Third Avenue

Q3 2020 13F · by Matthew Fine, portfolio manager

As of: Sep 30, 2020
Filed: Nov 13, 2020
US stock: $719M · prev $714M
Positions: 64 · prev 65
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

+3.3 pp in · −2.9 pp out

New 2 +1.49 pp
Added 14 +1.79 pp
Trimmed 29 −1.70 pp
Exited 3 −1.23 pp

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.4 years per position

Low
Moderate
High

Top 5 positions30% of US stock

WY Weyerhaeuser Company trimmed+1.24 pp trimmed+1.246.7%
LEN.B Lennar Corporation Class B trimmed+1.08 pp trimmed+1.086.4%
unresolved Brookfield Asset Mgmt Inc trimmed−0.28 pp trimmed−0.286.1%
FPH Five Point Holdings, LLC Class A trimmed−1.02 pp trimmed−1.026.0%
PLD Prologis, Inc. trimmed+0.13 pp trimmed+0.134.9%

Positions64 in this filing · 3 exited


WYWeyerhaeuser Company	6.69%	1,686,905	$48M	trimmed−3%	+1.24 pp	30 q
LEN.BLennar Corporation Class B	6.37%	698,183	$46M	trimmed−15%	+1.08 pp	16 q
unresolvedBrookfield Asset Mgmt Inc	6.10%	1,327,202	$44M	trimmed−4%	−0.28 pp	30 q
FPHFive Point Holdings, LLC Class A	5.96%	10,282,860	$43M	trimmed−5%	−1.02 pp	14 q
PLDPrologis, Inc.	4.90%	349,483	$35M	trimmed−4%	+0.13 pp	3 q
VNOVornado Realty Trust	4.47%	954,128	$32M	trimmed−3%	−0.78 pp	30 q
RYNRayonier Inc.	3.93%	1,070,289	$28M	trimmed−4%	+0.05 pp	28 q
JBGSJBG SMITH Properties	3.88%	1,043,225	$28M	trimmed−4%	−0.63 pp	13 q
LENLennar Corporation Class A	3.73%	333,797	$27M	trimmed−4%	+0.72 pp	19 q
LOWLowe's Companies Inc.	3.72%	161,570	$27M	trimmed−4%	+0.52 pp	3 q
HCCWarrior Met Coal, Inc.	3.54%	1,489,803	$25M	trimmed−17%	−0.31 pp	12 q
UHALU-Haul Holding Company	2.88%	58,303	$21M	trimmed−4%	+0.30 pp	12 q
TDWTidewater, Inc.	2.69%	2,889,202	$19M	added+4%	+0.52 pp	13 q
ORIOld Republic International Corporation	2.63%	1,285,160	$19M	added+15%	+0.07 pp	3 q
EXPEagle Materials, Inc.	2.36%	196,645	$17M	trimmed−17%	+0.03 pp	7 q
HANHawaiian Holdings Inc	2.08%	1,160,715	$15M	held	—	10 q
CMAComerica Incorporated	2.07%	390,005	$15M	added+14%	+0.24 pp	30 q
MHKMohawk Industries, Inc.	2.00%	147,347	$14M	trimmed−3%	−0.16 pp	7 q
AMHAmerican Homes 4 Rent	1.83%	461,905	$13M	added+15%	+0.31 pp	2 q
FDXFedEx Corporation	1.77%	50,628	$13M	trimmed−29%	+0.36 pp	3 q
ESSEssex Property Trust, Inc	1.76%	63,043	$13M	trimmed−34%	−1.32 pp	3 q
MYRGMYR Group, Inc.	1.57%	303,924	$11M	trimmed−9%	+0.08 pp	20 q
FRFirst Industrial Realty Trust, Inc.	1.46%	264,335	$11M	trimmed−4%	−0.02 pp	30 q
FNFFidelity National Financial, Inc.	1.41%	324,348	$10M	trimmed−4%	−0.04 pp	19 q
CBRECbre Group, Inc.	1.36%	208,197	$10M	trimmed−4%	−0.02 pp	3 q
KFYKorn Ferry	1.32%	328,473	$10M	new	+1.32 pp	new
