Third Avenue

Q2 2014 13F · by Martin Whitman, founder

As of: Jun 30, 2014
Filed: Jul 22, 2014
US stock: $5.2B · prev $5.2B
Positions: 151 · prev 157
Options notional: $0
Documents: 1· no amendments

Picture99.9% US stock

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

US stock listed on a US exchange 99.9%
Foreign stock not listed in the US 0.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves142 since the prior filing

+7.9 pp in · −8.1 pp out

New 14 +3.74 pp
Added 37 +4.13 pp
Trimmed 71 −4.41 pp
Exited 20 −3.74 pp

The book

Diversified · behaves like 56 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions19% of US stock

WY Weyerhaeuser Company added+2.26 pp added+2.266.0%
BNY Bank of New York Mellon Corporation trimmed+0.02 pp trimmed+0.023.6%
PKX POSCO Holdings Inc. trimmed−0.13 pp trimmed−0.133.3%
DVN Devon Energy Corporation trimmed−0.15 pp trimmed−0.153.2%
unresolved Brookfield Asset Mgmt Inc trimmed−0.45 pp trimmed−0.452.8%

Positions151 in this filing · 20 exited


WYWeyerhaeuser Company	5.98%	9,374,201	$310M	added+43%	+2.26 pp	5 q
BNYBank of New York Mellon Corporation	3.64%	5,028,544	$188M	trimmed−5%	+0.02 pp	5 q
PKXPOSCO Holdings Inc.	3.33%	2,321,005	$173M	trimmed−10%	−0.13 pp	5 q
DVNDevon Energy Corporation	3.17%	2,071,231	$164M	trimmed−19%	−0.15 pp	5 q
unresolvedBrookfield Asset Mgmt Inc	2.84%	3,346,018	$147M	trimmed−20%	−0.45 pp	5 q
CVCOCavco Industries Inc.	2.84%	1,726,891	$147M	trimmed−11%	−0.10 pp	5 q
unresolvedForest City Enterprises Inc	2.67%	6,967,150	$138M	trimmed−1%	+0.08 pp	5 q
9990302DApache Corp	2.63%	1,353,333	$136M	trimmed−8%	+0.25 pp	5 q
CVACovanta Holding Corporation	2.63%	6,622,428	$136M	held	—	5 q
CMAComerica Incorporated	2.47%	2,556,661	$128M	added+6%	+0.05 pp	5 q
WTMWhite Mountains Insurance Group Ltd.	2.25%	191,647	$117M	added0%	+0.02 pp	5 q
KEYKeyCorp	2.17%	7,846,078	$112M	trimmed−9%	−0.21 pp	5 q
INTCIntel Corp	1.92%	3,228,534	$100M	trimmed−1%	+0.29 pp	5 q
YAlleghany Corporation	1.83%	216,277	$95M	trimmed−4%	+0.05 pp	4 q
unresolvedEncana Corp	1.83%	4,002,220	$95M	trimmed−14%	−0.09 pp	5 q
unresolvedLeucadia National	1.83%	3,622,522	$95M	trimmed−6%	−0.27 pp	5 q
unresolvedPost Properties, Inc.	1.72%	1,666,333	$89M	trimmed−2%	+0.10 pp	5 q
LOWLowe's Companies Inc.	1.70%	1,837,346	$88M	added0%	−0.04 pp	5 q
FRFirst Industrial Realty Trust, Inc.	1.57%	4,307,710	$81M	added0%	−0.04 pp	5 q
TRCTejon Ranch Co.	1.47%	2,369,185	$76M	held	—	5 q
VNOVornado Realty Trust	1.36%	658,989	$70M	added0%	+0.10 pp	5 q
unresolvedCommonWealth REIT	1.23%	2,423,928	$64M	added0%	0.00 pp	5 q
NVDANvidia Corp	1.23%	3,429,718	$64M	trimmed−2%	+0.01 pp	5 q
BKDBrookdale Senior Living, Inc.	1.19%	1,845,332	$62M	trimmed−2%	−0.03 pp	5 q
SYMCGen Digital Inc.	1.15%	2,603,676	$60M	added+21%	+0.32 pp	5 q
AGCOAGCO Corporation	1.09%	1,006,478	$57M	new	+1.09 pp	new
unresolvedHCC Insurance Holdings, Inc.	0.99%	1,048,935	$51M	trimmed−15%	−0.10 pp	5 q
SKTTanger Inc.	0.98%	1,452,448	$51M	trimmed−2%	−0.02 pp	4 q
unresolvedAxiall Corp	0.95%	1,037,796	$49M	trimmed−17%	−0.14 pp	5 q
unresolvedHersha Hospitality Trust	0.81%	6,273,031	$42M	added0%	+0.10 pp	4 q
RSTIRofin-sinar Technologies Inc	0.79%	1,699,162	$41M	trimmed−3%	−0.02 pp	5 q
WKCWorld Kinect Corporation	0.78%	825,488	$41M	added+6%	+0.12 pp	3 q
PRGSProgress Software Corp (DE)	0.77%	1,650,889	$40M	trimmed−8%	+0.01 pp	5 q
unresolvedSyntel Inc	0.75%	455,170	$39M	added+43%	+0.20 pp	5 q
SEMGSemgroup Corp-class A	0.74%	483,807	$38M	trimmed−18%	−0.01 pp	5 q
UNFUnifirst Corp	0.74%	360,951	$38M	trimmed−6%	−0.08 pp	5 q
unresolvedSeacor Holdings Inc.	0.73%	460,190	$38M	added+11%	+0.04 pp	5 q
EMEEMCOR Group, Inc.	0.70%	814,436	$36M	trimmed−13%	−0.15 pp	5 q
LXULsb Industries Inc	0.68%	843,645	$35M	trimmed−22%	−0.11 pp	5 q
LMLegg Mason, Inc.	0.67%	672,688	$35M	trimmed−23%	−0.16 pp	3 q
ENSEnerSys, Inc.	0.66%	499,585	$34M	trimmed−13%	−0.11 pp	5 q
FCNFTI Consulting, Inc.	0.66%	905,782	$34M	trimmed−7%	+0.03 pp	4 q
TTEKTetra Tech Inc	0.66%	1,238,251	$34M	trimmed−13%	−0.15 pp	5 q
GGenpact Limited	0.65%	1,934,499	$34M	trimmed−10%	−0.08 pp	2 q
unresolvedMadison Square Garden Co	0.64%	533,656	$33M	added+45%	+0.24 pp	5 q
MTXMinerals Technologies Inc	0.64%	509,175	$33M	trimmed−22%	−0.17 pp	5 q
unresolvedPNC Financial Services Group 2018 Warrants	0.64%	1,283,250	$33M	held	—	5 q
PBProsperity Bancshares Inc	0.64%	532,553	$33M	added+64%	+0.22 pp	2 q
MDRXVeradigm Inc	0.63%	2,025,793	$33M	added+19%	+0.03 pp	5 q
KALUKaiser Aluminum Corporation	0.61%	436,533	$32M	trimmed−7%	−0.04 pp	5 q
unresolvedMulti-Color Corporation	0.61%	794,921	$32M	trimmed−4%	+0.05 pp	2 q
IDCCInterDigital, Inc.	0.60%	648,252	$31M	trimmed−13%	+0.12 pp	3 q
UMBFUMB Financial Corp	0.59%	485,695	$31M	trimmed−4%	−0.04 pp	5 q
EFIIElectronics for Imaging	0.58%	661,109	$30M	trimmed−10%	−0.03 pp	5 q
unresolvedCsg Sys Intl Inc	0.57%	1,130,753	$30M	added+10%	+0.05 pp	3 q
DARDarling Ingredients Inc.	0.56%	1,379,021	$29M	added+3%	+0.04 pp	5 q
HHyatt Hotels Corporation	0.55%	464,262	$28M	added0%	+0.07 pp	5 q
SXCSuncoke Energy Inc	0.55%	1,314,216	$28M	trimmed−8%	−0.08 pp	3 q
