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Third Avenue

Q4 2018 13F · by Matthew Fine, portfolio manager

As of
Dec 31, 2018
Filed
Feb 13, 2019
US stock
$1.2B · prev $1.8B
Positions
61 · prev 73
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%

Moves62 since the prior filing

The book

Focused · behaves like 23 equal-sized positions

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

Moderate turnover · 38% a year, about 2.6 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions37% of US stock

  1. WY Weyerhaeuser Company added−0.04 pp added−0.048.5%
  2. unresolved Brookfield Asset Mgmt Inc trimmed−1.59 pp trimmed−1.598.4%
  3. LEN Lennar Corporation Class A trimmed+1.14 pp trimmed+1.148.1%
  4. FPH Five Point Holdings, LLC Class A added+0.99 pp added+0.996.4%
  5. MAC The Macerich Company trimmed+0.38 pp trimmed+0.385.3%

Positions61 in this filing · 17 exited

WYWeyerhaeuser Company8.50%4,809,541$105Madded+3%−0.04 pp23 q
unresolvedBrookfield Asset Mgmt Inc8.41%2,713,901$104Mtrimmed−32%−1.59 pp23 q
LENLennar Corporation Class A8.07%2,550,662$100Mtrimmed−3%+1.14 pp12 q
FPHFive Point Holdings, LLC Class A6.42%11,446,791$79Madded+12%+0.99 pp7 q
MACThe Macerich Company5.33%1,523,888$66Mtrimmed−4%+0.38 pp16 q
RYNRayonier Inc.5.10%2,281,005$63Mtrimmed−4%+0.57 pp21 q
HCCWarrior Met Coal, Inc.5.10%2,619,494$63Mtrimmed−1%+1.04 pp5 q
VNOVornado Realty Trust4.03%803,438$50Mtrimmed−4%+0.58 pp23 q
TDWTidewater, Inc.3.72%2,408,549$46Madded+8%−0.22 pp6 q
AKRAcadia Realty Trust3.38%1,760,583$42Mtrimmed−4%+0.48 pp4 q
LEN.BLennar Corporation Class B3.15%1,242,536$39Madded+6%+0.59 pp9 q
CMAComerica Incorporated3.01%541,908$37Madded+2%+0.30 pp23 q
PNCPNC Financial Services Group2.67%282,320$33Madded×6.8+2.35 pp18 q
LOWLowe's Companies Inc.2.63%352,738$33Mtrimmed−27%−0.49 pp23 q
HANHawaiian Holdings Inc2.55%1,193,731$32Madded×2.1+1.25 pp3 q
FRFirst Industrial Realty Trust, Inc.2.49%1,065,381$31Mtrimmed−25%−0.04 pp23 q
UHALU-Haul Holding Company2.23%84,274$28Mtrimmed−4%+0.46 pp5 q
JBGSJBG SMITH Properties1.79%636,994$22Madded+1%+0.48 pp6 q
TPHSTrinity Place Hldgs Inc1.74%4,959,392$22Madded0%+0.04 pp12 q
TRCTejon Ranch Co.1.50%1,118,503$19Mtrimmed−13%−0.07 pp23 q
FNFFidelity National Financial, Inc.1.33%524,035$16Mtrimmed−4%+0.12 pp12 q
unresolvedDowdupont Inc1.09%251,181$13Mnew+1.09 ppnew
RIGTransocean LTD.0.85%1,510,628$10Mnew+0.85 ppnew
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.010.78%296,875$10Madded+1%−0.01 pp4 q
CUBICustomers Bancorp Inc0.76%519,113$9Mnew+0.76 ppnew
UMBFUMB Financial Corp0.74%150,823$9Madded+35%+0.29 pp23 q
MYRGMYR Group, Inc.0.73%321,485$9Madded+7%+0.18 pp13 q
FCNFTI Consulting, Inc.0.72%134,122$9Mheld—22 q
ATNIATN International, Inc0.67%115,053$8Mheld—3 q
ICFIICF International, Inc.0.59%112,787$7Mheld—23 q
PBProsperity Bancshares Inc0.56%110,885$7Mtrimmed−11%+0.07 pp20 q
TPHTri Pointe Homes, Inc.0.54%605,957$7Madded+7%+0.14 pp8 q
SBSISouthside Bancshares, Inc.0.51%198,385$6Mheld—14 q
TTEKTetra Tech Inc0.50%119,797$6Mtrimmed−9%−0.01 pp23 q
SF9Sanderson Farms Inc0.49%61,074$6Madded+72%+0.28 pp3 q
CUBLionheart Holdings Class A0.48%110,144$6Mtrimmed−17%−0.07 pp23 q
VCVisteon Corporation0.47%96,898$6Madded+58%+0.15 pp14 q
FRPHFRP Holdings, Inc.0.46%123,987$6Madded×3.4+0.33 pp4 q
SEBSeaboard Corporation0.46%1,610$6Madded+14%+0.16 pp12 q
ASIXAdvanSix Inc.0.45%228,743$6Madded×3.0+0.30 pp2 q
KALUKaiser Aluminum Corporation0.45%62,678$6Mheld—23 q
PRSUPursuit Attractions and Hospitality, Inc.0.44%108,235$5Mheld—17 q
CFRCullen/Frost Bankers Inc.0.43%60,800$5Mheld—23 q
FIXComfort Systems USA, Inc.0.40%113,130$5Mheld—10 q
EMEEMCOR Group, Inc.0.40%82,107$5Mheld—23 q
UNFUnifirst Corp0.35%30,002$4Mheld—23 q
GGenpact Limited0.35%162,066$4Mheld—20 q
SMHISEACOR Marine Holdings Inc.0.34%358,011$4Madded0%−0.12 pp4 q
ALCOAlico Inc0.33%140,451$4Mheld—23 q
DORMDorman Products, Inc. New0.32%43,600$4Mheld—16 q
ALGAlamo Group, Inc.0.29%46,706$4Mheld—23 q
SPYState Street SPDR S&P 500 ETF Trust0.23%11,248$3Mnew+0.23 ppnew
SMPStandard Motor Products0.18%46,947$2Mheld—19 q
RESIFront Yard Residential Corp0.12%164,318$1Madded+79%+0.06 pp3 q
CCSCentury Communities, Inc.0.09%65,702$1Madded+58%+0.03 pp18 q
CTTCatchmark Timber Trust, Inc.0.08%134,802$958,000added+69%+0.03 pp14 q
CDRCedar Realty Trust, Inc0.07%294,328$925,000added+31%+0.01 pp8 q
GRBKGreen Brick Partners, Inc0.04%75,000$543,000added+41%+0.01 pp3 q
JCAPJernigan Capital Inc0.04%25,000$496,000held—3 q
WLHWilliam Lyon Homes0.04%44,471$476,000new+0.04 ppnew
unresolvedAspen Insurance Holdings Ltd0.00%342$15,000trimmed−100%−1.21 pp5 q
unresolvedPNC Financial Services Group 2018 Warrants—−896,250—exited−3.49 pp—
BNYBank of New York Mellon Corporation—−651,082—exited−1.87 pp—
unresolvedOcean Rig Udw Inc—−936,650—exited−1.83 pp—
ZIONZions Bancorporation N.A.—−563,711—exited−1.60 pp—
WTMWhite Mountains Insurance Group Ltd.—−28,649—exited−1.51 pp—
CSWCSW Industrials, Inc.—−140,574—exited−0.43 pp—
CBSHCommerce Bancshares Inc—−113,454—exited−0.40 pp—
unresolvedCsg Sys Intl Inc—−158,988—exited−0.36 pp—
unresolvedForest City Rlty Tr Inc—−256,418—exited−0.36 pp—
SPSP Plus Corporation—−166,523—exited−0.34 pp—
BMCHBMC Stock Holdings, Inc—−296,399—exited−0.31 pp—
WSBCWesBanco Inc—−111,300—exited−0.28 pp—
AMNAMN Healthcare Services—−55,755—exited−0.17 pp—
CSWCCapital Southwest Corp—−140,574—exited−0.15 pp—
unresolvedComerica Inc.—−32,900—exited−0.11 pp—
NXRTNexPoint Residential Trust Inc—−17,300—exited−0.03 pp—
TTENTotalenergies SE -spon ADR—−612—exited0.00 pp—

Source

Form
13F-HR
Reading
0 defects · 3 unresolved
Accession
0001099281-19-000004
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet