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Third Avenue

Q3 2018 13F · by Matthew Fine, portfolio manager

As of
Sep 30, 2018
Filed
Nov 9, 2018
US stock
$1.8B · prev $2.0B
Positions
73 · prev 76
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%

Moves54 since the prior filing

The book

Focused · behaves like 24 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 14% a year, about 7.3 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions36% of US stock

  1. unresolved Brookfield Asset Mgmt Inc trimmed+1.92 pp trimmed+1.9210.0%
  2. WY Weyerhaeuser Company trimmed−0.57 pp trimmed−0.578.5%
  3. LEN Lennar Corporation Class A added+0.09 pp added+0.096.9%
  4. FPH Five Point Holdings, LLC Class A added+0.59 pp added+0.595.4%
  5. MAC The Macerich Company added+0.50 pp added+0.505.0%

Positions73 in this filing · 4 exited

unresolvedBrookfield Asset Mgmt Inc10.00%3,977,742$177Mtrimmed−1%+1.92 pp22 q
WYWeyerhaeuser Company8.54%4,685,535$151Mtrimmed−7%−0.57 pp22 q
LENLennar Corporation Class A6.93%2,629,208$123Madded0%+0.09 pp11 q
FPHFive Point Holdings, LLC Class A5.43%10,218,135$96Madded+18%+0.59 pp6 q
MACThe Macerich Company4.95%1,585,516$88Madded0%+0.50 pp15 q
RYNRayonier Inc.4.53%2,372,835$80Madded0%−0.01 pp20 q
HCCWarrior Met Coal, Inc.4.06%2,655,834$72Madded+6%+0.62 pp4 q
TDWTidewater, Inc.3.94%2,238,085$70Mtrimmed−1%+0.70 pp5 q
unresolvedPNC Financial Services Group 2018 Warrants3.49%896,250$62Mheld—22 q
VNOVornado Realty Trust3.45%835,693$61Madded0%+0.40 pp22 q
LOWLowe's Companies Inc.3.12%481,026$55Madded0%+0.85 pp22 q
AKRAcadia Realty Trust2.90%1,831,470$51Madded0%+0.42 pp3 q
CMAComerica Incorporated2.71%532,225$48Mtrimmed−1%+0.29 pp22 q
LEN.BLennar Corporation Class B2.56%1,175,800$45Madded+7%+0.24 pp8 q
FRFirst Industrial Realty Trust, Inc.2.53%1,425,033$45Mtrimmed−16%−0.29 pp22 q
BNYBank of New York Mellon Corporation1.87%651,082$33Mtrimmed−17%−0.22 pp22 q
unresolvedOcean Rig Udw Inc1.83%936,650$32Madded+14%+0.63 pp3 q
UHALU-Haul Holding Company1.77%87,659$31Madded0%+0.23 pp4 q
TPHSTrinity Place Hldgs Inc1.70%4,948,595$30Madded0%+0.10 pp11 q
ZIONZions Bancorporation N.A.1.60%563,711$28Mheld—17 q
TRCTejon Ranch Co.1.57%1,278,691$28Mtrimmed−31%−0.66 pp22 q
WTMWhite Mountains Insurance Group Ltd.1.51%28,649$27Mtrimmed−0%+0.22 pp22 q
JBGSJBG SMITH Properties1.31%629,885$23Madded+96%+0.71 pp5 q
HANHawaiian Holdings Inc1.30%574,199$23Madded+44%+0.59 pp2 q
FNFFidelity National Financial, Inc.1.21%544,922$21Madded0%+0.20 pp11 q
unresolvedAspen Insurance Holdings Ltd1.21%513,456$21Madded+26%+0.39 pp4 q
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.010.79%293,125$14Madded+1%+0.18 pp3 q
CUBLionheart Holdings Class A0.55%132,450$10Mheld—22 q
FCNFTI Consulting, Inc.0.55%134,122$10Mtrimmed−0%+0.15 pp21 q
MYRGMYR Group, Inc.0.55%299,535$10Madded+6%+0.05 pp12 q
TTEKTetra Tech Inc0.51%131,673$9Mtrimmed−0%+0.13 pp22 q
PBProsperity Bancshares Inc0.49%125,024$9Mheld—19 q
ATNIATN International, Inc0.48%115,053$9Mheld—2 q
ICFIICF International, Inc.0.48%112,787$9Mtrimmed−22%−0.03 pp22 q
SMHISEACOR Marine Holdings Inc.0.46%357,909$8Madded0%+0.05 pp3 q
UMBFUMB Financial Corp0.45%111,865$8Madded+37%+0.14 pp22 q
CSWCSW Industrials, Inc.0.43%140,574$8Mtrimmed−7%+0.04 pp11 q
CBSHCommerce Bancshares Inc0.40%108,051$7Mheld—22 q
TPHTri Pointe Homes, Inc.0.40%564,113$7Madded+37%+0.07 pp7 q
KALUKaiser Aluminum Corporation0.39%62,678$7Mheld—22 q
SBSISouthside Bancshares, Inc.0.39%198,385$7Mheld—13 q
unresolvedCsg Sys Intl Inc0.36%158,988$6Madded+22%+0.10 pp20 q
FIXComfort Systems USA, Inc.0.36%113,130$6Mtrimmed−16%+0.05 pp9 q
CFRCullen/Frost Bankers Inc.0.36%60,800$6Mheld—22 q
unresolvedForest City Rlty Tr Inc0.36%256,418$6Mtrimmed−96%−7.77 pp11 q
PRSUPursuit Attractions and Hospitality, Inc.0.36%108,235$6Mtrimmed−0%+0.07 pp16 q
EMEEMCOR Group, Inc.0.35%82,107$6Mheld—22 q
SPSP Plus Corporation0.34%166,523$6Mheld—9 q
PNCPNC Financial Services Group0.32%41,252$6Madded0%+0.04 pp17 q
VCVisteon Corporation0.32%61,260$6Madded+15%−0.02 pp13 q
BMCHBMC Stock Holdings, Inc0.31%296,399$6Mtrimmed−8%−0.02 pp8 q
SEBSeaboard Corporation0.30%1,417$5Madded0%+0.02 pp11 q
UNFUnifirst Corp0.29%30,002$5Mheld—22 q
WSBCWesBanco Inc0.28%111,300$5Mheld—6 q
GGenpact Limited0.28%162,066$5Mheld—19 q
ALCOAlico Inc0.27%140,451$5Mheld—22 q
ALGAlamo Group, Inc.0.24%46,706$4Mheld—22 q
SF9Sanderson Farms Inc0.21%35,607$4Madded×2.3+0.13 pp2 q
DORMDorman Products, Inc. New0.19%43,600$3Mheld—15 q
AMNAMN Healthcare Services0.17%55,755$3Mtrimmed−36%−0.08 pp6 q
ASIXAdvanSix Inc.0.15%76,658$3Mnew+0.15 ppnew
CSWCCapital Southwest Corp0.15%140,574$3Mtrimmed−7%+0.02 pp22 q
FRPHFRP Holdings, Inc.0.13%36,211$2Mheld—3 q
SMPStandard Motor Products0.13%46,947$2Mheld—18 q
unresolvedComerica Inc.0.11%32,900$2Mtrimmed−1%+0.01 pp22 q
CDRCedar Realty Trust, Inc0.06%225,328$1Mheld—7 q
CCSCentury Communities, Inc.0.06%41,671$1Mtrimmed−42%−0.05 pp17 q
RESIFront Yard Residential Corp0.06%91,609$994,000added+41%+0.03 pp2 q
CTTCatchmark Timber Trust, Inc.0.05%80,000$915,000held—13 q
GRBKGreen Brick Partners, Inc0.03%53,200$538,000added+6%+0.01 pp2 q
JCAPJernigan Capital Inc0.03%25,000$483,000held—2 q
NXRTNexPoint Residential Trust Inc0.03%17,300$575,000held—10 q
TTENTotalenergies SE -spon ADR0.00%612$40,000trimmed−25%0.00 pp16 q
YAlleghany Corporation—−70,805—exited−2.02 pp—
ARCOArcos Dorados Holdings Inc.—−971,150—exited−0.33 pp—
LMLegg Mason, Inc.—−187,411—exited−0.32 pp—
DBDeutsche Bank Aktiengesellschaft—−322,000—exited−0.17 pp—

Source

Form
13F-HR
Reading
0 defects · 7 unresolved
Accession
0001099281-18-000020
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet