Third Avenue

Q3 2014 13F · by Martin Whitman, founder

As of: Sep 30, 2014
Filed: Oct 16, 2014
US stock: $4.8B · prev $5.2B
Positions: 146 · prev 151
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%

Moves120 since the prior filing

+13.5 pp in · −13.6 pp out

New 18 +8.37 pp
Added 32 +5.15 pp
Trimmed 47 −6.30 pp
Exited 23 −7.35 pp

The book

Diversified · behaves like 54 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 53% a year, about 1.9 years per position

Low
Moderate
High

Top 5 positions19% of US stock

WY Weyerhaeuser Company added+0.52 pp added+0.526.5%
BNY Bank of New York Mellon Corporation trimmed+0.01 pp trimmed+0.013.6%
PKX POSCO Holdings Inc. trimmed−0.26 pp trimmed−0.263.1%
CVA Covanta Holding Corporation trimmed+0.27 pp trimmed+0.272.9%
unresolved Brookfield Asset Mgmt Inc trimmed+0.02 pp trimmed+0.022.9%

Positions146 in this filing · 23 exited


WYWeyerhaeuser Company	6.50%	9,722,375	$310M	added+4%	+0.52 pp	6 q
BNYBank of New York Mellon Corporation	3.65%	4,491,797	$174M	trimmed−11%	+0.01 pp	6 q
PKXPOSCO Holdings Inc.	3.07%	1,927,486	$146M	trimmed−17%	−0.26 pp	6 q
CVACovanta Holding Corporation	2.90%	6,522,428	$138M	trimmed−2%	+0.27 pp	6 q
unresolvedBrookfield Asset Mgmt Inc	2.86%	3,034,328	$136M	trimmed−9%	+0.02 pp	6 q
CMAComerica Incorporated	2.58%	2,464,210	$123M	trimmed−4%	+0.11 pp	6 q
unresolvedForest City Enterprises Inc	2.58%	6,283,518	$123M	trimmed−10%	−0.09 pp	6 q
9990302DApache Corp	2.55%	1,293,994	$121M	trimmed−4%	−0.08 pp	6 q
DVNDevon Energy Corporation	2.55%	1,783,534	$122M	trimmed−14%	−0.62 pp	6 q
CVCOCavco Industries Inc.	2.45%	1,717,443	$117M	trimmed−1%	−0.39 pp	6 q
WTMWhite Mountains Insurance Group Ltd.	2.41%	182,014	$115M	trimmed−5%	+0.16 pp	6 q
LOWLowe's Companies Inc.	1.92%	1,729,121	$92M	trimmed−6%	+0.22 pp	6 q
HP5AEquity Commonwealth	1.91%	3,540,070	$91M	new	+1.91 pp	new
KEYKeyCorp	1.90%	6,787,103	$90M	trimmed−14%	−0.27 pp	6 q
FRFirst Industrial Realty Trust, Inc.	1.89%	5,339,108	$90M	added+24%	+0.32 pp	6 q
BKDBrookdale Senior Living, Inc.	1.73%	2,556,236	$82M	added+39%	+0.54 pp	6 q
unresolvedPost Properties, Inc.	1.72%	1,600,117	$82M	trimmed−4%	0.00 pp	6 q
SKTTanger Inc.	1.69%	2,458,721	$80M	added+69%	+0.71 pp	5 q
VNOVornado Realty Trust	1.64%	779,628	$78M	added+18%	+0.28 pp	6 q
AGCOAGCO Corporation	1.60%	1,675,687	$76M	added+66%	+0.51 pp	2 q
YAlleghany Corporation	1.59%	180,888	$76M	trimmed−16%	−0.24 pp	5 q
