Third Avenue

Q1 2016 13F · by Martin Whitman, founder

As of: Mar 31, 2016
Filed: May 12, 2016
US stock: $2.6B · prev $3.1B
Positions: 114 · prev 108
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%

Moves104 since the prior filing

+14.5 pp in · −14.8 pp out

New 13 +10.91 pp
Added 21 +3.58 pp
Trimmed 63 −8.05 pp
Exited 7 −6.71 pp

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 50% a year, about 2.0 years per position

Low
Moderate
High

Top 5 positions28% of US stock

WY Weyerhaeuser Company trimmed−0.12 pp trimmed−0.128.8%
unresolved Brookfield Asset Mgmt Inc added+1.93 pp added+1.936.3%
unresolved Forest City Rlty Tr Inc new+4.59 pp new+4.594.6%
MAC The Macerich Company trimmed−0.52 pp trimmed−0.524.2%
RYN Rayonier Inc. trimmed+0.18 pp trimmed+0.183.9%

Positions114 in this filing · 7 exited


WYWeyerhaeuser Company	8.75%	7,347,132	$228M	trimmed−20%	−0.12 pp	12 q
unresolvedBrookfield Asset Mgmt Inc	6.34%	4,737,134	$165M	added+10%	+1.93 pp	12 q
unresolvedForest City Rlty Tr Inc	4.59%	5,661,733	$119M	new	+4.59 pp	new
MACThe Macerich Company	4.20%	1,377,301	$109M	trimmed−24%	−0.52 pp	5 q
RYNRayonier Inc.	3.89%	4,096,070	$101M	trimmed−21%	+0.18 pp	10 q
FRFirst Industrial Realty Trust, Inc.	3.87%	4,426,443	$101M	trimmed−31%	−0.73 pp	12 q
BNYBank of New York Mellon Corporation	3.47%	2,450,542	$90M	trimmed−16%	−0.41 pp	12 q
CMAComerica Incorporated	3.01%	2,067,054	$78M	trimmed−17%	−0.34 pp	12 q
VNOVornado Realty Trust	2.80%	772,214	$73M	trimmed−38%	−1.20 pp	12 q
LOWLowe's Companies Inc.	2.75%	943,411	$71M	trimmed−21%	−0.18 pp	12 q
CVCOCavco Industries Inc.	2.62%	729,734	$68M	trimmed−24%	+0.04 pp	12 q
PNCPNC Financial Services Group	2.32%	712,442	$60M	added+1%	+0.15 pp	7 q
WTMWhite Mountains Insurance Group Ltd.	2.23%	72,359	$58M	trimmed−19%	+0.13 pp	12 q
LENLennar Corporation Class A	2.09%	1,123,000	$54M	new	+2.09 pp	new
SKTTanger Inc.	2.01%	1,438,525	$52M	trimmed−31%	−0.21 pp	11 q
ZIONZions Bancorporation N.A.	2.01%	2,162,558	$52M	trimmed−21%	−0.40 pp	7 q
HP5AEquity Commonwealth	1.98%	1,828,204	$52M	trimmed−47%	−1.11 pp	7 q
unresolvedCBS Corp	1.95%	922,021	$51M	trimmed−38%	−0.34 pp	7 q
unresolvedPNC Financial Services Group 2018 Warrants	1.92%	2,452,249	$50M	trimmed−1%	−0.38 pp	12 q
9990302DApache Corp	1.89%	1,006,432	$49M	trimmed−25%	−0.04 pp	12 q
unresolvedPost Properties, Inc.	1.84%	798,642	$48M	trimmed−35%	−0.51 pp	12 q
CVACovanta Holding Corporation	1.83%	2,816,718	$47M	trimmed−22%	+0.01 pp	12 q
TRCTejon Ranch Co.	1.78%	2,249,464	$46M	trimmed−1%	+0.38 pp	12 q
MASMasco Corporation	1.72%	1,425,398	$45M	trimmed−7%	+0.32 pp	4 q
YAlleghany Corporation	1.65%	86,464	$43M	trimmed−4%	+0.26 pp	11 q
BKDBrookdale Senior Living, Inc.	1.51%	2,471,848	$39M	trimmed−21%	−0.35 pp	12 q
AXEAnixter International Inc	1.44%	719,910	$38M	trimmed−14%	−0.20 pp	7 q
AGCOAGCO Corporation	1.36%	710,300	$35M	trimmed−50%	−0.72 pp	8 q
KWKennedy-wilson Holdings, Inc.	1.21%	1,441,412	$32M	added×2.7	+0.79 pp	3 q
DVNDevon Energy Corporation	1.09%	1,034,672	$28M	trimmed−6%	−0.05 pp	12 q
SYMCGen Digital Inc.	1.07%	1,510,674	$28M	trimmed−32%	−0.44 pp	12 q
FNFFidelity National Financial, Inc.	1.03%	790,100	$27M	new	+1.03 pp	new
unresolvedHarman Intl Inds Inc	0.96%	279,242	$25M	new	+0.96 pp	new
HHCThe Howard Hughes Corporation	0.96%	235,600	$25M	new	+0.96 pp	new
RLRalph Lauren Corporation	0.85%	228,864	$22M	new	+0.85 pp	new
GMGeneral Motors Company	0.83%	687,348	$22M	trimmed−53%	−0.78 pp	12 q
unresolvedBaxalta Inc	0.81%	521,322	$21M	trimmed−0%	+0.15 pp	2 q
unresolvedWells Fargo Warrants, 34.01 St	0.70%	1,156,551	$18M	trimmed−1%	−0.08 pp	12 q
KEYKeyCorp	0.64%	1,497,210	$17M	trimmed−0%	0.00 pp	12 q
VCVisteon Corporation	0.40%	129,268	$10M	added+5%	−0.06 pp	3 q
CBSHCommerce Bancshares Inc	0.33%	188,638	$8M	added0%	+0.07 pp	12 q
NSITInsight Enterprises Inc	0.33%	298,115	$9M	held	—	11 q
FCNFTI Consulting, Inc.	0.32%	235,986	$8M	added0%	+0.06 pp	11 q
TTEKTetra Tech Inc	0.31%	270,165	$8M	added0%	+0.08 pp	12 q
unresolvedWCI Communities Inc.	0.31%	439,331	$8M	trimmed−8%	−0.04 pp	7 q
GGenpact Limited	0.31%	292,342	$8M	trimmed−9%	+0.05 pp	9 q
UMBFUMB Financial Corp	0.30%	150,273	$8M	trimmed−6%	+0.06 pp	12 q
unresolvedVca Inc	0.29%	132,590	$8M	held	—	10 q
ALGAlamo Group, Inc.	0.27%	124,402	$7M	trimmed−10%	+0.04 pp	12 q
unresolvedMulti-Color Corporation	0.27%	129,533	$7M	added+37%	+0.09 pp	9 q
VLYValley National Bancorp	0.27%	726,953	$7M	added0%	+0.04 pp	12 q
BRBroadridge Financial Solutions Inc	0.25%	108,778	$6M	added0%	+0.06 pp	12 q
ICFIICF International, Inc.	0.25%	191,129	$7M	added0%	+0.03 pp	12 q
CUBLionheart Holdings Class A	0.24%	157,327	$6M	added+11%	+0.02 pp	12 q
EMEEMCOR Group, Inc.	0.24%	127,187	$6M	trimmed−11%	+0.02 pp	12 q
PRSUPursuit Attractions and Hospitality, Inc.	0.24%	216,238	$6M	trimmed−1%	+0.04 pp	6 q
DORMDorman Products, Inc. New	0.23%	109,728	$6M	trimmed−29%	−0.01 pp	5 q
SMPStandard Motor Products	0.23%	171,670	$6M	trimmed−9%	0.00 pp	8 q
TFXTeleflex Incorporated	0.23%	38,457	$6M	trimmed−16%	+0.03 pp	12 q
WKCWorld Kinect Corporation	0.23%	123,282	$6M	trimmed−34%	0.00 pp	10 q
ARCOArcos Dorados Holdings Inc.	0.23%	1,617,289	$6M	trimmed−7%	+0.05 pp	8 q
unresolvedCst Brands Inc	0.22%	147,683	$6M	trimmed−9%	+0.01 pp	12 q
unresolvedSyntel Inc	0.22%	112,250	$6M	trimmed−30%	−0.01 pp	12 q
CZZCosan Ltd-class A Shares	0.22%	1,180,246	$6M	added+4%	+0.08 pp	3 q
KEXKirby Corporation	0.21%	89,134	$5M	trimmed−52%	−0.10 pp	2 q
SBSISouthside Bancshares, Inc.	0.21%	211,920	$6M	added+7%	+0.06 pp	3 q
PDCOPatterson Companies, Inc.	0.20%	109,335	$5M	held	—	8 q
unresolvedDst Sys Inc DEL	0.19%	44,573	$5M	added0%	+0.03 pp	3 q
unresolvedDsw Inc	0.19%	175,377	$5M	trimmed−42%	−0.04 pp	3 q
unresolvedIngram Micro Inc	0.19%	139,651	$5M	trimmed−33%	−0.02 pp	12 q
FLWS1-800-FLOWERS.COM Inc	0.19%	642,023	$5M	added0%	+0.04 pp	4 q
unresolvedCsg Sys Intl Inc	0.18%	102,093	$5M	trimmed−52%	−0.07 pp	10 q
CSWCSW Industrials, Inc.	0.18%	150,348	$5M	new	+0.18 pp	new
PBProsperity Bancshares Inc	0.18%	102,362	$5M	trimmed−17%	−0.01 pp	9 q
