Third Avenue

Q4 2014 13F · by Martin Whitman, founder

As of: Dec 31, 2014
Filed: Feb 13, 2015
US stock: $4.0B · prev $4.8B
Positions: 139 · prev 146
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%

Moves139 since the prior filing

+16.8 pp in · −16.7 pp out

New 9 +0.99 pp
Added 35 +15.79 pp
Trimmed 79 −13.20 pp
Exited 16 −3.49 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions23% of US stock

WY Weyerhaeuser Company trimmed+1.92 pp trimmed+1.928.4%
BNY Bank of New York Mellon Corporation trimmed+0.55 pp trimmed+0.554.2%
unresolved Brookfield Asset Mgmt Inc added+1.00 pp added+1.003.9%
unresolved Forest City Enterprises Inc added+0.85 pp added+0.853.4%
CMA Comerica Incorporated added+0.64 pp added+0.643.2%

Positions139 in this filing · 16 exited


WYWeyerhaeuser Company	8.42%	9,301,510	$334M	trimmed−4%	+1.92 pp	7 q
BNYBank of New York Mellon Corporation	4.20%	4,102,532	$166M	trimmed−9%	+0.55 pp	7 q
unresolvedBrookfield Asset Mgmt Inc	3.86%	3,053,500	$153M	added+1%	+1.00 pp	7 q
unresolvedForest City Enterprises Inc	3.43%	6,380,605	$136M	added+2%	+0.85 pp	7 q
CMAComerica Incorporated	3.22%	2,726,120	$128M	added+11%	+0.64 pp	7 q
CVCOCavco Industries Inc.	3.20%	1,601,059	$127M	trimmed−7%	+0.75 pp	7 q
BKDBrookdale Senior Living, Inc.	2.93%	3,165,816	$116M	added+24%	+1.20 pp	7 q
PKXPOSCO Holdings Inc.	2.87%	1,781,486	$114M	trimmed−8%	−0.20 pp	7 q
FRFirst Industrial Realty Trust, Inc.	2.81%	5,424,494	$112M	added+2%	+0.92 pp	7 q
DVNDevon Energy Corporation	2.74%	1,774,641	$109M	trimmed−1%	+0.19 pp	7 q
KEYKeyCorp	2.53%	7,208,189	$100M	added+6%	+0.63 pp	7 q
WTMWhite Mountains Insurance Group Ltd.	2.45%	154,458	$97M	trimmed−15%	+0.04 pp	7 q
9990302DApache Corp	2.41%	1,525,859	$96M	added+18%	−0.14 pp	7 q
VNOVornado Realty Trust	2.35%	792,250	$93M	added+2%	+0.71 pp	7 q
HP5AEquity Commonwealth	2.33%	3,595,950	$92M	added+2%	+0.42 pp	2 q
CVACovanta Holding Corporation	2.26%	4,078,528	$90M	trimmed−37%	−0.64 pp	7 q
LOWLowe's Companies Inc.	2.18%	1,258,225	$87M	trimmed−27%	+0.26 pp	7 q
AGCOAGCO Corporation	2.11%	1,852,169	$84M	added+11%	+0.51 pp	3 q
ZIONZions Bancorporation N.A.	2.06%	2,863,921	$82M	added+31%	+0.73 pp	2 q
SKTTanger Inc.	1.91%	2,044,815	$76M	trimmed−17%	+0.22 pp	6 q
HOUSAnywhere Real Estate Inc.	1.85%	1,647,311	$73M	added+2%	+0.58 pp	3 q
unresolvedPost Properties, Inc.	1.82%	1,230,787	$72M	trimmed−23%	+0.10 pp	7 q
RYNRayonier Inc.	1.78%	2,523,070	$70M	added×4.6	+1.42 pp	5 q
unresolvedCBS Corp	1.75%	1,253,973	$69M	added+81%	+0.97 pp	2 q
GMGeneral Motors Company	1.75%	1,991,758	$70M	added×17.3	+1.67 pp	7 q
SYMCGen Digital Inc.	1.75%	2,712,837	$70M	trimmed−0%	+0.41 pp	7 q
unresolvedStarwood Waypoint Residential REIT	1.74%	2,621,933	$69M	added+11%	+0.45 pp	2 q
TRCTejon Ranch Co.	1.73%	2,328,058	$69M	added+1%	+0.37 pp	7 q
YAlleghany Corporation	1.61%	137,394	$64M	trimmed−24%	+0.02 pp	6 q
TGTTarget Corporation	1.44%	753,665	$57M	added+34%	+0.70 pp	2 q
