Third Avenue

Q2 2017 13F · by Matthew Fine, portfolio manager

As of: Jun 30, 2017
Filed: Aug 14, 2017
US stock: $2.2B · prev $2.2B
Positions: 116 · prev 112
Options notional: $0
Documents: 1· 1 amendment

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%

Moves96 since the prior filing

+4.5 pp in · −4.9 pp out

New 9 +3.92 pp
Added 21 +0.62 pp
Trimmed 61 −4.34 pp
Exited 5 −0.56 pp

The book

Focused · behaves like 30 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.8 years per position

Low
Moderate
High

Top 5 positions32% of US stock

WY Weyerhaeuser Company trimmed−0.77 pp trimmed−0.778.4%
unresolved Brookfield Asset Mgmt Inc trimmed+0.33 pp trimmed+0.337.5%
LEN Lennar Corporation Class A trimmed−0.11 pp trimmed−0.116.8%
unresolved Forest City Rlty Tr Inc trimmed+0.38 pp trimmed+0.385.2%
RYN Rayonier Inc. trimmed−0.17 pp trimmed−0.174.3%

Revealed late, restated

restated 0 rows corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · Aug 14, 2017 ↗

Positions116 in this filing · 5 exited


WYWeyerhaeuser Company	8.42%	5,651,983	$189M	trimmed−5%	−0.77 pp	17 q
unresolvedBrookfield Asset Mgmt Inc	7.49%	4,291,808	$168M	trimmed−0%	+0.33 pp	17 q
LENLennar Corporation Class A	6.81%	2,870,041	$153M	trimmed−3%	−0.11 pp	6 q
unresolvedForest City Rlty Tr Inc	5.22%	4,853,922	$117M	trimmed−0%	+0.38 pp	6 q
RYNRayonier Inc.	4.30%	3,358,770	$97M	trimmed−3%	−0.17 pp	15 q
BNYBank of New York Mellon Corporation	4.00%	1,762,417	$90M	trimmed−0%	+0.18 pp	17 q
CMAComerica Incorporated	3.17%	971,553	$71M	trimmed−0%	+0.11 pp	17 q
PNCPNC Financial Services Group	3.10%	558,812	$70M	trimmed−0%	+0.03 pp	12 q
unresolvedPNC Financial Services Group 2018 Warrants	3.04%	1,186,849	$68M	held	—	17 q
VNOVornado Realty Trust	2.67%	638,714	$60M	added+7%	−0.08 pp	17 q
FRFirst Industrial Realty Trust, Inc.	2.28%	1,787,243	$51M	trimmed−1%	+0.09 pp	17 q
YAlleghany Corporation	2.06%	77,682	$46M	trimmed−0%	−0.13 pp	16 q
TRCTejon Ranch Co.	2.03%	2,211,653	$46M	added+2%	−0.13 pp	17 q
CVCOCavco Industries Inc.	1.94%	335,919	$44M	trimmed−19%	−0.28 pp	17 q
LOWLowe's Companies Inc.	1.64%	475,011	$37M	trimmed−15%	−0.46 pp	17 q
FPHFive Point Holdings, LLC Class A	1.62%	2,466,661	$36M	new	+1.62 pp	new
AMGNAmgen Inc	1.61%	210,430	$36M	trimmed−0%	+0.03 pp	5 q
TPHSTrinity Place Hldgs Inc	1.54%	4,882,914	$35M	added+1%	−0.07 pp	6 q
JCIJohnson Controls International plc	1.46%	759,515	$33M	trimmed−0%	−0.01 pp	4 q
LIVNLivaNova PLC	1.42%	520,671	$32M	trimmed−0%	+0.25 pp	5 q
BKDBrookdale Senior Living, Inc.	1.35%	2,064,320	$30M	trimmed−0%	+0.08 pp	17 q
FNFFidelity National Financial, Inc.	1.33%	664,500	$30M	held	—	6 q
MASMasco Corporation	1.32%	779,146	$30M	trimmed−9%	−0.01 pp	9 q
MACThe Macerich Company	1.29%	500,801	$29M	added+30%	+0.15 pp	10 q
WTMWhite Mountains Insurance Group Ltd.	1.28%	33,035	$29M	trimmed−49%	−1.31 pp	17 q
AXEAnixter International Inc	1.23%	352,892	$28M	trimmed−0%	−0.05 pp	12 q
CERNCerner Corp	1.21%	409,318	$27M	trimmed−0%	+0.11 pp	3 q
unresolvedCBS Corp	1.18%	414,426	$26M	trimmed−8%	−0.25 pp	12 q
RLRalph Lauren Corporation	1.18%	359,546	$27M	trimmed−0%	−0.17 pp	6 q
ZIONZions Bancorporation N.A.	1.09%	557,558	$24M	trimmed−1%	+0.01 pp	12 q
unresolvedParkway Inc.	1.07%	1,050,762	$24M	added+1%	+0.12 pp	3 q
KWKennedy-wilson Holdings, Inc.	1.05%	1,242,253	$24M	added0%	−0.21 pp	8 q
RSReliance, Inc.	1.02%	314,698	$23M	new	+1.02 pp	new
EOGEOG Resources, Inc.	0.96%	239,621	$22M	added+53%	+0.26 pp	2 q
AVTAvnet, Inc.	0.89%	516,792	$20M	added+82%	+0.30 pp	2 q
DVNDevon Energy Corporation	0.88%	619,883	$20M	trimmed−19%	−0.58 pp	17 q
KEYKeyCorp	0.71%	856,940	$16M	trimmed−14%	−0.10 pp	17 q
unresolvedShire PLC	0.51%	69,324	$11M	trimmed−0%	−0.04 pp	5 q
NTCTNetscout Systems Inc	0.38%	247,700	$9M	trimmed−8%	−0.09 pp	5 q
unresolvedSyntel Inc	0.37%	488,697	$8M	added+8%	+0.02 pp	17 q
CBSHCommerce Bancshares Inc	0.35%	139,306	$8M	trimmed−9%	−0.04 pp	17 q
ARCOArcos Dorados Holdings Inc.	0.33%	989,700	$7M	trimmed−22%	−0.13 pp	13 q
SBSISouthside Bancshares, Inc.	0.32%	204,070	$7M	trimmed−10%	−0.02 pp	8 q
DBDeutsche Bank Aktiengesellschaft	0.32%	400,000	$7M	new	+0.32 pp	new
CVACovanta Holding Corporation	0.30%	514,895	$7M	trimmed−1%	−0.07 pp	17 q
ICFIICF International, Inc.	0.30%	144,822	$7M	held	—	17 q
unresolvedMulti-Color Corporation	0.30%	82,062	$7M	trimmed−4%	+0.02 pp	14 q
BMCHBMC Stock Holdings, Inc	0.28%	283,400	$6M	added+12%	+0.02 pp	3 q
VCVisteon Corporation	0.28%	61,888	$6M	trimmed−7%	−0.02 pp	8 q
WKCWorld Kinect Corporation	0.28%	166,319	$6M	held	—	15 q
FIXComfort Systems USA, Inc.	0.27%	161,375	$6M	held	—	4 q
CUBLionheart Holdings Class A	0.27%	132,204	$6M	trimmed−20%	−0.13 pp	17 q
KALUKaiser Aluminum Corporation	0.27%	69,578	$6M	added+13%	+0.05 pp	17 q
PBProsperity Bancshares Inc	0.27%	93,046	$6M	trimmed−6%	−0.05 pp	14 q
SPSP Plus Corporation	0.27%	198,423	$6M	added+17%	+0.01 pp	4 q
TTEKTetra Tech Inc	0.27%	131,444	$6M	trimmed−12%	−0.01 pp	17 q
TNETTrinet Group, Inc.	0.27%	185,400	$6M	held	—	3 q
UMBFUMB Financial Corp	0.27%	81,391	$6M	trimmed−16%	−0.06 pp	17 q
CSWCSW Industrials, Inc.	0.26%	150,348	$6M	held	—	6 q
unresolvedDst Sys Inc DEL	0.26%	93,000	$6M	added+86%	−0.02 pp	8 q
NSITInsight Enterprises Inc	0.26%	147,700	$6M	held	—	16 q
CFRCullen/Frost Bankers Inc.	0.25%	60,800	$6M	trimmed−8%	−0.02 pp	17 q
BBarnes Group Inc	0.24%	91,200	$5M	trimmed−12%	0.00 pp	11 q
EMEEMCOR Group, Inc.	0.24%	82,107	$5M	held	—	17 q
TPHTri Pointe Homes, Inc.	0.24%	410,900	$5M	added+98%	+0.12 pp	2 q
ALGAlamo Group, Inc.	0.23%	56,906	$5M	trimmed−18%	−0.01 pp	17 q
unresolvedVca Inc	0.23%	57,158	$5M	trimmed−29%	−0.11 pp	15 q
PRSUPursuit Attractions and Hospitality, Inc.	0.23%	108,235	$5M	trimmed−1%	0.00 pp	11 q
GGenpact Limited	0.23%	188,766	$5M	trimmed−26%	−0.06 pp	14 q
GIIIG-Iii Apparel Group Ltd	0.22%	194,701	$5M	held	—	5 q
FCNFTI Consulting, Inc.	0.21%	136,292	$5M	trimmed−3%	−0.05 pp	16 q
FNSRFinisar Corp	0.21%	182,400	$5M	new	+0.21 pp	new
HAYNHaynes International, Inc.	0.21%	127,187	$5M	new	+0.21 pp	new
TILEInterface Inc	0.21%	241,920	$5M	held	—	6 q
SYNASynaptics Inc	0.21%	91,307	$5M	added+6%	+0.02 pp	3 q
unresolvedDsw Inc	0.20%	248,400	$4M	added+51%	+0.04 pp	8 q
PLABPhotronics Inc	0.20%	467,900	$4M	added+37%	+0.03 pp	2 q