unresolvedLeucadia National	1.56%	3,110,224	$74M	trimmed−14%	−0.27 pp	6 q
TRCTejon Ranch Co.	1.36%	2,304,363	$65M	trimmed−3%	−0.11 pp	6 q
SYMCGen Digital Inc.	1.34%	2,726,057	$64M	added+5%	+0.19 pp	6 q
ZIONZions Bancorporation N.A.	1.33%	2,185,403	$64M	new	+1.33 pp	new
unresolvedStarwood Waypoint Residential REIT	1.29%	2,364,876	$62M	new	+1.29 pp	new
HOUSAnywhere Real Estate Inc.	1.27%	1,621,518	$60M	added×4.0	+0.97 pp	2 q
NVDANvidia Corp	1.15%	2,977,415	$55M	trimmed−13%	−0.08 pp	6 q
unresolvedHCC Insurance Holdings, Inc.	1.06%	1,048,935	$51M	held	—	6 q
LLoews Corporation	0.93%	1,058,399	$44M	new	+0.93 pp	new
unresolvedPNC Financial Services Group 2018 Warrants	0.85%	1,772,450	$40M	added+38%	+0.21 pp	6 q
unresolvedHersha Hospitality Trust	0.84%	6,276,951	$40M	added0%	+0.03 pp	5 q
unresolvedSyntel Inc	0.84%	455,170	$40M	held	—	6 q
PRGSProgress Software Corp (DE)	0.83%	1,650,889	$39M	held	—	6 q
unresolvedCBS Corp	0.78%	693,100	$37M	new	+0.78 pp	new
UNFUnifirst Corp	0.77%	377,668	$36M	added+5%	+0.03 pp	6 q
TGTTarget Corporation	0.74%	560,468	$35M	new	+0.74 pp	new
LMLegg Mason, Inc.	0.72%	672,688	$34M	held	—	4 q
WKCWorld Kinect Corporation	0.68%	815,488	$33M	trimmed−1%	−0.10 pp	4 q
FCNFTI Consulting, Inc.	0.66%	905,782	$32M	held	—	5 q
RSTIRofin-sinar Technologies Inc	0.66%	1,357,766	$31M	trimmed−20%	−0.13 pp	6 q
GGenpact Limited	0.66%	1,934,499	$32M	held	—	3 q
EMEEMCOR Group, Inc.	0.65%	773,946	$31M	trimmed−5%	−0.05 pp	6 q
unresolvedSeacor Holdings Inc.	0.65%	414,544	$31M	trimmed−10%	−0.08 pp	6 q
TTEKTetra Tech Inc	0.65%	1,238,251	$31M	held	—	6 q
PBProsperity Bancshares Inc	0.64%	532,553	$30M	held	—	3 q
LXULsb Industries Inc	0.63%	843,645	$30M	held	—	6 q
unresolvedCsg Sys Intl Inc	0.62%	1,130,753	$30M	held	—	4 q
SXCSuncoke Energy Inc	0.62%	1,314,216	$30M	held	—	4 q
ENSEnerSys, Inc.	0.61%	499,585	$29M	held	—	6 q
HHyatt Hotels Corporation	0.59%	464,362	$28M	added0%	+0.04 pp	6 q
unresolvedMulti-Color Corporation	0.58%	612,579	$28M	trimmed−23%	−0.03 pp	3 q
PDCOPatterson Companies, Inc.	0.58%	663,021	$27M	added+10%	+0.12 pp	2 q
unresolvedMadison Square Garden Co	0.56%	406,573	$27M	trimmed−24%	−0.08 pp	6 q
UMBFUMB Financial Corp	0.56%	485,695	$26M	held	—	6 q
RRXRegal Rexnord Corporation	0.55%	407,190	$26M	new	+0.55 pp	new
SCLStepan Co.	0.55%	589,115	$26M	added+23%	+0.06 pp	6 q
MDRXVeradigm Inc	0.54%	1,930,793	$26M	trimmed−5%	−0.09 pp	6 q
IDCCInterDigital, Inc.	0.54%	648,252	$26M	held	—	4 q
KALUKaiser Aluminum Corporation	0.54%	335,574	$26M	trimmed−23%	−0.07 pp	6 q
DARDarling Ingredients Inc.	0.53%	1,379,021	$25M	held	—	6 q
CBSHCommerce Bancshares Inc	0.52%	555,166	$25M	held	—	6 q
CUBLionheart Holdings Class A	0.50%	509,341	$24M	added+10%	+0.10 pp	6 q
unresolvedAxiall Corp	0.49%	651,238	$23M	trimmed−37%	−0.46 pp	6 q
ATUEnerpac Tool Group Corp.	0.47%	739,062	$23M	held	—	3 q
unresolvedEncana Corp	0.47%	1,058,995	$22M	trimmed−74%	−1.36 pp	6 q
SMPStandard Motor Products	0.47%	643,751	$22M	added+75%	+0.15 pp	2 q
MTNVail Resorts, Inc.	0.46%	251,453	$22M	held	—	6 q
unresolvedGlatfelter P. H. Co.	0.44%	947,370	$21M	added+14%	+0.01 pp	6 q
ACGLArch Capital Group Ltd	0.44%	385,189	$21M	trimmed−2%	0.00 pp	6 q
unresolvedCity National Corp.	0.42%	261,475	$20M	held	—	6 q
SEMGSemgroup Corp-class A	0.41%	236,483	$20M	trimmed−51%	−0.33 pp	6 q
CTBCooper Tire & Rubber Co.	0.40%	660,100	$19M	held	—	2 q
unresolvedWells Fargo Warrants, 34.01 St	0.40%	940,230	$19M	added0%	+0.01 pp	6 q
NSITInsight Enterprises Inc	0.39%	811,329	$18M	held	—	5 q
TFXTeleflex Incorporated	0.39%	175,094	$18M	trimmed−35%	−0.16 pp	6 q
ALGAlamo Group, Inc.	0.38%	441,213	$18M	trimmed−1%	−0.08 pp	6 q
WHGWestwood Holdings Group, Inc.	0.38%	315,624	$18M	trimmed−24%	−0.10 pp	6 q
unresolvedVca Inc	0.37%	447,732	$18M	trimmed−20%	−0.01 pp	4 q
RYNRayonier Inc.	0.36%	553,871	$17M	added+1%	−0.02 pp	4 q
unresolvedUnited Stationers Inc	0.36%	455,659	$17M	added+66%	+0.14 pp	2 q
ABMABM Industries, Inc.	0.35%	650,038	$17M	held	—	6 q
unresolvedIngram Micro Inc	0.34%	636,038	$16M	held	—	6 q
AXEAnixter International Inc	0.33%	186,395	$16M	new	+0.33 pp	new
unresolvedCst Brands Inc	0.33%	431,150	$16M	held	—	6 q
CFRCullen/Frost Bankers Inc.	0.32%	200,830	$15M	held	—	6 q
MANTMantech International Corp	0.32%	567,492	$15M	trimmed−24%	−0.10 pp	6 q
BRBroadridge Financial Solutions Inc	0.30%	342,387	$14M	held	—	6 q
EXLSExlService Holdings, Inc.	0.28%	550,283	$13M	held	—	3 q
ICFIICF International, Inc.	0.28%	440,246	$14M	trimmed−30%	−0.15 pp	6 q
TGTredegar Corporation	0.27%	689,569	$13M	trimmed−4%	−0.06 pp	4 q
KMTKennametal Inc.	0.26%	295,876	$12M	held	—	6 q
OSKOshkosh Corp.	0.26%	277,129	$12M	added+9%	−0.01 pp	6 q
ERABristow Group Inc.	0.24%	519,893	$11M	held	—	6 q
BRSBristow Group, Inc.	0.23%	166,138	$11M	trimmed−40%	−0.20 pp	6 q
unresolvedFirst Trust High Income Long/Short Fund	0.23%	653,060	$11M	added+7%	+0.02 pp	5 q
ARCOArcos Dorados Holdings Inc.	0.22%	1,720,539	$10M	added+1%	−0.15 pp	2 q
HYIWestern Asset High Yield Opportunity Fund Inc.	0.20%	573,650	$10M	added+12%	+0.02 pp	5 q
HYTBlackrock Corporate High Yield Fund Inc.	0.19%	776,736	$9M	added×2.3	+0.11 pp	4 q
ALCOAlico Inc	0.18%	229,460	$9M	trimmed−30%	−0.06 pp	6 q
unresolvedForestar Group Inc.	0.18%	472,831	$8M	trimmed−9%	−0.01 pp	2 q
VLYValley National Bancorp	0.18%	866,857	$8M	held	—	6 q
WIREEncore Wire Corp	0.16%	208,829	$8M	trimmed−34%	−0.14 pp	6 q
unresolvedIsle of Capri Casinos Inc.	0.16%	999,955	$8M	added×2.3	+0.16 pp	2 q
unresolvedRadio One Inc	0.15%	2,311,360	$7M	held	—	4 q
unresolvedAllied Nevada Gold Corp	0.14%	1,961,723	$6M	held	—	5 q
NHSNeuberger High Yield Strategies Fund Inc.	0.14%	504,626	$7M	held	—	5 q
unresolvedNoranda Alum Hldg Corp	0.14%	1,500,000	$7M	held	—	4 q
CLHClean Harbors, Inc	0.13%	114,083	$6M	new	+0.13 pp	new
XXHYBXXNew America High Income Fund	0.13%	650,628	$6M	added+2%	+0.01 pp	5 q
unresolvedPinnacle Entertainment Inc.	0.13%	255,200	$6M	new	+0.13 pp	new
AKSAK Steel Holding Corp.	0.12%	711,375	$6M	held	—	6 q
ARDCAres Dynamic Credit Allocation Fund, Inc.	0.12%	341,996	$6M	added+2%	0.00 pp	4 q
unresolvedDeutsche High Income Opportunity Fund	0.12%	393,556	$6M	new	+0.12 pp	new
CSWCCapital Southwest Corp	0.11%	150,348	$5M	trimmed−29%	−0.04 pp	6 q
unresolvedWestern Asset Mgd Hi Inc Fd	0.11%	934,572	$5M	added+40%	+0.04 pp	5 q
unresolvedForest Oil Corp.	0.10%	4,000,000	$5M	held	—	3 q
GMGeneral Motors Company	0.08%	114,967	$4M	added+33%	+0.02 pp	6 q
ALLYAlly Financial Inc.	0.07%	139,500	$3M	held	—	2 q
BTZBlackRock Credit Allocation Income Trust	0.07%	263,340	$4M	trimmed−75%	−0.21 pp	5 q
unresolvedExcel Trust, Inc.	0.07%	287,615	$3M	trimmed−69%	−0.17 pp	6 q
KELYAKelly Services Inc	0.07%	225,000	$4M	held	—	6 q
unresolvedComerica Inc.	0.06%	130,000	$3M	held	—	6 q
FSTRFoster (Lb) Co	0.06%	66,826	$3M	added+15%	0.00 pp	2 q
SBSAQSpanish Brdcstng Sys A	0.06%	681,637	$3M	held	—	6 q
CCSCentury Communities, Inc.	0.03%	82,874	$1M	new	+0.03 pp	new
PDPrecision Drilling Corporation	0.03%	133,107	$1M	trimmed−92%	−0.41 pp	6 q
TPLTexas Pacific Land Corporation	0.03%	8,543	$2M	trimmed−2%	0.00 pp	3 q
unresolvedUCP Inc. - Class A	0.03%	133,342	$2M	new	+0.03 pp	new
AIGAmerican International Group, Inc.	0.02%	20,000	$1M	added×2.0	+0.01 pp	2 q
unresolvedTejon Ranch Co. WTS EXP 08/31/2016	0.02%	359,332	$737,000	trimmed−3%	0.00 pp	5 q
TRNOTerreno Realty Corporation	0.02%	42,290	$796,000	held	—	6 q
unresolvedWCI Communities Inc.	0.02%	57,102	$1M	new	+0.02 pp	new
unresolvedWinthrop Rlty Tr	0.02%	60,000	$904,000	new	+0.02 pp	new
AKRAcadia Realty Trust	0.01%	19,999	$552,000	held	—	6 q
unresolvedCapital One Financial 2018 Warrants	0.01%	15,000	$601,000	held	—	6 q
CDRCedar Realty Trust, Inc	0.01%	80,000	$472,000	held	—	6 q
KIMKimco Realty Corp.	0.01%	26,045	$571,000	held	—	6 q
NAVINavient Corporation	0.01%	20,000	$354,000	new	+0.01 pp	new
PNCPNC Financial Services Group	0.01%	4,271	$366,000	new	+0.01 pp	new
PSBPS Business Parks, Inc.	0.01%	6,100	$464,000	held	—	6 q
PLDPrologis, Inc.	0.01%	8,880	$335,000	held	—	6 q
SNYSanofi	0.01%	12,306	$694,000	trimmed−8%	0.00 pp	6 q
WFCWells Fargo & Co.	0.01%	4,699	$244,000	new	+0.01 pp	new
NLYAnnaly Capital Management. Inc.	0.00%	13,215	$141,000	held	—	6 q
CMOCapstead Mortgage Corp.	0.00%	12,500	$153,000	held	—	6 q
INTCIntel Corp	—	−3,228,534	—	exited	−1.92 pp	—
unresolvedCommonWealth REIT	—	−2,423,928	—	exited	−1.23 pp	—
MTXMinerals Technologies Inc	—	−509,175	—	exited	−0.64 pp	—
EFIIElectronics for Imaging	—	−661,109	—	exited	−0.58 pp	—
unresolvedLiberty Media Corp Delaware	—	−187,085	—	exited	−0.49 pp	—
unresolvedPhh Corp	—	−974,903	—	exited	−0.43 pp	—
CALMCal-Maine Foods Inc	—	−208,915	—	exited	−0.30 pp	—
BCORBlucora Inc	—	−678,111	—	exited	−0.25 pp	—
AMHAmerican Homes 4 Rent	—	−686,217	—	exited	−0.24 pp	—
CTOCTO Realty Growth, Inc.	—	−258,368	—	exited	−0.23 pp	—
unresolvedAVX Corporation	—	−819,541	—	exited	−0.21 pp	—
XJQCXNuveen Credit Strategies Inc	—	−979,439	—	exited	−0.18 pp	—
unresolvedStarz	—	−291,574	—	exited	−0.17 pp	—
unresolvedDWS High Income Opp Fd Inc	—	−393,556	—	exited	−0.11 pp	—
unresolvedPR Wireless	—	−5,000,000	—	exited	−0.10 pp	—
1JFDPimco Dynamic Credit And Mor	—	−179,209	—	exited	−0.08 pp	—
unresolvedFirst Trust Strategic Hi IncFd II	—	−188,173	—	exited	−0.06 pp	—
VZVerizon Communications	—	−53,388	—	exited	−0.05 pp	—
unresolvedMFS Intermediate Hi Inc Fd	—	−524,984	—	exited	−0.03 pp	—
unresolvedSelect Income REIT	—	−40,000	—	exited	−0.02 pp	—
HIOWestern Asset High Income Opportunity Fund, Inc.	—	−179,449	—	exited	−0.02 pp	—
BPY-UCADBrookfield Property Partners	—	−26,692	—	exited	−0.01 pp	—
unresolvedStanley Furniture Co., Inc.	—	−24,274	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 40 unresolved
Accession: 0001099281-14-000037
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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