Third Avenue

Q1 2018 13F · by Matthew Fine, portfolio manager

As of: Mar 31, 2018
Filed: May 14, 2018
US stock: $2.0B · prev $2.1B
Positions: 78 · prev 92
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%

Moves56 since the prior filing

+11.6 pp in · −13.1 pp out

New 5 +4.09 pp
Added 24 +7.50 pp
Trimmed 8 −1.95 pp
Exited 19 −11.18 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 44% a year, about 2.3 years per position

Low
Moderate
High

Top 5 positions38% of US stock

WY Weyerhaeuser Company trimmed−0.02 pp trimmed−0.029.0%
unresolved Brookfield Asset Mgmt Inc trimmed−0.85 pp trimmed−0.858.2%
LEN Lennar Corporation Class A added−0.07 pp added−0.077.9%
unresolved Forest City Rlty Tr Inc added+0.67 pp added+0.677.3%
RYN Rayonier Inc. added+0.86 pp added+0.865.5%

Positions78 in this filing · 19 exited


WYWeyerhaeuser Company	9.00%	5,055,211	$177M	trimmed−5%	−0.02 pp	20 q
unresolvedBrookfield Asset Mgmt Inc	8.15%	4,107,685	$160M	trimmed−5%	−0.85 pp	20 q
LENLennar Corporation Class A	7.90%	2,635,519	$155M	added0%	−0.07 pp	9 q
unresolvedForest City Rlty Tr Inc	7.25%	7,035,206	$143M	added+24%	+0.67 pp	9 q
RYNRayonier Inc.	5.49%	3,067,125	$108M	added+1%	+0.86 pp	18 q
unresolvedPNC Financial Services Group 2018 Warrants	3.83%	896,250	$75M	held	—	20 q
MACThe Macerich Company	3.47%	1,217,161	$68M	added+43%	+0.79 pp	13 q
TDWTidewater, Inc.	3.25%	2,233,048	$64M	added+33%	+1.29 pp	3 q
TRCTejon Ranch Co.	3.12%	2,649,682	$61M	trimmed−0%	+0.47 pp	20 q
BNYBank of New York Mellon Corporation	2.85%	1,088,443	$56M	added0%	+0.03 pp	20 q
VNOVornado Realty Trust	2.85%	831,699	$56M	added+20%	+0.25 pp	20 q
CMAComerica Incorporated	2.64%	540,238	$52M	trimmed−1%	+0.36 pp	20 q
FRFirst Industrial Realty Trust, Inc.	2.53%	1,702,028	$50M	added+1%	−0.03 pp	20 q
CVCOCavco Industries Inc.	2.40%	271,200	$47M	held	—	20 q
AKRAcadia Realty Trust	2.28%	1,822,246	$45M	new	+2.28 pp	new
YAlleghany Corporation	2.21%	70,772	$43M	added+2%	+0.23 pp	19 q
LOWLowe's Companies Inc.	2.14%	478,713	$42M	added+1%	+0.02 pp	20 q
FPHFive Point Holdings, LLC Class A	1.94%	2,668,974	$38M	added+3%	+0.19 pp	4 q
HCCWarrior Met Coal, Inc.	1.81%	1,272,485	$36M	added+85%	+0.98 pp	2 q
TPHSTrinity Place Hldgs Inc	1.63%	4,924,645	$32M	added+1%	0.00 pp	9 q
UHALU-Haul Holding Company	1.53%	87,224	$30M	added+58%	+0.53 pp	2 q
ZIONZions Bancorporation N.A.	1.51%	562,479	$30M	added+1%	+0.14 pp	15 q
WTMWhite Mountains Insurance Group Ltd.	1.43%	34,195	$28M	added+1%	+0.05 pp	20 q
FNFFidelity National Financial, Inc.	1.10%	541,905	$22M	added0%	+0.08 pp	9 q
LEN.BLennar Corporation Class B	1.07%	439,890	$21M	added×3.1	+0.72 pp	6 q
unresolvedOcean Rig Udw Inc	1.05%	820,373	$21M	new	+1.05 pp	new
unresolvedAspen Insurance Holdings Ltd	0.90%	393,969	$18M	added×2.5	+0.59 pp	2 q
KEYKeyCorp	0.85%	850,900	$17M	trimmed−0%	+0.03 pp	20 q
JBGSJBG SMITH Properties	0.55%	322,037	$11M	added+1%	+0.02 pp	3 q
DBDeutsche Bank Aktiengesellschaft	0.50%	700,000	$10M	added+17%	−0.05 pp	4 q
ARCOArcos Dorados Holdings Inc.	0.45%	971,150	$9M	held	—	16 q
CUBLionheart Holdings Class A	0.43%	132,204	$8M	held	—	20 q
ICFIICF International, Inc.	0.43%	144,822	$8M	held	—	20 q
FCNFTI Consulting, Inc.	0.39%	158,683	$8M	held	—	19 q
LMLegg Mason, Inc.	0.39%	187,411	$8M	held	—	18 q
MYRGMYR Group, Inc.	0.39%	246,824	$8M	held	—	10 q
PBProsperity Bancshares Inc	0.38%	103,872	$8M	held	—	17 q
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.01	0.38%	212,680	$8M	new	+0.38 pp	new
SBSISouthside Bancshares, Inc.	0.35%	198,385	$7M	held	—	11 q
AMNAMN Healthcare Services	0.34%	118,617	$7M	held	—	4 q
CSWCSW Industrials, Inc.	0.34%	150,348	$7M	held	—	9 q
TPHTri Pointe Homes, Inc.	0.34%	410,900	$7M	held	—	5 q
CBSHCommerce Bancshares Inc	0.33%	108,051	$6M	held	—	20 q
CFRCullen/Frost Bankers Inc.	0.33%	60,800	$6M	held	—	20 q
EMEEMCOR Group, Inc.	0.33%	82,107	$6M	held	—	20 q
KFYKorn Ferry	0.33%	125,500	$6M	held	—	6 q
TTEKTetra Tech Inc	0.33%	131,444	$6M	held	—	20 q
BMCHBMC Stock Holdings, Inc	0.32%	319,949	$6M	added+18%	−0.01 pp	6 q
KALUKaiser Aluminum Corporation	0.32%	62,678	$6M	held	—	20 q
TILEInterface Inc	0.31%	241,920	$6M	held	—	9 q
PNCPNC Financial Services Group	0.31%	39,960	$6M	trimmed−88%	−1.92 pp	15 q
SPSP Plus Corporation	0.30%	166,523	$6M	held	—	7 q
UMBFUMB Financial Corp	0.30%	81,391	$6M	held	—	20 q
VCVisteon Corporation	0.30%	53,052	$6M	trimmed−4%	−0.03 pp	11 q
PRSUPursuit Attractions and Hospitality, Inc.	0.29%	108,235	$6M	held	—	14 q
unresolvedCsg Sys Intl Inc	0.28%	120,914	$5M	added+80%	+0.14 pp	18 q
FIXComfort Systems USA, Inc.	0.28%	134,697	$6M	held	—	7 q
SMHISEACOR Marine Holdings Inc.	0.28%	291,900	$6M	new	+0.28 pp	new
SEBSeaboard Corporation	0.28%	1,289	$5M	added+38%	+0.08 pp	9 q
unresolvedDst Sys Inc DEL	0.27%	62,900	$5M	held	—	11 q
CZZCosan Ltd-class A Shares	0.27%	504,937	$5M	trimmed−10%	+0.01 pp	11 q
ALGAlamo Group, Inc.	0.26%	46,706	$5M	held	—	20 q
NSITInsight Enterprises Inc	0.26%	147,700	$5M	held	—	19 q
GGenpact Limited	0.26%	162,066	$5M	held	—	17 q
UNFUnifirst Corp	0.25%	29,910	$5M	held	—	20 q
WSBCWesBanco Inc	0.24%	111,300	$5M	held	—	4 q
ALCOAlico Inc	0.19%	140,451	$4M	held	—	20 q
DORMDorman Products, Inc. New	0.15%	43,600	$3M	held	—	13 q
CSWCCapital Southwest Corp	0.13%	150,348	$3M	held	—	20 q
unresolvedComerica Inc.	0.12%	33,300	$2M	held	—	20 q
unresolvedLeucadia National	0.12%	100,233	$2M	held	—	20 q
CCSCentury Communities, Inc.	0.11%	71,671	$2M	held	—	15 q
SMPStandard Motor Products	0.11%	46,947	$2M	held	—	16 q
FRPHFRP Holdings, Inc.	0.10%	35,932	$2M	new	+0.10 pp	new
CTTCatchmark Timber Trust, Inc.	0.05%	80,000	$998,000	held	—	11 q
CDRCedar Realty Trust, Inc	0.04%	175,700	$693,000	held	—	5 q
NXRTNexPoint Residential Trust Inc	0.02%	17,300	$430,000	held	—	8 q
TTENTotalenergies SE -spon ADR	0.00%	984	$57,000	held	—	14 q
JCIJohnson Controls International plc	—	−1,228,339	—	exited	−2.25 pp	—
AMGNAmgen Inc	—	−216,733	—	exited	−1.81 pp	—
RSReliance, Inc.	—	−359,937	—	exited	−1.48 pp	—
EOGEOG Resources, Inc.	—	−248,842	—	exited	−1.29 pp	—
MASMasco Corporation	—	−558,114	—	exited	−1.18 pp	—
KIMKimco Realty Corp.	—	−1,080,300	—	exited	−0.94 pp	—
NTCTNetscout Systems Inc	—	−192,244	—	exited	−0.28 pp	—
unresolvedSyntel Inc	—	−229,006	—	exited	−0.25 pp	—
AXEAnixter International Inc	—	−58,456	—	exited	−0.21 pp	—
FNSRFinisar Corp	—	−201,400	—	exited	−0.20 pp	—
PDCEPDC Energy, Inc.	—	−79,000	—	exited	−0.20 pp	—
SYNASynaptics Inc	—	−96,807	—	exited	−0.19 pp	—
CRZOCarrizo Oil & Gas Inc	—	−177,853	—	exited	−0.18 pp	—
PRGSProgress Software Corp (DE)	—	−87,555	—	exited	−0.18 pp	—
CNHCnh Industrial N.v.	—	−265,100	—	exited	−0.17 pp	—
ABMABM Industries, Inc.	—	−89,857	—	exited	−0.16 pp	—
KWKennedy-wilson Holdings, Inc.	—	−124,753	—	exited	−0.10 pp	—
VLYValley National Bancorp	—	−189,675	—	exited	−0.10 pp	—
HAYNHaynes International, Inc.	—	−4,900	—	exited	−0.01 pp	—