TFXTeleflex Incorporated	0.55%	270,465	$29M	trimmed−27%	−0.22 pp	5 q
CBSHCommerce Bancshares Inc	0.50%	555,166	$26M	added+20%	+0.08 pp	5 q
ATUEnerpac Tool Group Corp.	0.49%	739,062	$26M	added+70%	+0.20 pp	2 q
unresolvedLiberty Media Corp Delaware	0.49%	187,085	$26M	trimmed−10%	−0.04 pp	5 q
SCLStepan Co.	0.49%	478,486	$25M	trimmed−22%	−0.28 pp	5 q
NSITInsight Enterprises Inc	0.48%	811,329	$25M	trimmed−36%	−0.14 pp	4 q
WHGWestwood Holdings Group, Inc.	0.48%	414,877	$25M	held	—	5 q
ALGAlamo Group, Inc.	0.46%	444,650	$24M	trimmed−3%	−0.02 pp	5 q
PDCOPatterson Companies, Inc.	0.46%	603,465	$24M	new	+0.46 pp	new
PDPrecision Drilling Corporation	0.44%	1,608,288	$23M	trimmed−19%	−0.02 pp	5 q
ACGLArch Capital Group Ltd	0.44%	393,189	$23M	trimmed−17%	−0.09 pp	5 q
BRSBristow Group, Inc.	0.43%	276,667	$22M	trimmed−11%	−0.02 pp	5 q
unresolvedGlatfelter P. H. Co.	0.43%	833,240	$22M	trimmed−7%	−0.04 pp	5 q
ICFIICF International, Inc.	0.43%	624,812	$22M	added+7%	−0.02 pp	5 q
unresolvedPhh Corp	0.43%	974,903	$22M	added+2%	−0.05 pp	2 q
MANTMantech International Corp	0.42%	745,371	$22M	trimmed−14%	−0.07 pp	5 q
CUBLionheart Holdings Class A	0.40%	464,738	$21M	added+13%	−0.01 pp	5 q
unresolvedWells Fargo Warrants, 34.01 St	0.39%	938,530	$20M	held	—	5 q
unresolvedCity National Corp.	0.38%	261,475	$20M	trimmed−8%	−0.05 pp	5 q
CTBCooper Tire & Rubber Co.	0.38%	660,100	$20M	new	+0.38 pp	new
RYNRayonier Inc.	0.38%	547,884	$19M	added+1%	−0.10 pp	3 q
unresolvedVca Inc	0.38%	557,312	$20M	trimmed−12%	−0.02 pp	3 q
MTNVail Resorts, Inc.	0.37%	251,453	$19M	trimmed−13%	−0.02 pp	5 q
ARCOArcos Dorados Holdings Inc.	0.37%	1,706,142	$19M	new	+0.37 pp	new
unresolvedIngram Micro Inc	0.36%	636,038	$19M	added+23%	+0.06 pp	5 q
ABMABM Industries, Inc.	0.34%	650,038	$18M	trimmed−13%	−0.08 pp	5 q
TGTredegar Corporation	0.33%	721,521	$17M	added+23%	+0.07 pp	3 q
SMPStandard Motor Products	0.32%	367,674	$16M	new	+0.32 pp	new
CFRCullen/Frost Bankers Inc.	0.31%	200,830	$16M	trimmed−13%	−0.04 pp	5 q
EXLSExlService Holdings, Inc.	0.31%	550,283	$16M	added+21%	+0.04 pp	2 q
CALMCal-Maine Foods Inc	0.30%	208,915	$16M	trimmed−48%	−0.19 pp	5 q
WIREEncore Wire Corp	0.30%	315,115	$15M	trimmed−13%	−0.04 pp	5 q
HOUSAnywhere Real Estate Inc.	0.30%	408,234	$15M	new	+0.30 pp	new
unresolvedCst Brands Inc	0.29%	431,150	$15M	trimmed−13%	−0.01 pp	5 q
ERABristow Group Inc.	0.29%	519,893	$15M	added+1%	0.00 pp	5 q
BTZBlackRock Credit Allocation Income Trust	0.28%	1,049,551	$14M	added+2%	+0.01 pp	4 q
BRBroadridge Financial Solutions Inc	0.27%	342,387	$14M	trimmed−13%	−0.01 pp	5 q
OSKOshkosh Corp.	0.27%	253,609	$14M	trimmed−15%	−0.07 pp	5 q
KMTKennametal Inc.	0.26%	295,876	$14M	trimmed−55%	−0.30 pp	5 q
BCORBlucora Inc	0.25%	678,111	$13M	trimmed−13%	−0.05 pp	5 q
ALCOAlico Inc	0.24%	325,613	$12M	trimmed−3%	0.00 pp	5 q
AMHAmerican Homes 4 Rent	0.24%	686,217	$12M	trimmed−22%	−0.05 pp	3 q
unresolvedExcel Trust, Inc.	0.24%	938,591	$13M	trimmed−12%	−0.02 pp	5 q
CTOCTO Realty Growth, Inc.	0.23%	258,368	$12M	trimmed−52%	−0.19 pp	5 q
unresolvedRadio One Inc	0.22%	2,311,360	$11M	added+17%	+0.04 pp	3 q
unresolvedUnited Stationers Inc	0.22%	274,511	$11M	new	+0.22 pp	new
unresolvedAVX Corporation	0.21%	819,541	$11M	trimmed−37%	−0.12 pp	5 q
unresolvedFirst Trust High Income Long/Short Fund	0.21%	609,023	$11M	added+2%	0.00 pp	4 q
unresolvedForestar Group Inc.	0.19%	520,060	$10M	new	+0.19 pp	new
unresolvedForest Oil Corp.	0.18%	4,000,000	$9M	held	—	2 q
XJQCXNuveen Credit Strategies Inc	0.18%	979,439	$9M	new	+0.18 pp	new
HYIWestern Asset High Yield Opportunity Fund Inc.	0.18%	510,954	$9M	added+2%	+0.01 pp	4 q
unresolvedStarz	0.17%	291,574	$9M	trimmed−18%	−0.05 pp	5 q
VLYValley National Bancorp	0.17%	866,857	$9M	trimmed−37%	−0.11 pp	5 q
CSWCCapital Southwest Corp	0.15%	212,372	$8M	held	—	5 q
unresolvedAllied Nevada Gold Corp	0.14%	1,961,723	$7M	held	—	4 q
NHSNeuberger High Yield Strategies Fund Inc.	0.13%	504,626	$7M	held	—	4 q
ARDCAres Dynamic Credit Allocation Fund, Inc.	0.12%	335,357	$6M	added+2%	0.00 pp	3 q
XXHYBXXNew America High Income Fund	0.12%	637,883	$6M	added+2%	0.00 pp	4 q
AKSAK Steel Holding Corp.	0.11%	711,375	$6M	held	—	5 q
unresolvedDWS High Income Opp Fd Inc	0.11%	393,556	$6M	held	—	4 q
unresolvedPR Wireless	0.10%	5,000,000	$5M	new	+0.10 pp	new
unresolvedNoranda Alum Hldg Corp	0.10%	1,500,000	$5M	held	—	3 q
HYTBlackrock Corporate High Yield Fund Inc.	0.08%	337,088	$4M	added+1%	0.00 pp	3 q
1JFDPimco Dynamic Credit And Mor	0.08%	179,209	$4M	held	—	3 q
KELYAKelly Services Inc	0.07%	225,000	$4M	held	—	5 q
SBSAQSpanish Brdcstng Sys A	0.07%	681,637	$4M	added+58%	+0.02 pp	5 q
unresolvedWestern Asset Mgd Hi Inc Fd	0.07%	669,372	$4M	held	—	4 q
ALLYAlly Financial Inc.	0.06%	139,500	$3M	new	+0.06 pp	new
unresolvedFirst Trust Strategic Hi IncFd II	0.06%	188,173	$3M	added+2%	0.00 pp	4 q
FSTRFoster (Lb) Co	0.06%	58,326	$3M	new	+0.06 pp	new
GMGeneral Motors Company	0.06%	86,467	$3M	trimmed−29%	−0.02 pp	5 q
unresolvedComerica Inc.	0.05%	130,000	$3M	held	—	5 q
VZVerizon Communications	0.05%	53,388	$3M	trimmed−68%	−0.10 pp	2 q
unresolvedMFS Intermediate Hi Inc Fd	0.03%	524,984	$2M	held	—	4 q
TPLTexas Pacific Land Corporation	0.03%	8,748	$1M	trimmed−2%	+0.01 pp	2 q
unresolvedSelect Income REIT	0.02%	40,000	$1M	held	—	5 q
unresolvedTejon Ranch Co. WTS EXP 08/31/2016	0.02%	372,079	$1M	held	—	4 q
TRNOTerreno Realty Corporation	0.02%	42,290	$817,000	trimmed−49%	−0.01 pp	5 q
HIOWestern Asset High Income Opportunity Fund, Inc.	0.02%	179,449	$1M	held	—	4 q
AKRAcadia Realty Trust	0.01%	19,999	$562,000	held	—	5 q
AIGAmerican International Group, Inc.	0.01%	10,000	$546,000	new	+0.01 pp	new
unresolvedCapital One Financial 2018 Warrants	0.01%	15,000	$608,000	held	—	5 q
CDRCedar Realty Trust, Inc	0.01%	80,000	$500,000	held	—	5 q
KIMKimco Realty Corp.	0.01%	26,045	$599,000	held	—	5 q
PSBPS Business Parks, Inc.	0.01%	6,100	$509,000	held	—	5 q
PLDPrologis, Inc.	0.01%	8,880	$365,000	held	—	5 q
SNYSanofi	0.01%	13,402	$713,000	trimmed−15%	−0.01 pp	5 q
BPY-UCADBrookfield Property Partners	0.01%	26,692	$557,000	held	—	4 q
NLYAnnaly Capital Management. Inc.	0.00%	13,215	$151,000	held	—	5 q
CMOCapstead Mortgage Corp.	0.00%	12,500	$164,000	held	—	5 q
unresolvedIsle of Capri Casinos Inc.	0.00%	438,455	$0	new	0.00 pp	new
unresolvedStanley Furniture Co., Inc.	0.00%	24,274	$65,000	trimmed−74%	−0.01 pp	5 q
CMPCompass Minerals International, Inc.	—	−464,147	—	exited	−0.74 pp	—
SXTSensient Technology Corporation	—	−618,625	—	exited	−0.68 pp	—
unresolvedSusser Hldgs Corp	—	−538,176	—	exited	−0.65 pp	—
BIGGQBig Lots Inc	—	−546,692	—	exited	−0.40 pp	—
CLDCloud Peak Energy Inc	—	−465,868	—	exited	−0.19 pp	—
IIINInsteel Industries, Inc.	—	−508,683	—	exited	−0.19 pp	—
ASNAAscena Retail Group Inc	—	−477,260	—	exited	−0.16 pp	—
TECKTeck Resources Limited	—	−360,260	—	exited	−0.15 pp	—
CASSCass Information Systems Inc	—	−97,070	—	exited	−0.10 pp	—
7AB1Resolute Forest Products	—	−206,686	—	exited	−0.08 pp	—
ABXBarrick Mining Corporation	—	−205,069	—	exited	−0.07 pp	—
unresolvedChiquita Brands Int'l Inc.	—	−244,155	—	exited	−0.06 pp	—
unresolvedCowen group Inc.	—	−726,106	—	exited	−0.06 pp	—
unresolvedBabson Cap Glb Sht Dur Hi Yd Fd	—	−84,032	—	exited	−0.04 pp	—
DNNDenison Mines Corp	—	−1,245,100	—	exited	−0.04 pp	—
unresolvedPrudential Glb Sht Dur Hi Yld Fd	—	−127,306	—	exited	−0.04 pp	—
XEADXAllspring Income Opport	—	−242,850	—	exited	−0.04 pp	—
ALXAlexander's Inc.	—	−5,000	—	exited	−0.03 pp	—
KGCKinross Gold Corporation	—	−259,956	—	exited	−0.02 pp	—
VODVodafone Group PLC	—	−6,133	—	exited	0.00 pp	—