Third Avenue

Q4 2016 13F · by Martin Whitman, founder

As of: Dec 31, 2016
Filed: Feb 13, 2017
US stock: $2.2B · prev $2.2B
Positions: 114 · prev 110
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%

Moves110 since the prior filing

+8.5 pp in · −8.6 pp out

New 8 +2.50 pp
Added 13 +6.01 pp
Trimmed 85 −8.16 pp
Exited 4 −0.43 pp

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 38% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions29% of US stock

WY Weyerhaeuser Company trimmed−0.65 pp trimmed−0.658.2%
unresolved Brookfield Asset Mgmt Inc trimmed−0.66 pp trimmed−0.666.4%
LEN Lennar Corporation Class A added+3.83 pp added+3.835.7%
unresolved Forest City Rlty Tr Inc trimmed−0.76 pp trimmed−0.764.6%
RYN Rayonier Inc. trimmed−0.21 pp trimmed−0.214.2%

Positions114 in this filing · 4 exited


WYWeyerhaeuser Company	8.20%	6,013,322	$181M	trimmed−1%	−0.65 pp	15 q
unresolvedBrookfield Asset Mgmt Inc	6.43%	4,299,141	$142M	trimmed−2%	−0.66 pp	15 q
LENLennar Corporation Class A	5.74%	2,951,947	$127M	added×3.0	+3.83 pp	4 q
unresolvedForest City Rlty Tr Inc	4.60%	4,867,140	$101M	trimmed−4%	−0.76 pp	4 q
RYNRayonier Inc.	4.16%	3,452,270	$92M	trimmed−4%	−0.21 pp	13 q
BNYBank of New York Mellon Corporation	3.78%	1,759,465	$83M	trimmed−14%	+0.06 pp	15 q
PNCPNC Financial Services Group	3.35%	632,296	$74M	trimmed−0%	+0.73 pp	10 q
CMAComerica Incorporated	3.20%	1,037,604	$71M	trimmed−33%	−0.15 pp	15 q
unresolvedPNC Financial Services Group 2018 Warrants	2.93%	1,305,349	$65M	trimmed−47%	+0.29 pp	15 q
VNOVornado Realty Trust	2.83%	599,214	$63M	trimmed−4%	−0.07 pp	15 q
TRCTejon Ranch Co.	2.49%	2,164,153	$55M	trimmed−4%	−0.02 pp	15 q
WTMWhite Mountains Insurance Group Ltd.	2.43%	64,091	$54M	trimmed−3%	−0.08 pp	15 q
FRFirst Industrial Realty Trust, Inc.	2.29%	1,802,943	$51M	trimmed−20%	−0.62 pp	15 q
YAlleghany Corporation	2.27%	82,354	$50M	trimmed−0%	+0.28 pp	14 q
CVCOCavco Industries Inc.	2.14%	472,919	$47M	held	—	15 q
unresolvedHarman Intl Inds Inc	1.99%	395,177	$44M	trimmed−1%	+0.45 pp	4 q
unresolvedCBS Corp	1.88%	650,481	$41M	trimmed−22%	−0.22 pp	10 q
LOWLowe's Companies Inc.	1.81%	560,911	$40M	trimmed−4%	−0.12 pp	15 q
TPHSTrinity Place Hldgs Inc	1.77%	4,219,014	$39M	added×331.4	+1.76 pp	4 q
DVNDevon Energy Corporation	1.58%	764,345	$35M	trimmed−1%	+0.02 pp	15 q
AMGNAmgen Inc	1.39%	210,262	$31M	added+57%	+0.36 pp	3 q
JCIJohnson Controls International plc	1.34%	715,724	$29M	added+1%	−0.16 pp	2 q
AXEAnixter International Inc	1.29%	352,400	$29M	trimmed−50%	−0.80 pp	10 q
MASMasco Corporation	1.22%	852,594	$27M	added+8%	−0.02 pp	7 q
CVACovanta Holding Corporation	1.19%	1,682,990	$26M	trimmed−1%	−0.01 pp	15 q
ZIONZions Bancorporation N.A.	1.18%	607,058	$26M	trimmed−68%	−1.52 pp	10 q
KWKennedy-wilson Holdings, Inc.	1.16%	1,245,153	$26M	trimmed−3%	−0.17 pp	6 q
BKDBrookdale Senior Living, Inc.	1.14%	2,023,941	$25M	trimmed−16%	−0.78 pp	15 q
RLRalph Lauren Corporation	1.11%	270,116	$24M	trimmed−1%	−0.15 pp	4 q
unresolvedParkway Inc.	1.05%	1,044,662	$23M	new	+1.05 pp	new
