Third Avenue

Q4 2019 13F · by Matthew Fine, portfolio manager

As of: Dec 31, 2019
Filed: Feb 13, 2020
US stock: $1.0B · prev $1.1B
Positions: 57 · prev 57
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%

Moves44 since the prior filing

+6.0 pp in · −7.0 pp out

New 2 +1.52 pp
Added 15 +4.47 pp
Trimmed 25 −3.76 pp
Exited 2 −3.21 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions32% of US stock

FPH Five Point Holdings, LLC Class A added+0.59 pp added+0.598.1%
WY Weyerhaeuser Company trimmed−0.10 pp trimmed−0.107.9%
unresolved Brookfield Asset Mgmt Inc trimmed−1.44 pp trimmed−1.446.2%
TDW Tidewater, Inc. added+1.52 pp added+1.525.3%
LEN.B Lennar Corporation Class B trimmed−0.11 pp trimmed−0.115.0%

Positions57 in this filing · 2 exited


FPHFive Point Holdings, LLC Class A	8.05%	11,713,323	$81M	added+6%	+0.59 pp	11 q
WYWeyerhaeuser Company	7.90%	2,644,843	$80M	trimmed−17%	−0.10 pp	27 q
unresolvedBrookfield Asset Mgmt Inc	6.15%	1,075,748	$62M	trimmed−32%	−1.44 pp	27 q
TDWTidewater, Inc.	5.25%	2,754,611	$53M	added+1%	+1.52 pp	10 q
LEN.BLennar Corporation Class B	5.00%	1,130,388	$51M	trimmed−11%	−0.11 pp	13 q
LENLennar Corporation Class A	4.89%	881,440	$49M	trimmed−7%	+0.13 pp	16 q
JBGSJBG SMITH Properties	4.82%	1,222,026	$49M	trimmed−7%	+0.19 pp	10 q
RYNRayonier Inc.	4.16%	1,282,284	$42M	trimmed−30%	−0.54 pp	25 q
VNOVornado Realty Trust	3.82%	580,664	$39M	trimmed−7%	+0.25 pp	27 q
HCCWarrior Met Coal, Inc.	3.74%	1,789,403	$38M	added+1%	+0.62 pp	9 q
MACThe Macerich Company	3.67%	1,376,950	$37M	added+23%	+0.48 pp	20 q
HANHawaiian Holdings Inc	3.18%	1,096,849	$32M	trimmed−22%	−0.17 pp	7 q
UHALU-Haul Holding Company	2.98%	80,245	$30M	added+6%	+0.33 pp	9 q
CMAComerica Incorporated	2.35%	331,514	$24M	trimmed−13%	+0.09 pp	27 q
FRFirst Industrial Realty Trust, Inc.	2.31%	562,599	$23M	trimmed−17%	−0.11 pp	27 q
AKRAcadia Realty Trust	2.24%	872,557	$23M	trimmed−7%	−0.17 pp	8 q
PNCPNC Financial Services Group	2.15%	136,135	$22M	trimmed−50%	−1.28 pp	22 q
MHKMohawk Industries, Inc.	1.98%	146,864	$20M	added0%	+0.34 pp	4 q
TPHSTrinity Place Hldgs Inc	1.74%	5,842,911	$18M	added+2%	−0.32 pp	16 q
EXPEagle Materials, Inc.	1.59%	177,351	$16M	added+1%	+0.16 pp	4 q
HHCThe Howard Hughes Corporation	1.41%	112,780	$14M	new	+1.41 pp	new
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.01	1.33%	334,849	$13M	added+3%	+0.09 pp	8 q
CUBICustomers Bancorp Inc	1.32%	561,121	$13M	held	—	5 q
MYRGMYR Group, Inc.	1.24%	383,607	$13M	added0%	+0.16 pp	17 q
FNFFidelity National Financial, Inc.	1.17%	260,847	$12M	trimmed−23%	−0.19 pp	16 q
UMBFUMB Financial Corp	0.90%	132,155	$9M	added+9%	+0.19 pp	27 q
CLNSDigitalBridge Group, Inc.	0.85%	1,803,433	$9M	added+3%	−0.10 pp	2 q
ICFIICF International, Inc.	0.85%	93,665	$9M	trimmed−17%	−0.01 pp	27 q
FCNFTI Consulting, Inc.	0.81%	74,064	$8M	trimmed−15%	−0.02 pp	26 q
TPHTri Pointe Homes, Inc.	0.77%	502,578	$8M	trimmed−17%	−0.05 pp	12 q
ATNIATN International, Inc	0.75%	136,395	$8M	added0%	+0.03 pp	7 q
SEBSeaboard Corporation	0.72%	1,708	$7M	held	—	16 q
SBSISouthside Bancshares, Inc.	0.68%	183,896	$7M	trimmed−7%	+0.07 pp	18 q
AGXArgan, Inc	0.66%	166,754	$7M	added+25%	+0.19 pp	4 q
FIXComfort Systems USA, Inc.	0.66%	134,629	$7M	held	—	14 q
FRPHFRP Holdings, Inc.	0.65%	131,757	$7M	held	—	8 q
unresolvedCarter Bank & Trust	0.63%	268,982	$6M	trimmed−20%	+0.05 pp	4 q
VCVisteon Corporation	0.62%	71,849	$6M	trimmed−36%	−0.22 pp	18 q
EMEEMCOR Group, Inc.	0.60%	70,044	$6M	trimmed−15%	−0.04 pp	27 q
ALGAlamo Group, Inc.	0.58%	46,706	$6M	held	—	27 q
ALCOAlico Inc	0.50%	140,451	$5M	held	—	27 q
GGenpact Limited	0.50%	120,872	$5M	held	—	24 q
SMHISEACOR Marine Holdings Inc.	0.49%	358,074	$5M	held	—	8 q
PRSUPursuit Attractions and Hospitality, Inc.	0.49%	73,261	$5M	trimmed−4%	+0.03 pp	21 q
PBProsperity Bancshares Inc	0.43%	61,148	$4M	held	—	24 q
CTBCooper Tire & Rubber Co.	0.42%	147,893	$4M	added+52%	+0.19 pp	2 q
CFRCullen/Frost Bankers Inc.	0.41%	42,331	$4M	held	—	27 q
KALUKaiser Aluminum Corporation	0.38%	34,769	$4M	trimmed−15%	+0.02 pp	27 q
UNFUnifirst Corp	0.38%	18,954	$4M	trimmed−22%	−0.05 pp	27 q
DORMDorman Products, Inc. New	0.33%	43,600	$3M	held	—	20 q
CCSCentury Communities, Inc.	0.11%	40,000	$1M	held	—	22 q
SPYState Street SPDR S&P 500 ETF Trust	0.11%	3,365	$1M	new	+0.11 pp	new
WLHWilliam Lyon Homes	0.08%	40,000	$800,000	held	—	5 q
GRBKGreen Brick Partners, Inc	0.07%	60,000	$689,000	held	—	7 q
CTTCatchmark Timber Trust, Inc.	0.05%	45,961	$528,000	trimmed−43%	−0.03 pp	18 q
JCAPJernigan Capital Inc	0.04%	20,000	$383,000	held	—	7 q
RESIFront Yard Residential Corp	0.03%	25,728	$318,000	trimmed−71%	−0.06 pp	7 q
LOWLowe's Companies Inc.	—	−217,258	—	exited	−2.16 pp	—
TRCTejon Ranch Co.	—	−686,108	—	exited	−1.05 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001099281-20-000003
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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