Third Avenue

Q3 2017 13F · by Matthew Fine, portfolio manager

As of: Sep 30, 2017
Filed: Oct 26, 2017
US stock: $2.2B · prev $2.2B
Positions: 110 · prev 116
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%

Moves80 since the prior filing

+5.7 pp in · −6.9 pp out

New 3 +2.27 pp
Added 25 +3.42 pp
Trimmed 43 −4.70 pp
Exited 9 −2.23 pp

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.0 years per position

Low
Moderate
High

Top 5 positions33% of US stock

WY Weyerhaeuser Company trimmed+0.22 pp trimmed+0.228.6%
unresolved Brookfield Asset Mgmt Inc added+0.52 pp added+0.528.0%
LEN Lennar Corporation Class A trimmed+0.02 pp trimmed+0.026.8%
unresolved Forest City Rlty Tr Inc added+0.37 pp added+0.375.6%
RYN Rayonier Inc. added+0.08 pp added+0.084.4%

Positions110 in this filing · 9 exited


WYWeyerhaeuser Company	8.64%	5,635,761	$192M	trimmed−0%	+0.22 pp	18 q
unresolvedBrookfield Asset Mgmt Inc	8.01%	4,300,707	$178M	added0%	+0.52 pp	18 q
LENLennar Corporation Class A	6.83%	2,869,290	$151M	trimmed−0%	+0.02 pp	7 q
unresolvedForest City Rlty Tr Inc	5.59%	4,860,122	$124M	added0%	+0.37 pp	7 q
RYNRayonier Inc.	4.38%	3,362,470	$97M	added0%	+0.08 pp	16 q
BNYBank of New York Mellon Corporation	3.71%	1,550,304	$82M	trimmed−12%	−0.29 pp	18 q
unresolvedPNC Financial Services Group 2018 Warrants	3.60%	1,186,849	$80M	held	—	18 q
PNCPNC Financial Services Group	2.95%	485,612	$65M	trimmed−13%	−0.15 pp	13 q
CMAComerica Incorporated	2.91%	847,570	$65M	trimmed−13%	−0.26 pp	18 q
FRFirst Industrial Realty Trust, Inc.	2.43%	1,790,743	$54M	added0%	+0.15 pp	18 q
VNOVornado Realty Trust	2.39%	690,014	$53M	added+8%	−0.28 pp	18 q
JCIJohnson Controls International plc	2.16%	1,189,748	$48M	added+57%	+0.70 pp	5 q
MACThe Macerich Company	2.10%	847,701	$47M	added+69%	+0.81 pp	11 q
TRCTejon Ranch Co.	2.10%	2,211,653	$47M	held	—	18 q
CVCOCavco Industries Inc.	1.80%	271,200	$40M	trimmed−19%	−0.14 pp	18 q
AMGNAmgen Inc	1.77%	210,124	$39M	trimmed−0%	+0.16 pp	6 q
YAlleghany Corporation	1.73%	69,217	$38M	trimmed−11%	−0.33 pp	17 q
LOWLowe's Companies Inc.	1.71%	475,611	$38M	added0%	+0.07 pp	18 q
TPHSTrinity Place Hldgs Inc	1.55%	4,893,514	$34M	added0%	+0.01 pp	7 q
FPHFive Point Holdings, LLC Class A	1.52%	2,466,661	$34M	held	—	2 q
FNFFidelity National Financial, Inc.	1.42%	664,500	$32M	held	—	7 q
AXEAnixter International Inc	1.35%	352,351	$30M	trimmed−0%	+0.12 pp	13 q
CERNCerner Corp	1.31%	408,748	$29M	trimmed−0%	+0.10 pp	4 q
WTMWhite Mountains Insurance Group Ltd.	1.26%	32,601	$28M	trimmed−1%	−0.02 pp	18 q
RSReliance, Inc.	1.24%	359,950	$27M	added+14%	+0.22 pp	2 q
ZIONZions Bancorporation N.A.	1.19%	558,758	$26M	added0%	+0.10 pp	13 q
EOGEOG Resources, Inc.	1.09%	248,856	$24M	added+4%	+0.13 pp	3 q
unresolvedParkway Inc.	1.09%	1,050,762	$24M	held	—	4 q
DVNDevon Energy Corporation	1.02%	618,038	$23M	trimmed−0%	+0.14 pp	18 q
KWKennedy-wilson Holdings, Inc.	0.99%	1,179,553	$22M	trimmed−5%	−0.06 pp	9 q
MASMasco Corporation	0.98%	556,045	$22M	trimmed−29%	−0.34 pp	10 q
KIMKimco Realty Corp.	0.95%	1,080,300	$21M	new	+0.95 pp	new
unresolvedCBS Corp	0.92%	353,287	$20M	trimmed−15%	−0.26 pp	13 q
TDWTidewater, Inc.	0.83%	634,354	$18M	new	+0.83 pp	new
KEYKeyCorp	0.72%	851,818	$16M	trimmed−1%	+0.01 pp	18 q
LIVNLivaNova PLC	0.69%	219,422	$15M	trimmed−58%	−0.73 pp	6 q
JBGSJBG SMITH Properties	0.49%	319,357	$11M	new	+0.49 pp	new
ARCOArcos Dorados Holdings Inc.	0.44%	971,150	$10M	trimmed−2%	+0.11 pp	14 q
unresolvedSyntel Inc	0.43%	488,697	$10M	held	—	18 q
DBDeutsche Bank Aktiengesellschaft	0.39%	500,000	$9M	added+25%	+0.07 pp	2 q
NTCTNetscout Systems Inc	0.36%	247,700	$8M	held	—	6 q
ICFIICF International, Inc.	0.35%	144,822	$8M	held	—	18 q
CVACovanta Holding Corporation	0.34%	513,533	$8M	trimmed−0%	+0.04 pp	18 q
SBSISouthside Bancshares, Inc.	0.33%	198,385	$7M	trimmed−3%	+0.01 pp	9 q
NSITInsight Enterprises Inc	0.31%	147,700	$7M	held	—	17 q
AMNAMN Healthcare Services	0.30%	143,642	$7M	added+95%	+0.17 pp	2 q
CSWCSW Industrials, Inc.	0.30%	150,348	$7M	held	—	7 q
CUBLionheart Holdings Class A	0.30%	132,204	$7M	held	—	18 q
SPSP Plus Corporation	0.30%	166,523	$7M	trimmed−16%	+0.03 pp	5 q
PRSUPursuit Attractions and Hospitality, Inc.	0.30%	108,235	$7M	held	—	12 q
KALUKaiser Aluminum Corporation	0.29%	62,678	$6M	trimmed−10%	+0.02 pp	18 q
PBProsperity Bancshares Inc	0.28%	93,046	$6M	held	—	15 q
TTEKTetra Tech Inc	0.28%	131,444	$6M	held	—	18 q
FIXComfort Systems USA, Inc.	0.27%	169,475	$6M	added+5%	0.00 pp	5 q
CBSHCommerce Bancshares Inc	0.27%	102,906	$6M	trimmed−26%	−0.08 pp	18 q
UMBFUMB Financial Corp	0.27%	81,391	$6M	held	—	18 q
VCVisteon Corporation	0.27%	48,753	$6M	trimmed−21%	−0.01 pp	9 q
WKCWorld Kinect Corporation	0.27%	175,419	$6M	added+5%	−0.01 pp	16 q
BMCHBMC Stock Holdings, Inc	0.26%	270,800	$6M	trimmed−4%	−0.02 pp	4 q
CFRCullen/Frost Bankers Inc.	0.26%	60,800	$6M	held	—	18 q
EMEEMCOR Group, Inc.	0.26%	82,107	$6M	held	—	18 q
TPHTri Pointe Homes, Inc.	0.26%	410,900	$6M	held	—	3 q
TILEInterface Inc	0.24%	241,920	$5M	held	—	7 q
ALGAlamo Group, Inc.	0.23%	46,706	$5M	trimmed−18%	0.00 pp	18 q
CRZOCarrizo Oil & Gas Inc	0.23%	297,453	$5M	added+83%	+0.10 pp	7 q
PDCOPatterson Companies, Inc.	0.23%	131,100	$5M	added+61%	+0.06 pp	14 q
FCNFTI Consulting, Inc.	0.22%	136,292	$5M	held	—	17 q
KFYKorn Ferry	0.22%	125,500	$5M	held	—	4 q
unresolvedMulti-Color Corporation	0.22%	60,262	$5M	trimmed−27%	−0.08 pp	15 q
NXQuanex Building Products Corporation	0.22%	214,700	$5M	held	—	4 q
BBarnes Group Inc	0.21%	67,600	$5M	trimmed−26%	−0.03 pp	12 q
HAYNHaynes International, Inc.	0.21%	130,443	$5M	added+3%	0.00 pp	2 q
HZNHorizon Global Corporation	0.21%	268,100	$5M	held	—	2 q
WSBCWesBanco Inc	0.21%	111,300	$5M	added+96%	+0.11 pp	2 q
CZZCosan Ltd-class A Shares	0.21%	563,000	$5M	held	—	9 q
GGenpact Limited	0.21%	162,066	$5M	trimmed−14%	−0.02 pp	15 q
FNSRFinisar Corp	0.20%	201,400	$4M	added+10%	−0.01 pp	2 q
UNFUnifirst Corp	0.20%	29,910	$5M	held	—	18 q
PLABPhotronics Inc	0.19%	467,900	$4M	held	—	3 q
SEBSeaboard Corporation	0.19%	937	$4M	held	—	7 q
ALCOAlico Inc	0.18%	119,727	$4M	trimmed−7%	0.00 pp	18 q
TNETTrinet Group, Inc.	0.18%	120,700	$4M	trimmed−35%	−0.09 pp	4 q
ABMABM Industries, Inc.	0.17%	89,857	$4M	held	—	18 q
MYRGMYR Group, Inc.	0.17%	130,400	$4M	added+40%	+0.04 pp	8 q
PDCEPDC Energy, Inc.	0.17%	79,000	$4M	added+9%	+0.03 pp	2 q
SYNASynaptics Inc	0.17%	96,807	$4M	added+6%	−0.04 pp	4 q
CBMCambrex Corporation	0.16%	63,085	$3M	trimmed−8%	−0.02 pp	7 q
unresolvedDst Sys Inc DEL	0.16%	62,900	$3M	trimmed−32%	−0.10 pp	9 q
PRGSProgress Software Corp (DE)	0.15%	87,555	$3M	trimmed−15%	+0.01 pp	18 q
DORMDorman Products, Inc. New	0.14%	43,600	$3M	held	—	11 q
CNHCnh Industrial N.v.	0.14%	265,100	$3M	trimmed−9%	−0.01 pp	10 q
CORECore Mark Holding Co., Inc.	0.13%	91,661	$3M	held	—	3 q
unresolvedCsg Sys Intl Inc	0.12%	67,198	$3M	held	—	16 q
CSWCCapital Southwest Corp	0.12%	150,348	$3M	held	—	18 q
LMLegg Mason, Inc.	0.11%	59,332	$2M	held	—	16 q
unresolvedLeucadia National	0.11%	100,233	$3M	trimmed−21%	−0.04 pp	18 q
LEN.BLennar Corporation Class B	0.10%	47,006	$2M	trimmed−2%	0.00 pp	4 q
SMPStandard Motor Products	0.10%	46,947	$2M	trimmed−26%	−0.05 pp	14 q
VLYValley National Bancorp	0.10%	189,675	$2M	trimmed−33%	−0.05 pp	18 q
CCSCentury Communities, Inc.	0.08%	71,671	$2M	added+26%	+0.02 pp	13 q
unresolvedComerica Inc.	0.07%	33,300	$2M	held	—	18 q
CTTCatchmark Timber Trust, Inc.	0.05%	80,000	$1M	held	—	9 q
CDRCedar Realty Trust, Inc	0.04%	175,700	$988,000	held	—	3 q
RLRalph Lauren Corporation	0.04%	9,556	$844,000	trimmed−97%	−1.14 pp	7 q
NXRTNexPoint Residential Trust Inc	0.03%	25,000	$594,000	held	—	6 q
AVTAvnet, Inc.	0.02%	13,379	$526,000	trimmed−97%	−0.87 pp	3 q
unresolvedShire PLC	0.01%	1,491	$229,000	trimmed−98%	−0.50 pp	6 q
VMIValmont Industries, Inc.	0.01%	1,799	$285,000	trimmed−9%	0.00 pp	12 q
TTENTotalenergies SE -spon ADR	0.00%	984	$53,000	held	—	12 q
VODVodafone Group PLC	0.00%	1,259	$36,000	held	—	11 q
BKDBrookdale Senior Living, Inc.	—	−2,064,320	—	exited	−1.35 pp	—
unresolvedVca Inc	—	−57,158	—	exited	−0.23 pp	—
GIIIG-Iii Apparel Group Ltd	—	−194,701	—	exited	−0.22 pp	—
unresolvedDsw Inc	—	−248,400	—	exited	−0.20 pp	—
ANIPANI Pharmaceuticals, Inc.	—	−49,933	—	exited	−0.10 pp	—
CIRCircor International Inc	—	−22,467	—	exited	−0.06 pp	—
unresolvedFirst Potomac Realty Trust	—	−80,000	—	exited	−0.04 pp	—
unresolvedUCP Inc. - Class A	—	−63,659	—	exited	−0.03 pp	—
MTNVail Resorts, Inc.	—	−0	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 12 unresolved
Accession: 0001099281-17-000025
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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