Third Avenue

Q3 2015 13F · by Martin Whitman, founder

As of: Sep 30, 2015
Filed: Nov 10, 2015
US stock: $3.7B · prev $4.0B
Positions: 129 · prev 129
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%

Moves113 since the prior filing

+7.7 pp in · −7.5 pp out

New 13 +1.72 pp
Added 45 +5.95 pp
Trimmed 42 −6.55 pp
Exited 13 −0.98 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.6 years per position

Low
Moderate
High

Top 5 positions26% of US stock

WY Weyerhaeuser Company added+0.02 pp added+0.028.8%
unresolved Forest City Enterprises Inc added+0.23 pp added+0.234.4%
FR First Industrial Realty Trust, Inc. added+1.17 pp added+1.174.3%
MAC The Macerich Company added+0.86 pp added+0.864.1%
unresolved Brookfield Asset Mgmt Inc added+0.29 pp added+0.293.9%

Positions129 in this filing · 13 exited


WYWeyerhaeuser Company	8.79%	11,805,135	$323M	added+7%	+0.02 pp	10 q
unresolvedForest City Enterprises Inc	4.44%	8,101,985	$163M	added+7%	+0.23 pp	10 q
FRFirst Industrial Realty Trust, Inc.	4.29%	7,528,218	$158M	added+14%	+1.17 pp	10 q
MACThe Macerich Company	4.08%	1,953,426	$150M	added+14%	+0.86 pp	3 q
unresolvedBrookfield Asset Mgmt Inc	3.93%	4,588,281	$144M	added+11%	+0.29 pp	10 q
BKDBrookdale Senior Living, Inc.	3.67%	5,867,732	$135M	added+69%	+0.65 pp	10 q
BNYBank of New York Mellon Corporation	3.36%	3,156,638	$124M	trimmed−6%	−0.18 pp	10 q
RYNRayonier Inc.	3.32%	5,529,082	$122M	added+7%	−0.01 pp	8 q
VNOVornado Realty Trust	3.24%	1,316,830	$119M	added+15%	+0.51 pp	10 q
CMAComerica Incorporated	2.90%	2,591,334	$107M	trimmed−13%	−0.94 pp	10 q
HP5AEquity Commonwealth	2.75%	3,708,155	$101M	added+2%	+0.40 pp	5 q
CVCOCavco Industries Inc.	2.57%	1,387,781	$94M	trimmed−3%	−0.14 pp	10 q
LOWLowe's Companies Inc.	2.42%	1,290,176	$89M	added+1%	+0.27 pp	10 q
AGCOAGCO Corporation	2.33%	1,837,243	$86M	trimmed−3%	−0.39 pp	6 q
WTMWhite Mountains Insurance Group Ltd.	2.24%	109,906	$82M	trimmed−16%	+0.08 pp	10 q
ZIONZions Bancorporation N.A.	2.20%	2,934,458	$81M	added+1%	−0.11 pp	5 q
unresolvedPost Properties, Inc.	2.13%	1,341,014	$78M	added+1%	+0.32 pp	10 q
SKTTanger Inc.	2.05%	2,287,753	$75M	added+1%	+0.25 pp	9 q
CVACovanta Holding Corporation	2.04%	4,294,744	$75M	added+1%	−0.24 pp	10 q
PNCPNC Financial Services Group	1.75%	722,399	$64M	added+21%	+0.31 pp	5 q
HOUSAnywhere Real Estate Inc.	1.73%	1,689,009	$64M	added+1%	−0.23 pp	6 q
unresolvedCBS Corp	1.69%	1,559,106	$62M	added+20%	−0.13 pp	5 q
unresolvedPNC Financial Services Group 2018 Warrants	1.65%	2,487,754	$60M	added+25%	+0.22 pp	10 q
SYMCGen Digital Inc.	1.54%	2,899,118	$56M	trimmed−1%	−0.18 pp	10 q
GMGeneral Motors Company	1.53%	1,868,285	$56M	trimmed−3%	−0.09 pp	10 q
