Third Avenue

Q1 2017 13F · by Matthew Fine, portfolio manager

As of: Mar 31, 2017
Filed: May 15, 2017
US stock: $2.2B · prev $2.2B
Positions: 112 · 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%

Moves86 since the prior filing

+5.3 pp in · −5.4 pp out

New 6 +1.73 pp
Added 36 +3.58 pp
Trimmed 36 −0.59 pp
Exited 8 −4.85 pp

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.5 years per position

Low
Moderate
High

Top 5 positions33% of US stock

WY Weyerhaeuser Company trimmed+0.99 pp trimmed+0.999.2%
unresolved Brookfield Asset Mgmt Inc trimmed+0.73 pp trimmed+0.737.2%
LEN Lennar Corporation Class A added+1.18 pp added+1.186.9%
unresolved Forest City Rlty Tr Inc trimmed+0.24 pp trimmed+0.244.8%
RYN Rayonier Inc. held held4.5%

Positions112 in this filing · 8 exited


WYWeyerhaeuser Company	9.19%	5,919,490	$201M	trimmed−2%	+0.99 pp	16 q
unresolvedBrookfield Asset Mgmt Inc	7.16%	4,295,013	$157M	trimmed−0%	+0.73 pp	16 q
LENLennar Corporation Class A	6.92%	2,956,713	$151M	added0%	+1.18 pp	5 q
unresolvedForest City Rlty Tr Inc	4.84%	4,864,408	$106M	trimmed−0%	+0.24 pp	5 q
RYNRayonier Inc.	4.47%	3,452,270	$98M	held	—	14 q
BNYBank of New York Mellon Corporation	3.82%	1,768,136	$84M	added0%	+0.04 pp	16 q
PNCPNC Financial Services Group	3.07%	559,122	$67M	trimmed−12%	−0.28 pp	11 q
CMAComerica Incorporated	3.06%	975,344	$67M	trimmed−6%	−0.14 pp	16 q
unresolvedPNC Financial Services Group 2018 Warrants	2.88%	1,186,849	$63M	trimmed−9%	−0.05 pp	16 q
VNOVornado Realty Trust	2.75%	599,214	$60M	held	—	16 q
WTMWhite Mountains Insurance Group Ltd.	2.59%	64,386	$57M	added0%	+0.16 pp	16 q
CVCOCavco Industries Inc.	2.22%	416,466	$48M	trimmed−12%	+0.08 pp	16 q
YAlleghany Corporation	2.19%	77,789	$48M	trimmed−6%	−0.08 pp	15 q
FRFirst Industrial Realty Trust, Inc.	2.19%	1,797,143	$48M	trimmed−0%	−0.10 pp	16 q
TRCTejon Ranch Co.	2.16%	2,164,153	$47M	held	—	16 q
LOWLowe's Companies Inc.	2.10%	557,911	$46M	trimmed−1%	+0.29 pp	16 q
TPHSTrinity Place Hldgs Inc	1.61%	4,829,014	$35M	added+14%	−0.16 pp	5 q
AMGNAmgen Inc	1.58%	211,084	$35M	added0%	+0.19 pp	4 q
JCIJohnson Controls International plc	1.47%	763,067	$32M	added+7%	+0.13 pp	3 q
DVNDevon Energy Corporation	1.46%	768,306	$32M	added+1%	−0.12 pp	16 q
unresolvedCBS Corp	1.43%	449,645	$31M	trimmed−31%	−0.45 pp	11 q
RLRalph Lauren Corporation	1.35%	360,653	$29M	added+34%	+0.24 pp	5 q
MASMasco Corporation	1.33%	856,047	$29M	added0%	+0.11 pp	8 q
AXEAnixter International Inc	1.28%	354,028	$28M	added0%	−0.01 pp	11 q
BKDBrookdale Senior Living, Inc.	1.27%	2,069,954	$28M	added+2%	+0.13 pp	16 q
KWKennedy-wilson Holdings, Inc.	1.26%	1,238,753	$28M	trimmed−1%	+0.10 pp	7 q
FNFFidelity National Financial, Inc.	1.18%	664,500	$26M	held	—	5 q
LIVNLivaNova PLC	1.17%	521,910	$26M	added+1%	+0.12 pp	4 q
MACThe Macerich Company	1.14%	385,801	$25M	added+44%	+0.28 pp	9 q
CERNCerner Corp	1.10%	410,097	$24M	added0%	+0.22 pp	2 q
ZIONZions Bancorporation N.A.	1.08%	564,658	$24M	trimmed−7%	−0.10 pp	11 q
unresolvedParkway Inc.	0.95%	1,044,662	$21M	held	—	2 q
KEYKeyCorp	0.81%	997,176	$18M	added+1%	−0.01 pp	16 q
EOGEOG Resources, Inc.	0.70%	156,897	$15M	new	+0.70 pp	new
AVTAvnet, Inc.	0.59%	284,341	$13M	new	+0.59 pp	new
unresolvedShire PLC	0.55%	69,507	$12M	added+3%	+0.03 pp	4 q
NTCTNetscout Systems Inc	0.47%	269,400	$10M	held	—	4 q
ARCOArcos Dorados Holdings Inc.	0.46%	1,262,600	$10M	added+9%	+0.18 pp	12 q
CUBLionheart Holdings Class A	0.40%	165,104	$9M	trimmed−4%	+0.03 pp	16 q
CBSHCommerce Bancshares Inc	0.39%	152,706	$9M	trimmed−18%	−0.10 pp	16 q
CVACovanta Holding Corporation	0.37%	517,546	$8M	trimmed−69%	−0.82 pp	16 q
unresolvedSyntel Inc	0.35%	451,397	$8M	added+62%	+0.10 pp	16 q
SBSISouthside Bancshares, Inc.	0.34%	221,678	$7M	held	—	7 q
unresolvedVca Inc	0.34%	80,458	$7M	held	—	14 q
UMBFUMB Financial Corp	0.33%	96,691	$7M	trimmed−24%	−0.12 pp	16 q
PBProsperity Bancshares Inc	0.32%	99,046	$7M	trimmed−3%	−0.01 pp	13 q
VCVisteon Corporation	0.30%	66,288	$6M	trimmed−40%	−0.10 pp	7 q
GGenpact Limited	0.29%	254,366	$6M	added+15%	+0.05 pp	13 q
unresolvedDst Sys Inc DEL	0.28%	50,100	$6M	added+4%	+0.05 pp	7 q
NSITInsight Enterprises Inc	0.28%	147,700	$6M	trimmed−30%	−0.11 pp	15 q
unresolvedMulti-Color Corporation	0.28%	85,246	$6M	trimmed−16%	−0.08 pp	13 q
TTEKTetra Tech Inc	0.28%	149,244	$6M	held	—	16 q
WKCWorld Kinect Corporation	0.28%	166,319	$6M	added+10%	−0.03 pp	14 q
FIXComfort Systems USA, Inc.	0.27%	161,375	$6M	held	—	3 q
CFRCullen/Frost Bankers Inc.	0.27%	66,400	$6M	trimmed−19%	−0.06 pp	16 q
ICFIICF International, Inc.	0.27%	144,822	$6M	added+7%	−0.07 pp	16 q
BMCHBMC Stock Holdings, Inc	0.26%	253,800	$6M	added+80%	+0.14 pp	2 q
FCNFTI Consulting, Inc.	0.26%	140,392	$6M	held	—	15 q
SPSP Plus Corporation	0.26%	169,423	$6M	held	—	3 q
CSWCSW Industrials, Inc.	0.25%	150,348	$6M	held	—	5 q
ALGAlamo Group, Inc.	0.24%	69,506	$5M	trimmed−19%	−0.06 pp	16 q
BBarnes Group Inc	0.24%	104,200	$5M	held	—	10 q
EMEEMCOR Group, Inc.	0.24%	82,107	$5M	trimmed−6%	−0.04 pp	16 q
TNETTrinet Group, Inc.	0.24%	185,400	$5M	added+44%	+0.09 pp	2 q
PRSUPursuit Attractions and Hospitality, Inc.	0.23%	109,135	$5M	trimmed−14%	−0.02 pp	10 q
CBMCambrex Corporation	0.22%	85,485	$5M	added+2%	+0.02 pp	5 q
DORMDorman Products, Inc. New	0.22%	58,400	$5M	trimmed−28%	−0.05 pp	9 q
KALUKaiser Aluminum Corporation	0.22%	61,478	$5M	added+16%	+0.03 pp	16 q
CRZOCarrizo Oil & Gas Inc	0.21%	163,353	$5M	added+59%	+0.04 pp	5 q
TILEInterface Inc	0.21%	241,920	$5M	added+20%	+0.04 pp	5 q
NXQuanex Building Products Corporation	0.20%	214,200	$4M	added×2.7	+0.13 pp	2 q
TFXTeleflex Incorporated	0.20%	23,007	$4M	held	—	16 q
CZZCosan Ltd-class A Shares	0.20%	511,000	$4M	held	—	7 q
CNHCnh Industrial N.v.	0.20%	456,800	$4M	trimmed−7%	+0.01 pp	8 q
GIIIG-Iii Apparel Group Ltd	0.19%	194,701	$4M	added+37%	0.00 pp	4 q
FLWS1-800-FLOWERS.COM Inc	0.19%	404,033	$4M	trimmed−19%	−0.05 pp	8 q
SMPStandard Motor Products	0.19%	85,601	$4M	trimmed−11%	−0.04 pp	12 q
SYNASynaptics Inc	0.19%	85,907	$4M	added×5.4	+0.15 pp	2 q
UNFUnifirst Corp	0.19%	29,910	$4M	held	—	16 q
MTNVail Resorts, Inc.	0.19%	21,839	$4M	trimmed−19%	−0.01 pp	16 q
ABMABM Industries, Inc.	0.18%	89,857	$4M	held	—	16 q
KFYKorn Ferry	0.18%	125,500	$4M	held	—	2 q
unresolvedLeucadia National	0.18%	150,733	$4M	held	—	16 q
SEBSeaboard Corporation	0.18%	937	$4M	held	—	5 q
VLYValley National Bancorp	0.18%	337,775	$4M	trimmed−34%	−0.09 pp	16 q
LMLegg Mason, Inc.	0.17%	104,132	$4M	held	—	14 q
PDCOPatterson Companies, Inc.	0.17%	81,500	$4M	added+8%	+0.03 pp	12 q
PLABPhotronics Inc	0.17%	340,600	$4M	new	+0.17 pp	new
ALCOAlico Inc	0.16%	129,227	$3M	held	—	16 q
unresolvedDsw Inc	0.16%	164,900	$3M	held	—	7 q
PRGSProgress Software Corp (DE)	0.15%	112,355	$3M	held	—	16 q
unresolvedCsg Sys Intl Inc	0.12%	67,198	$3M	held	—	14 q
CSWCCapital Southwest Corp	0.12%	150,348	$3M	held	—	16 q
MYRGMYR Group, Inc.	0.12%	64,300	$3M	trimmed−25%	−0.03 pp	6 q
TPHTri Pointe Homes, Inc.	0.12%	207,700	$3M	new	+0.12 pp	new
ANIPANI Pharmaceuticals, Inc.	0.11%	49,933	$2M	held	—	8 q
CORECore Mark Holding Co., Inc.	0.11%	73,962	$2M	new	+0.11 pp	new
FRGIFiesta Restaurant Group, Inc.	0.11%	102,678	$2M	trimmed−1%	−0.03 pp	4 q
LEN.BLennar Corporation Class B	0.10%	50,456	$2M	added×4.4	+0.08 pp	2 q
unresolvedUCP Inc. - Class A	0.08%	169,859	$2M	held	—	11 q
CCSCentury Communities, Inc.	0.07%	56,974	$1M	trimmed−40%	−0.02 pp	11 q
unresolvedComerica Inc.	0.07%	38,300	$2M	held	—	16 q
CIRCircor International Inc	0.06%	22,467	$1M	trimmed−14%	−0.02 pp	9 q
SKTTanger Inc.	0.06%	37,119	$1M	trimmed−1%	0.00 pp	15 q
CTTCatchmark Timber Trust, Inc.	0.04%	80,000	$922,000	held	—	7 q
CDRCedar Realty Trust, Inc	0.04%	175,700	$882,000	new	+0.04 pp	new
unresolvedFirst Potomac Realty Trust	0.04%	80,000	$822,000	held	—	8 q
NXRTNexPoint Residential Trust Inc	0.03%	25,000	$604,000	held	—	4 q
VMIValmont Industries, Inc.	0.02%	2,157	$335,000	added+27%	+0.01 pp	10 q
TTENTotalenergies SE -spon ADR	0.01%	2,807	$142,000	added+54%	+0.01 pp	10 q
unresolvedForest City Enterprises Inc. CL B	0.00%	702	$20,000	held	—	5 q
VODVodafone Group PLC	0.00%	3,136	$83,000	added+67%	0.00 pp	9 q
unresolvedHarman Intl Inds Inc	—	−395,177	—	exited	−1.99 pp	—
AGCOAGCO Corporation	—	−374,671	—	exited	−0.98 pp	—
9990302DApache Corp	—	−257,260	—	exited	−0.74 pp	—
unresolvedWCI Communities Inc.	—	−432,988	—	exited	−0.46 pp	—
KEXKirby Corporation	—	−82,600	—	exited	−0.25 pp	—
unresolvedRadio One Inc	—	−1,906,369	—	exited	−0.25 pp	—
MDRXVeradigm Inc	—	−203,687	—	exited	−0.09 pp	—
SBSAQSpanish Brdcstng Sys A	—	−639,603	—	exited	−0.09 pp	—