Third Avenue

Q4 2017 13F · by Matthew Fine, portfolio manager

As of: Dec 31, 2017
Filed: Feb 14, 2018
US stock: $2.1B · prev $2.2B
Positions: 92 · 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%

Moves67 since the prior filing

+8.6 pp in · −10.0 pp out

New 3 +2.14 pp
Added 20 +6.50 pp
Trimmed 23 −2.58 pp
Exited 21 −7.47 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions37% of US stock

WY Weyerhaeuser Company trimmed+0.38 pp trimmed+0.389.0%
unresolved Brookfield Asset Mgmt Inc added+0.99 pp added+0.999.0%
LEN Lennar Corporation Class A trimmed+1.14 pp trimmed+1.148.0%
unresolved Forest City Rlty Tr Inc added+0.99 pp added+0.996.6%
RYN Rayonier Inc. trimmed+0.25 pp trimmed+0.254.6%

Positions92 in this filing · 21 exited


WYWeyerhaeuser Company	9.02%	5,324,065	$188M	trimmed−6%	+0.38 pp	19 q
unresolvedBrookfield Asset Mgmt Inc	9.00%	4,303,079	$187M	added0%	+0.99 pp	19 q
LENLennar Corporation Class A	7.97%	2,625,452	$166M	trimmed−9%	+1.14 pp	8 q
unresolvedForest City Rlty Tr Inc	6.58%	5,688,381	$137M	added+17%	+0.99 pp	8 q
RYNRayonier Inc.	4.63%	3,048,426	$96M	trimmed−9%	+0.25 pp	17 q
unresolvedPNC Financial Services Group 2018 Warrants	3.35%	896,250	$70M	trimmed−24%	−0.25 pp	19 q
BNYBank of New York Mellon Corporation	2.82%	1,088,424	$59M	trimmed−30%	−0.89 pp	19 q
MACThe Macerich Company	2.68%	849,829	$56M	added0%	+0.58 pp	12 q
TRCTejon Ranch Co.	2.65%	2,653,982	$55M	added+20%	+0.55 pp	19 q
VNOVornado Realty Trust	2.60%	691,927	$54M	added0%	+0.21 pp	19 q
FRFirst Industrial Realty Trust, Inc.	2.56%	1,692,334	$53M	trimmed−6%	+0.13 pp	19 q
CMAComerica Incorporated	2.28%	546,343	$47M	trimmed−36%	−0.63 pp	19 q
JCIJohnson Controls International plc	2.25%	1,228,339	$47M	added+3%	+0.09 pp	6 q
PNCPNC Financial Services Group	2.23%	321,580	$46M	trimmed−34%	−0.72 pp	14 q
LOWLowe's Companies Inc.	2.12%	474,216	$44M	trimmed−0%	+0.41 pp	19 q
CVCOCavco Industries Inc.	1.99%	271,200	$41M	held	—	19 q
YAlleghany Corporation	1.98%	69,217	$41M	held	—	18 q
TDWTidewater, Inc.	1.96%	1,675,730	$41M	added×2.6	+1.13 pp	2 q
AMGNAmgen Inc	1.81%	216,733	$38M	added+3%	+0.04 pp	7 q
FPHFive Point Holdings, LLC Class A	1.75%	2,585,539	$36M	added+5%	+0.23 pp	3 q
TPHSTrinity Place Hldgs Inc	1.63%	4,893,514	$34M	held	—	8 q
RSReliance, Inc.	1.48%	359,937	$31M	trimmed0%	+0.24 pp	3 q
WTMWhite Mountains Insurance Group Ltd.	1.38%	33,848	$29M	added+4%	+0.12 pp	19 q
ZIONZions Bancorporation N.A.	1.37%	559,625	$28M	added0%	+0.18 pp	14 q
EOGEOG Resources, Inc.	1.29%	248,842	$27M	trimmed−0%	+0.20 pp	4 q
MASMasco Corporation	1.18%	558,114	$25M	added0%	+0.20 pp	11 q
FNFFidelity National Financial, Inc.	1.02%	539,470	$21M	trimmed−19%	−0.40 pp	8 q
UHALU-Haul Holding Company	1.00%	55,286	$21M	new	+1.00 pp	new
KIMKimco Realty Corp.	0.94%	1,080,300	$20M	held	—	2 q
HCCWarrior Met Coal, Inc.	0.83%	686,383	$17M	new	+0.83 pp	new
KEYKeyCorp	0.82%	851,702	$17M	trimmed−0%	+0.10 pp	19 q
DBDeutsche Bank Aktiengesellschaft	0.55%	600,000	$11M	added+20%	+0.16 pp	3 q
JBGSJBG SMITH Properties	0.53%	319,357	$11M	held	—	2 q
ARCOArcos Dorados Holdings Inc.	0.48%	971,150	$10M	held	—	15 q
MYRGMYR Group, Inc.	0.42%	246,824	$9M	added+89%	+0.25 pp	9 q
LMLegg Mason, Inc.	0.38%	187,411	$8M	added×3.2	+0.27 pp	17 q
CUBLionheart Holdings Class A	0.37%	132,204	$8M	held	—	19 q
ICFIICF International, Inc.	0.37%	144,822	$8M	held	—	19 q
LEN.BLennar Corporation Class B	0.35%	140,763	$7M	added×3.0	+0.25 pp	5 q
PBProsperity Bancshares Inc	0.35%	103,872	$7M	added+12%	+0.07 pp	16 q
TPHTri Pointe Homes, Inc.	0.35%	410,900	$7M	held	—	4 q
BMCHBMC Stock Holdings, Inc	0.33%	270,800	$7M	held	—	5 q
CSWCSW Industrials, Inc.	0.33%	150,348	$7M	held	—	8 q
FCNFTI Consulting, Inc.	0.33%	158,683	$7M	added+16%	+0.11 pp	18 q
VCVisteon Corporation	0.33%	55,119	$7M	added+13%	+0.06 pp	10 q
EMEEMCOR Group, Inc.	0.32%	82,107	$7M	held	—	19 q
KALUKaiser Aluminum Corporation	0.32%	62,678	$7M	held	—	19 q
SBSISouthside Bancshares, Inc.	0.32%	198,385	$7M	held	—	10 q
unresolvedAspen Insurance Holdings Ltd	0.31%	158,707	$6M	new	+0.31 pp	new
SPSP Plus Corporation	0.30%	166,523	$6M	held	—	6 q
TTEKTetra Tech Inc	0.30%	131,444	$6M	held	—	19 q
CBSHCommerce Bancshares Inc	0.29%	108,051	$6M	trimmed0%	+0.02 pp	19 q
TILEInterface Inc	0.29%	241,920	$6M	held	—	8 q
PRSUPursuit Attractions and Hospitality, Inc.	0.29%	108,235	$6M	held	—	13 q
AMNAMN Healthcare Services	0.28%	118,617	$6M	trimmed−17%	−0.02 pp	3 q
FIXComfort Systems USA, Inc.	0.28%	134,697	$6M	trimmed−21%	+0.01 pp	6 q
CFRCullen/Frost Bankers Inc.	0.28%	60,800	$6M	held	—	19 q
NTCTNetscout Systems Inc	0.28%	192,244	$6M	trimmed−22%	−0.08 pp	7 q
UMBFUMB Financial Corp	0.28%	81,391	$6M	held	—	19 q
NSITInsight Enterprises Inc	0.27%	147,700	$6M	held	—	18 q
CZZCosan Ltd-class A Shares	0.26%	563,000	$5M	held	—	10 q
ALGAlamo Group, Inc.	0.25%	46,706	$5M	held	—	19 q
KFYKorn Ferry	0.25%	125,500	$5M	held	—	5 q
unresolvedSyntel Inc	0.25%	229,006	$5M	trimmed−53%	−0.18 pp	19 q
GGenpact Limited	0.25%	162,066	$5M	held	—	16 q
UNFUnifirst Corp	0.24%	29,910	$5M	held	—	19 q
WSBCWesBanco Inc	0.22%	111,300	$5M	held	—	3 q
AXEAnixter International Inc	0.21%	58,456	$4M	trimmed−83%	−1.14 pp	14 q
ALCOAlico Inc	0.20%	140,451	$4M	added+17%	+0.02 pp	19 q
FNSRFinisar Corp	0.20%	201,400	$4M	held	—	3 q
PDCEPDC Energy, Inc.	0.20%	79,000	$4M	held	—	3 q
SEBSeaboard Corporation	0.20%	937	$4M	held	—	8 q
unresolvedDst Sys Inc DEL	0.19%	62,900	$4M	held	—	10 q
SYNASynaptics Inc	0.19%	96,807	$4M	held	—	5 q
CRZOCarrizo Oil & Gas Inc	0.18%	177,853	$4M	trimmed−40%	−0.05 pp	8 q
PRGSProgress Software Corp (DE)	0.18%	87,555	$4M	held	—	19 q
CNHCnh Industrial N.v.	0.17%	265,100	$4M	held	—	11 q
ABMABM Industries, Inc.	0.16%	89,857	$3M	held	—	19 q
unresolvedCsg Sys Intl Inc	0.14%	67,198	$3M	held	—	17 q
DORMDorman Products, Inc. New	0.13%	43,600	$3M	held	—	12 q
unresolvedLeucadia National	0.13%	100,233	$3M	held	—	19 q
CSWCCapital Southwest Corp	0.12%	150,348	$2M	held	—	19 q
CCSCentury Communities, Inc.	0.11%	71,671	$2M	held	—	14 q
KWKennedy-wilson Holdings, Inc.	0.10%	124,753	$2M	trimmed−89%	−0.89 pp	10 q
SMPStandard Motor Products	0.10%	46,947	$2M	held	—	15 q
VLYValley National Bancorp	0.10%	189,675	$2M	held	—	19 q
unresolvedComerica Inc.	0.09%	33,300	$2M	held	—	19 q
CTTCatchmark Timber Trust, Inc.	0.05%	80,000	$1M	held	—	10 q
CDRCedar Realty Trust, Inc	0.05%	175,700	$1M	held	—	4 q
NXRTNexPoint Residential Trust Inc	0.02%	17,300	$484,000	trimmed−31%	−0.01 pp	7 q
HAYNHaynes International, Inc.	0.01%	4,900	$158,000	trimmed−96%	−0.20 pp	3 q
TTENTotalenergies SE -spon ADR	0.00%	984	$55,000	held	—	13 q
CERNCerner Corp	—	−408,748	—	exited	−1.31 pp	—
unresolvedParkway Inc.	—	−1,050,762	—	exited	−1.09 pp	—
DVNDevon Energy Corporation	—	−618,038	—	exited	−1.02 pp	—
unresolvedCBS Corp	—	−353,287	—	exited	−0.92 pp	—
LIVNLivaNova PLC	—	−219,422	—	exited	−0.69 pp	—
CVACovanta Holding Corporation	—	−513,533	—	exited	−0.34 pp	—
WKCWorld Kinect Corporation	—	−175,419	—	exited	−0.27 pp	—
PDCOPatterson Companies, Inc.	—	−131,100	—	exited	−0.23 pp	—
unresolvedMulti-Color Corporation	—	−60,262	—	exited	−0.22 pp	—
NXQuanex Building Products Corporation	—	−214,700	—	exited	−0.22 pp	—
BBarnes Group Inc	—	−67,600	—	exited	−0.21 pp	—
HZNHorizon Global Corporation	—	−268,100	—	exited	−0.21 pp	—
PLABPhotronics Inc	—	−467,900	—	exited	−0.19 pp	—
TNETTrinet Group, Inc.	—	−120,700	—	exited	−0.18 pp	—
CBMCambrex Corporation	—	−63,085	—	exited	−0.16 pp	—
CORECore Mark Holding Co., Inc.	—	−91,661	—	exited	−0.13 pp	—
RLRalph Lauren Corporation	—	−9,556	—	exited	−0.04 pp	—
AVTAvnet, Inc.	—	−13,379	—	exited	−0.02 pp	—
unresolvedShire PLC	—	−1,491	—	exited	−0.01 pp	—
VMIValmont Industries, Inc.	—	−1,799	—	exited	−0.01 pp	—
VODVodafone Group PLC	—	−1,259	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 9 unresolved
Accession: 0001099281-18-000004
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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