Third Avenue

Q2 2015 13F · by Martin Whitman, founder

As of: Jun 30, 2015
Filed: Aug 13, 2015
US stock: $4.0B · prev $4.0B
Positions: 129 · prev 133
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%

Moves87 since the prior filing

+5.3 pp in · −5.6 pp out

New 8 +1.62 pp
Added 31 +3.69 pp
Trimmed 36 −3.26 pp
Exited 12 −2.32 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 25% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions24% of US stock

WY Weyerhaeuser Company added+0.32 pp added+0.328.8%
unresolved Forest City Enterprises Inc added−0.05 pp added−0.054.2%
CMA Comerica Incorporated trimmed+0.28 pp trimmed+0.283.8%
unresolved Brookfield Asset Mgmt Inc added−0.20 pp added−0.203.6%
BNY Bank of New York Mellon Corporation trimmed−0.16 pp trimmed−0.163.5%

Positions129 in this filing · 12 exited


WYWeyerhaeuser Company	8.77%	11,069,464	$349M	added+9%	+0.32 pp	9 q
unresolvedForest City Enterprises Inc	4.21%	7,564,848	$167M	added+14%	−0.05 pp	9 q
CMAComerica Incorporated	3.84%	2,973,178	$153M	trimmed−6%	+0.28 pp	9 q
unresolvedBrookfield Asset Mgmt Inc	3.64%	4,142,820	$145M	added+45%	−0.20 pp	9 q
BNYBank of New York Mellon Corporation	3.54%	3,350,437	$141M	trimmed−9%	−0.16 pp	9 q
RYNRayonier Inc.	3.33%	5,186,182	$133M	added+53%	+1.04 pp	7 q
MACThe Macerich Company	3.22%	1,716,226	$128M	added×2.7	+1.89 pp	2 q
FRFirst Industrial Realty Trust, Inc.	3.12%	6,615,518	$124M	added+21%	+0.18 pp	9 q
BKDBrookdale Senior Living, Inc.	3.02%	3,463,725	$120M	added+5%	−0.09 pp	9 q
VNOVornado Realty Trust	2.73%	1,141,330	$108M	added+43%	+0.49 pp	9 q
AGCOAGCO Corporation	2.72%	1,903,214	$108M	trimmed−1%	+0.43 pp	5 q
CVCOCavco Industries Inc.	2.71%	1,426,423	$108M	trimmed−7%	−0.19 pp	9 q
HP5AEquity Commonwealth	2.35%	3,645,755	$94M	added0%	−0.07 pp	4 q
DVNDevon Energy Corporation	2.33%	1,553,359	$92M	trimmed−12%	−0.33 pp	9 q
PKXPOSCO Holdings Inc.	2.32%	1,881,689	$92M	trimmed−1%	−0.29 pp	9 q
ZIONZions Bancorporation N.A.	2.31%	2,893,058	$92M	added0%	+0.35 pp	4 q
CVACovanta Holding Corporation	2.28%	4,269,638	$90M	trimmed−1%	−0.14 pp	9 q
9990302DApache Corp	2.25%	1,554,224	$90M	trimmed−7%	−0.27 pp	9 q
WTMWhite Mountains Insurance Group Ltd.	2.16%	130,867	$86M	trimmed−13%	−0.41 pp	9 q
LOWLowe's Companies Inc.	2.15%	1,272,976	$85M	added0%	−0.21 pp	9 q
HOUSAnywhere Real Estate Inc.	1.96%	1,665,809	$78M	added0%	+0.07 pp	5 q
unresolvedCBS Corp	1.82%	1,299,784	$72M	trimmed−0%	−0.16 pp	4 q
unresolvedPost Properties, Inc.	1.81%	1,322,014	$72M	added0%	−0.07 pp	9 q
SKTTanger Inc.	1.80%	2,260,653	$72M	added0%	−0.19 pp	8 q
SYMCGen Digital Inc.	1.72%	2,935,808	$68M	trimmed−1%	−0.01 pp	9 q
GMGeneral Motors Company	1.62%	1,929,784	$64M	added+4%	−0.13 pp	9 q
TRCTejon Ranch Co.	1.50%	2,322,803	$60M	held	—	9 q
PNCPNC Financial Services Group	1.44%	597,620	$57M	added+7%	+0.13 pp	4 q
unresolvedPNC Financial Services Group 2018 Warrants	1.43%	1,982,554	$57M	trimmed−0%	+0.13 pp	9 q
YAlleghany Corporation	1.32%	112,074	$53M	trimmed−10%	−0.20 pp	8 q
NVDANvidia Corp	1.30%	2,576,058	$52M	trimmed−3%	−0.09 pp	9 q
LLoews Corporation	1.21%	1,250,287	$48M	trimmed−2%	−0.09 pp	4 q
MASMasco Corporation	1.15%	1,718,680	$46M	new	+1.15 pp	new
unresolvedLeucadia National	1.01%	1,653,387	$40M	trimmed−23%	−0.19 pp	9 q
KEYKeyCorp	0.98%	2,579,886	$39M	trimmed−32%	−0.37 pp	9 q
HHyatt Hotels Corporation	0.68%	476,281	$27M	added0%	−0.03 pp	9 q
unresolvedWells Fargo Warrants, 34.01 St	0.67%	1,187,303	$27M	held	—	9 q
HYTBlackrock Corporate High Yield Fund Inc.	0.54%	1,996,274	$22M	added+2%	−0.01 pp	7 q
AXEAnixter International Inc	0.42%	256,504	$17M	added×2.7	+0.24 pp	4 q
unresolvedHCC Insurance Holdings, Inc.	0.41%	213,395	$16M	held	—	9 q
unresolvedFirst Trust High Income Long/Short Fund	0.33%	829,943	$13M	added+2%	0.00 pp	8 q
FCNFTI Consulting, Inc.	0.30%	287,435	$12M	held	—	8 q
unresolvedWCI Communities Inc.	0.30%	491,049	$12M	held	—	4 q
BTZBlackRock Credit Allocation Income Trust	0.27%	837,053	$11M	added+2%	−0.01 pp	8 q
BBarnes Group Inc	0.26%	262,885	$10M	trimmed−1%	−0.01 pp	3 q
TTEKTetra Tech Inc	0.26%	408,753	$10M	held	—	9 q
unresolvedCsg Sys Intl Inc	0.25%	319,229	$10M	held	—	7 q
CFRCullen/Frost Bankers Inc.	0.25%	124,271	$10M	held	—	9 q
PBProsperity Bancshares Inc	0.25%	170,057	$10M	held	—	6 q
WKCWorld Kinect Corporation	0.25%	203,710	$10M	added+6%	−0.03 pp	7 q
CBSHCommerce Bancshares Inc	0.23%	199,220	$9M	held	—	9 q
EMEEMCOR Group, Inc.	0.23%	193,169	$9M	trimmed−22%	−0.06 pp	9 q
PRGSProgress Software Corp (DE)	0.23%	327,067	$9M	trimmed−7%	−0.01 pp	9 q
unresolvedSyntel Inc	0.23%	188,413	$9M	trimmed−21%	−0.08 pp	9 q
UMBFUMB Financial Corp	0.23%	159,873	$9M	held	—	9 q
GGenpact Limited	0.23%	425,805	$9M	held	—	6 q
ALGAlamo Group, Inc.	0.22%	162,499	$9M	trimmed−7%	−0.06 pp	9 q
KALUKaiser Aluminum Corporation	0.22%	107,583	$9M	held	—	9 q
MDRXVeradigm Inc	0.21%	615,859	$8M	held	—	9 q
NSITInsight Enterprises Inc	0.21%	283,602	$8M	held	—	8 q
LMLegg Mason, Inc.	0.21%	165,614	$9M	held	—	7 q
unresolvedVca Inc	0.21%	153,881	$8M	held	—	7 q
HYIWestern Asset High Yield Opportunity Fund Inc.	0.21%	550,250	$8M	added+2%	−0.01 pp	8 q
ABMABM Industries, Inc.	0.20%	240,557	$8M	held	—	9 q
PRSUPursuit Attractions and Hospitality, Inc.	0.20%	286,256	$8M	held	—	3 q
CSWCCapital Southwest Corp	0.19%	150,348	$8M	held	—	9 q
SEMGSemgroup Corp-class A	0.19%	96,825	$8M	held	—	9 q
TFXTeleflex Incorporated	0.19%	56,069	$8M	held	—	9 q
MTNVail Resorts, Inc.	0.19%	70,947	$8M	held	—	9 q
DORMDorman Products, Inc. New	0.18%	148,133	$7M	added+21%	+0.03 pp	2 q
PDCOPatterson Companies, Inc.	0.18%	145,133	$7M	trimmed−23%	−0.05 pp	5 q
unresolvedRadio One Inc	0.18%	2,311,360	$7M	held	—	7 q
SMPStandard Motor Products	0.18%	206,065	$7M	held	—	5 q
ARCOArcos Dorados Holdings Inc.	0.18%	1,381,502	$7M	trimmed−5%	0.00 pp	5 q
unresolvedCst Brands Inc	0.17%	174,845	$7M	added+8%	−0.01 pp	9 q
unresolvedCity National Corp.	0.17%	72,685	$7M	trimmed−19%	−0.03 pp	9 q
LXULsb Industries Inc	0.17%	166,790	$7M	held	—	9 q
unresolvedRosetta Resources Inc.	0.17%	286,017	$7M	trimmed−3%	+0.04 pp	2 q
VLYValley National Bancorp	0.17%	672,934	$7M	held	—	9 q
ALCOAlico Inc	0.16%	143,643	$7M	held	—	9 q
CUBLionheart Holdings Class A	0.16%	136,401	$6M	held	—	9 q
RSTIRofin-sinar Technologies Inc	0.16%	230,636	$6M	trimmed−34%	−0.05 pp	9 q
ATUEnerpac Tool Group Corp.	0.15%	257,877	$6M	held	—	6 q
ICFIICF International, Inc.	0.15%	169,313	$6M	held	—	9 q
unresolvedIngram Micro Inc	0.15%	242,611	$6M	held	—	9 q
UNFUnifirst Corp	0.15%	53,555	$6M	held	—	9 q
BRBroadridge Financial Solutions Inc	0.14%	111,313	$6M	held	—	9 q
SXCSuncoke Energy Inc	0.14%	421,206	$5M	held	—	7 q
NHSNeuberger High Yield Strategies Fund Inc.	0.13%	425,826	$5M	held	—	8 q
XXHYBXXNew America High Income Fund	0.13%	581,876	$5M	added+2%	0.00 pp	8 q
unresolvedWestern Asset Mgd Hi Inc Fd	0.13%	1,025,669	$5M	held	—	8 q
ARDCAres Dynamic Credit Allocation Fund, Inc.	0.12%	307,666	$5M	added+2%	0.00 pp	7 q
CIRCircor International Inc	0.12%	87,033	$5M	added×2.0	+0.06 pp	2 q
unresolvedGlatfelter P. H. Co.	0.12%	217,337	$5M	trimmed−13%	−0.05 pp	9 q
SBSAQSpanish Brdcstng Sys A	0.12%	681,637	$5M	held	—	9 q
unresolvedDeutsche High Income Opportunity Fund	0.11%	309,656	$5M	held	—	4 q
EPEEP Energy Corporation	0.11%	328,445	$4M	new	+0.11 pp	new
ENSEnerSys, Inc.	0.11%	64,368	$5M	trimmed−50%	−0.10 pp	9 q
unresolvedSeacor Holdings Inc.	0.11%	64,104	$5M	trimmed−3%	−0.01 pp	9 q
BRSBristow Group, Inc.	0.09%	64,243	$3M	trimmed−50%	−0.08 pp	9 q
unresolvedMulti-Color Corporation	0.09%	55,712	$4M	trimmed−19%	−0.03 pp	6 q