CFRCullen/Frost Bankers Inc.	0.17%	82,323	$5M	trimmed−17%	−0.02 pp	12 q
KALUKaiser Aluminum Corporation	0.16%	48,157	$4M	trimmed−47%	−0.08 pp	12 q
unresolvedLeucadia National	0.16%	250,384	$4M	added+9%	+0.03 pp	12 q
UNFUnifirst Corp	0.16%	39,261	$4M	added+9%	+0.04 pp	12 q
MTNVail Resorts, Inc.	0.16%	31,948	$4M	trimmed−11%	+0.01 pp	12 q
ALCOAlico Inc	0.14%	129,733	$4M	added0%	−0.02 pp	12 q
LMLegg Mason, Inc.	0.14%	104,455	$4M	held	—	10 q
PRGSProgress Software Corp (DE)	0.14%	152,718	$4M	trimmed−33%	−0.04 pp	12 q
CNHCnh Industrial N.v.	0.14%	537,178	$4M	trimmed−11%	+0.01 pp	4 q
ABMABM Industries, Inc.	0.13%	103,224	$3M	added0%	+0.03 pp	12 q
CBMCambrex Corporation	0.13%	76,681	$3M	new	+0.13 pp	new
BBarnes Group Inc	0.12%	92,749	$3M	trimmed−57%	−0.13 pp	6 q
unresolvedRadio One Inc	0.12%	2,127,789	$3M	held	—	10 q
MYRGMYR Group, Inc.	0.11%	116,310	$3M	added0%	+0.03 pp	2 q
unresolvedUCP Inc. - Class A	0.11%	340,000	$3M	held	—	7 q
MDRXVeradigm Inc	0.10%	204,351	$3M	trimmed−31%	−0.05 pp	12 q
SEMGSemgroup Corp-class A	0.10%	113,491	$3M	trimmed−20%	−0.03 pp	12 q
CCSCentury Communities, Inc.	0.09%	132,474	$2M	held	—	7 q
CSWCCapital Southwest Corp	0.08%	150,348	$2M	held	—	12 q
ENSEnerSys, Inc.	0.08%	35,906	$2M	trimmed−23%	0.00 pp	12 q
SBSAQSpanish Brdcstng Sys A	0.08%	639,603	$2M	trimmed−4%	+0.01 pp	12 q
WFCWells Fargo & Co.	0.08%	41,637	$2M	held	—	7 q
CTTCatchmark Timber Trust, Inc.	0.07%	158,900	$2M	held	—	3 q
CIRCircor International Inc	0.07%	39,819	$2M	trimmed−52%	−0.04 pp	5 q
unresolvedHercules Offshore Inc	0.07%	812,533	$2M	held	—	2 q
FLOWSpx Flow Inc	0.07%	67,624	$2M	trimmed−40%	−0.03 pp	3 q
ANIPANI Pharmaceuticals, Inc.	0.06%	50,053	$2M	held	—	4 q
CRZOCarrizo Oil & Gas Inc	0.06%	46,900	$1M	new	+0.06 pp	new
TILEInterface Inc	0.06%	83,211	$2M	new	+0.06 pp	new
unresolvedComerica Inc.	0.05%	100,000	$1M	held	—	12 q
unresolvedFirst Potomac Realty Trust	0.05%	145,000	$1M	held	—	4 q
unresolvedGlatfelter P. H. Co.	0.04%	46,589	$966,000	trimmed−58%	−0.03 pp	12 q
VMIValmont Industries, Inc.	0.04%	8,255	$1M	trimmed−3%	+0.01 pp	6 q
unresolvedWmih Corp	0.02%	277,706	$650,000	held	—	3 q
TTENTotalenergies SE -spon ADR	0.01%	3,056	$139,000	held	—	6 q
unresolvedForest City Enterprises Inc. CL B	0.00%	702	$15,000	new	0.00 pp	new
SEBSeaboard Corporation	0.00%	19	$57,000	new	0.00 pp	new
unresolvedTejon Ranch Co. WTS EXP 08/31/2016	0.00%	352,189	$0	trimmed−1%	0.00 pp	11 q
TPHSTrinity Place Hldgs Inc	0.00%	6,029	$42,000	new	0.00 pp	new
VODVodafone Group PLC	0.00%	3,159	$101,000	held	—	5 q
unresolvedForest City Enterprises Inc	—	−6,993,902	—	exited	−4.96 pp	—
LLoews Corporation	—	−701,723	—	exited	−0.87 pp	—
PKXPOSCO Holdings Inc.	—	−651,865	—	exited	−0.75 pp	—
BMCHBMC Stock Holdings, Inc	—	−209,240	—	exited	−0.11 pp	—
IUSViShares Core S&P U.S. Value ETF	—	−2,356	—	exited	−0.01 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−1,487	—	exited	−0.01 pp	—
unresolvedNoranda Alum Hldg Corp	—	−333,434	—	exited	0.00 pp	—