp	4 q
CTOCTO Realty Growth, Inc.	0.42%	533,496	$21M	trimmed−1%	+0.06 pp	4 q
PBProsperity Bancshares Inc	0.42%	325,374	$22M	new	+0.42 pp	new
CUBLionheart Holdings Class A	0.41%	413,011	$21M	added+4%	+0.03 pp	4 q
BIGGQBig Lots Inc	0.40%	546,692	$21M	trimmed−4%	+0.06 pp	4 q
unresolvedMadison Square Garden Co	0.40%	367,084	$21M	trimmed−0%	+0.01 pp	4 q
unresolvedVca Inc	0.40%	636,712	$21M	held	—	2 q
MTNVail Resorts, Inc.	0.39%	288,312	$20M	held	—	4 q
CFRCullen/Frost Bankers Inc.	0.35%	230,230	$18M	held	—	4 q
WIREEncore Wire Corp	0.34%	360,115	$17M	trimmed−23%	−0.12 pp	4 q
OSKOshkosh Corp.	0.34%	299,822	$18M	trimmed−33%	−0.07 pp	4 q
unresolvedWells Fargo Warrants, 34.01 St	0.34%	938,530	$17M	trimmed−0%	+0.07 pp	4 q
unresolvedAVX Corporation	0.33%	1,304,789	$17M	trimmed−9%	−0.04 pp	4 q
BCORBlucora Inc	0.30%	775,011	$15M	added+7%	−0.09 pp	4 q
unresolvedCst Brands Inc	0.30%	493,587	$15M	held	—	4 q
unresolvedIngram Micro Inc	0.30%	517,330	$15M	trimmed−11%	+0.05 pp	4 q
ATUEnerpac Tool Group Corp.	0.29%	435,210	$15M	new	+0.29 pp	new
AMHAmerican Homes 4 Rent	0.29%	880,720	$15M	held	—	2 q
ERABristow Group Inc.	0.29%	514,553	$15M	added+19%	+0.05 pp	4 q
BRBroadridge Financial Solutions Inc	0.28%	393,358	$15M	held	—	4 q
VLYValley National Bancorp	0.28%	1,384,409	$14M	added0%	+0.02 pp	4 q
BTZBlackRock Credit Allocation Income Trust	0.27%	1,031,228	$14M	added+2%	+0.03 pp	3 q
EXLSExlService Holdings, Inc.	0.27%	456,479	$14M	new	+0.27 pp	new
unresolvedExcel Trust, Inc.	0.26%	1,062,676	$13M	added+2%	+0.04 pp	4 q
TGTredegar Corporation	0.26%	584,359	$13M	added×5.9	+0.21 pp	2 q
ALCOAlico Inc	0.24%	335,217	$13M	trimmed−2%	0.00 pp	4 q
unresolvedStarz	0.22%	355,012	$11M	held	—	4 q
unresolvedFirst Trust High Income Long/Short Fund	0.21%	597,983	$11M	added+3%	+0.03 pp	3 q
CLDCloud Peak Energy Inc	0.19%	465,868	$10M	trimmed−38%	−0.06 pp	4 q
IIINInsteel Industries, Inc.	0.19%	508,683	$10M	trimmed−15%	−0.06 pp	4 q
unresolvedRadio One Inc	0.18%	1,980,578	$9M	held	—	2 q
HYIWestern Asset High Yield Opportunity Fund Inc.	0.17%	500,830	$9M	added×2.3	+0.10 pp	3 q
unresolvedAllied Nevada Gold Corp	0.16%	1,961,723	$8M	added+29%	+0.06 pp	3 q
ASNAAscena Retail Group Inc	0.16%	477,260	$8M	held	—	4 q
unresolvedForest Oil Corp.	0.15%	4,000,000	$8M	new	+0.15 pp	new
TECKTeck Resources Limited	0.15%	360,260	$8M	added×5.3	+0.12 pp	2 q
VZVerizon Communications	0.15%	165,189	$8M	new	+0.15 pp	new
CSWCCapital Southwest Corp	0.14%	212,372	$7M	trimmed−7%	−0.01 pp	4 q
NHSNeuberger High Yield Strategies Fund Inc.	0.13%	504,626	$7M	added+41%	+0.04 pp	3 q
ARDCAres Dynamic Credit Allocation Fund, Inc.	0.12%	329,003	$6M	added+2%	+0.01 pp	2 q
XXHYBXXNew America High Income Fund	0.12%	625,520	$6M	added+53%	+0.05 pp	3 q
unresolvedNoranda Alum Hldg Corp	0.12%	1,500,000	$6M	held	—	2 q
unresolvedDWS High Income Opp Fd Inc	0.11%	393,556	$6M	held	—	3 q
AKSAK Steel Holding Corp.	0.10%	711,375	$5M	held	—	4 q
CASSCass Information Systems Inc	0.10%	97,070	$5M	trimmed−42%	−0.11 pp	4 q
KELYAKelly Services Inc	0.10%	225,000	$5M	held	—	4 q
HYTBlackrock Corporate High Yield Fund Inc.	0.08%	332,703	$4M	held	—	2 q
GMGeneral Motors Company	0.08%	121,467	$4M	trimmed−45%	−0.09 pp	4 q
1JFDPimco Dynamic Credit And Mor	0.08%	179,209	$4M	held	—	2 q
7AB1Resolute Forest Products	0.08%	206,686	$4M	trimmed−34%	−0.01 pp	4 q
ABXBarrick Mining Corporation	0.07%	205,069	$4M	trimmed−18%	−0.01 pp	2 q
unresolvedWestern Asset Mgd Hi Inc Fd	0.07%	669,372	$4M	held	—	3 q
unresolvedChiquita Brands Int'l Inc.	0.06%	244,155	$3M	held	—	4 q
unresolvedComerica Inc.	0.06%	130,000	$3M	held	—	4 q
unresolvedCowen group Inc.	0.06%	726,106	$3M	trimmed−20%	−0.01 pp	4 q
unresolvedFirst Trust Strategic Hi IncFd II	0.06%	184,032	$3M	added+4%	+0.01 pp	3 q
SBSAQSpanish Brdcstng Sys A	0.05%	432,637	$3M	added+13%	+0.03 pp	4 q
unresolvedBabson Cap Glb Sht Dur Hi Yd Fd	0.04%	84,032	$2M	added+3%	+0.01 pp	2 q
DNNDenison Mines Corp	0.04%	1,245,100	$2M	new	+0.04 pp	new
unresolvedPrudential Glb Sht Dur Hi Yld Fd	0.04%	127,306	$2M	added+2%	0.00 pp	3 q
XEADXAllspring Income Opport	0.04%	242,850	$2M	added+4%	0.00 pp	3 q
ALXAlexander's Inc.	0.03%	5,000	$2M	held	—	4 q
unresolvedMFS Intermediate Hi Inc Fd	0.03%	524,984	$2M	held	—	3 q
unresolvedTejon Ranch Co. WTS EXP 08/31/2016	0.03%	372,079	$1M	held	—	3 q
TRNOTerreno Realty Corporation	0.03%	82,290	$2M	trimmed−32%	−0.01 pp	4 q
KGCKinross Gold Corporation	0.02%	259,956	$1M	trimmed−96%	−0.53 pp	4 q
SNYSanofi	0.02%	15,706	$821,000	trimmed−2%	0.00 pp	4 q
unresolvedSelect Income REIT	0.02%	40,000	$1M	held	—	4 q
TPLTexas Pacific Land Corporation	0.02%	8,936	$1M	new	+0.02 pp	new
HIOWestern Asset High Income Opportunity Fund, Inc.	0.02%	179,449	$1M	held	—	3 q
AKRAcadia Realty Trust	0.01%	19,999	$528,000	held	—	4 q
unresolvedCapital One Financial 2018 Warrants	0.01%	15,000	$530,000	held	—	4 q
CDRCedar Realty Trust, Inc	0.01%	80,000	$489,000	trimmed−40%	−0.01 pp	4 q
KIMKimco Realty Corp.	0.01%	26,045	$570,000	held	—	4 q
PSBPS Business Parks, Inc.	0.01%	6,100	$510,000	held	—	4 q
PLDPrologis, Inc.	0.01%	8,880	$363,000	held	—	4 q
unresolvedStanley Furniture Co., Inc.	0.01%	94,758	$260,000	held	—	4 q
BPY-UCADBrookfield Property Partners	0.01%	26,692	$499,000	held	—	3 q
NLYAnnaly Capital Management. Inc.	0.00%	13,215	$145,000	held	—	4 q
CMOCapstead Mortgage Corp.	0.00%	12,500	$158,000	held	—	4 q
VODVodafone Group PLC	0.00%	6,133	$226,000	new	0.00 pp	new
unresolvedParkway Prop., Inc.	—	−2,914,821	—	exited	−1.03 pp	—
NEMNewmont Corporation	—	−947,660	—	exited	−0.40 pp	—
unresolvedOrbital Sciences Corp.	—	−778,370	—	exited	−0.33 pp	—
JJSFJ&J Snack Foods Corp	—	−137,509	—	exited	−0.22 pp	—
PESPioneer Energy Services Corp.	—	−1,062,874	—	exited	−0.16 pp	—
MYGNMyriad Genetics Inc	—	−328,314	—	exited	−0.13 pp	—
AEOAmerican Eagle Outfitters	—	−407,998	—	exited	−0.11 pp	—
WTWWillis Towers Watson Public Limited Company	—	−165,285	—	exited	−0.10 pp	—
unresolvedElectro Scientific Industries, Inc.	—	−477,069	—	exited	−0.09 pp	—
unresolvedFirst Potomac Realty Trust	—	−359,144	—	exited	−0.08 pp	—
BELFBBel Fuse Inc	—	−156,384	—	exited	−0.06 pp	—
CHKChesapeake Energy Corp	—	−100,000	—	exited	−0.05 pp	—
VTGDFVantage Drilling Co Ord	—	−1,400,000	—	exited	−0.05 pp	—
unresolvedQuicksilver Resources Inc	—	−650,000	—	exited	−0.04 pp	—
unresolvedWalter Energy, Inc.	—	−125,000	—	exited	−0.04 pp	—
unresolvedAmerican Residential Properties, Inc.	—	−100,000	—	exited	−0.03 pp	—
CTBCooper Tire & Rubber Co.	—	−40,000	—	exited	−0.02 pp	—
Usec Incconvertible	—	−4,000,000	—	exited	−0.02 pp	—
CVECenovus Energy Inc.	—	−19,200	—	exited	−0.01 pp	—
unresolvedEldorado Gold (C$)	—	−60,300	—	exited	−0.01 pp	—
IAGIAMGold Corporation	—	−158,825	—	exited	−0.01 pp	—
unresolvedIng U S Inc	—	−20,000	—	exited	−0.01 pp	—
YRIYamana Gold Inc	—	−67,900	—	exited	−0.01 pp	—
unresolvedFirst Niagara Finl Gp Inc	—	−10,275	—	exited	0.00 pp	—