Third Avenue

Q3 2016 13F · by Martin Whitman, founder

As of: Sep 30, 2016
Filed: Nov 14, 2016
US stock: $2.2B · prev $2.2B
Positions: 110 · 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%

Moves82 since the prior filing

+3.2 pp in · −4.7 pp out

New 3 +1.86 pp
Added 18 +1.31 pp
Trimmed 54 −2.21 pp
Exited 7 −2.49 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 10% a year, about 9.9 years per position

Low
Moderate
High

Top 5 positions29% of US stock

WY Weyerhaeuser Company trimmed+0.10 pp trimmed+0.108.8%
unresolved Brookfield Asset Mgmt Inc trimmed+0.34 pp trimmed+0.347.1%
unresolved Forest City Rlty Tr Inc trimmed−0.02 pp trimmed−0.025.4%
RYN Rayonier Inc. trimmed−0.16 pp trimmed−0.164.4%
BNY Bank of New York Mellon Corporation trimmed+0.17 pp trimmed+0.173.7%

Positions110 in this filing · 7 exited


WYWeyerhaeuser Company	8.85%	6,044,348	$193M	trimmed−9%	+0.10 pp	14 q
unresolvedBrookfield Asset Mgmt Inc	7.09%	4,399,779	$155M	trimmed−4%	+0.34 pp	14 q
unresolvedForest City Rlty Tr Inc	5.36%	5,053,408	$117M	trimmed−7%	−0.02 pp	3 q
RYNRayonier Inc.	4.37%	3,596,370	$95M	trimmed−7%	−0.16 pp	12 q
BNYBank of New York Mellon Corporation	3.72%	2,034,401	$81M	trimmed−1%	+0.17 pp	14 q
CMAComerica Incorporated	3.35%	1,544,793	$73M	trimmed−21%	−0.22 pp	14 q
FRFirst Industrial Realty Trust, Inc.	2.91%	2,251,543	$64M	trimmed−27%	−0.91 pp	14 q
VNOVornado Realty Trust	2.90%	624,314	$63M	trimmed−15%	−0.36 pp	14 q
MACThe Macerich Company	2.88%	776,201	$63M	trimmed−26%	−1.12 pp	7 q
ZIONZions Bancorporation N.A.	2.70%	1,896,358	$59M	trimmed−7%	+0.41 pp	9 q
unresolvedPNC Financial Services Group 2018 Warrants	2.64%	2,452,249	$58M	held	—	14 q
PNCPNC Financial Services Group	2.62%	635,315	$57M	trimmed−1%	+0.29 pp	9 q
TRCTejon Ranch Co.	2.51%	2,249,464	$55M	held	—	14 q
WTMWhite Mountains Insurance Group Ltd.	2.51%	66,101	$55M	trimmed−3%	−0.05 pp	14 q
CVCOCavco Industries Inc.	2.15%	472,919	$47M	trimmed−1%	+0.16 pp	14 q
unresolvedCBS Corp	2.10%	839,016	$46M	added0%	+0.08 pp	9 q
AXEAnixter International Inc	2.09%	706,673	$46M	trimmed−1%	+0.41 pp	9 q
YAlleghany Corporation	1.99%	82,618	$43M	trimmed−0%	−0.04 pp	13 q
LOWLowe's Companies Inc.	1.93%	584,611	$42M	trimmed−8%	−0.29 pp	14 q
BKDBrookdale Senior Living, Inc.	1.92%	2,404,847	$42M	trimmed−1%	+0.26 pp	14 q
LENLennar Corporation Class A	1.91%	984,200	$42M	trimmed−7%	−0.27 pp	3 q
DVNDevon Energy Corporation	1.56%	769,932	$34M	trimmed−23%	−0.06 pp	14 q
unresolvedHarman Intl Inds Inc	1.54%	397,296	$34M	trimmed−1%	+0.26 pp	3 q
JCIJohnson Controls International plc	1.50%	705,743	$33M	new	+1.50 pp	new
KWKennedy-wilson Holdings, Inc.	1.33%	1,290,112	$29M	trimmed−6%	+0.17 pp	5 q
RLRalph Lauren Corporation	1.26%	271,913	$28M	trimmed−1%	+0.17 pp	3 q
AGCOAGCO Corporation	1.25%	551,104	$27M	trimmed−20%	−0.20 pp	10 q
MASMasco Corporation	1.24%	787,625	$27M	trimmed−20%	−0.12 pp	6 q
CVACovanta Holding Corporation	1.20%	1,702,563	$26M	trimmed−23%	−0.42 pp	14 q
9990302DApache Corp	1.19%	405,279	$26M	trimmed−23%	−0.11 pp	14 q
FNFFidelity National Financial, Inc.	1.17%	692,400	$26M	trimmed−7%	−0.08 pp	3 q
AMGNAmgen Inc	1.03%	134,226	$22M	trimmed−1%	+0.11 pp	2 q
LIVNLivaNova PLC	0.92%	333,848	$20M	added+25%	+0.32 pp	2 q
KEYKeyCorp	0.79%	1,421,788	$17M	trimmed−2%	+0.08 pp	14 q
unresolvedShire PLC	0.61%	68,224	$13M	added+43%	+0.22 pp	2 q
unresolvedWCI Communities Inc.	0.57%	528,997	$13M	added+1%	+0.18 pp	9 q
VCVisteon Corporation	0.42%	129,268	$9M	held	—	5 q
CBSHCommerce Bancshares Inc	0.40%	177,138	$9M	held	—	14 q
UMBFUMB Financial Corp	0.39%	141,973	$8M	held	—	14 q
CUBLionheart Holdings Class A	0.37%	172,224	$8M	held	—	14 q
NTCTNetscout Systems Inc	0.36%	270,281	$8M	held	—	2 q
EMEEMCOR Group, Inc.	0.35%	127,187	$8M	held	—	14 q
ICFIICF International, Inc.	0.34%	168,729	$7M	trimmed−12%	−0.01 pp	14 q
unresolvedMulti-Color Corporation	0.34%	111,720	$7M	trimmed−14%	−0.03 pp	11 q
SMPStandard Motor Products	0.34%	153,993	$7M	added0%	+0.07 pp	10 q
NSITInsight Enterprises Inc	0.33%	220,604	$7M	added0%	+0.08 pp	13 q
SBSISouthside Bancshares, Inc.	0.33%	222,660	$7M	added0%	+0.02 pp	5 q
FCNFTI Consulting, Inc.	0.31%	153,535	$7M	trimmed−21%	−0.04 pp	13 q
KEXKirby Corporation	0.30%	104,375	$6M	added+17%	+0.05 pp	4 q
unresolvedRadio One Inc	0.30%	2,127,789	$6M	held	—	12 q
ALGAlamo Group, Inc.	0.29%	96,302	$6M	trimmed−6%	−0.01 pp	14 q
DORMDorman Products, Inc. New	0.29%	99,690	$6M	held	—	7 q
WKCWorld Kinect Corporation	0.29%	134,679	$6M	added+9%	+0.03 pp	12 q
ARCOArcos Dorados Holdings Inc.	0.29%	1,186,027	$6M	trimmed−27%	−0.05 pp	10 q
CFRCullen/Frost Bankers Inc.	0.27%	82,323	$6M	held	—	14 q
PBProsperity Bancshares Inc	0.26%	102,362	$6M	held	—	11 q
unresolvedVca Inc	0.26%	80,794	$6M	trimmed−14%	−0.02 pp	12 q
unresolvedDst Sys Inc DEL	0.24%	44,573	$5M	held	—	5 q
TTEKTetra Tech Inc	0.24%	149,891	$5M	added0%	+0.04 pp	14 q
UNFUnifirst Corp	0.24%	39,261	$5M	held	—	14 q
PRSUPursuit Attractions and Hospitality, Inc.	0.24%	144,032	$5M	trimmed−26%	−0.03 pp	8 q
unresolvedSyntel Inc	0.23%	117,688	$5M	held	—	14 q
VLYValley National Bancorp	0.23%	510,883	$5M	trimmed−30%	−0.06 pp	14 q
GGenpact Limited	0.23%	208,196	$5M	held	—	11 q
CSWCSW Industrials, Inc.	0.22%	150,348	$5M	held	—	3 q
FIXComfort Systems USA, Inc.	0.22%	162,058	$5M	new	+0.22 pp	new
FLWS1-800-FLOWERS.COM Inc	0.22%	535,304	$5M	trimmed−9%	−0.02 pp	6 q
unresolvedDsw Inc	0.21%	227,352	$5M	added+7%	+0.01 pp	5 q
CZZCosan Ltd-class A Shares	0.21%	651,014	$5M	trimmed−28%	−0.05 pp	5 q
KALUKaiser Aluminum Corporation	0.20%	49,405	$4M	added+3%	+0.01 pp	14 q
ABMABM Industries, Inc.	0.19%	103,224	$4M	held	—	14 q
BBarnes Group Inc	0.19%	104,621	$4M	added+3%	+0.04 pp	8 q
GIIIG-Iii Apparel Group Ltd	0.19%	143,218	$4M	added+60%	+0.01 pp	2 q
TILEInterface Inc	0.19%	249,473	$4M	added0%	+0.02 pp	3 q
MTNVail Resorts, Inc.	0.19%	27,048	$4M	trimmed−15%	−0.01 pp	14 q
unresolvedIngram Micro Inc	0.18%	110,658	$4M	held	—	14 q
TFXTeleflex Incorporated	0.18%	23,102	$4M	trimmed−34%	−0.09 pp	14 q
CNHCnh Industrial N.v.	0.18%	534,489	$4M	trimmed−1%	+0.01 pp	6 q
CBMCambrex Corporation	0.17%	83,939	$4M	added+9%	−0.01 pp	3 q
CRZOCarrizo Oil & Gas Inc	0.17%	92,435	$4M	added+97%	+0.10 pp	3 q
ALCOAlico Inc	0.16%	129,733	$3M	held	—	14 q
LMLegg Mason, Inc.	0.16%	104,455	$3M	held	—	12 q
MYRGMYR Group, Inc.	0.16%	116,310	$4M	held	—	4 q
PDCOPatterson Companies, Inc.	0.16%	75,716	$3M	trimmed−31%	−0.07 pp	10 q
ANIPANI Pharmaceuticals, Inc.	0.15%	50,053	$3M	held	—	6 q
unresolvedLeucadia National	0.15%	170,433	$3M	trimmed−25%	−0.03 pp	14 q
SEBSeaboard Corporation	0.15%	940	$3M	added+5%	+0.04 pp	3 q
PRGSProgress Software Corp (DE)	0.14%	112,816	$3M	held	—	14 q
SPSP Plus Corporation	0.14%	122,449	$3M	new	+0.14 pp	new
unresolvedCsg Sys Intl Inc	0.13%	67,467	$3M	held	—	12 q
unresolvedCst Brands Inc	0.13%	60,534	$3M	trimmed−38%	−0.06 pp	14 q
MDRXVeradigm Inc	0.12%	204,351	$3M	held	—	14 q
FRGIFiesta Restaurant Group, Inc.	0.12%	104,567	$3M	trimmed−9%	+0.01 pp	2 q
CCSCentury Communities, Inc.	0.11%	109,974	$2M	trimmed−8%	+0.02 pp	9 q
SBSAQSpanish Brdcstng Sys A	0.11%	639,603	$2M	held	—	14 q
unresolvedUCP Inc. - Class A	0.11%	271,409	$2M	trimmed−3%	+0.01 pp	9 q
CSWCCapital Southwest Corp	0.10%	150,348	$2M	held	—	14 q
FLOWSpx Flow Inc	0.10%	67,624	$2M	held	—	5 q
unresolvedComerica Inc.	0.08%	90,000	$2M	held	—	14 q
CIRCircor International Inc	0.07%	26,376	$2M	trimmed−34%	−0.03 pp	7 q
SKTTanger Inc.	0.07%	37,674	$1M	trimmed−57%	−0.09 pp	13 q
CTTCatchmark Timber Trust, Inc.	0.04%	80,000	$935,000	trimmed−22%	−0.02 pp	5 q
unresolvedFirst Potomac Realty Trust	0.03%	80,000	$732,000	trimmed−32%	−0.02 pp	6 q
NXRTNexPoint Residential Trust Inc	0.02%	25,000	$492,000	held	—	2 q
unresolvedWmih Corp	0.02%	216,706	$507,000	trimmed−22%	−0.01 pp	5 q
TTENTotalenergies SE -spon ADR	0.01%	2,807	$134,000	held	—	8 q
TPHSTrinity Place Hldgs Inc	0.01%	12,729	$124,000	held	—	3 q
VMIValmont Industries, Inc.	0.01%	2,369	$319,000	trimmed−36%	−0.01 pp	8 q
unresolvedForest City Enterprises Inc. CL B	0.00%	702	$16,000	held	—	3 q
VODVodafone Group PLC	0.00%	2,770	$81,000	held	—	7 q
unresolvedJohnson Controls	—	−604,458	—	exited	−1.19 pp	—
GMGeneral Motors Company	—	−671,819	—	exited	−0.85 pp	—
BRBroadridge Financial Solutions Inc	—	−55,866	—	exited	−0.16 pp	—
SEMGSemgroup Corp-class A	—	−113,491	—	exited	−0.16 pp	—
ENSEnerSys, Inc.	—	−35,906	—	exited	−0.09 pp	—
unresolvedGlatfelter P. H. Co.	—	−46,589	—	exited	−0.04 pp	—
unresolvedTejon Ranch Co. WTS EXP 08/31/2016	—	−352,189	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 22 unresolved
Accession: 0001099281-16-000048
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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