Third Avenue

Q2 2016 13F · by Martin Whitman, founder

As of: Jun 30, 2016
Filed: Aug 11, 2016
US stock: $2.2B · prev $2.6B
Positions: 114 · prev 114
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%

Moves85 since the prior filing

+4.7 pp in · −6.5 pp out

New 8 +3.68 pp
Added 10 +0.99 pp
Trimmed 59 +1.05 pp
Exited 8 −7.51 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.4 years per position

Low
Moderate
High

Top 5 positions29% of US stock

WY Weyerhaeuser Company trimmed0.00 pp trimmed0.008.8%
unresolved Brookfield Asset Mgmt Inc trimmed+0.41 pp trimmed+0.416.8%
unresolved Forest City Rlty Tr Inc trimmed+0.79 pp trimmed+0.795.4%
RYN Rayonier Inc. trimmed+0.64 pp trimmed+0.644.5%
MAC The Macerich Company trimmed−0.20 pp trimmed−0.204.0%

Positions114 in this filing · 8 exited


WYWeyerhaeuser Company	8.75%	6,610,196	$197M	trimmed−10%	0.00 pp	13 q
unresolvedBrookfield Asset Mgmt Inc	6.75%	4,590,109	$152M	trimmed−3%	+0.41 pp	13 q
unresolvedForest City Rlty Tr Inc	5.38%	5,424,508	$121M	trimmed−4%	+0.79 pp	2 q
RYNRayonier Inc.	4.53%	3,884,570	$102M	trimmed−5%	+0.64 pp	11 q
MACThe Macerich Company	4.00%	1,054,701	$90M	trimmed−23%	−0.20 pp	6 q
FRFirst Industrial Realty Trust, Inc.	3.82%	3,089,843	$86M	trimmed−30%	−0.05 pp	13 q
CMAComerica Incorporated	3.57%	1,953,051	$80M	trimmed−6%	+0.56 pp	13 q
BNYBank of New York Mellon Corporation	3.55%	2,053,648	$80M	trimmed−16%	+0.08 pp	13 q
VNOVornado Realty Trust	3.26%	732,814	$73M	trimmed−5%	+0.46 pp	13 q
WTMWhite Mountains Insurance Group Ltd.	2.56%	68,390	$58M	trimmed−5%	+0.33 pp	13 q
TRCTejon Ranch Co.	2.36%	2,249,464	$53M	held	—	13 q
PNCPNC Financial Services Group	2.33%	643,084	$52M	trimmed−10%	+0.01 pp	8 q
ZIONZions Bancorporation N.A.	2.29%	2,048,658	$51M	trimmed−5%	+0.28 pp	8 q
LOWLowe's Companies Inc.	2.22%	632,011	$50M	trimmed−33%	−0.53 pp	13 q
LENLennar Corporation Class A	2.18%	1,063,600	$49M	trimmed−5%	+0.09 pp	2 q
YAlleghany Corporation	2.03%	82,977	$46M	trimmed−4%	+0.38 pp	12 q
unresolvedCBS Corp	2.02%	835,662	$45M	trimmed−9%	+0.07 pp	8 q
CVCOCavco Industries Inc.	1.99%	477,727	$45M	trimmed−35%	−0.63 pp	13 q
unresolvedPNC Financial Services Group 2018 Warrants	1.90%	2,452,249	$43M	held	—	13 q
AXEAnixter International Inc	1.68%	710,789	$38M	trimmed−1%	+0.24 pp	8 q
BKDBrookdale Senior Living, Inc.	1.66%	2,424,394	$37M	trimmed−2%	+0.15 pp	13 q
CVACovanta Holding Corporation	1.62%	2,211,720	$36M	trimmed−21%	−0.21 pp	13 q
DVNDevon Energy Corporation	1.62%	1,003,389	$36M	trimmed−3%	+0.53 pp	13 q
AGCOAGCO Corporation	1.45%	692,928	$33M	trimmed−2%	+0.09 pp	9 q
MASMasco Corporation	1.36%	990,521	$31M	trimmed−31%	−0.36 pp	5 q
9990302DApache Corp	1.30%	524,055	$29M	trimmed−48%	−0.59 pp	13 q
unresolvedHarman Intl Inds Inc	1.28%	400,716	$29M	added+44%	+0.32 pp	2 q
FNFFidelity National Financial, Inc.	1.25%	748,300	$28M	trimmed−5%	+0.22 pp	2 q
unresolvedJohnson Controls	1.19%	604,458	$27M	new	+1.19 pp	new
KWKennedy-wilson Holdings, Inc.	1.16%	1,378,512	$26M	trimmed−4%	−0.05 pp	4 q
RLRalph Lauren Corporation	1.09%	274,832	$25M	added+20%	+0.24 pp	2 q
AMGNAmgen Inc	0.92%	135,642	$21M	new	+0.92 pp	new
GMGeneral Motors Company	0.85%	671,819	$19M	trimmed−2%	+0.02 pp	13 q
KEYKeyCorp	0.71%	1,444,346	$16M	trimmed−4%	+0.07 pp	13 q
LIVNLivaNova PLC	0.60%	267,977	$13M	new	+0.60 pp	new
unresolvedShire PLC	0.39%	47,840	$9M	new	+0.39 pp	new
unresolvedWCI Communities Inc.	0.39%	525,154	$9M	added+20%	+0.08 pp	8 q
CBSHCommerce Bancshares Inc	0.38%	177,138	$8M	trimmed−6%	+0.05 pp	13 q
VCVisteon Corporation	0.38%	129,268	$9M	held	—	4 q
unresolvedMulti-Color Corporation	0.37%	129,533	$8M	held	—	10 q
FCNFTI Consulting, Inc.	0.35%	193,597	$8M	trimmed−18%	+0.03 pp	12 q
ICFIICF International, Inc.	0.35%	191,129	$8M	held	—	13 q
UMBFUMB Financial Corp	0.34%	141,973	$8M	trimmed−6%	+0.04 pp	13 q
ARCOArcos Dorados Holdings Inc.	0.34%	1,615,590	$8M	trimmed−0%	+0.11 pp	9 q
CUBLionheart Holdings Class A	0.31%	172,224	$7M	added+9%	+0.07 pp	13 q
SBSISouthside Bancshares, Inc.	0.31%	222,515	$7M	trimmed0%	+0.10 pp	4 q
ALGAlamo Group, Inc.	0.30%	102,902	$7M	trimmed−17%	+0.03 pp	13 q
unresolvedRadio One Inc	0.30%	2,127,789	$7M	held	—	11 q
VLYValley National Bancorp	0.29%	726,953	$7M	held	—	13 q
EMEEMCOR Group, Inc.	0.28%	127,187	$6M	held	—	13 q
unresolvedVca Inc	0.28%	93,539	$6M	trimmed−29%	−0.01 pp	11 q
NTCTNetscout Systems Inc	0.27%	270,281	$6M	new	+0.27 pp	new
SMPStandard Motor Products	0.27%	153,870	$6M	trimmed−10%	+0.04 pp	9 q
TFXTeleflex Incorporated	0.27%	34,743	$6M	trimmed−10%	+0.04 pp	13 q
PRSUPursuit Attractions and Hospitality, Inc.	0.27%	195,838	$6M	trimmed−9%	+0.03 pp	7 q
WKCWorld Kinect Corporation	0.26%	123,282	$6M	held	—	11 q
CZZCosan Ltd-class A Shares	0.26%	902,110	$6M	trimmed−24%	+0.04 pp	4 q
DORMDorman Products, Inc. New	0.25%	99,690	$6M	trimmed−9%	+0.02 pp	6 q
NSITInsight Enterprises Inc	0.25%	220,515	$6M	trimmed−26%	−0.08 pp	12 q
KEXKirby Corporation	0.25%	89,134	$6M	held	—	3 q
GGenpact Limited	0.25%	208,196	$6M	trimmed−29%	−0.06 pp	10 q
FLWS1-800-FLOWERS.COM Inc	0.24%	587,823	$5M	trimmed−8%	+0.05 pp	5 q
unresolvedSyntel Inc	0.24%	117,688	$5M	added+5%	+0.02 pp	13 q
CFRCullen/Frost Bankers Inc.	0.23%	82,323	$5M	held	—	13 q
unresolvedDst Sys Inc DEL	0.23%	44,573	$5M	held	—	4 q
PDCOPatterson Companies, Inc.	0.23%	109,335	$5M	held	—	9 q
PBProsperity Bancshares Inc	0.23%	102,362	$5M	held	—	10 q
CSWCSW Industrials, Inc.	0.22%	150,348	$5M	held	—	2 q
unresolvedDsw Inc	0.20%	211,534	$4M	added+21%	+0.01 pp	4 q
TTEKTetra Tech Inc	0.20%	149,836	$5M	trimmed−45%	−0.11 pp	13 q
UNFUnifirst Corp	0.20%	39,261	$5M	held	—	13 q
MTNVail Resorts, Inc.	0.20%	31,948	$4M	held	—	13 q
unresolvedCst Brands Inc	0.19%	97,481	$4M	trimmed−34%	−0.03 pp	13 q
KALUKaiser Aluminum Corporation	0.19%	48,157	$4M	held	—	13 q
CBMCambrex Corporation	0.18%	76,681	$4M	held	—	2 q
GIIIG-Iii Apparel Group Ltd	0.18%	89,353	$4M	new	+0.18 pp	new
unresolvedLeucadia National	0.18%	227,515	$4M	trimmed−9%	+0.02 pp	13 q
ABMABM Industries, Inc.	0.17%	103,224	$4M	held	—	13 q
ALCOAlico Inc	0.17%	129,733	$4M	held	—	13 q
unresolvedIngram Micro Inc	0.17%	110,658	$4M	trimmed−21%	−0.02 pp	13 q
TILEInterface Inc	0.17%	249,370	$4M	added×3.0	+0.11 pp	2 q
CNHCnh Industrial N.v.	0.17%	537,178	$4M	held	—	5 q
BRBroadridge Financial Solutions Inc	0.16%	55,866	$4M	trimmed−49%	−0.09 pp	13 q
SEMGSemgroup Corp-class A	0.16%	113,491	$4M	held	—	13 q
SKTTanger Inc.	0.16%	87,762	$4M	trimmed−94%	−1.85 pp	12 q
BBarnes Group Inc	0.15%	101,821	$3M	added+10%	+0.03 pp	7 q
LMLegg Mason, Inc.	0.14%	104,455	$3M	held	—	11 q
PRGSProgress Software Corp (DE)	0.14%	112,816	$3M	trimmed−26%	0.00 pp	13 q
ANIPANI Pharmaceuticals, Inc.	0.12%	50,053	$3M	held	—	5 q
MDRXVeradigm Inc	0.12%	204,351	$3M	held	—	13 q
unresolvedCsg Sys Intl Inc	0.12%	67,467	$3M	trimmed−34%	−0.06 pp	11 q
MYRGMYR Group, Inc.	0.12%	116,310	$3M	held	—	3 q
FRGIFiesta Restaurant Group, Inc.	0.11%	114,406	$2M	new	+0.11 pp	new
SEBSeaboard Corporation	0.11%	898	$3M	added×47.3	+0.11 pp	2 q
CIRCircor International Inc	0.10%	39,819	$2M	held	—	6 q
SBSAQSpanish Brdcstng Sys A	0.10%	639,603	$2M	held	—	13 q
unresolvedUCP Inc. - Class A	0.10%	280,000	$2M	trimmed−18%	−0.01 pp	8 q
CSWCCapital Southwest Corp	0.09%	150,348	$2M	held	—	13 q
CCSCentury Communities, Inc.	0.09%	119,974	$2M	trimmed−9%	0.00 pp	8 q
ENSEnerSys, Inc.	0.09%	35,906	$2M	held	—	13 q
FLOWSpx Flow Inc	0.08%	67,624	$2M	held	—	4 q
CRZOCarrizo Oil & Gas Inc	0.07%	46,900	$2M	held	—	2 q
CTTCatchmark Timber Trust, Inc.	0.06%	102,000	$1M	trimmed−36%	−0.01 pp	4 q
unresolvedComerica Inc.	0.05%	90,000	$1M	trimmed−10%	0.00 pp	13 q
unresolvedFirst Potomac Realty Trust	0.05%	116,900	$1M	trimmed−19%	0.00 pp	5 q
unresolvedGlatfelter P. H. Co.	0.04%	46,589	$911,000	held	—	13 q
unresolvedWmih Corp	0.03%	277,706	$617,000	held	—	4 q
NXRTNexPoint Residential Trust Inc	0.02%	25,000	$455,000	new	+0.02 pp	new
VMIValmont Industries, Inc.	0.02%	3,675	$497,000	trimmed−55%	−0.02 pp	7 q
TTENTotalenergies SE -spon ADR	0.01%	2,807	$135,000	trimmed−8%	0.00 pp	7 q
unresolvedForest City Enterprises Inc. CL B	0.00%	702	$16,000	held	—	2 q
unresolvedTejon Ranch Co. WTS EXP 08/31/2016	0.00%	352,189	$0	held	—	12 q
TPHSTrinity Place Hldgs Inc	0.00%	12,729	$98,000	added×2.1	0.00 pp	2 q
VODVodafone Group PLC	0.00%	2,770	$86,000	trimmed−12%	0.00 pp	6 q
HP5AEquity Commonwealth	—	−1,828,204	—	exited	−1.98 pp	—
unresolvedPost Properties, Inc.	—	−798,642	—	exited	−1.84 pp	—
SYMCGen Digital Inc.	—	−1,510,674	—	exited	−1.07 pp	—
HHCThe Howard Hughes Corporation	—	−235,600	—	exited	−0.96 pp	—
unresolvedBaxalta Inc	—	−521,322	—	exited	−0.81 pp	—
unresolvedWells Fargo Warrants, 34.01 St	—	−1,156,551	—	exited	−0.70 pp	—
WFCWells Fargo & Co.	—	−41,637	—	exited	−0.08 pp	—
unresolvedHercules Offshore Inc	—	−812,533	—	exited	−0.07 pp	—