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Third Avenue

Q2 2020 13F · by Matthew Fine, portfolio manager

As of
Jun 30, 2020
Filed
Aug 14, 2020
US stock
$714M · prev $676M
Positions
65 · prev 67
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%

Moves48 since the prior filing

The book

Focused · behaves like 29 equal-sized positions

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

Low turnover · 21% a year, about 4.7 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions29% of US stock

  1. FPH Five Point Holdings, LLC Class A trimmed−1.75 pp trimmed−1.757.0%
  2. unresolved Brookfield Asset Mgmt Inc added−0.66 pp added−0.666.4%
  3. WY Weyerhaeuser Company trimmed+0.84 pp trimmed+0.845.5%
  4. LEN.B Lennar Corporation Class B trimmed+1.04 pp trimmed+1.045.3%
  5. VNO Vornado Realty Trust trimmed−0.22 pp trimmed−0.225.3%

Positions65 in this filing · 5 exited

FPHFive Point Holdings, LLC Class A6.98%10,827,355$50Mtrimmed−7%−1.75 pp13 q
unresolvedBrookfield Asset Mgmt Inc6.38%1,384,288$46Madded+29%−0.66 pp29 q
WYWeyerhaeuser Company5.45%1,732,549$39Mtrimmed−6%+0.84 pp29 q
LEN.BLennar Corporation Class B5.29%818,696$38Mtrimmed−18%+1.04 pp15 q
VNOVornado Realty Trust5.25%981,288$37Mtrimmed−4%−0.22 pp29 q
PLDPrologis, Inc.4.77%364,892$34Mtrimmed−1%+0.39 pp2 q
JBGSJBG SMITH Properties4.51%1,088,102$32Mtrimmed−12%−1.29 pp12 q
RYNRayonier Inc.3.88%1,115,566$28Mtrimmed−9%−0.38 pp27 q
HCCWarrior Met Coal, Inc.3.85%1,786,569$27Mtrimmed−3%+0.95 pp11 q
LOWLowe's Companies Inc.3.20%168,757$23Mtrimmed−0%+1.05 pp2 q
ESSEssex Property Trust, Inc3.08%95,949$22Mtrimmed−2%−0.10 pp2 q
LENLennar Corporation Class A3.01%348,885$21Mtrimmed−43%−0.47 pp18 q
UHALU-Haul Holding Company2.58%60,831$18Mtrimmed−17%−0.58 pp11 q
ORIOld Republic International Corporation2.56%1,118,129$18Madded+40%+0.76 pp2 q
EXPEagle Materials, Inc.2.33%236,933$17Mtrimmed−3%+0.22 pp6 q
HANHawaiian Holdings Inc2.28%1,160,715$16Mtrimmed−5%+0.40 pp9 q
TDWTidewater, Inc.2.17%2,774,578$16Madded0%−0.73 pp12 q
MHKMohawk Industries, Inc.2.16%151,559$15Mtrimmed−9%+0.28 pp6 q
CMAComerica Incorporated1.83%342,378$13Madded+44%+0.80 pp29 q
AMHAmerican Homes 4 Rent1.52%402,492$11Mnew+1.52 ppnew
MYRGMYR Group, Inc.1.49%333,913$11Mtrimmed−13%0.00 pp19 q
FRFirst Industrial Realty Trust, Inc.1.48%275,569$11Mtrimmed−9%0.00 pp29 q
FNFFidelity National Financial, Inc.1.45%338,118$10Mtrimmed−9%+0.09 pp18 q
FDXFedEx Corporation1.41%71,753$10Madded0%+0.13 pp2 q
CBRECbre Group, Inc.1.38%217,135$10Mtrimmed−8%+0.07 pp2 q
UMBFUMB Financial Corp1.25%173,524$9Madded+19%+0.25 pp29 q
TPHSTrinity Place Hldgs Inc1.17%6,070,676$8Madded0%−0.46 pp18 q
