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Third Avenue

Q2 2019 13F · by Matthew Fine, portfolio manager

As of
Jun 30, 2019
Filed
Aug 14, 2019
US stock
$1.2B · prev $1.3B
Positions
58 · prev 59
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%

Moves30 since the prior filing

The book

Focused · behaves like 25 equal-sized positions

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

Low turnover · 7.2% a year, about 14.0 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions33% of US stock

  1. WY Weyerhaeuser Company trimmed+0.54 pp trimmed+0.549.1%
  2. FPH Five Point Holdings, LLC Class A added−0.88 pp added−0.887.3%
  3. unresolved Brookfield Asset Mgmt Inc trimmed+0.33 pp trimmed+0.336.5%
  4. LEN Lennar Corporation Class A trimmed−2.39 pp trimmed−2.395.3%
  5. RYN Rayonier Inc. trimmed+0.05 pp trimmed+0.055.2%

Positions58 in this filing · 1 exited

WYWeyerhaeuser Company9.06%4,097,807$108Mtrimmed−5%+0.54 pp25 q
FPHFive Point Holdings, LLC Class A7.32%11,591,086$87Madded0%−0.88 pp9 q
unresolvedBrookfield Asset Mgmt Inc6.53%1,628,504$78Mtrimmed−5%+0.33 pp25 q
LENLennar Corporation Class A5.31%1,305,992$63Mtrimmed−33%−2.39 pp14 q
RYNRayonier Inc.5.16%2,028,817$61Mtrimmed−3%+0.05 pp23 q
TDWTidewater, Inc.5.13%2,601,313$61Madded+6%+0.72 pp8 q
JBGSJBG SMITH Properties4.30%1,301,641$51Mtrimmed−1%+0.10 pp8 q
LEN.BLennar Corporation Class B4.09%1,266,322$49Madded+1%+0.14 pp11 q
MACThe Macerich Company4.00%1,423,524$48Madded+1%−0.42 pp18 q
HCCWarrior Met Coal, Inc.3.87%1,763,663$46Mtrimmed−10%−0.40 pp7 q
HANHawaiian Holdings Inc3.26%1,414,861$39Madded+3%+0.39 pp5 q
PNCPNC Financial Services Group3.06%265,439$36Madded0%+0.36 pp20 q
CMAComerica Incorporated2.72%446,155$32Mtrimmed−1%+0.07 pp25 q
AKRAcadia Realty Trust2.63%1,146,124$31Mtrimmed−7%−0.07 pp6 q
UHALU-Haul Holding Company2.38%74,795$28Mtrimmed−4%+0.05 pp7 q
FRFirst Industrial Realty Trust, Inc.2.21%716,038$26Mtrimmed−21%−0.20 pp25 q
VNOVornado Realty Trust2.14%397,834$26Mtrimmed−4%+0.03 pp25 q
LOWLowe's Companies Inc.1.97%232,402$23Mtrimmed−16%−0.31 pp25 q
TPHSTrinity Place Hldgs Inc1.88%5,679,728$22Madded+13%+0.22 pp14 q
FNFFidelity National Financial, Inc.1.57%464,900$19Mtrimmed−4%+0.11 pp14 q
MHKMohawk Industries, Inc.1.53%123,257$18Madded+39%+0.61 pp2 q
EXPEagle Materials, Inc.1.37%175,889$16Mheld—2 q
TRCTejon Ranch Co.1.37%985,076$16Mheld—25 q
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.011.15%317,524$14Madded+12%+0.15 pp6 q
MYRGMYR Group, Inc.1.01%321,485$12Mheld—15 q
CUBICustomers Bancorp Inc0.96%545,029$11Madded+5%+0.08 pp3 q
VCVisteon Corporation0.93%188,730$11Madded+39%+0.27 pp16 q
UMBFUMB Financial Corp0.83%150,823$10Mheld—25 q
RIGTransocean LTD.0.82%1,521,285$10Mheld—3 q
FCNFTI Consulting, Inc.0.73%103,739$9Mtrimmed−6%+0.03 pp24 q
ICFIICF International, Inc.0.69%112,787$8Mheld—25 q
ATNIATN International, Inc0.66%136,210$8Mheld—5 q
FRPHFRP Holdings, Inc.0.62%131,757$7Mheld—6 q
EMEEMCOR Group, Inc.0.61%82,107$7Mheld—25 q
PBProsperity Bancshares Inc0.61%110,885$7Mheld—22 q
TPHTri Pointe Homes, Inc.0.61%606,666$7Mheld—10 q
SEBSeaboard Corporation0.59%1,708$7Mheld—14 q
unresolvedCarter Bank & Trust0.56%337,575$7Mheld—2 q
SBSISouthside Bancshares, Inc.0.54%198,385$6Mheld—16 q
FIXComfort Systems USA, Inc.0.48%113,130$6Mheld—12 q
UNFUnifirst Corp0.48%30,002$6Mheld—25 q
PRSUPursuit Attractions and Hospitality, Inc.0.47%83,778$6Mtrimmed−23%−0.05 pp19 q
AGXArgan, Inc0.45%133,142$5Madded+50%+0.12 pp2 q
SMHISEACOR Marine Holdings Inc.0.45%358,074$5Mheld—6 q
ALGAlamo Group, Inc.0.39%46,706$5Mheld—25 q
GGenpact Limited0.39%120,872$5Mheld—22 q
ALCOAlico Inc0.36%140,451$4Mheld—25 q
CFRCullen/Frost Bankers Inc.0.33%42,331$4Mheld—25 q
KALUKaiser Aluminum Corporation0.33%40,819$4Mheld—25 q
DORMDorman Products, Inc. New0.32%43,600$4Mheld—18 q
SF9Sanderson Farms Inc0.30%25,755$4Mtrimmed−48%−0.28 pp5 q
CCSCentury Communities, Inc.0.09%40,000$1Mheld—20 q
RESIFront Yard Residential Corp0.09%90,000$1Mheld—5 q
CTTCatchmark Timber Trust, Inc.0.07%80,000$836,000held—16 q
ASIXAdvanSix Inc.0.06%30,709$751,000trimmed−83%−0.37 pp4 q
WLHWilliam Lyon Homes0.06%40,000$730,000held—3 q
GRBKGreen Brick Partners, Inc0.04%60,000$499,000held—5 q
JCAPJernigan Capital Inc0.03%20,000$410,000held—5 q
CUBLionheart Holdings Class A—−10,064—exited−0.05 pp—

Source

Form
13F-HR
Reading
0 defects · 2 unresolved
Accession
0001099281-19-000012
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet