Third Avenue

Q4 2020 13F · by Matthew Fine, portfolio manager

As of: Dec 31, 2020
Filed: Feb 12, 2021
US stock: $713M · prev $719M
Positions: 64 · prev 64
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%

Moves51 since the prior filing

+6.9 pp in · −7.9 pp out

New 3 +2.93 pp
Added 13 +4.00 pp
Trimmed 32 −5.46 pp
Exited 3 −2.40 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.5 years per position

Low
Moderate
High

Top 5 positions27% of US stock

FPH Five Point Holdings, LLC Class A trimmed+0.78 pp trimmed+0.786.7%
WY Weyerhaeuser Company trimmed−0.40 pp trimmed−0.406.3%
unresolved Brookfield Asset Mgmt Inc trimmed−0.27 pp trimmed−0.275.8%
PLD Prologis, Inc. trimmed−0.50 pp trimmed−0.504.4%
LEN.B Lennar Corporation Class B trimmed−2.24 pp trimmed−2.244.1%

Positions64 in this filing · 3 exited


FPHFive Point Holdings, LLC Class A	6.74%	8,804,142	$48M	trimmed−14%	+0.78 pp	15 q
WYWeyerhaeuser Company	6.29%	1,337,290	$45M	trimmed−21%	−0.40 pp	31 q
unresolvedBrookfield Asset Mgmt Inc	5.83%	1,006,002	$42M	trimmed−24%	−0.27 pp	31 q
PLDPrologis, Inc.	4.40%	314,604	$31M	trimmed−10%	−0.50 pp	4 q
LEN.BLennar Corporation Class B	4.13%	480,974	$29M	trimmed−31%	−2.24 pp	17 q
RYNRayonier Inc.	4.03%	978,630	$29M	trimmed−9%	+0.10 pp	29 q
JBGSJBG SMITH Properties	3.92%	892,595	$28M	trimmed−14%	+0.04 pp	14 q
HCCWarrior Met Coal, Inc.	3.64%	1,216,410	$26M	trimmed−18%	+0.10 pp	13 q
UHALU-Haul Holding Company	3.45%	54,173	$25M	trimmed−7%	+0.57 pp	13 q
LOWLowe's Companies Inc.	3.39%	150,686	$24M	trimmed−7%	−0.33 pp	4 q
ORIOld Republic International Corporation	3.07%	1,109,592	$22M	trimmed−14%	+0.44 pp	4 q
TDWTidewater, Inc.	3.05%	2,513,675	$22M	trimmed−13%	+0.36 pp	14 q
CMAComerica Incorporated	2.91%	371,331	$21M	trimmed−5%	+0.84 pp	31 q
EXPEagle Materials, Inc.	2.65%	186,032	$19M	trimmed−5%	+0.29 pp	8 q
MHKMohawk Industries, Inc.	2.62%	132,466	$19M	trimmed−10%	+0.62 pp	8 q
HANHawaiian Holdings Inc	2.52%	1,016,436	$18M	trimmed−12%	+0.44 pp	11 q
KFYKorn Ferry	2.19%	358,469	$16M	added+9%	+0.87 pp	2 q
AMHAmerican Homes 4 Rent	2.18%	517,729	$16M	added+12%	+0.35 pp	3 q
LAZLazard, Inc.	2.17%	366,216	$15M	new	+2.17 pp	new
LENLennar Corporation Class A	1.70%	158,779	$12M	trimmed−52%	−2.03 pp	20 q
CBRECbre Group, Inc.	1.68%	190,511	$12M	trimmed−8%	+0.32 pp	4 q
FNFFidelity National Financial, Inc.	1.65%	300,909	$12M	trimmed−7%	+0.24 pp	20 q
CTBCooper Tire & Rubber Co.	1.44%	252,680	$10M	held	—	6 q
FRFirst Industrial Realty Trust, Inc.	1.43%	241,732	$10M	trimmed−9%	−0.03 pp	31 q
UMBFUMB Financial Corp	1.41%	146,136	$10M	added0%	+0.41 pp	31 q
ESSEssex Property Trust, Inc	1.24%	37,117	$9M	trimmed−41%	−0.52 pp	4 q
VNOVornado Realty Trust	1.24%	237,599	$9M	trimmed−75%	−3.23 pp	31 q
WASHWashington Trust Bancorp Inc	1.15%	182,745	$8M	added+9%	+0.43 pp	3 q
MYRGMYR Group, Inc.	1.07%	126,566	$8M	trimmed−58%	−0.50 pp	21 q
TPHSTrinity Place Hldgs Inc	1.07%	6,077,466	$8M	held	—	20 q
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.01	1.06%	516,264	$8M	trimmed−7%	+0.02 pp	12 q
PBProsperity Bancshares Inc	1.05%	107,928	$7M	added+43%	+0.51 pp	28 q
ALGAlamo Group, Inc.	0.90%	46,706	$6M	held	—	31 q
ICFIICF International, Inc.	0.87%	83,673	$6M	added0%	+0.15 pp	31 q
SEBSeaboard Corporation	0.85%	2,000	$6M	added+4%	+0.09 pp	20 q
CALMCal-Maine Foods Inc	0.84%	159,394	$6M	added+16%	+0.11 pp	4 q
FRPHFRP Holdings, Inc.	0.83%	129,723	$6M	trimmed−2%	+0.07 pp	12 q
SBSISouthside Bancshares, Inc.	0.79%	180,778	$6M	added+21%	+0.28 pp	22 q
PRAProAssurance Corporation	0.74%	297,038	$5M	new	+0.74 pp	new
KALUKaiser Aluminum Corporation	0.72%	52,160	$5M	trimmed−10%	+0.29 pp	31 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.61%	174,128	$4M	added+42%	+0.25 pp	4 q
EMEEMCOR Group, Inc.	0.59%	45,788	$4M	held	—	31 q
MACThe Macerich Company	0.59%	393,421	$4M	added+5%	+0.24 pp	24 q
TPHTri Pointe Homes, Inc.	0.56%	232,961	$4M	held	—	16 q
VCVisteon Corporation	0.56%	31,848	$4M	trimmed−58%	−0.17 pp	22 q
CFRCullen/Frost Bankers Inc.	0.52%	42,331	$4M	held	—	31 q
CETCentral Securities Corp.	0.51%	111,210	$4M	held	—	4 q
HBBHamilton Beach Brands Holding Company Class A	0.46%	186,030	$3M	added×3.0	+0.29 pp	2 q
UNFUnifirst Corp	0.44%	14,942	$3M	held	—	31 q
FIXComfort Systems USA, Inc.	0.39%	52,390	$3M	held	—	18 q
ATNIATN International, Inc	0.35%	60,261	$3M	trimmed−17%	−0.15 pp	11 q
DORMDorman Products, Inc. New	0.32%	26,078	$2M	trimmed−40%	−0.23 pp	24 q
ALCOAlico Inc	0.25%	56,343	$2M	trimmed−60%	−0.31 pp	31 q
PCHPotlatchDeltic Corporation	0.14%	20,000	$1M	held	—	4 q
ROICRetail Opportunity Investments Corp.	0.14%	75,000	$1M	held	—	4 q
GRBKGreen Brick Partners, Inc	0.13%	40,000	$919,000	held	—	11 q
STCStewart Information Services Corporation	0.12%	17,000	$823,000	held	—	4 q
unresolvedCTO Realty Growth, Inc.	0.11%	19,293	$814,000	added+29%	+0.02 pp	3 q
NXRTNexPoint Residential Trust Inc	0.08%	13,000	$551,000	trimmed−43%	−0.06 pp	4 q
RMRThe RMR Group Inc. Class A	0.08%	14,000	$541,000	held	—	4 q
MNRMonmouth Real Estate Inv Cor	0.07%	30,000	$520,000	held	—	4 q
CIOCity Office REIT, Inc.	0.06%	46,000	$450,000	trimmed−34%	−0.01 pp	4 q
SPYState Street SPDR S&P 500 ETF Trust	0.02%	377	$141,000	new	+0.02 pp	new
FCNFTI Consulting, Inc.	0.00%	101	$12,000	held	—	30 q
FDXFedEx Corporation	—	−50,628	—	exited	−1.77 pp	—
AGXArgan, Inc	—	−75,009	—	exited	−0.44 pp	—
unresolvedCarter Bank & Trust	—	−204,747	—	exited	−0.19 pp	—