9990302DApache Corp	1.46%	1,371,109	$54M	trimmed−12%	−0.79 pp	10 q
PKXPOSCO Holdings Inc.	1.44%	1,513,581	$53M	trimmed−20%	−0.88 pp	10 q
TRCTejon Ranch Co.	1.36%	2,292,582	$50M	trimmed−1%	−0.14 pp	10 q
YAlleghany Corporation	1.34%	104,799	$49M	trimmed−6%	+0.02 pp	9 q
AXEAnixter International Inc	1.34%	854,833	$49M	added×3.3	+0.92 pp	5 q
MASMasco Corporation	1.26%	1,840,671	$46M	added+7%	+0.11 pp	2 q
LLoews Corporation	1.19%	1,211,350	$44M	trimmed−3%	−0.02 pp	5 q
NVDANvidia Corp	1.17%	1,737,803	$43M	trimmed−33%	−0.13 pp	10 q
DVNDevon Energy Corporation	1.13%	1,119,426	$42M	trimmed−28%	−1.20 pp	10 q
KEYKeyCorp	0.89%	2,505,146	$33M	trimmed−3%	−0.09 pp	10 q
unresolvedLeucadia National	0.75%	1,363,555	$28M	trimmed−18%	−0.26 pp	10 q
HHyatt Hotels Corporation	0.62%	482,381	$23M	added+1%	−0.06 pp	10 q
unresolvedWells Fargo Warrants, 34.01 St	0.58%	1,177,803	$21M	trimmed−1%	−0.09 pp	10 q
KWKennedy-wilson Holdings, Inc.	0.45%	748,000	$17M	new	+0.45 pp	new
unresolvedHCC Insurance Holdings, Inc.	0.40%	187,613	$15M	trimmed−12%	−0.01 pp	10 q
HYTBlackrock Corporate High Yield Fund Inc.	0.35%	1,304,420	$13M	trimmed−35%	−0.19 pp	8 q
VCVisteon Corporation	0.33%	121,038	$12M	new	+0.33 pp	new
unresolvedFirst Trust High Income Long/Short Fund	0.32%	841,294	$12M	added+1%	−0.01 pp	9 q
unresolvedWCI Communities Inc.	0.31%	505,435	$11M	added+3%	+0.01 pp	5 q
GGenpact Limited	0.27%	425,885	$10M	added0%	+0.04 pp	7 q
BBarnes Group Inc	0.25%	251,271	$9M	trimmed−4%	−0.01 pp	4 q
unresolvedCsg Sys Intl Inc	0.25%	302,329	$9M	trimmed−5%	0.00 pp	8 q
CBSHCommerce Bancshares Inc	0.25%	199,269	$9M	added0%	+0.02 pp	10 q
FCNFTI Consulting, Inc.	0.24%	210,845	$9M	trimmed−27%	−0.06 pp	9 q
KALUKaiser Aluminum Corporation	0.24%	107,610	$9M	added0%	+0.02 pp	10 q
unresolvedSyntel Inc	0.23%	188,413	$9M	held	—	10 q
TTEKTetra Tech Inc	0.23%	346,716	$8M	trimmed−15%	−0.03 pp	10 q
PRSUPursuit Attractions and Hospitality, Inc.	0.23%	286,329	$8M	added0%	+0.03 pp	4 q
DORMDorman Products, Inc. New	0.22%	156,173	$8M	added+5%	+0.04 pp	3 q
UMBFUMB Financial Corp	0.22%	159,873	$8M	held	—	10 q
unresolvedVca Inc	0.22%	153,935	$8M	added0%	+0.01 pp	8 q
ALGAlamo Group, Inc.	0.21%	162,499	$8M	held	—	10 q
SMPStandard Motor Products	0.21%	226,298	$8M	added+10%	+0.03 pp	6 q
HYIWestern Asset High Yield Opportunity Fund Inc.	0.21%	562,522	$8M	added+2%	0.00 pp	9 q
EMEEMCOR Group, Inc.	0.20%	166,899	$7M	trimmed−14%	−0.03 pp	10 q
NSITInsight Enterprises Inc	0.20%	283,602	$7M	held	—	9 q
PBProsperity Bancshares Inc	0.20%	148,415	$7M	trimmed−13%	−0.05 pp	7 q
CSWCCapital Southwest Corp	0.19%	150,348	$7M	held	—	10 q