FLWS1-800-FLOWERS.COM Inc	0.09%	346,433	$4M	new	+0.09 pp	new
ANIPANI Pharmaceuticals, Inc.	0.08%	51,790	$3M	new	+0.08 pp	new
CNHCnh Industrial N.v.	0.08%	325,215	$3M	new	+0.08 pp	new
CCSCentury Communities, Inc.	0.07%	132,474	$3M	held	—	4 q
unresolvedComerica Inc.	0.06%	100,000	$2M	held	—	9 q
unresolvedForestar Group Inc.	0.05%	151,436	$2M	held	—	5 q
unresolvedNoranda Alum Hldg Corp	0.05%	2,334,038	$2M	new	+0.05 pp	new
unresolvedUCP Inc. - Class A	0.05%	270,000	$2M	added+21%	0.00 pp	4 q
VMIValmont Industries, Inc.	0.05%	17,433	$2M	trimmed−91%	−0.58 pp	3 q
unresolvedFirst Potomac Realty Trust	0.04%	145,000	$1M	new	+0.04 pp	new
WFCWells Fargo & Co.	0.04%	30,237	$2M	added+8%	0.00 pp	4 q
WIREEncore Wire Corp	0.03%	30,842	$1M	trimmed−54%	−0.03 pp	9 q
AMDAdvanced Micro Devices	0.02%	250,000	$600,000	new	+0.02 pp	new
unresolvedExcel Trust, Inc.	0.02%	38,890	$613,000	held	—	9 q
POWLPowell Industries Inc	0.02%	21,350	$751,000	added+11%	0.00 pp	3 q
TRNOTerreno Realty Corporation	0.02%	42,290	$833,000	held	—	9 q
AKRAcadia Realty Trust	0.01%	19,999	$582,000	held	—	9 q
CDRCedar Realty Trust, Inc	0.01%	80,000	$512,000	held	—	9 q
KIMKimco Realty Corp.	0.01%	26,045	$587,000	held	—	9 q
PSBPS Business Parks, Inc.	0.01%	6,100	$440,000	held	—	9 q
PLDPrologis, Inc.	0.01%	8,880	$329,000	held	—	9 q
NLYAnnaly Capital Management. Inc.	0.00%	13,215	$121,000	held	—	9 q
CMOCapstead Mortgage Corp.	0.00%	12,500	$139,000	held	—	9 q
unresolvedForest City Enterprises Inc. CL B	0.00%	2,452	$54,000	held	—	2 q
unresolvedHatteras Finl Corp	0.00%	5,630	$92,000	held	—	2 q
unresolvedTejon Ranch Co. WTS EXP 08/31/2016	0.00%	359,332	$177,000	held	—	8 q
TTENTotalenergies SE -spon ADR	0.00%	3,056	$150,000	trimmed−33%	−0.01 pp	3 q
VODVodafone Group PLC	0.00%	2,326	$85,000	trimmed−31%	0.00 pp	2 q
unresolvedStarwood Waypoint Residential REIT	—	−2,640,875	—	exited	−1.71 pp	—
ACGLArch Capital Group Ltd	—	−103,494	—	exited	−0.16 pp	—
CLHClean Harbors, Inc	—	−78,715	—	exited	−0.11 pp	—
ASNAAscena Retail Group Inc	—	−279,212	—	exited	−0.10 pp	—
DARDarling Ingredients Inc.	—	−271,325	—	exited	−0.10 pp	—
SCLStepan Co.	—	−59,197	—	exited	−0.06 pp	—
unresolvedDst Sys Inc DEL	—	−9,100	—	exited	−0.03 pp	—
LF2Pacific Premier Bancorp Inc	—	−55,209	—	exited	−0.02 pp	—
unresolvedCapital One Financial 2018 Warrants	—	−15,000	—	exited	−0.01 pp	—
unresolvedEncana Corp	—	−25,600	—	exited	−0.01 pp	—
WLKWestlake Corporation	—	−4,900	—	exited	−0.01 pp	—
VZVerizon Communications	—	−1,395	—	exited	0.00 pp	—