unresolvedLeucadia National	1.41%	2,486,950	$56M	trimmed−20%	−0.15 pp	7 q
NVDANvidia Corp	1.36%	2,687,373	$54M	trimmed−10%	+0.21 pp	7 q
unresolvedPNC Financial Services Group 2018 Warrants	1.25%	1,980,654	$49M	added+12%	+0.40 pp	7 q
LLoews Corporation	1.22%	1,155,399	$49M	added+9%	+0.29 pp	2 q
HHyatt Hotels Corporation	0.72%	473,613	$29M	added+2%	+0.13 pp	7 q
unresolvedWells Fargo Warrants, 34.01 St	0.64%	1,186,903	$25M	added+26%	+0.24 pp	7 q
unresolvedHersha Hospitality Trust	0.63%	3,581,694	$25M	trimmed−43%	−0.21 pp	6 q
HYTBlackrock Corporate High Yield Fund Inc.	0.61%	2,121,660	$24M	added×2.7	+0.42 pp	5 q
VMIValmont Industries, Inc.	0.58%	181,983	$23M	new	+0.58 pp	new
unresolvedHCC Insurance Holdings, Inc.	0.42%	311,894	$17M	trimmed−70%	−0.64 pp	7 q
UNFUnifirst Corp	0.38%	124,833	$15M	trimmed−67%	−0.39 pp	7 q
unresolvedFirst Trust High Income Long/Short Fund	0.32%	798,023	$13M	added+22%	+0.09 pp	6 q
WKCWorld Kinect Corporation	0.32%	267,611	$13M	trimmed−67%	−0.36 pp	5 q
PRGSProgress Software Corp (DE)	0.31%	453,607	$12M	trimmed−73%	−0.52 pp	7 q
RSTIRofin-sinar Technologies Inc	0.31%	422,287	$12M	trimmed−69%	−0.35 pp	7 q
GGenpact Limited	0.30%	638,961	$12M	trimmed−67%	−0.36 pp	4 q
BTZBlackRock Credit Allocation Income Trust	0.29%	902,228	$12M	added×3.4	+0.22 pp	6 q
LMLegg Mason, Inc.	0.29%	214,949	$11M	trimmed−68%	−0.43 pp	5 q
EMEEMCOR Group, Inc.	0.28%	246,113	$11M	trimmed−68%	−0.37 pp	7 q
FCNFTI Consulting, Inc.	0.28%	287,343	$11M	trimmed−68%	−0.38 pp	6 q
TTEKTetra Tech Inc	0.28%	408,665	$11M	trimmed−67%	−0.37 pp	7 q
unresolvedSyntel Inc	0.27%	239,958	$11M	trimmed−47%	−0.57 pp	7 q
PDCOPatterson Companies, Inc.	0.26%	212,281	$10M	trimmed−68%	−0.32 pp	3 q
BBarnes Group Inc	0.25%	264,348	$10M	new	+0.25 pp	new
BRSBristow Group, Inc.	0.25%	151,731	$10M	trimmed−9%	+0.02 pp	7 q
PBProsperity Bancshares Inc	0.24%	169,968	$9M	trimmed−68%	−0.40 pp	4 q
unresolvedCsg Sys Intl Inc	0.22%	353,141	$9M	trimmed−69%	−0.40 pp	5 q
CUBLionheart Holdings Class A	0.22%	163,164	$9M	trimmed−68%	−0.28 pp	7 q
UMBFUMB Financial Corp	0.22%	155,202	$9M	trimmed−68%	−0.34 pp	7 q
AXEAnixter International Inc	0.21%	95,709	$8M	trimmed−49%	−0.12 pp	2 q
LXULsb Industries Inc	0.21%	264,649	$8M	trimmed−69%	−0.42 pp	7 q
SXCSuncoke Energy Inc	0.21%	420,981	$8M	trimmed−68%	−0.41 pp	5 q
unresolvedWCI Communities Inc.	0.21%	432,870	$8M	added×7.6	+0.19 pp	2 q
HYIWestern Asset High Yield Opportunity Fund Inc.	0.21%	531,872	$8M	trimmed−7%	+0.01 pp	6 q
MDRXVeradigm Inc	0.20%	615,859	$8M	trimmed−68%	−0.34 pp	7 q
CBSHCommerce Bancshares Inc	0.20%	181,336	$8M	trimmed−69%	−0.32 pp	7 q
DARDarling Ingredients Inc.	0.20%	442,025	$8M	trimmed−68%	−0.33 pp	7 q
ENSEnerSys, Inc.	0.20%	128,000	$8M	trimmed−74%	−0.41 pp	7 q
unresolvedMulti-Color Corporation	0.20%	139,909	$8M	trimmed−77%	−0.38 pp	4 q
SMPStandard Motor Products	0.20%	206,030	$8M	trimmed−68%	−0.27 pp	3 q
ARCOArcos Dorados Holdings Inc.	0.20%	1,479,201	$8M	trimmed−14%	−0.02 pp	3 q