NXQuanex Building Products Corporation	0.20%	214,700	$5M	added0%	0.00 pp	3 q
KFYKorn Ferry	0.19%	125,500	$4M	held	—	3 q
UNFUnifirst Corp	0.19%	29,910	$4M	held	—	17 q
ALCOAlico Inc	0.18%	128,323	$4M	trimmed−1%	+0.02 pp	17 q
CBMCambrex Corporation	0.18%	68,885	$4M	trimmed−19%	−0.04 pp	6 q
ABMABM Industries, Inc.	0.17%	89,857	$4M	held	—	17 q
HZNHorizon Global Corporation	0.17%	268,100	$4M	new	+0.17 pp	new
PDCOPatterson Companies, Inc.	0.17%	81,500	$4M	held	—	13 q
SEBSeaboard Corporation	0.17%	937	$4M	held	—	6 q
DORMDorman Products, Inc. New	0.16%	43,600	$4M	trimmed−25%	−0.06 pp	10 q
CZZCosan Ltd-class A Shares	0.16%	563,000	$4M	added+10%	−0.04 pp	8 q
unresolvedLeucadia National	0.15%	126,433	$3M	trimmed−16%	−0.03 pp	17 q
SMPStandard Motor Products	0.15%	63,347	$3M	trimmed−26%	−0.04 pp	13 q
VLYValley National Bancorp	0.15%	282,975	$3M	trimmed−16%	−0.03 pp	17 q
CNHCnh Industrial N.v.	0.15%	290,600	$3M	trimmed−36%	−0.05 pp	9 q
PDCEPDC Energy, Inc.	0.14%	72,700	$3M	new	+0.14 pp	new
PRGSProgress Software Corp (DE)	0.14%	102,555	$3M	trimmed−9%	−0.01 pp	17 q
AMNAMN Healthcare Services	0.13%	73,842	$3M	new	+0.13 pp	new
CRZOCarrizo Oil & Gas Inc	0.13%	162,153	$3M	trimmed−1%	−0.08 pp	6 q
CORECore Mark Holding Co., Inc.	0.13%	91,661	$3M	added+24%	+0.02 pp	2 q
MYRGMYR Group, Inc.	0.13%	93,400	$3M	added+45%	+0.01 pp	7 q
unresolvedCsg Sys Intl Inc	0.12%	67,198	$3M	held	—	15 q
CSWCCapital Southwest Corp	0.11%	150,348	$2M	held	—	17 q
ANIPANI Pharmaceuticals, Inc.	0.10%	49,933	$2M	held	—	9 q
LMLegg Mason, Inc.	0.10%	59,332	$2M	trimmed−43%	−0.07 pp	15 q
LEN.BLennar Corporation Class B	0.10%	48,179	$2M	trimmed−5%	0.00 pp	3 q
WSBCWesBanco Inc	0.10%	56,700	$2M	new	+0.10 pp	new
unresolvedComerica Inc.	0.07%	33,300	$1M	trimmed−13%	0.00 pp	17 q
CCSCentury Communities, Inc.	0.06%	56,974	$1M	held	—	12 q
CIRCircor International Inc	0.06%	22,467	$1M	held	—	10 q
CTTCatchmark Timber Trust, Inc.	0.04%	80,000	$910,000	held	—	8 q
CDRCedar Realty Trust, Inc	0.04%	175,700	$853,000	held	—	2 q
unresolvedFirst Potomac Realty Trust	0.04%	80,000	$889,000	held	—	9 q
NXRTNexPoint Residential Trust Inc	0.03%	25,000	$623,000	held	—	5 q
unresolvedUCP Inc. - Class A	0.03%	63,659	$698,000	trimmed−63%	−0.05 pp	12 q
VMIValmont Industries, Inc.	0.01%	1,982	$297,000	trimmed−8%	−0.01 pp	11 q
TTENTotalenergies SE -spon ADR	0.00%	984	$49,000	trimmed−65%	−0.01 pp	11 q
MTNVail Resorts, Inc.	0.00%	0	$0	trimmed−100%	−0.19 pp	17 q
VODVodafone Group PLC	0.00%	1,259	$37,000	trimmed−60%	0.00 pp	10 q
TFXTeleflex Incorporated	—	−23,007	—	exited	−0.20 pp	—
FLWS1-800-FLOWERS.COM Inc	—	−404,033	—	exited	−0.19 pp	—
FRGIFiesta Restaurant Group, Inc.	—	−102,678	—	exited	−0.11 pp	—
SKTTanger Inc.	—	−37,119	—	exited	−0.06 pp	—
unresolvedForest City Enterprises Inc. CL B	—	−702	—	exited	0.00 pp	—

Source

Form: 13F-HR/A
Reading: 1 defect · 16 unresolved
Accession: 0001099281-17-000020
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

The filing disagrees with its own cover page — cover page stale: declares 116 entries and value 62778; table has 116 rows summing 2248044 — kept, the table is the record

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