PSAPublic Storage1.03%38,265$7Mtrimmed−62%−1.95 pp2 q
CTBCooper Tire & Rubber Co.0.98%252,680$7Madded+9%+0.42 pp4 q
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.010.95%594,279$7Mtrimmed−9%+0.07 pp10 q
CALMCal-Maine Foods Inc0.85%136,928$6Mheld—2 q
FIXComfort Systems USA, Inc.0.82%143,925$6Madded+7%+0.09 pp16 q
ICFIICF International, Inc.0.76%83,604$5Mtrimmed−11%−0.19 pp29 q
FRPHFRP Holdings, Inc.0.75%131,757$5Mheld—10 q
VCVisteon Corporation0.73%75,945$5Madded+6%+0.22 pp20 q
AGXArgan, Inc0.70%105,230$5Mtrimmed−12%+0.09 pp6 q
SEBSeaboard Corporation0.70%1,708$5Mheld—18 q
ALGAlamo Group, Inc.0.67%46,706$5Mheld—29 q
ATNIATN International, Inc0.61%72,427$4Mtrimmed−34%−0.34 pp9 q
ALCOAlico Inc0.61%140,451$4Mheld—29 q
TPHTri Pointe Homes, Inc.0.59%287,085$4Madded+33%+0.31 pp14 q
FCNFTI Consulting, Inc.0.53%33,091$4Mtrimmed−23%−0.23 pp28 q
PBProsperity Bancshares Inc0.51%61,148$4Mheld—26 q
SBSISouthside Bancshares, Inc.0.49%125,475$3Mheld—20 q
UNFUnifirst Corp0.48%18,954$3Mheld—29 q
MACThe Macerich Company0.47%374,972$3Madded+5%+0.17 pp22 q
CETCentral Securities Corp.0.45%111,210$3Mheld—2 q
CFRCullen/Frost Bankers Inc.0.44%42,331$3Mheld—29 q
EMEEMCOR Group, Inc.0.42%45,788$3Mheld—29 q
KALUKaiser Aluminum Corporation0.42%41,089$3Madded+18%+0.06 pp29 q
DORMDorman Products, Inc. New0.41%43,600$3Mheld—22 q
BATRAAtlanta Braves Holdings, Inc. Series A0.35%122,715$2Madded+79%+0.15 pp2 q
unresolvedCarter Bank & Trust0.30%268,982$2Mheld—6 q
WASHWashington Trust Bancorp Inc0.30%65,834$2Mnew+0.30 ppnew
GRBKGreen Brick Partners, Inc0.13%80,000$948,000held—9 q
CUBICustomers Bancorp Inc0.11%63,347$762,000trimmed−89%−0.80 pp7 q
NXRTNexPoint Residential Trust Inc0.11%23,000$814,000held—2 q
JCAPJernigan Capital Inc0.09%48,582$665,000held—9 q
PCHPotlatchDeltic Corporation0.09%16,000$609,000held—2 q
ROICRetail Opportunity Investments Corp.0.09%55,000$624,000held—2 q
CIOCity Office REIT, Inc.0.08%55,000$554,000held—2 q
STCStewart Information Services Corporation0.08%17,000$553,000held—2 q
MNRMonmouth Real Estate Inv Cor0.06%30,000$435,000held—2 q
RMRThe RMR Group Inc. Class A0.06%14,000$413,000held—2 q
unresolvedCTO Realty Growth, Inc.0.04%8,000$316,000new+0.04 ppnew
GGenpact Limited—−85,591—exited−0.37 pp—
SMHISEACOR Marine Holdings Inc.—−358,074—exited−0.23 pp—
IYRiShares U.S. Real Estate ETF—−9,000—exited−0.09 pp—
CTOCTO Realty Growth, Inc.—−8,000—exited−0.05 pp—
RESIFront Yard Residential Corp—−30,000—exited−0.05 pp—

Source

Form
13F-HR
Reading
0 defects · 3 unresolved
Accession
0001099281-20-000009
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet