Third Avenue

Q1 2020 13F · by Matthew Fine, portfolio manager

As of: Mar 31, 2020
Filed: May 13, 2020
US stock: $676M · prev $1.0B
Positions: 67 · 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%

Moves60 since the prior filing

+17.7 pp in · −17.4 pp out

New 19 +19.20 pp
Added 15 −1.48 pp
Trimmed 17 −9.94 pp
Exited 9 −7.49 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 82% a year, about 1.2 years per position

Low
Moderate
High

Top 5 positions32% of US stock

FPH Five Point Holdings, LLC Class A trimmed+0.68 pp trimmed+0.688.7%
unresolved Brookfield Asset Mgmt Inc trimmed+0.89 pp trimmed+0.897.0%
JBGS JBG SMITH Properties added+0.98 pp added+0.985.8%
VNO Vornado Realty Trust added+1.65 pp added+1.655.5%
WY Weyerhaeuser Company trimmed−3.29 pp trimmed−3.294.6%

Positions67 in this filing · 9 exited


FPHFive Point Holdings, LLC Class A	8.73%	11,648,430	$59M	trimmed−1%	+0.68 pp	12 q
unresolvedBrookfield Asset Mgmt Inc	7.04%	1,075,289	$48M	trimmed−0%	+0.89 pp	28 q
JBGSJBG SMITH Properties	5.80%	1,231,736	$39M	added+1%	+0.98 pp	11 q
VNOVornado Realty Trust	5.47%	1,022,126	$37M	added+76%	+1.65 pp	28 q
WYWeyerhaeuser Company	4.61%	1,837,497	$31M	trimmed−31%	−3.29 pp	28 q
PLDPrologis, Inc.	4.38%	368,926	$30M	new	+4.38 pp	new
RYNRayonier Inc.	4.26%	1,222,685	$29M	trimmed−5%	+0.10 pp	26 q
LEN.BLennar Corporation Class B	4.25%	993,183	$29M	trimmed−12%	−0.75 pp	14 q
LENLennar Corporation Class A	3.48%	614,088	$24M	trimmed−30%	−1.41 pp	17 q
ESSEssex Property Trust, Inc	3.18%	97,734	$22M	new	+3.18 pp	new
UHALU-Haul Holding Company	3.16%	73,601	$21M	trimmed−8%	+0.18 pp	10 q
PSAPublic Storage	2.98%	101,528	$20M	new	+2.98 pp	new
TDWTidewater, Inc.	2.90%	2,771,752	$20M	added+1%	−2.35 pp	11 q
HCCWarrior Met Coal, Inc.	2.90%	1,845,789	$20M	added+3%	−0.84 pp	10 q
LOWLowe's Companies Inc.	2.15%	169,215	$15M	new	+2.15 pp	new
EXPEagle Materials, Inc.	2.11%	244,397	$14M	added+38%	+0.52 pp	5 q
HANHawaiian Holdings Inc	1.88%	1,215,738	$13M	added+11%	−1.30 pp	8 q
MHKMohawk Industries, Inc.	1.88%	166,602	$13M	added+13%	−0.10 pp	5 q
ORIOld Republic International Corporation	1.80%	797,168	$12M	new	+1.80 pp	new
TPHSTrinity Place Hldgs Inc	1.63%	6,046,847	$11M	added+3%	−0.11 pp	17 q
MYRGMYR Group, Inc.	1.49%	383,607	$10M	held	—	18 q
FRFirst Industrial Realty Trust, Inc.	1.48%	302,128	$10M	trimmed−46%	−0.83 pp	28 q
FNFFidelity National Financial, Inc.	1.36%	370,365	$9M	added+42%	+0.19 pp	17 q
CBRECbre Group, Inc.	1.31%	235,115	$9M	new	+1.31 pp	new
FDXFedEx Corporation	1.28%	71,511	$9M	new	+1.28 pp	new
CMAComerica Incorporated	1.03%	237,156	$7M	trimmed−28%	−1.32 pp	28 q
UMBFUMB Financial Corp	1.00%	146,261	$7M	added+11%	+0.10 pp	28 q
ATNIATN International, Inc	0.95%	109,002	$6M	trimmed−20%	+0.20 pp	8 q
ICFIICF International, Inc.	0.95%	93,665	$6M	held	—	28 q
CUBICustomers Bancorp Inc	0.91%	561,121	$6M	held	—	6 q
CALMCal-Maine Foods Inc	0.89%	136,928	$6M	new	+0.89 pp	new
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.01	0.88%	651,610	$6M	added+95%	−0.45 pp	9 q
FRPHFRP Holdings, Inc.	0.84%	131,757	$6M	held	—	9 q
FCNFTI Consulting, Inc.	0.76%	42,957	$5M	trimmed−42%	−0.05 pp	27 q
FIXComfort Systems USA, Inc.	0.73%	134,629	$5M	held	—	15 q
SEBSeaboard Corporation	0.71%	1,708	$5M	held	—	17 q
ALCOAlico Inc	0.64%	140,451	$4M	held	—	28 q
ALGAlamo Group, Inc.	0.61%	46,706	$4M	held	—	28 q
AGXArgan, Inc	0.61%	119,452	$4M	trimmed−28%	−0.05 pp	5 q
CTBCooper Tire & Rubber Co.	0.56%	232,698	$4M	added+57%	+0.14 pp	3 q
SBSISouthside Bancshares, Inc.	0.56%	125,475	$4M	trimmed−32%	−0.12 pp	19 q
VCVisteon Corporation	0.51%	71,849	$3M	held	—	19 q
PBProsperity Bancshares Inc	0.44%	61,148	$3M	held	—	25 q
CETCentral Securities Corp.	0.42%	111,210	$3M	new	+0.42 pp	new
EMEEMCOR Group, Inc.	0.42%	45,788	$3M	trimmed−35%	−0.18 pp	28 q
UNFUnifirst Corp	0.42%	18,954	$3M	held	—	28 q
unresolvedCarter Bank & Trust	0.37%	268,982	$2M	held	—	5 q
GGenpact Limited	0.37%	85,591	$3M	trimmed−29%	−0.13 pp	25 q
DORMDorman Products, Inc. New	0.36%	43,600	$2M	held	—	21 q
KALUKaiser Aluminum Corporation	0.36%	34,769	$2M	held	—	28 q
CFRCullen/Frost Bankers Inc.	0.35%	42,331	$2M	held	—	28 q
MACThe Macerich Company	0.30%	356,561	$2M	trimmed−74%	−3.37 pp	21 q
TPHTri Pointe Homes, Inc.	0.28%	215,389	$2M	trimmed−57%	−0.49 pp	13 q
SMHISEACOR Marine Holdings Inc.	0.23%	358,074	$2M	held	—	9 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.20%	68,715	$1M	new	+0.20 pp	new
GRBKGreen Brick Partners, Inc	0.10%	80,000	$644,000	added+33%	+0.03 pp	8 q
IYRiShares U.S. Real Estate ETF	0.09%	9,000	$627,000	new	+0.09 pp	new
NXRTNexPoint Residential Trust Inc	0.09%	23,000	$580,000	new	+0.09 pp	new
JCAPJernigan Capital Inc	0.08%	48,582	$533,000	added×2.4	+0.04 pp	8 q
PCHPotlatchDeltic Corporation	0.07%	16,000	$503,000	new	+0.07 pp	new
ROICRetail Opportunity Investments Corp.	0.07%	55,000	$456,000	new	+0.07 pp	new
STCStewart Information Services Corporation	0.07%	17,000	$454,000	new	+0.07 pp	new
CIOCity Office REIT, Inc.	0.06%	55,000	$398,000	new	+0.06 pp	new
RMRThe RMR Group Inc. Class A	0.06%	14,000	$378,000	new	+0.06 pp	new
CTOCTO Realty Growth, Inc.	0.05%	8,000	$363,000	new	+0.05 pp	new
RESIFront Yard Residential Corp	0.05%	30,000	$359,000	added+17%	+0.02 pp	8 q
MNRMonmouth Real Estate Inv Cor	0.05%	30,000	$362,000	new	+0.05 pp	new
AKRAcadia Realty Trust	—	−872,557	—	exited	−2.24 pp	—
PNCPNC Financial Services Group	—	−136,135	—	exited	−2.15 pp	—
HHCThe Howard Hughes Corporation	—	−112,780	—	exited	−1.41 pp	—
CLNSDigitalBridge Group, Inc.	—	−1,803,433	—	exited	−0.85 pp	—
PRSUPursuit Attractions and Hospitality, Inc.	—	−73,261	—	exited	−0.49 pp	—
CCSCentury Communities, Inc.	—	−40,000	—	exited	−0.11 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−3,365	—	exited	−0.11 pp	—
WLHWilliam Lyon Homes	—	−40,000	—	exited	−0.08 pp	—
CTTCatchmark Timber Trust, Inc.	—	−45,961	—	exited	−0.05 pp	—