TPHSTrinity Place Hldgs Inc	1.19%	6,077,466	$9M	added0%	+0.02 pp	19 q
CTBCooper Tire & Rubber Co.	1.11%	252,680	$8M	held	—	5 q
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.01	1.04%	557,700	$8M	trimmed−6%	+0.09 pp	11 q
UMBFUMB Financial Corp	1.00%	146,079	$7M	trimmed−16%	−0.25 pp	30 q
FRPHFRP Holdings, Inc.	0.76%	131,757	$5M	held	—	11 q
SEBSeaboard Corporation	0.76%	1,922	$5M	added+13%	+0.06 pp	19 q
CALMCal-Maine Foods Inc	0.73%	136,928	$5M	held	—	3 q
VCVisteon Corporation	0.73%	75,945	$5M	held	—	21 q
ICFIICF International, Inc.	0.72%	83,604	$5M	held	—	30 q
WASHWashington Trust Bancorp Inc	0.72%	167,939	$5M	added×2.6	+0.42 pp	2 q
ALGAlamo Group, Inc.	0.70%	46,706	$5M	held	—	30 q
TPHTri Pointe Homes, Inc.	0.59%	232,961	$4M	trimmed−19%	0.00 pp	15 q
ALCOAlico Inc	0.56%	140,451	$4M	held	—	30 q
DORMDorman Products, Inc. New	0.55%	43,600	$4M	held	—	23 q
PBProsperity Bancshares Inc	0.54%	75,356	$4M	added+23%	+0.03 pp	27 q
SBSISouthside Bancshares, Inc.	0.51%	149,269	$4M	added+19%	+0.02 pp	21 q
ATNIATN International, Inc	0.50%	72,427	$4M	held	—	10 q
CETCentral Securities Corp.	0.45%	111,210	$3M	held	—	3 q
AGXArgan, Inc	0.44%	75,009	$3M	trimmed−29%	−0.26 pp	7 q
EMEEMCOR Group, Inc.	0.43%	45,788	$3M	held	—	30 q
KALUKaiser Aluminum Corporation	0.43%	58,069	$3M	added+41%	+0.01 pp	30 q
UNFUnifirst Corp	0.39%	14,942	$3M	trimmed−21%	−0.09 pp	30 q
FIXComfort Systems USA, Inc.	0.38%	52,390	$3M	trimmed−64%	−0.44 pp	17 q
CFRCullen/Frost Bankers Inc.	0.38%	42,331	$3M	held	—	30 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.36%	122,715	$3M	held	—	3 q
MACThe Macerich Company	0.35%	374,972	$3M	held	—	23 q
unresolvedCarter Bank & Trust	0.19%	204,747	$1M	trimmed−24%	−0.11 pp	7 q
HBBHamilton Beach Brands Holding Company Class A	0.17%	63,027	$1M	new	+0.17 pp	new
NXRTNexPoint Residential Trust Inc	0.14%	23,000	$1M	held	—	3 q
PCHPotlatchDeltic Corporation	0.12%	20,000	$842,000	added+25%	+0.03 pp	3 q
ROICRetail Opportunity Investments Corp.	0.11%	75,000	$782,000	added+36%	+0.02 pp	3 q
STCStewart Information Services Corporation	0.10%	17,000	$744,000	held	—	3 q
unresolvedCTO Realty Growth, Inc.	0.09%	15,000	$662,000	added+88%	+0.05 pp	2 q
GRBKGreen Brick Partners, Inc	0.09%	40,000	$644,000	trimmed−50%	−0.04 pp	10 q
CIOCity Office REIT, Inc.	0.07%	70,000	$527,000	added+27%	−0.01 pp	3 q
MNRMonmouth Real Estate Inv Cor	0.06%	30,000	$416,000	held	—	3 q
RMRThe RMR Group Inc. Class A	0.05%	14,000	$385,000	held	—	3 q
FCNFTI Consulting, Inc.	0.00%	101	$11,000	trimmed−100%	−0.53 pp	29 q
PSAPublic Storage	—	−38,265	—	exited	−1.03 pp	—
CUBICustomers Bancorp Inc	—	−63,347	—	exited	−0.11 pp	—
JCAPJernigan Capital Inc	—	−48,582	—	exited	−0.09 pp	—