CFRCullen/Frost Bankers Inc.	0.19%	109,634	$7M	trimmed−12%	−0.06 pp	10 q
LMLegg Mason, Inc.	0.19%	165,614	$7M	held	—	8 q
TFXTeleflex Incorporated	0.19%	56,069	$7M	held	—	10 q
CUBLionheart Holdings Class A	0.18%	157,710	$7M	added+16%	+0.02 pp	10 q
unresolvedIngram Micro Inc	0.18%	242,611	$7M	held	—	10 q
unresolvedMulti-Color Corporation	0.18%	87,613	$7M	added+57%	+0.09 pp	7 q
PRGSProgress Software Corp (DE)	0.18%	258,146	$7M	trimmed−21%	−0.05 pp	10 q
VLYValley National Bancorp	0.18%	672,934	$7M	held	—	10 q
WKCWorld Kinect Corporation	0.18%	185,684	$7M	trimmed−9%	−0.07 pp	8 q
BRBroadridge Financial Solutions Inc	0.17%	111,313	$6M	held	—	10 q
PDCOPatterson Companies, Inc.	0.17%	145,133	$6M	held	—	6 q
ALCOAlico Inc	0.16%	143,643	$6M	held	—	10 q
unresolvedCst Brands Inc	0.16%	177,570	$6M	added+2%	−0.01 pp	10 q
unresolvedDsw Inc	0.16%	226,990	$6M	new	+0.16 pp	new
ICFIICF International, Inc.	0.16%	194,918	$6M	added+15%	+0.01 pp	10 q
FLWS1-800-FLOWERS.COM Inc	0.16%	653,109	$6M	added+89%	+0.07 pp	2 q
MTNVail Resorts, Inc.	0.16%	54,710	$6M	trimmed−23%	−0.03 pp	10 q
unresolvedCity National Corp.	0.15%	61,349	$5M	trimmed−16%	−0.02 pp	10 q
SBSISouthside Bancshares, Inc.	0.15%	194,170	$5M	new	+0.15 pp	new
UNFUnifirst Corp	0.15%	50,455	$5M	trimmed−6%	0.00 pp	10 q
BTZBlackRock Credit Allocation Income Trust	0.14%	409,999	$5M	trimmed−51%	−0.13 pp	9 q
ABMABM Industries, Inc.	0.13%	171,701	$5M	trimmed−29%	−0.07 pp	10 q
CIRCircor International Inc	0.13%	116,329	$5M	added+34%	+0.01 pp	3 q
unresolvedDst Sys Inc DEL	0.13%	44,541	$5M	new	+0.13 pp	new
XXHYBXXNew America High Income Fund	0.13%	595,362	$5M	added+2%	0.00 pp	9 q
unresolvedRadio One Inc	0.13%	2,311,360	$5M	held	—	8 q
FLOWSpx Flow Inc	0.13%	135,078	$5M	new	+0.13 pp	new
ARCOArcos Dorados Holdings Inc.	0.13%	1,743,763	$5M	added+26%	−0.05 pp	6 q
NHSNeuberger High Yield Strategies Fund Inc.	0.12%	425,826	$4M	held	—	9 q
SEMGSemgroup Corp-class A	0.12%	104,077	$5M	added+7%	−0.07 pp	10 q
unresolvedWestern Asset Mgd Hi Inc Fd	0.12%	1,025,669	$5M	held	—	9 q
CNHCnh Industrial N.v.	0.11%	617,057	$4M	added+90%	+0.03 pp	2 q
MDRXVeradigm Inc	0.10%	297,717	$4M	trimmed−52%	−0.11 pp	10 q
ARDCAres Dynamic Credit Allocation Fund, Inc.	0.10%	253,978	$4M	trimmed−17%	−0.02 pp	8 q
NBLNoble Energy, Inc.	0.10%	122,223	$4M	new	+0.10 pp	new
SBSAQSpanish Brdcstng Sys A	0.10%	681,637	$4M	held	—	10 q
ENSEnerSys, Inc.	0.09%	64,368	$3M	held	—	10 q
unresolvedGlatfelter P. H. Co.	0.08%	162,579	$3M	trimmed−25%	−0.04 pp	10 q
CZZCosan Ltd-class A Shares	0.08%	1,011,834	$3M	new	+0.08 pp	new
CCSCentury Communities, Inc.	0.07%	132,474	$3M	held	—	5 q
LXULsb Industries Inc	0.07%	166,837	$3M	added0%	−0.10 pp	10 q
