Third Avenue

Q1 2019 13F · by Matthew Fine, portfolio manager

As of: Mar 31, 2019
Filed: May 14, 2019
US stock: $1.3B · prev $1.2B
Positions: 59 · prev 61
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%

Moves53 since the prior filing

+9.5 pp in · −10.1 pp out

New 4 +2.98 pp
Added 14 +6.48 pp
Trimmed 29 −8.00 pp
Exited 6 −2.07 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions36% of US stock

WY Weyerhaeuser Company trimmed+0.02 pp trimmed+0.028.5%
FPH Five Point Holdings, LLC Class A added+1.78 pp added+1.788.2%
LEN Lennar Corporation Class A trimmed−0.37 pp trimmed−0.377.7%
unresolved Brookfield Asset Mgmt Inc trimmed−2.21 pp trimmed−2.216.2%
RYN Rayonier Inc. trimmed+0.01 pp trimmed+0.015.1%

Positions59 in this filing · 6 exited


WYWeyerhaeuser Company	8.52%	4,296,482	$110M	trimmed−11%	+0.02 pp	24 q
FPHFive Point Holdings, LLC Class A	8.20%	11,556,368	$106M	added+1%	+1.78 pp	8 q
LENLennar Corporation Class A	7.70%	1,945,824	$99M	trimmed−24%	−0.37 pp	13 q
unresolvedBrookfield Asset Mgmt Inc	6.20%	1,705,617	$80M	trimmed−37%	−2.21 pp	24 q
RYNRayonier Inc.	5.11%	2,100,124	$66M	trimmed−8%	+0.01 pp	22 q
MACThe Macerich Company	4.42%	1,403,122	$57M	trimmed−8%	−0.91 pp	17 q
TDWTidewater, Inc.	4.41%	2,443,270	$57M	added+1%	+0.69 pp	7 q
HCCWarrior Met Coal, Inc.	4.27%	1,965,987	$55M	trimmed−25%	−0.83 pp	6 q
JBGSJBG SMITH Properties	4.20%	1,314,725	$54M	added×2.1	+2.41 pp	7 q
LEN.BLennar Corporation Class B	3.95%	1,248,201	$51M	added0%	+0.80 pp	10 q
HANHawaiian Holdings Inc	2.87%	1,367,842	$37M	added+15%	+0.32 pp	4 q
AKRAcadia Realty Trust	2.70%	1,237,435	$35M	trimmed−30%	−0.68 pp	5 q
PNCPNC Financial Services Group	2.70%	264,544	$35M	trimmed−6%	+0.03 pp	19 q
CMAComerica Incorporated	2.65%	451,256	$34M	trimmed−17%	−0.36 pp	24 q
FRFirst Industrial Realty Trust, Inc.	2.41%	908,608	$31M	trimmed−15%	−0.08 pp	24 q
UHALU-Haul Holding Company	2.33%	77,818	$30M	trimmed−8%	+0.10 pp	6 q
LOWLowe's Companies Inc.	2.28%	276,136	$29M	trimmed−22%	−0.35 pp	24 q
VNOVornado Realty Trust	2.11%	414,026	$27M	trimmed−48%	−1.92 pp	24 q
TPHSTrinity Place Hldgs Inc	1.66%	5,032,150	$21M	added+1%	−0.08 pp	13 q
FNFFidelity National Financial, Inc.	1.46%	483,250	$19M	trimmed−8%	+0.13 pp	13 q
TRCTejon Ranch Co.	1.40%	985,076	$18M	trimmed−12%	−0.10 pp	24 q
EXPEagle Materials, Inc.	1.21%	175,889	$16M	new	+1.21 pp	new
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.01	1.00%	282,687	$13M	trimmed−5%	+0.22 pp	5 q
MHKMohawk Industries, Inc.	0.92%	88,805	$12M	new	+0.92 pp	new
RIGTransocean LTD.	0.89%	1,521,285	$12M	added+1%	+0.04 pp	2 q
