Third Avenue

Q1 2015 13F · by Martin Whitman, founder

As of: Mar 31, 2015
Filed: May 13, 2015
US stock: $4.0B · prev $4.0B
Positions: 133 · prev 139
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%

Moves121 since the prior filing

+6.3 pp in · −6.6 pp out

New 10 +1.79 pp
Added 59 +4.56 pp
Trimmed 36 −3.81 pp
Exited 16 −2.80 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.6 years per position

Low
Moderate
High

Top 5 positions24% of US stock

WY Weyerhaeuser Company added+0.03 pp added+0.038.4%
unresolved Forest City Enterprises Inc added+0.83 pp added+0.834.3%
unresolved Brookfield Asset Mgmt Inc trimmed−0.02 pp trimmed−0.023.8%
BNY Bank of New York Mellon Corporation trimmed−0.50 pp trimmed−0.503.7%
CMA Comerica Incorporated added+0.34 pp added+0.343.6%

Positions133 in this filing · 16 exited


WYWeyerhaeuser Company	8.45%	10,165,027	$337M	added+9%	+0.03 pp	8 q
unresolvedForest City Enterprises Inc	4.26%	6,664,059	$170M	added+4%	+0.83 pp	8 q
unresolvedBrookfield Asset Mgmt Inc	3.84%	2,857,902	$153M	trimmed−6%	−0.02 pp	8 q
BNYBank of New York Mellon Corporation	3.70%	3,672,724	$148M	trimmed−10%	−0.50 pp	8 q
CMAComerica Incorporated	3.56%	3,146,650	$142M	added+15%	+0.34 pp	8 q
BKDBrookdale Senior Living, Inc.	3.11%	3,288,989	$124M	added+4%	+0.18 pp	8 q
FRFirst Industrial Realty Trust, Inc.	2.94%	5,473,118	$117M	added+1%	+0.13 pp	8 q
CVCOCavco Industries Inc.	2.90%	1,540,664	$116M	trimmed−4%	−0.30 pp	8 q
DVNDevon Energy Corporation	2.66%	1,757,479	$106M	trimmed−1%	−0.08 pp	8 q
PKXPOSCO Holdings Inc.	2.61%	1,901,606	$104M	added+7%	−0.26 pp	8 q
WTMWhite Mountains Insurance Group Ltd.	2.57%	149,970	$103M	trimmed−3%	+0.12 pp	8 q
9990302DApache Corp	2.52%	1,663,588	$100M	added+9%	+0.11 pp	8 q
CVACovanta Holding Corporation	2.42%	4,299,290	$96M	added+5%	+0.16 pp	8 q
HP5AEquity Commonwealth	2.42%	3,632,355	$96M	added+1%	+0.09 pp	3 q
LOWLowe's Companies Inc.	2.36%	1,267,576	$94M	added+1%	+0.18 pp	8 q
AGCOAGCO Corporation	2.29%	1,916,080	$91M	added+3%	+0.18 pp	4 q
RYNRayonier Inc.	2.29%	3,392,282	$91M	added+34%	+0.51 pp	6 q
VNOVornado Realty Trust	2.24%	797,330	$89M	added+1%	−0.11 pp	8 q
SKTTanger Inc.	1.99%	2,251,653	$79M	added+10%	+0.08 pp	7 q
unresolvedCBS Corp	1.98%	1,303,597	$79M	added+4%	+0.23 pp	3 q
ZIONZions Bancorporation N.A.	1.96%	2,888,958	$78M	added+1%	−0.10 pp	3 q
HOUSAnywhere Real Estate Inc.	1.89%	1,658,709	$75M	added+1%	+0.04 pp	4 q
unresolvedPost Properties, Inc.	1.88%	1,316,314	$75M	added+7%	+0.06 pp	8 q
GMGeneral Motors Company	1.75%	1,861,245	$70M	trimmed−7%	0.00 pp	8 q
SYMCGen Digital Inc.	1.73%	2,960,966	$69M	added+9%	−0.02 pp	8 q
unresolvedStarwood Waypoint Residential REIT	1.71%	2,640,875	$68M	added+1%	−0.03 pp	3 q
TRCTejon Ranch Co.	1.54%	2,322,803	$61M	trimmed−0%	−0.19 pp	8 q
YAlleghany Corporation	1.52%	124,343	$61M	trimmed−10%	−0.09 pp	7 q
NVDANvidia Corp	1.39%	2,647,189	$55M	trimmed−2%	+0.03 pp	8 q
KEYKeyCorp	1.35%	3,813,324	$54M	trimmed−47%	−1.18 pp	8 q
MACThe Macerich Company	1.33%	629,026	$53M	new	+1.33 pp	new
PNCPNC Financial Services Group	1.31%	559,269	$52M	added×39.1	+1.28 pp	3 q
LLoews Corporation	1.30%	1,273,445	$52M	added+10%	+0.08 pp	3 q
unresolvedPNC Financial Services Group 2018 Warrants	1.30%	1,982,754	$52M	added0%	+0.05 pp	8 q
unresolvedLeucadia National	1.20%	2,149,859	$48M	trimmed−14%	−0.21 pp	8 q
HHyatt Hotels Corporation	0.71%	475,981	$28M	added+1%	−0.01 pp	8 q
VMIValmont Industries, Inc.	0.63%	204,082	$25M	added+12%	+0.05 pp	2 q
unresolvedWells Fargo Warrants, 34.01 St	0.61%	1,187,303	$24M	added0%	−0.03 pp	8 q
HYTBlackrock Corporate High Yield Fund Inc.	0.55%	1,958,371	$22M	trimmed−8%	−0.06 pp	6 q
unresolvedFirst Trust High Income Long/Short Fund	0.33%	813,828	$13M	added+2%	+0.01 pp	7 q
unresolvedSyntel Inc	0.31%	239,958	$12M	held	—	8 q
unresolvedHCC Insurance Holdings, Inc.	0.30%	213,395	$12M	trimmed−32%	−0.12 pp	8 q
EMEEMCOR Group, Inc.	0.29%	246,200	$11M	added0%	+0.01 pp	8 q
unresolvedWCI Communities Inc.	0.29%	491,049	$12M	added+13%	+0.08 pp	3 q
ALGAlamo Group, Inc.	0.28%	173,922	$11M	added+19%	+0.10 pp	8 q
BTZBlackRock Credit Allocation Income Trust	0.28%	821,584	$11M	trimmed−9%	−0.01 pp	7 q
WKCWorld Kinect Corporation	0.28%	191,453	$11M	trimmed−28%	−0.04 pp	6 q
BBarnes Group Inc	0.27%	264,385	$11M	added0%	+0.02 pp	2 q
FCNFTI Consulting, Inc.	0.27%	287,435	$11M	added0%	−0.01 pp	7 q
TTEKTetra Tech Inc	0.25%	408,753	$10M	added0%	−0.03 pp	8 q
GGenpact Limited	0.25%	425,805	$10M	trimmed−33%	−0.05 pp	5 q
unresolvedCsg Sys Intl Inc	0.24%	319,229	$10M	trimmed−10%	+0.02 pp	6 q
PRGSProgress Software Corp (DE)	0.24%	350,867	$10M	trimmed−23%	−0.07 pp	8 q
LMLegg Mason, Inc.	0.23%	165,614	$9M	trimmed−23%	−0.06 pp	6 q
PDCOPatterson Companies, Inc.	0.23%	189,552	$9M	trimmed−11%	−0.03 pp	4 q
CFRCullen/Frost Bankers Inc.	0.22%	124,271	$9M	added+17%	+0.03 pp	8 q
PBProsperity Bancshares Inc	0.22%	170,057	$9M	added0%	−0.02 pp	5 q
SMPStandard Motor Products	0.22%	206,065	$9M	added0%	+0.02 pp	4 q
HYIWestern Asset High Yield Opportunity Fund Inc.	0.22%	539,286	$9M	added+1%	+0.01 pp	7 q
CBSHCommerce Bancshares Inc	0.21%	199,220	$8M	added+10%	+0.01 pp	8 q
ENSEnerSys, Inc.	0.21%	128,025	$8M	added0%	+0.01 pp	8 q
KALUKaiser Aluminum Corporation	0.21%	107,583	$8M	added0%	+0.02 pp	8 q
RSTIRofin-sinar Technologies Inc	0.21%	349,558	$8M	trimmed−17%	−0.10 pp	8 q
UMBFUMB Financial Corp	0.21%	159,873	$8M	added+3%	−0.01 pp	8 q
unresolvedVca Inc	0.21%	153,881	$8M	held	—	6 q
unresolvedCity National Corp.	0.20%	89,315	$8M	held	—	8 q
NSITInsight Enterprises Inc	0.20%	283,602	$8M	added+9%	+0.03 pp	7 q
SEMGSemgroup Corp-class A	0.20%	96,825	$8M	added0%	+0.03 pp	8 q
PRSUPursuit Attractions and Hospitality, Inc.	0.20%	286,256	$8M	added×2.9	+0.13 pp	2 q
ABMABM Industries, Inc.	0.19%	240,557	$8M	added+11%	+0.03 pp	8 q
ALCOAlico Inc	0.18%	143,643	$7M	added0%	0.00 pp	8 q
MDRXVeradigm Inc	0.18%	615,859	$7M	held	—	8 q
AXEAnixter International Inc	0.18%	95,737	$7M	added0%	−0.03 pp	3 q
unresolvedCst Brands Inc	0.18%	161,481	$7M	added+9%	+0.02 pp	8 q
CUBLionheart Holdings Class A	0.18%	136,401	$7M	trimmed−16%	−0.04 pp	8 q
unresolvedRadio One Inc	0.18%	2,311,360	$7M	held	—	6 q
MTNVail Resorts, Inc.	0.18%	70,947	$7M	trimmed−16%	−0.01 pp	8 q
ARCOArcos Dorados Holdings Inc.	0.18%	1,461,176	$7M	trimmed−1%	−0.02 pp	4 q
BRSBristow Group, Inc.	0.17%	127,680	$7M	trimmed−16%	−0.08 pp	8 q
CSWCCapital Southwest Corp	0.17%	150,348	$7M	held	—	8 q
unresolvedGlatfelter P. H. Co.	0.17%	248,738	$7M	trimmed−15%	−0.02 pp	8 q
ICFIICF International, Inc.	0.17%	169,313	$7M	held	—	8 q
LXULsb Industries Inc	0.17%	166,790	$7M	trimmed−37%	−0.04 pp	8 q
TFXTeleflex Incorporated	0.17%	56,069	$7M	held	—	8 q
SXCSuncoke Energy Inc	0.16%	421,206	$6M	added0%	−0.05 pp	6 q
UNFUnifirst Corp	0.16%	53,555	$6M	trimmed−57%	−0.22 pp	8 q
VLYValley National Bancorp	0.16%	672,934	$6M	added+42%	+0.04 pp	8 q
ACGLArch Capital Group Ltd	0.16%	103,494	$6M	trimmed−15%	−0.02 pp	8 q
ATUEnerpac Tool Group Corp.	0.15%	257,877	$6M	held	—	5 q
BRBroadridge Financial Solutions Inc	0.15%	111,313	$6M	held	—	8 q
DORMDorman Products, Inc. New	0.15%	122,452	$6M	new	+0.15 pp	new
unresolvedIngram Micro Inc	0.15%	242,611	$6M	added+19%	+0.01 pp	8 q
NHSNeuberger High Yield Strategies Fund Inc.	0.13%	425,826	$5M	held	—	7 q
XXHYBXXNew America High Income Fund	0.13%	569,728	$5M	added+1%	0.00 pp	7 q
unresolvedRosetta Resources Inc.	0.13%	294,698	$5M	new	+0.13 pp	new
unresolvedWestern Asset Mgd Hi Inc Fd	0.13%	1,025,669	$5M	held	—	7 q
ARDCAres Dynamic Credit Allocation Fund, Inc.	0.12%	301,131	$5M	added+1%	0.00 pp	6 q
unresolvedMulti-Color Corporation	0.12%	69,147	$5M	trimmed−51%	−0.08 pp	5 q
unresolvedSeacor Holdings Inc.	0.12%	66,219	$5M	trimmed−28%	−0.05 pp	8 q
CLHClean Harbors, Inc	0.11%	78,715	$4M	trimmed−31%	−0.03 pp	3 q
unresolvedDeutsche High Income Opportunity Fund	0.11%	309,656	$4M	trimmed−10%	−0.01 pp	3 q
ASNAAscena Retail Group Inc	0.10%	279,212	$4M	new	+0.10 pp	new
DARDarling Ingredients Inc.	0.10%	271,325	$4M	trimmed−39%	−0.10 pp	8 q
SBSAQSpanish Brdcstng Sys A	0.07%	681,637	$3M	held	—	8 q
CCSCentury Communities, Inc.	0.06%	132,474	$3M	held	—	3 q
CIRCircor International Inc	0.06%	43,100	$2M	new	+0.06 pp	new
WIREEncore Wire Corp	0.06%	66,812	$3M	held	—	8 q
unresolvedForestar Group Inc.	0.06%	151,436	$2M	held	—	4 q
SCLStepan Co.	0.06%	59,197	$2M	trimmed−69%	−0.13 pp	8 q
unresolvedUCP Inc. - Class A	0.05%	223,800	$2M	added+29%	0.00 pp	3 q
unresolvedComerica Inc.	0.04%	100,000	$2M	trimmed−23%	−0.02 pp	8 q
WFCWells Fargo & Co.	0.04%	27,937	$2M	added+67%	+0.02 pp	3 q
unresolvedDst Sys Inc DEL	0.03%	9,100	$1M	added×3.0	+0.02 pp	2 q
AKRAcadia Realty Trust	0.02%	19,999	$698,000	held	—	8 q
CDRCedar Realty Trust, Inc	0.02%	80,000	$599,000	held	—	8 q
KIMKimco Realty Corp.	0.02%	26,045	$699,000	held	—	8 q
LF2Pacific Premier Bancorp Inc	0.02%	55,209	$894,000	new	+0.02 pp	new
POWLPowell Industries Inc	0.02%	19,250	$650,000	added+81%	+0.01 pp	2 q
TRNOTerreno Realty Corporation	0.02%	42,290	$964,000	held	—	8 q
unresolvedCapital One Financial 2018 Warrants	0.01%	15,000	$556,000	held	—	8 q
unresolvedEncana Corp	0.01%	25,600	$286,000	held	—	8 q
unresolvedExcel Trust, Inc.	0.01%	38,890	$545,000	held	—	8 q
PSBPS Business Parks, Inc.	0.01%	6,100	$507,000	held	—	8 q
PLDPrologis, Inc.	0.01%	8,880	$387,000	held	—	8 q
unresolvedTejon Ranch Co. WTS EXP 08/31/2016	0.01%	359,332	$287,000	held	—	7 q
TTENTotalenergies SE -spon ADR	0.01%	4,559	$226,000	added+9%	0.00 pp	2 q
WLKWestlake Corporation	0.01%	4,900	$353,000	added+9%	0.00 pp	2 q
NLYAnnaly Capital Management. Inc.	0.00%	13,215	$137,000	held	—	8 q
CMOCapstead Mortgage Corp.	0.00%	12,500	$147,000	held	—	8 q
unresolvedForest City Enterprises Inc. CL B	0.00%	2,452	$63,000	new	0.00 pp	new
unresolvedHatteras Finl Corp	0.00%	5,630	$102,000	new	0.00 pp	new
VZVerizon Communications	0.00%	1,395	$68,000	new	0.00 pp	new
VODVodafone Group PLC	0.00%	3,372	$110,000	new	0.00 pp	new
TGTTarget Corporation	—	−753,665	—	exited	−1.44 pp	—
unresolvedHersha Hospitality Trust	—	−3,581,694	—	exited	−0.63 pp	—
unresolvedPinnacle Entertainment Inc.	—	−255,200	—	exited	−0.14 pp	—
ERABristow Group Inc.	—	−244,522	—	exited	−0.13 pp	—
RRXRegal Rexnord Corporation	—	−56,756	—	exited	−0.11 pp	—
ALLYAlly Financial Inc.	—	−149,500	—	exited	−0.09 pp	—
CTBCooper Tire & Rubber Co.	—	−64,854	—	exited	−0.06 pp	—
AIGAmerican International Group, Inc.	—	−28,200	—	exited	−0.04 pp	—
NAVINavient Corporation	—	−71,100	—	exited	−0.04 pp	—
unresolvedIndependence Bank	—	−76,900	—	exited	−0.03 pp	—
unresolvedForest Oil Corp.	—	−4,000,000	—	exited	−0.02 pp	—
unresolvedMadison Square Garden Co	—	−10,053	—	exited	−0.02 pp	—
VOYAVoya Financial, Inc.	—	−20,000	—	exited	−0.02 pp	—
EXLSExlService Holdings, Inc.	—	−15,007	—	exited	−0.01 pp	—
unresolvedIsle of Capri Casinos Inc.	—	−35,743	—	exited	−0.01 pp	—
SNYSanofi	—	−10,704	—	exited	−0.01 pp	—