Third Avenue

Q2 2018 13F · by Matthew Fine, portfolio manager

As of: Jun 30, 2018
Filed: Jun 30, 2018
US stock: $2.0B · prev $2.0B
Positions: 76 · prev 78
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%

Moves58 since the prior filing

+9.8 pp in · −9.2 pp out

New 6 +1.16 pp
Added 32 +8.67 pp
Trimmed 12 −4.39 pp
Exited 8 −4.81 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions37% of US stock

WY Weyerhaeuser Company trimmed+0.11 pp trimmed+0.119.1%
unresolved Forest City Rlty Tr Inc added+0.88 pp added+0.888.1%
unresolved Brookfield Asset Mgmt Inc trimmed−0.07 pp trimmed−0.078.1%
LEN Lennar Corporation Class A trimmed−1.06 pp trimmed−1.066.8%
FPH Five Point Holdings, LLC Class A added+2.90 pp added+2.904.8%

Positions76 in this filing · 8 exited


WYWeyerhaeuser Company	9.11%	5,042,034	$184M	trimmed−0%	+0.11 pp	21 q
unresolvedForest City Rlty Tr Inc	8.13%	7,186,748	$164M	added+2%	+0.88 pp	10 q
unresolvedBrookfield Asset Mgmt Inc	8.08%	4,019,577	$163M	trimmed−2%	−0.07 pp	21 q
LENLennar Corporation Class A	6.84%	2,627,183	$138M	trimmed−0%	−1.06 pp	10 q
FPHFive Point Holdings, LLC Class A	4.84%	8,676,526	$98M	added×3.3	+2.90 pp	5 q
RYNRayonier Inc.	4.54%	2,367,798	$92M	trimmed−23%	−0.95 pp	19 q
MACThe Macerich Company	4.45%	1,580,774	$90M	added+30%	+0.98 pp	14 q
HCCWarrior Met Coal, Inc.	3.44%	2,515,767	$69M	added+98%	+1.63 pp	3 q
TDWTidewater, Inc.	3.24%	2,259,154	$65M	added+1%	−0.01 pp	4 q
unresolvedPNC Financial Services Group 2018 Warrants	3.06%	896,250	$62M	held	—	21 q
VNOVornado Realty Trust	3.05%	833,430	$62M	added0%	+0.20 pp	21 q
FRFirst Industrial Realty Trust, Inc.	2.82%	1,705,022	$57M	added0%	+0.29 pp	21 q
AKRAcadia Realty Trust	2.48%	1,828,506	$50M	added0%	+0.20 pp	2 q
CMAComerica Incorporated	2.42%	537,840	$49M	trimmed−0%	−0.22 pp	21 q
LEN.BLennar Corporation Class B	2.32%	1,098,003	$47M	added×2.5	+1.25 pp	7 q
LOWLowe's Companies Inc.	2.27%	479,719	$46M	added0%	+0.13 pp	21 q
TRCTejon Ranch Co.	2.23%	1,847,154	$45M	trimmed−30%	−0.89 pp	21 q
BNYBank of New York Mellon Corporation	2.09%	781,948	$42M	trimmed−28%	−0.76 pp	21 q
YAlleghany Corporation	2.02%	70,805	$41M	added0%	−0.19 pp	20 q
TPHSTrinity Place Hldgs Inc	1.60%	4,934,510	$32M	added0%	−0.03 pp	10 q
UHALU-Haul Holding Company	1.54%	87,438	$31M	added0%	+0.01 pp	3 q
ZIONZions Bancorporation N.A.	1.47%	563,711	$30M	added0%	−0.04 pp	16 q
WTMWhite Mountains Insurance Group Ltd.	1.29%	28,745	$26M	trimmed−16%	−0.14 pp	21 q
unresolvedOcean Rig Udw Inc	1.20%	820,373	$24M	held	—	2 q
FNFFidelity National Financial, Inc.	1.01%	543,269	$20M	added0%	−0.09 pp	10 q
unresolvedAspen Insurance Holdings Ltd	0.82%	408,472	$17M	added+4%	−0.08 pp	3 q
HANHawaiian Holdings Inc	0.71%	398,880	$14M	new	+0.71 pp	new
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.01	0.61%	291,300	$12M	added+37%	+0.23 pp	2 q
JBGSJBG SMITH Properties	0.60%	322,037	$12M	held	—	4 q
ICFIICF International, Inc.	0.51%	145,065	$10M	added0%	+0.08 pp	21 q
MYRGMYR Group, Inc.	0.50%	283,548	$10M	added+15%	+0.11 pp	11 q
CUBLionheart Holdings Class A	0.42%	132,450	$9M	added0%	−0.01 pp	21 q
PBProsperity Bancshares Inc	0.42%	125,024	$9M	added+20%	+0.04 pp	18 q
SMHISEACOR Marine Holdings Inc.	0.41%	357,650	$8M	added+23%	+0.13 pp	2 q
FCNFTI Consulting, Inc.	0.40%	134,168	$8M	trimmed−15%	+0.01 pp	20 q
CSWCSW Industrials, Inc.	0.39%	150,348	$8M	held	—	10 q
TTEKTetra Tech Inc	0.38%	131,733	$8M	added0%	+0.05 pp	21 q
CBSHCommerce Bancshares Inc	0.35%	108,051	$7M	held	—	21 q
VCVisteon Corporation	0.34%	53,052	$7M	held	—	12 q
BMCHBMC Stock Holdings, Inc	0.33%	320,727	$7M	added0%	+0.01 pp	7 q
CFRCullen/Frost Bankers Inc.	0.33%	60,800	$7M	held	—	21 q
SBSISouthside Bancshares, Inc.	0.33%	198,385	$7M	held	—	12 q
TPHTri Pointe Homes, Inc.	0.33%	410,900	$7M	held	—	6 q
ARCOArcos Dorados Holdings Inc.	0.33%	971,150	$7M	held	—	17 q
KALUKaiser Aluminum Corporation	0.32%	62,678	$7M	held	—	21 q
LMLegg Mason, Inc.	0.32%	187,411	$7M	held	—	19 q
FIXComfort Systems USA, Inc.	0.31%	134,697	$6M	held	—	8 q
EMEEMCOR Group, Inc.	0.31%	82,107	$6M	held	—	21 q
SPSP Plus Corporation	0.31%	166,523	$6M	held	—	8 q
UMBFUMB Financial Corp	0.31%	81,612	$6M	added0%	+0.01 pp	21 q
ATNIATN International, Inc	0.30%	115,053	$6M	new	+0.30 pp	new
PRSUPursuit Attractions and Hospitality, Inc.	0.29%	108,528	$6M	added0%	0.00 pp	15 q
PNCPNC Financial Services Group	0.28%	41,249	$6M	added+3%	−0.03 pp	16 q
SEBSeaboard Corporation	0.28%	1,415	$6M	added+10%	0.00 pp	10 q
unresolvedCsg Sys Intl Inc	0.26%	130,543	$5M	added+8%	−0.02 pp	19 q
UNFUnifirst Corp	0.26%	30,002	$5M	added0%	+0.01 pp	21 q
AMNAMN Healthcare Services	0.25%	87,749	$5M	trimmed−26%	−0.09 pp	5 q
WSBCWesBanco Inc	0.25%	111,300	$5M	held	—	5 q
GGenpact Limited	0.23%	162,066	$5M	held	—	18 q
ALCOAlico Inc	0.22%	140,451	$4M	held	—	21 q
ALGAlamo Group, Inc.	0.21%	46,706	$4M	held	—	21 q
DBDeutsche Bank Aktiengesellschaft	0.17%	322,000	$3M	trimmed−54%	−0.33 pp	5 q
DORMDorman Products, Inc. New	0.15%	43,600	$3M	held	—	14 q
CSWCCapital Southwest Corp	0.13%	150,348	$3M	held	—	21 q
FRPHFRP Holdings, Inc.	0.12%	36,211	$2M	added+1%	+0.02 pp	2 q
CCSCentury Communities, Inc.	0.11%	71,671	$2M	held	—	16 q
SMPStandard Motor Products	0.11%	46,947	$2M	held	—	17 q
unresolvedComerica Inc.	0.10%	33,300	$2M	held	—	21 q
SF9Sanderson Farms Inc	0.08%	15,407	$2M	new	+0.08 pp	new
CTTCatchmark Timber Trust, Inc.	0.05%	80,000	$1M	held	—	12 q
CDRCedar Realty Trust, Inc	0.05%	225,328	$1M	added+28%	+0.01 pp	6 q
RESIFront Yard Residential Corp	0.03%	65,000	$678,000	new	+0.03 pp	new
GRBKGreen Brick Partners, Inc	0.02%	50,000	$490,000	new	+0.02 pp	new
JCAPJernigan Capital Inc	0.02%	25,000	$477,000	new	+0.02 pp	new
NXRTNexPoint Residential Trust Inc	0.02%	17,300	$493,000	held	—	9 q
TTENTotalenergies SE -spon ADR	0.00%	813	$50,000	trimmed−17%	0.00 pp	15 q
CVCOCavco Industries Inc.	—	−271,200	—	exited	−2.40 pp	—
KEYKeyCorp	—	−850,900	—	exited	−0.85 pp	—
KFYKorn Ferry	—	−125,500	—	exited	−0.33 pp	—
TILEInterface Inc	—	−241,920	—	exited	−0.31 pp	—
unresolvedDst Sys Inc DEL	—	−62,900	—	exited	−0.27 pp	—
CZZCosan Ltd-class A Shares	—	−504,937	—	exited	−0.27 pp	—
NSITInsight Enterprises Inc	—	−147,700	—	exited	−0.26 pp	—
unresolvedLeucadia National	—	−100,233	—	exited	−0.12 pp	—