Third Avenue

Q4 2015 13F · by Martin Whitman, founder

As of: Dec 31, 2015
Filed: Feb 11, 2016
US stock: $3.1B · prev $3.7B
Positions: 108 · 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%

Moves125 since the prior filing

+1.6 pp in · −1.5 pp out

New 5 +1.22 pp
Added 10 +0.38 pp
Trimmed 84 +4.39 pp
Exited 26 −5.94 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.7% a year, about 17.7 years per position

Low
Moderate
High

Top 5 positions28% of US stock

WY Weyerhaeuser Company trimmed+0.08 pp trimmed+0.088.9%
unresolved Forest City Enterprises Inc trimmed+0.52 pp trimmed+0.525.0%
MAC The Macerich Company trimmed+0.64 pp trimmed+0.644.7%
FR First Industrial Realty Trust, Inc. trimmed+0.31 pp trimmed+0.314.6%
unresolved Brookfield Asset Mgmt Inc trimmed+0.48 pp trimmed+0.484.4%

Positions108 in this filing · 26 exited


WYWeyerhaeuser Company	8.87%	9,145,053	$274M	trimmed−23%	+0.08 pp	11 q
unresolvedForest City Enterprises Inc	4.96%	6,993,902	$153M	trimmed−14%	+0.52 pp	11 q
MACThe Macerich Company	4.72%	1,805,831	$146M	trimmed−8%	+0.64 pp	4 q
FRFirst Industrial Realty Trust, Inc.	4.60%	6,423,328	$142M	trimmed−15%	+0.31 pp	11 q
unresolvedBrookfield Asset Mgmt Inc	4.41%	4,323,640	$136M	trimmed−6%	+0.48 pp	11 q
VNOVornado Realty Trust	4.00%	1,236,125	$124M	trimmed−6%	+0.76 pp	11 q
BNYBank of New York Mellon Corporation	3.88%	2,908,723	$120M	trimmed−8%	+0.52 pp	11 q
RYNRayonier Inc.	3.71%	5,160,270	$115M	trimmed−7%	+0.39 pp	9 q
CMAComerica Incorporated	3.35%	2,475,873	$104M	trimmed−4%	+0.45 pp	11 q
HP5AEquity Commonwealth	3.09%	3,438,280	$95M	trimmed−7%	+0.34 pp	6 q
LOWLowe's Companies Inc.	2.93%	1,189,851	$90M	trimmed−8%	+0.51 pp	11 q
CVCOCavco Industries Inc.	2.58%	957,501	$80M	trimmed−31%	+0.01 pp	11 q
ZIONZions Bancorporation N.A.	2.41%	2,723,858	$74M	trimmed−7%	+0.21 pp	6 q
unresolvedPost Properties, Inc.	2.35%	1,226,651	$73M	trimmed−9%	+0.22 pp	11 q
unresolvedPNC Financial Services Group 2018 Warrants	2.30%	2,477,554	$71M	trimmed−0%	+0.65 pp	11 q
unresolvedCBS Corp	2.29%	1,498,442	$71M	trimmed−4%	+0.60 pp	6 q
SKTTanger Inc.	2.22%	2,092,721	$68M	trimmed−9%	+0.17 pp	10 q
PNCPNC Financial Services Group	2.17%	704,154	$67M	trimmed−3%	+0.42 pp	6 q
WTMWhite Mountains Insurance Group Ltd.	2.10%	89,287	$65M	trimmed−19%	−0.14 pp	11 q
AGCOAGCO Corporation	2.08%	1,413,988	$64M	trimmed−23%	−0.25 pp	7 q
9990302DApache Corp	1.93%	1,339,834	$60M	trimmed−2%	+0.47 pp	11 q
BKDBrookdale Senior Living, Inc.	1.86%	3,111,031	$57M	trimmed−47%	−1.81 pp	11 q
CVACovanta Holding Corporation	1.82%	3,623,912	$56M	trimmed−16%	−0.22 pp	11 q
AXEAnixter International Inc	1.64%	838,664	$51M	trimmed−2%	+0.30 pp	6 q
GMGeneral Motors Company	1.61%	1,458,043	$50M	trimmed−22%	+0.08 pp	11 q
SYMCGen Digital Inc.	1.51%	2,219,838	$47M	trimmed−23%	−0.03 pp	11 q
MASMasco Corporation	1.40%	1,528,258	$43M	trimmed−17%	+0.14 pp	3 q
TRCTejon Ranch Co.	1.40%	2,263,670	$43M	trimmed−1%	+0.04 pp	11 q
YAlleghany Corporation	1.39%	90,024	$43M	trimmed−14%	+0.05 pp	10 q
DVNDevon Energy Corporation	1.14%	1,096,747	$35M	trimmed−2%	+0.01 pp	11 q
LLoews Corporation	0.87%	701,723	$27M	trimmed−42%	−0.32 pp	6 q
unresolvedWells Fargo Warrants, 34.01 St	0.78%	1,169,303	$24M	trimmed−1%	+0.20 pp	11 q
PKXPOSCO Holdings Inc.	0.75%	651,865	$23M	trimmed−57%	−0.69 pp	11 q
unresolvedBaxalta Inc	0.66%	522,437	$20M	new	+0.66 pp	new
KEYKeyCorp	0.64%	1,502,820	$20M	trimmed−40%	−0.25 pp	11 q
VCVisteon Corporation	0.46%	123,533	$14M	added+2%	+0.13 pp	2 q
KWKennedy-wilson Holdings, Inc.	0.42%	542,800	$13M	trimmed−27%	−0.03 pp	2 q
unresolvedWCI Communities Inc.	0.35%	480,015	$11M	trimmed−5%	+0.04 pp	6 q
KEXKirby Corporation	0.31%	184,154	$10M	new	+0.31 pp	new
CBSHCommerce Bancshares Inc	0.26%	188,533	$8M	trimmed−10%	+0.01 pp	11 q
FCNFTI Consulting, Inc.	0.26%	235,869	$8M	added+12%	+0.02 pp	10 q
GGenpact Limited	0.26%	321,342	$8M	trimmed−25%	−0.01 pp	8 q
BBarnes Group Inc	0.25%	213,965	$8M	trimmed−15%	0.00 pp	5 q
unresolvedCsg Sys Intl Inc	0.25%	213,678	$8M	trimmed−29%	0.00 pp	9 q
DORMDorman Products, Inc. New	0.24%	154,880	$7M	trimmed−1%	+0.02 pp	4 q
NSITInsight Enterprises Inc	0.24%	298,115	$7M	added+5%	+0.04 pp	10 q
KALUKaiser Aluminum Corporation	0.24%	90,260	$8M	trimmed−16%	0.00 pp	11 q
UMBFUMB Financial Corp	0.24%	159,873	$7M	held	—	11 q
unresolvedVca Inc	0.24%	132,590	$7M	trimmed−14%	+0.02 pp	9 q
ALGAlamo Group, Inc.	0.23%	138,202	$7M	trimmed−15%	+0.02 pp	11 q
unresolvedDsw Inc	0.23%	300,765	$7M	added+33%	+0.07 pp	2 q
SMPStandard Motor Products	0.23%	187,940	$7M	trimmed−17%	+0.02 pp	7 q
unresolvedSyntel Inc	0.23%	160,322	$7M	trimmed−15%	0.00 pp	11 q
TTEKTetra Tech Inc	0.23%	270,075	$7M	trimmed−22%	0.00 pp	11 q
VLYValley National Bancorp	0.23%	726,392	$7M	added+8%	+0.05 pp	11 q
WKCWorld Kinect Corporation	0.23%	185,651	$7M	trimmed−0%	+0.05 pp	9 q
CUBLionheart Holdings Class A	0.22%	141,456	$7M	trimmed−10%	+0.04 pp	11 q
EMEEMCOR Group, Inc.	0.22%	142,448	$7M	trimmed−15%	+0.02 pp	11 q
ICFIICF International, Inc.	0.22%	190,965	$7M	trimmed−2%	+0.06 pp	11 q
unresolvedCst Brands Inc	0.21%	162,381	$6M	trimmed−9%	+0.05 pp	11 q
unresolvedIngram Micro Inc	0.21%	208,602	$6M	trimmed−14%	+0.03 pp	11 q
TFXTeleflex Incorporated	0.20%	45,957	$6M	trimmed−18%	+0.01 pp	11 q
PRSUPursuit Attractions and Hospitality, Inc.	0.20%	217,637	$6M	trimmed−24%	−0.03 pp	5 q
BRBroadridge Financial Solutions Inc	0.19%	108,725	$6M	trimmed−2%	+0.02 pp	11 q
CFRCullen/Frost Bankers Inc.	0.19%	99,434	$6M	trimmed−9%	0.00 pp	11 q
PBProsperity Bancshares Inc	0.19%	123,681	$6M	trimmed−17%	−0.01 pp	8 q
unresolvedMulti-Color Corporation	0.18%	94,842	$6M	added+8%	0.00 pp	8 q
PRGSProgress Software Corp (DE)	0.18%	227,592	$5M	trimmed−12%	0.00 pp	11 q
ARCOArcos Dorados Holdings Inc.	0.18%	1,741,451	$5M	trimmed−0%	+0.05 pp	7 q
ALCOAlico Inc	0.16%	129,521	$5M	trimmed−10%	0.00 pp	11 q
unresolvedDst Sys Inc DEL	0.16%	44,525	$5M	trimmed−0%	+0.03 pp	2 q
PDCOPatterson Companies, Inc.	0.16%	109,335	$5M	trimmed−25%	−0.01 pp	7 q
MDRXVeradigm Inc	0.15%	297,524	$5M	trimmed−0%	+0.05 pp	11 q
FLWS1-800-FLOWERS.COM Inc	0.15%	641,691	$5M	trimmed−2%	−0.01 pp	3 q
SBSISouthside Bancshares, Inc.	0.15%	197,624	$5M	added+2%	0.00 pp	2 q
MTNVail Resorts, Inc.	0.15%	35,762	$5M	trimmed−35%	−0.01 pp	11 q
CZZCosan Ltd-class A Shares	0.14%	1,131,119	$4M	added+12%	+0.06 pp	2 q
LMLegg Mason, Inc.	0.13%	104,455	$4M	trimmed−37%	−0.06 pp	9 q
unresolvedLeucadia National	0.13%	230,155	$4M	trimmed−83%	−0.62 pp	11 q
SEMGSemgroup Corp-class A	0.13%	142,302	$4M	added+37%	+0.01 pp	11 q
CNHCnh Industrial N.v.	0.13%	600,777	$4M	trimmed−3%	+0.02 pp	3 q
unresolvedRadio One Inc	0.12%	2,127,789	$4M	trimmed−8%	−0.01 pp	9 q
UNFUnifirst Corp	0.12%	36,021	$4M	trimmed−29%	−0.03 pp	11 q
BMCHBMC Stock Holdings, Inc	0.11%	209,240	$4M	new	+0.11 pp	new
CIRCircor International Inc	0.11%	83,514	$4M	trimmed−28%	−0.02 pp	4 q
ABMABM Industries, Inc.	0.10%	103,176	$3M	trimmed−40%	−0.03 pp	11 q
FLOWSpx Flow Inc	0.10%	112,915	$3M	trimmed−16%	−0.03 pp	2 q
CCSCentury Communities, Inc.	0.08%	132,474	$2M	held	—	6 q
ENSEnerSys, Inc.	0.08%	46,616	$3M	trimmed−28%	−0.01 pp	11 q
MYRGMYR Group, Inc.	0.08%	116,260	$2M	new	+0.08 pp	new
unresolvedUCP Inc. - Class A	0.08%	340,000	$2M	held	—	6 q
ANIPANI Pharmaceuticals, Inc.	0.07%	50,053	$2M	trimmed−16%	+0.01 pp	3 q
CSWCCapital Southwest Corp	0.07%	150,348	$2M	held	—	11 q
unresolvedGlatfelter P. H. Co.	0.07%	111,171	$2M	trimmed−32%	−0.01 pp	11 q
SBSAQSpanish Brdcstng Sys A	0.07%	669,212	$2M	trimmed−2%	−0.03 pp	11 q
WFCWells Fargo & Co.	0.07%	41,637	$2M	trimmed−6%	+0.01 pp	6 q
CTTCatchmark Timber Trust, Inc.	0.06%	158,900	$2M	held	—	2 q
unresolvedHercules Offshore Inc	0.06%	812,533	$2M	new	+0.06 pp	new
unresolvedComerica Inc.	0.05%	100,000	$1M	held	—	11 q
unresolvedFirst Potomac Realty Trust	0.05%	145,000	$2M	held	—	3 q
VMIValmont Industries, Inc.	0.03%	8,489	$900,000	trimmed−43%	−0.01 pp	5 q
unresolvedWmih Corp	0.02%	277,706	$719,000	trimmed−6%	0.00 pp	2 q
IUSViShares Core S&P U.S. Value ETF	0.01%	2,356	$300,000	trimmed−86%	−0.04 pp	2 q
SPYState Street SPDR S&P 500 ETF Trust	0.01%	1,487	$303,000	trimmed−86%	−0.04 pp	2 q
unresolvedNoranda Alum Hldg Corp	0.00%	333,434	$107,000	held	—	3 q
unresolvedTejon Ranch Co. WTS EXP 08/31/2016	0.00%	354,918	$3,000	trimmed−1%	0.00 pp	10 q
TTENTotalenergies SE -spon ADR	0.00%	3,056	$137,000	held	—	5 q
VODVodafone Group PLC	0.00%	3,159	$102,000	added+36%	0.00 pp	4 q
HOUSAnywhere Real Estate Inc.	—	−1,689,009	—	exited	−1.73 pp	—
NVDANvidia Corp	—	−1,737,803	—	exited	−1.17 pp	—
HHyatt Hotels Corporation	—	−482,381	—	exited	−0.62 pp	—
unresolvedHCC Insurance Holdings, Inc.	—	−187,613	—	exited	−0.40 pp	—
HYTBlackrock Corporate High Yield Fund Inc.	—	−1,304,420	—	exited	−0.35 pp	—
unresolvedFirst Trust High Income Long/Short Fund	—	−841,294	—	exited	−0.32 pp	—
HYIWestern Asset High Yield Opportunity Fund Inc.	—	−562,522	—	exited	−0.21 pp	—
unresolvedCity National Corp.	—	−61,349	—	exited	−0.15 pp	—
BTZBlackRock Credit Allocation Income Trust	—	−409,999	—	exited	−0.14 pp	—
XXHYBXXNew America High Income Fund	—	−595,362	—	exited	−0.13 pp	—
NHSNeuberger High Yield Strategies Fund Inc.	—	−425,826	—	exited	−0.12 pp	—
unresolvedWestern Asset Mgd Hi Inc Fd	—	−1,025,669	—	exited	−0.12 pp	—
ARDCAres Dynamic Credit Allocation Fund, Inc.	—	−253,978	—	exited	−0.10 pp	—
NBLNoble Energy, Inc.	—	−122,223	—	exited	−0.10 pp	—
LXULsb Industries Inc	—	−166,837	—	exited	−0.07 pp	—
RSTIRofin-sinar Technologies Inc	—	−96,385	—	exited	−0.07 pp	—
unresolvedSPX Corporation	—	−83,019	—	exited	−0.03 pp	—
AKRAcadia Realty Trust	—	−19,999	—	exited	−0.02 pp	—
KIMKimco Realty Corp.	—	−26,045	—	exited	−0.02 pp	—
TRNOTerreno Realty Corporation	—	−42,290	—	exited	−0.02 pp	—
AMDAdvanced Micro Devices	—	−250,000	—	exited	−0.01 pp	—
CDRCedar Realty Trust, Inc	—	−80,000	—	exited	−0.01 pp	—
PSBPS Business Parks, Inc.	—	−6,100	—	exited	−0.01 pp	—
POWLPowell Industries Inc	—	−6,200	—	exited	−0.01 pp	—
PLDPrologis, Inc.	—	−8,880	—	exited	−0.01 pp	—
unresolvedForest City Enterprises Inc. CL B	—	−702	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 1 defect · 26 unresolved
Accession: 0001099281-16-000026
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 65542W107 not on the Official 13(f) List for 2015-12-31

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