RSTIRofin-sinar Technologies Inc	0.07%	96,385	$2M	trimmed−58%	−0.09 pp	10 q
ANIPANI Pharmaceuticals, Inc.	0.06%	59,716	$2M	added+15%	−0.02 pp	2 q
unresolvedUCP Inc. - Class A	0.06%	340,000	$2M	added+26%	+0.01 pp	5 q
WFCWells Fargo & Co.	0.06%	44,137	$2M	added+46%	+0.02 pp	5 q
IUSViShares Core S&P U.S. Value ETF	0.05%	16,465	$2M	new	+0.05 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.05%	10,425	$2M	new	+0.05 pp	new
CTTCatchmark Timber Trust, Inc.	0.04%	158,900	$2M	new	+0.04 pp	new
unresolvedFirst Potomac Realty Trust	0.04%	145,000	$2M	held	—	2 q
VMIValmont Industries, Inc.	0.04%	14,911	$1M	trimmed−14%	−0.01 pp	4 q
unresolvedComerica Inc.	0.03%	100,000	$1M	held	—	10 q
unresolvedSPX Corporation	0.03%	83,019	$990,000	new	+0.03 pp	new
AKRAcadia Realty Trust	0.02%	19,999	$601,000	held	—	10 q
KIMKimco Realty Corp.	0.02%	26,045	$636,000	held	—	10 q
TRNOTerreno Realty Corporation	0.02%	42,290	$831,000	held	—	10 q
unresolvedWmih Corp	0.02%	296,406	$765,000	new	+0.02 pp	new
AMDAdvanced Micro Devices	0.01%	250,000	$430,000	held	—	2 q
CDRCedar Realty Trust, Inc	0.01%	80,000	$497,000	held	—	10 q
unresolvedNoranda Alum Hldg Corp	0.01%	333,434	$547,000	trimmed−86%	−0.04 pp	2 q
PSBPS Business Parks, Inc.	0.01%	6,100	$484,000	held	—	10 q
POWLPowell Industries Inc	0.01%	6,200	$187,000	trimmed−71%	−0.01 pp	4 q
PLDPrologis, Inc.	0.01%	8,880	$345,000	held	—	10 q
unresolvedForest City Enterprises Inc. CL B	0.00%	702	$15,000	trimmed−71%	0.00 pp	3 q
unresolvedTejon Ranch Co. WTS EXP 08/31/2016	0.00%	357,332	$57,000	trimmed−1%	0.00 pp	9 q
TTENTotalenergies SE -spon ADR	0.00%	3,056	$137,000	held	—	4 q
VODVodafone Group PLC	0.00%	2,326	$74,000	held	—	3 q
unresolvedRosetta Resources Inc.	—	−286,017	—	exited	−0.17 pp	—
ATUEnerpac Tool Group Corp.	—	−257,877	—	exited	−0.15 pp	—
SXCSuncoke Energy Inc	—	−421,206	—	exited	−0.14 pp	—
unresolvedDeutsche High Income Opportunity Fund	—	−309,656	—	exited	−0.11 pp	—
EPEEP Energy Corporation	—	−328,445	—	exited	−0.11 pp	—
unresolvedSeacor Holdings Inc.	—	−64,104	—	exited	−0.11 pp	—
BRSBristow Group, Inc.	—	−64,243	—	exited	−0.09 pp	—
unresolvedForestar Group Inc.	—	−151,436	—	exited	−0.05 pp	—
WIREEncore Wire Corp	—	−30,842	—	exited	−0.03 pp	—
unresolvedExcel Trust, Inc.	—	−38,890	—	exited	−0.02 pp	—
NLYAnnaly Capital Management. Inc.	—	−13,215	—	exited	0.00 pp	—
CMOCapstead Mortgage Corp.	—	−12,500	—	exited	0.00 pp	—
unresolvedHatteras Finl Corp	—	−5,630	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 30 unresolved
Accession: 0001099281-15-000019
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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