CFRCullen/Frost Bankers Inc.	0.19%	106,577	$8M	trimmed−47%	−0.13 pp	7 q
unresolvedGlatfelter P. H. Co.	0.19%	293,347	$8M	trimmed−69%	−0.25 pp	7 q
KALUKaiser Aluminum Corporation	0.19%	107,548	$8M	trimmed−68%	−0.35 pp	7 q
SCLStepan Co.	0.19%	188,471	$8M	trimmed−68%	−0.36 pp	7 q
unresolvedVca Inc	0.19%	153,881	$8M	trimmed−66%	−0.18 pp	5 q
MTNVail Resorts, Inc.	0.19%	84,439	$8M	trimmed−66%	−0.27 pp	7 q
ATUEnerpac Tool Group Corp.	0.18%	257,877	$7M	trimmed−65%	−0.29 pp	4 q
ALGAlamo Group, Inc.	0.18%	146,379	$7M	trimmed−67%	−0.20 pp	7 q
ALCOAlico Inc	0.18%	143,568	$7M	trimmed−37%	0.00 pp	7 q
unresolvedCity National Corp.	0.18%	89,315	$7M	trimmed−66%	−0.24 pp	7 q
ACGLArch Capital Group Ltd	0.18%	121,917	$7M	trimmed−68%	−0.26 pp	7 q
ICFIICF International, Inc.	0.17%	169,313	$7M	trimmed−62%	−0.11 pp	7 q
NSITInsight Enterprises Inc	0.17%	259,467	$7M	trimmed−68%	−0.22 pp	6 q
unresolvedSeacor Holdings Inc.	0.17%	92,468	$7M	trimmed−78%	−0.48 pp	7 q
SEMGSemgroup Corp-class A	0.17%	96,800	$7M	trimmed−59%	−0.24 pp	7 q
ABMABM Industries, Inc.	0.16%	216,472	$6M	trimmed−67%	−0.19 pp	7 q
unresolvedCst Brands Inc	0.16%	148,116	$6M	trimmed−66%	−0.17 pp	7 q
TFXTeleflex Incorporated	0.16%	56,069	$6M	trimmed−68%	−0.23 pp	7 q
CSWCCapital Southwest Corp	0.14%	150,348	$6M	held	—	7 q
CLHClean Harbors, Inc	0.14%	114,107	$5M	added0%	+0.01 pp	2 q
unresolvedIngram Micro Inc	0.14%	203,094	$6M	trimmed−68%	−0.20 pp	7 q
unresolvedPinnacle Entertainment Inc.	0.14%	255,200	$6M	held	—	2 q
BRBroadridge Financial Solutions Inc	0.13%	111,313	$5M	trimmed−67%	−0.17 pp	7 q
ERABristow Group Inc.	0.13%	244,522	$5M	trimmed−53%	−0.11 pp	7 q
NHSNeuberger High Yield Strategies Fund Inc.	0.13%	425,826	$5M	trimmed−16%	−0.01 pp	6 q
XXHYBXXNew America High Income Fund	0.13%	565,757	$5M	trimmed−13%	0.00 pp	6 q
unresolvedWestern Asset Mgd Hi Inc Fd	0.13%	1,025,669	$5M	added+10%	+0.02 pp	6 q
ARDCAres Dynamic Credit Allocation Fund, Inc.	0.12%	296,871	$5M	trimmed−13%	0.00 pp	5 q
unresolvedDeutsche High Income Opportunity Fund	0.12%	345,156	$5M	trimmed−12%	0.00 pp	2 q
VLYValley National Bancorp	0.12%	473,304	$5M	trimmed−45%	−0.06 pp	7 q
RRXRegal Rexnord Corporation	0.11%	56,756	$4M	trimmed−86%	−0.44 pp	2 q
unresolvedRadio One Inc	0.10%	2,311,360	$4M	held	—	5 q
ALLYAlly Financial Inc.	0.09%	149,500	$4M	added+7%	+0.02 pp	3 q
PRSUPursuit Attractions and Hospitality, Inc.	0.07%	98,288	$3M	new	+0.07 pp	new
CCSCentury Communities, Inc.	0.06%	132,474	$2M	added+60%	+0.03 pp	2 q
unresolvedComerica Inc.	0.06%	130,000	$2M	held	—	7 q
CTBCooper Tire & Rubber Co.	0.06%	64,854	$2M	trimmed−90%	−0.34 pp	3 q
WIREEncore Wire Corp	0.06%	66,812	$2M	trimmed−68%	−0.10 pp	7 q
unresolvedForestar Group Inc.	0.06%	151,436	$2M	trimmed−68%	−0.12 pp	3 q
unresolvedUCP Inc. - Class A	0.05%	173,800	$2M	added+30%	+0.02 pp	2 q
AIGAmerican International Group, Inc.	0.04%	28,200	$2M	added+41%	+0.02 pp	3 q
NAVINavient Corporation	0.04%	71,100	$2M	added×3.6	+0.03 pp	2 q
SBSAQSpanish Brdcstng Sys A	0.04%	681,637	$2M	held	—	7 q
unresolvedIndependence Bank	0.03%	76,900	$1M	new	+0.03 pp	new
PNCPNC Financial Services Group	0.03%	14,310	$1M	added×3.4	+0.02 pp	2 q
AKRAcadia Realty Trust	0.02%	19,999	$641,000	held	—	7 q
unresolvedCapital One Financial 2018 Warrants	0.02%	15,000	$627,000	held	—	7 q
unresolvedForest Oil Corp.	0.02%	4,000,000	$900,000	held	—	4 q
KIMKimco Realty Corp.	0.02%	26,045	$655,000	held	—	7 q
unresolvedMadison Square Garden Co	0.02%	10,053	$757,000	trimmed−98%	−0.54 pp	7 q
unresolvedTejon Ranch Co. WTS EXP 08/31/2016	0.02%	359,332	$629,000	held	—	6 q
TRNOTerreno Realty Corporation	0.02%	42,290	$872,000	held	—	7 q
VOYAVoya Financial, Inc.	0.02%	20,000	$848,000	new	+0.02 pp	new
WFCWells Fargo & Co.	0.02%	16,701	$916,000	added×3.6	+0.01 pp	2 q
CDRCedar Realty Trust, Inc	0.01%	80,000	$587,000	held	—	7 q
unresolvedDst Sys Inc DEL	0.01%	3,000	$282,000	new	+0.01 pp	new
unresolvedEncana Corp	0.01%	25,600	$357,000	trimmed−98%	−0.46 pp	7 q
unresolvedExcel Trust, Inc.	0.01%	38,890	$521,000	trimmed−86%	−0.06 pp	7 q
EXLSExlService Holdings, Inc.	0.01%	15,007	$431,000	trimmed−97%	−0.27 pp	4 q
unresolvedIsle of Capri Casinos Inc.	0.01%	35,743	$299,000	trimmed−96%	−0.15 pp	3 q
PSBPS Business Parks, Inc.	0.01%	6,100	$485,000	held	—	7 q
POWLPowell Industries Inc	0.01%	10,650	$523,000	new	+0.01 pp	new
PLDPrologis, Inc.	0.01%	8,880	$382,000	held	—	7 q
SNYSanofi	0.01%	10,704	$488,000	trimmed−13%	0.00 pp	7 q
TTENTotalenergies SE -spon ADR	0.01%	4,201	$215,000	new	+0.01 pp	new
WLKWestlake Corporation	0.01%	4,500	$275,000	new	+0.01 pp	new
NLYAnnaly Capital Management. Inc.	0.00%	13,215	$143,000	held	—	7 q
CMOCapstead Mortgage Corp.	0.00%	12,500	$154,000	held	—	7 q
IDCCInterDigital, Inc.	—	−648,252	—	exited	−0.54 pp	—
unresolvedAxiall Corp	—	−651,238	—	exited	−0.49 pp	—
WHGWestwood Holdings Group, Inc.	—	−315,624	—	exited	−0.38 pp	—
unresolvedUnited Stationers Inc	—	−455,659	—	exited	−0.36 pp	—
MANTMantech International Corp	—	−567,492	—	exited	−0.32 pp	—
TGTredegar Corporation	—	−689,569	—	exited	−0.27 pp	—
KMTKennametal Inc.	—	−295,876	—	exited	−0.26 pp	—
OSKOshkosh Corp.	—	−277,129	—	exited	−0.26 pp	—
unresolvedAllied Nevada Gold Corp	—	−1,961,723	—	exited	−0.14 pp	—
unresolvedNoranda Alum Hldg Corp	—	−1,500,000	—	exited	−0.14 pp	—
AKSAK Steel Holding Corp.	—	−711,375	—	exited	−0.12 pp	—
KELYAKelly Services Inc	—	−225,000	—	exited	−0.07 pp	—
FSTRFoster (Lb) Co	—	−66,826	—	exited	−0.06 pp	—
PDPrecision Drilling Corporation	—	−133,107	—	exited	−0.03 pp	—
TPLTexas Pacific Land Corporation	—	−8,543	—	exited	−0.03 pp	—
unresolvedWinthrop Rlty Tr	—	−60,000	—	exited	−0.02 pp	—

Source

Form: 13F-HR
Reading: 1 defect · 37 unresolved
Accession: 0001099281-15-000007
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 45340P108 not on the Official 13(f) List for 2014-12-31

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