CUBICustomers Bancorp Inc	0.88%	519,152	$11M	added0%	+0.12 pp	2 q
MYRGMYR Group, Inc.	0.84%	321,485	$11M	held	—	14 q
UMBFUMB Financial Corp	0.82%	150,823	$11M	held	—	24 q
FCNFTI Consulting, Inc.	0.70%	110,343	$9M	trimmed−18%	−0.02 pp	23 q
ICFIICF International, Inc.	0.66%	112,787	$8M	held	—	24 q
VCVisteon Corporation	0.66%	136,115	$9M	added+40%	+0.19 pp	15 q
ATNIATN International, Inc	0.64%	136,210	$8M	added+18%	−0.03 pp	4 q
PBProsperity Bancshares Inc	0.62%	110,885	$8M	held	—	21 q
TPHTri Pointe Homes, Inc.	0.62%	606,666	$8M	added0%	+0.08 pp	9 q
SF9Sanderson Farms Inc	0.58%	49,271	$8M	trimmed−19%	+0.09 pp	4 q
SEBSeaboard Corporation	0.56%	1,708	$7M	added+6%	+0.10 pp	13 q
SBSISouthside Bancshares, Inc.	0.54%	198,385	$7M	held	—	15 q
unresolvedCarter Bank & Trust	0.52%	337,575	$7M	new	+0.52 pp	new
EMEEMCOR Group, Inc.	0.52%	82,107	$7M	held	—	24 q
PRSUPursuit Attractions and Hospitality, Inc.	0.52%	108,235	$7M	held	—	18 q
FRPHFRP Holdings, Inc.	0.49%	131,757	$6M	added+6%	+0.03 pp	5 q
FIXComfort Systems USA, Inc.	0.44%	113,130	$6M	held	—	11 q
ASIXAdvanSix Inc.	0.43%	180,736	$6M	trimmed−21%	−0.02 pp	3 q
ALGAlamo Group, Inc.	0.38%	46,706	$5M	held	—	24 q
UNFUnifirst Corp	0.38%	30,002	$5M	held	—	24 q
SMHISEACOR Marine Holdings Inc.	0.37%	358,074	$5M	added0%	+0.03 pp	5 q
GGenpact Limited	0.34%	120,872	$4M	trimmed−25%	−0.01 pp	21 q
AGXArgan, Inc	0.33%	89,000	$4M	new	+0.33 pp	new
CFRCullen/Frost Bankers Inc.	0.33%	42,331	$4M	trimmed−30%	−0.10 pp	24 q
KALUKaiser Aluminum Corporation	0.30%	40,819	$4M	trimmed−35%	−0.15 pp	24 q
ALCOAlico Inc	0.29%	140,451	$4M	held	—	24 q
DORMDorman Products, Inc. New	0.29%	43,600	$4M	held	—	17 q
CCSCentury Communities, Inc.	0.08%	40,000	$1M	trimmed−39%	−0.01 pp	19 q
RESIFront Yard Residential Corp	0.08%	90,000	$998,000	trimmed−45%	−0.04 pp	4 q
CTTCatchmark Timber Trust, Inc.	0.06%	80,000	$784,000	trimmed−41%	−0.02 pp	15 q
WLHWilliam Lyon Homes	0.06%	40,000	$757,000	trimmed−10%	+0.02 pp	2 q
CUBLionheart Holdings Class A	0.05%	10,064	$592,000	trimmed−91%	−0.43 pp	24 q
GRBKGreen Brick Partners, Inc	0.04%	60,000	$558,000	trimmed−20%	0.00 pp	4 q
JCAPJernigan Capital Inc	0.03%	20,000	$420,000	trimmed−20%	−0.01 pp	4 q
unresolvedDowdupont Inc	—	−251,181	—	exited	−1.09 pp	—
TTEKTetra Tech Inc	—	−119,797	—	exited	−0.50 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−11,248	—	exited	−0.23 pp	—
SMPStandard Motor Products	—	−46,947	—	exited	−0.18 pp	—
CDRCedar Realty Trust, Inc	—	−294,328	—	exited	−0.07 pp	—
unresolvedAspen Insurance Holdings Ltd	—	−342	—	exited	0.00 pp	—