Third Avenue

Q3 2019 13F · by Matthew Fine, portfolio manager

As of: Sep 30, 2019
Filed: Nov 13, 2019
US stock: $1.1B · prev $1.2B
Positions: 57 · prev 58
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%

Moves37 since the prior filing

+3.0 pp in · −4.0 pp out

New 2 +1.18 pp
Added 13 +1.87 pp
Trimmed 19 −2.79 pp
Exited 3 −1.18 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.4 years per position

Low
Moderate
High

Top 5 positions33% of US stock

WY Weyerhaeuser Company trimmed−1.06 pp trimmed−1.068.0%
unresolved Brookfield Asset Mgmt Inc trimmed+1.06 pp trimmed+1.067.6%
FPH Five Point Holdings, LLC Class A trimmed+0.14 pp trimmed+0.147.5%
LEN.B Lennar Corporation Class B added+1.02 pp added+1.025.1%
LEN Lennar Corporation Class A trimmed−0.55 pp trimmed−0.554.8%

Positions57 in this filing · 3 exited


WYWeyerhaeuser Company	8.00%	3,198,359	$89M	trimmed−22%	−1.06 pp	26 q
unresolvedBrookfield Asset Mgmt Inc	7.59%	1,583,511	$84M	trimmed−3%	+1.06 pp	26 q
FPHFive Point Holdings, LLC Class A	7.46%	11,024,313	$83M	trimmed−5%	+0.14 pp	10 q
LEN.BLennar Corporation Class B	5.11%	1,275,135	$57M	added+1%	+1.02 pp	12 q
LENLennar Corporation Class A	4.76%	943,577	$53M	trimmed−28%	−0.55 pp	15 q
RYNRayonier Inc.	4.70%	1,844,644	$52M	trimmed−9%	−0.46 pp	24 q
JBGSJBG SMITH Properties	4.63%	1,308,276	$51M	added+1%	+0.33 pp	9 q
TDWTidewater, Inc.	3.73%	2,737,423	$41M	added+5%	−1.40 pp	9 q
VNOVornado Realty Trust	3.57%	621,696	$40M	added+56%	+1.43 pp	26 q
PNCPNC Financial Services Group	3.43%	270,724	$38M	added+2%	+0.37 pp	21 q
HANHawaiian Holdings Inc	3.35%	1,414,859	$37M	trimmed0%	+0.09 pp	6 q
MACThe Macerich Company	3.19%	1,117,835	$35M	trimmed−21%	−0.81 pp	19 q
HCCWarrior Met Coal, Inc.	3.12%	1,769,890	$35M	added0%	−0.75 pp	8 q
UHALU-Haul Holding Company	2.65%	75,379	$29M	added+1%	+0.27 pp	8 q
FRFirst Industrial Realty Trust, Inc.	2.42%	676,266	$27M	trimmed−6%	+0.21 pp	26 q
AKRAcadia Realty Trust	2.41%	934,173	$27M	trimmed−18%	−0.22 pp	7 q
CMAComerica Incorporated	2.26%	378,962	$25M	trimmed−15%	−0.46 pp	26 q
LOWLowe's Companies Inc.	2.16%	217,258	$24M	trimmed−7%	+0.19 pp	26 q
TPHSTrinity Place Hldgs Inc	2.06%	5,707,236	$23M	added0%	+0.18 pp	15 q
MHKMohawk Industries, Inc.	1.64%	146,222	$18M	added+19%	+0.11 pp	3 q
EXPEagle Materials, Inc.	1.43%	175,889	$16M	held	—	3 q
FNFFidelity National Financial, Inc.	1.36%	339,016	$15M	trimmed−27%	−0.21 pp	15 q
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.01	1.24%	323,676	$14M	added+2%	+0.09 pp	7 q
MYRGMYR Group, Inc.	1.08%	383,459	$12M	added+19%	+0.07 pp	16 q
CUBICustomers Bancorp Inc	1.05%	561,121	$12M	added+3%	+0.09 pp	4 q
TRCTejon Ranch Co.	1.05%	686,108	$12M	trimmed−30%	−0.32 pp	26 q
CLNSDigitalBridge Group, Inc.	0.95%	1,754,908	$11M	new	+0.95 pp	new
ICFIICF International, Inc.	0.86%	112,787	$10M	held	—	26 q
VCVisteon Corporation	0.84%	112,063	$9M	trimmed−41%	−0.09 pp	17 q
FCNFTI Consulting, Inc.	0.83%	86,869	$9M	trimmed−16%	+0.10 pp	25 q
TPHTri Pointe Homes, Inc.	0.82%	606,666	$9M	held	—	11 q
ATNIATN International, Inc	0.72%	136,210	$8M	held	—	6 q
UMBFUMB Financial Corp	0.71%	121,780	$8M	trimmed−19%	−0.12 pp	26 q
SEBSeaboard Corporation	0.67%	1,708	$7M	held	—	15 q
EMEEMCOR Group, Inc.	0.64%	82,107	$7M	held	—	26 q
SBSISouthside Bancshares, Inc.	0.61%	198,385	$7M	held	—	17 q
unresolvedCarter Bank & Trust	0.58%	337,575	$6M	held	—	3 q
FRPHFRP Holdings, Inc.	0.57%	131,757	$6M	held	—	7 q
FIXComfort Systems USA, Inc.	0.54%	134,629	$6M	added+19%	+0.06 pp	13 q
ALGAlamo Group, Inc.	0.50%	46,706	$5M	held	—	26 q
AGXArgan, Inc	0.47%	133,142	$5M	held	—	3 q
PRSUPursuit Attractions and Hospitality, Inc.	0.46%	76,557	$5M	trimmed−9%	−0.01 pp	20 q
ALCOAlico Inc	0.43%	140,451	$5M	held	—	26 q
UNFUnifirst Corp	0.43%	24,354	$5M	trimmed−19%	−0.05 pp	26 q
GGenpact Limited	0.42%	120,872	$5M	held	—	23 q
SMHISEACOR Marine Holdings Inc.	0.41%	358,074	$5M	held	—	7 q
PBProsperity Bancshares Inc	0.39%	61,148	$4M	trimmed−45%	−0.22 pp	23 q
KALUKaiser Aluminum Corporation	0.36%	40,819	$4M	held	—	26 q
CFRCullen/Frost Bankers Inc.	0.34%	42,331	$4M	held	—	26 q
DORMDorman Products, Inc. New	0.31%	43,600	$3M	held	—	19 q
CTBCooper Tire & Rubber Co.	0.23%	97,126	$3M	new	+0.23 pp	new
CCSCentury Communities, Inc.	0.11%	40,000	$1M	held	—	21 q
RESIFront Yard Residential Corp	0.09%	90,000	$1M	held	—	6 q
CTTCatchmark Timber Trust, Inc.	0.08%	80,000	$854,000	held	—	17 q
WLHWilliam Lyon Homes	0.07%	40,000	$815,000	held	—	4 q
GRBKGreen Brick Partners, Inc	0.06%	60,000	$642,000	held	—	6 q
JCAPJernigan Capital Inc	0.03%	20,000	$385,000	held	—	6 q
RIGTransocean LTD.	—	−1,521,285	—	exited	−0.82 pp	—
SF9Sanderson Farms Inc	—	−25,755	—	exited	−0.30 pp	—
ASIXAdvanSix Inc.	—	−30,709	—	exited	−0.06 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001099281-19-000015
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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