LIVNLivaNova PLC	1.05%	515,777	$23M	added+54%	+0.13 pp	3 q
FNFFidelity National Financial, Inc.	1.02%	664,500	$23M	trimmed−4%	−0.15 pp	4 q
AGCOAGCO Corporation	0.98%	374,671	$22M	trimmed−32%	−0.27 pp	11 q
CERNCerner Corp	0.88%	408,707	$19M	new	+0.88 pp	new
MACThe Macerich Company	0.86%	267,301	$19M	trimmed−66%	−2.02 pp	8 q
KEYKeyCorp	0.82%	986,968	$18M	trimmed−31%	+0.03 pp	15 q
9990302DApache Corp	0.74%	257,260	$16M	trimmed−37%	−0.45 pp	15 q
unresolvedShire PLC	0.52%	67,805	$12M	trimmed−1%	−0.09 pp	3 q
CBSHCommerce Bancshares Inc	0.49%	185,306	$11M	trimmed−0%	+0.09 pp	15 q
unresolvedWCI Communities Inc.	0.46%	432,988	$10M	trimmed−18%	−0.11 pp	10 q
UMBFUMB Financial Corp	0.45%	127,791	$10M	trimmed−10%	+0.06 pp	15 q
VCVisteon Corporation	0.40%	110,112	$9M	trimmed−15%	−0.02 pp	6 q
NSITInsight Enterprises Inc	0.39%	210,950	$9M	trimmed−4%	+0.06 pp	14 q
NTCTNetscout Systems Inc	0.38%	269,400	$8M	trimmed−0%	+0.02 pp	3 q
SBSISouthside Bancshares, Inc.	0.38%	221,678	$8M	trimmed−0%	+0.05 pp	6 q
CUBLionheart Holdings Class A	0.37%	171,518	$8M	trimmed−0%	0.00 pp	15 q
unresolvedMulti-Color Corporation	0.36%	101,346	$8M	trimmed−9%	+0.02 pp	12 q
ICFIICF International, Inc.	0.34%	135,422	$7M	trimmed−20%	0.00 pp	15 q
CFRCullen/Frost Bankers Inc.	0.33%	82,000	$7M	trimmed−0%	+0.06 pp	15 q
PBProsperity Bancshares Inc	0.33%	101,963	$7M	trimmed−0%	+0.07 pp	12 q
WKCWorld Kinect Corporation	0.31%	151,019	$7M	added+12%	+0.02 pp	13 q
ALGAlamo Group, Inc.	0.30%	86,006	$7M	trimmed−11%	+0.01 pp	15 q
FCNFTI Consulting, Inc.	0.29%	140,392	$6M	trimmed−9%	−0.02 pp	14 q
TTEKTetra Tech Inc	0.29%	149,244	$6M	trimmed−0%	+0.05 pp	15 q
EMEEMCOR Group, Inc.	0.28%	87,607	$6M	trimmed−31%	−0.07 pp	15 q
ARCOArcos Dorados Holdings Inc.	0.28%	1,163,100	$6M	trimmed−2%	−0.01 pp	11 q
DORMDorman Products, Inc. New	0.27%	81,500	$6M	trimmed−18%	−0.02 pp	8 q
VLYValley National Bancorp	0.27%	508,775	$6M	trimmed−0%	+0.04 pp	15 q
CSWCSW Industrials, Inc.	0.25%	150,348	$6M	held	—	4 q
KEXKirby Corporation	0.25%	82,600	$5M	trimmed−21%	−0.05 pp	5 q
unresolvedRadio One Inc	0.25%	1,906,369	$6M	trimmed−10%	−0.05 pp	13 q
unresolvedSyntel Inc	0.25%	278,106	$6M	added×2.4	+0.02 pp	15 q
unresolvedVca Inc	0.25%	80,458	$6M	trimmed−0%	−0.01 pp	13 q
PRSUPursuit Attractions and Hospitality, Inc.	0.25%	127,533	$6M	trimmed−11%	+0.01 pp	9 q
FIXComfort Systems USA, Inc.	0.24%	161,375	$5M	trimmed−0%	+0.02 pp	2 q
FLWS1-800-FLOWERS.COM Inc	0.24%	501,564	$5M	trimmed−6%	+0.02 pp	7 q
GGenpact Limited	0.24%	221,666	$5M	added+6%	+0.01 pp	12 q
unresolvedDst Sys Inc DEL	0.23%	48,300	$5M	added+8%	−0.01 pp	6 q
SMPStandard Motor Products	0.23%	95,747	$5M	trimmed−38%	−0.11 pp	11 q
BBarnes Group Inc	0.22%	104,200	$5M	trimmed−0%	+0.03 pp	9 q
SPSP Plus Corporation	0.22%	169,423	$5M	added+38%	+0.08 pp	2 q
CBMCambrex Corporation	0.20%	83,585	$5M	trimmed−0%	+0.03 pp	4 q
MTNVail Resorts, Inc.	0.20%	26,939	$4M	trimmed−0%	+0.01 pp	15 q
GIIIG-Iii Apparel Group Ltd	0.19%	142,601	$4M	trimmed−0%	0.00 pp	3 q
KALUKaiser Aluminum Corporation	0.19%	52,778	$4M	added+7%	−0.01 pp	15 q
UNFUnifirst Corp	0.19%	29,910	$4M	trimmed−24%	−0.05 pp	15 q
CNHCnh Industrial N.v.	0.19%	490,100	$4M	trimmed−8%	+0.01 pp	7 q
ABMABM Industries, Inc.	0.17%	89,857	$4M	trimmed−13%	−0.02 pp	15 q
CRZOCarrizo Oil & Gas Inc	0.17%	102,753	$4M	added+11%	0.00 pp	4 q
unresolvedDsw Inc	0.17%	164,900	$4M	trimmed−27%	−0.04 pp	6 q
TILEInterface Inc	0.17%	202,020	$4M	trimmed−19%	−0.02 pp	4 q
KFYKorn Ferry	0.17%	125,500	$4M	new	+0.17 pp	new
SEBSeaboard Corporation	0.17%	937	$4M	trimmed−0%	+0.02 pp	4 q
TFXTeleflex Incorporated	0.17%	23,007	$4M	trimmed−0%	−0.01 pp	15 q
CZZCosan Ltd-class A Shares	0.17%	511,000	$4M	trimmed−22%	−0.04 pp	6 q
ALCOAlico Inc	0.16%	129,227	$4M	trimmed−0%	0.00 pp	15 q
unresolvedLeucadia National	0.16%	150,733	$4M	trimmed−12%	+0.01 pp	15 q
PRGSProgress Software Corp (DE)	0.16%	112,355	$4M	trimmed−0%	+0.02 pp	15 q
unresolvedCsg Sys Intl Inc	0.15%	67,198	$3M	trimmed−0%	+0.02 pp	13 q
MYRGMYR Group, Inc.	0.15%	86,000	$3M	trimmed−26%	−0.01 pp	5 q
TNETTrinet Group, Inc.	0.15%	128,600	$3M	new	+0.15 pp	new
ANIPANI Pharmaceuticals, Inc.	0.14%	49,933	$3M	trimmed−0%	−0.01 pp	7 q
FRGIFiesta Restaurant Group, Inc.	0.14%	104,127	$3M	trimmed−0%	+0.02 pp	3 q
LMLegg Mason, Inc.	0.14%	104,132	$3M	trimmed−0%	−0.02 pp	13 q
PDCOPatterson Companies, Inc.	0.14%	75,400	$3M	trimmed−0%	−0.02 pp	11 q
BMCHBMC Stock Holdings, Inc	0.12%	141,000	$3M	new	+0.12 pp	new
CSWCCapital Southwest Corp	0.11%	150,348	$2M	held	—	15 q
MDRXVeradigm Inc	0.09%	203,687	$2M	trimmed−0%	−0.03 pp	15 q
CCSCentury Communities, Inc.	0.09%	94,974	$2M	trimmed−14%	−0.02 pp	10 q
SBSAQSpanish Brdcstng Sys A	0.09%	639,603	$2M	held	—	15 q
unresolvedUCP Inc. - Class A	0.09%	169,859	$2M	trimmed−37%	−0.02 pp	10 q
CIRCircor International Inc	0.08%	26,267	$2M	trimmed−0%	+0.01 pp	8 q
unresolvedComerica Inc.	0.07%	38,300	$1M	trimmed−57%	−0.01 pp	15 q
NXQuanex Building Products Corporation	0.07%	78,300	$2M	new	+0.07 pp	new
SKTTanger Inc.	0.06%	37,519	$1M	trimmed−0%	−0.01 pp	14 q
CTTCatchmark Timber Trust, Inc.	0.04%	80,000	$901,000	held	—	6 q
unresolvedFirst Potomac Realty Trust	0.04%	80,000	$878,000	held	—	7 q
SYNASynaptics Inc	0.04%	15,800	$847,000	new	+0.04 pp	new
NXRTNexPoint Residential Trust Inc	0.03%	25,000	$559,000	held	—	3 q
LEN.BLennar Corporation Class B	0.02%	11,356	$392,000	new	+0.02 pp	new
VMIValmont Industries, Inc.	0.01%	1,699	$239,000	trimmed−28%	0.00 pp	9 q
unresolvedForest City Enterprises Inc. CL B	0.00%	702	$19,000	held	—	4 q
TTENTotalenergies SE -spon ADR	0.00%	1,823	$93,000	trimmed−35%	−0.01 pp	9 q
VODVodafone Group PLC	0.00%	1,877	$46,000	trimmed−32%	0.00 pp	8 q
unresolvedIngram Micro Inc	—	−110,658	—	exited	−0.18 pp	—
unresolvedCst Brands Inc	—	−60,534	—	exited	−0.13 pp	—
FLOWSpx Flow Inc	—	−67,624	—	exited	−0.10 pp	—
unresolvedWmih Corp	—	−216,706	—	exited	−0.02 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 20 unresolved
Accession: 0001099281-17-000008
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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