Third Avenue

Q1 2021 13F · by Matthew Fine, portfolio manager

As of: Mar 31, 2021
Filed: May 14, 2021
US stock: $756M · prev $713M
Positions: 61 · 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%

Moves42 since the prior filing

+7.9 pp in · −9.7 pp out

New 2 +0.65 pp
Added 13 +7.23 pp
Trimmed 22 −6.56 pp
Exited 5 −3.09 pp

The book

Focused · behaves like 30 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.8% a year, about 12.8 years per position

Low
Moderate
High

Top 5 positions28% of US stock

FPH Five Point Holdings, LLC Class A added+2.22 pp added+2.229.0%
LEN.B Lennar Corporation Class B added+1.12 pp added+1.125.3%
unresolved Brookfield Asset Mgmt Inc trimmed−0.69 pp trimmed−0.695.1%
TDW Tidewater, Inc. added+1.17 pp added+1.174.2%
WY Weyerhaeuser Company trimmed−2.27 pp trimmed−2.274.0%

Positions61 in this filing · 5 exited


FPHFive Point Holdings, LLC Class A	8.96%	8,965,823	$68M	added+2%	+2.22 pp	16 q
LEN.BLennar Corporation Class B	5.25%	481,800	$40M	added0%	+1.12 pp	18 q
unresolvedBrookfield Asset Mgmt Inc	5.14%	872,661	$39M	trimmed−13%	−0.69 pp	32 q
TDWTidewater, Inc.	4.22%	2,544,775	$32M	added+1%	+1.17 pp	15 q
WYWeyerhaeuser Company	4.02%	853,583	$30M	trimmed−36%	−2.27 pp	32 q
PLDPrologis, Inc.	3.82%	272,646	$29M	trimmed−13%	−0.58 pp	5 q
HANHawaiian Holdings Inc	3.62%	1,026,032	$27M	added+1%	+1.10 pp	12 q
RYNRayonier Inc.	3.62%	848,516	$27M	trimmed−13%	−0.41 pp	30 q
UHALU-Haul Holding Company	3.56%	43,922	$27M	trimmed−19%	+0.11 pp	14 q
CMAComerica Incorporated	3.54%	373,158	$27M	added0%	+0.63 pp	32 q
LOWLowe's Companies Inc.	3.29%	130,621	$25M	trimmed−13%	−0.10 pp	5 q
JBGSJBG SMITH Properties	3.25%	773,937	$25M	trimmed−13%	−0.67 pp	15 q
ORIOld Republic International Corporation	3.22%	1,115,258	$24M	added+1%	+0.15 pp	5 q
HCCWarrior Met Coal, Inc.	3.14%	1,385,558	$24M	added+14%	−0.50 pp	14 q
MHKMohawk Industries, Inc.	2.45%	96,311	$19M	trimmed−27%	−0.17 pp	9 q
EXPEagle Materials, Inc.	2.29%	128,792	$17M	trimmed−31%	−0.36 pp	9 q
AMHAmerican Homes 4 Rent	2.14%	485,718	$16M	trimmed−6%	−0.04 pp	4 q
LAZLazard, Inc.	2.12%	368,858	$16M	added+1%	−0.05 pp	2 q
CTBCooper Tire & Rubber Co.	1.87%	252,680	$14M	held	—	7 q
UMBFUMB Financial Corp	1.78%	146,136	$13M	held	—	32 q
CBRECbre Group, Inc.	1.75%	167,601	$13M	trimmed−12%	+0.07 pp	5 q
TPHSTrinity Place Hldgs Inc	1.68%	6,080,226	$13M	added0%	+0.61 pp	21 q
LENLennar Corporation Class A	1.59%	123,408	$12M	trimmed−22%	−0.11 pp	21 q
FNFFidelity National Financial, Inc.	1.40%	261,182	$11M	trimmed−13%	−0.25 pp	21 q
FRFirst Industrial Realty Trust, Inc.	1.27%	209,555	$10M	trimmed−13%	−0.16 pp	32 q
WASHWashington Trust Bancorp Inc	1.25%	182,745	$9M	held	—	4 q
VNOVornado Realty Trust	1.24%	206,546	$9M	trimmed−13%	0.00 pp	32 q
ESSEssex Property Trust, Inc	1.16%	32,256	$9M	trimmed−13%	−0.08 pp	5 q
SEBSeaboard Corporation	1.14%	2,336	$9M	added+17%	+0.29 pp	21 q
SRGSeritage Growth Properties Class A of beneficial interest, par value $0.01	1.09%	447,833	$8M	trimmed−13%	+0.03 pp	13 q
PBProsperity Bancshares Inc	1.07%	107,928	$8M	held	—	29 q
PRAProAssurance Corporation	1.05%	297,038	$8M	held	—	2 q
FRPHFRP Holdings, Inc.	0.98%	150,583	$7M	added+16%	+0.15 pp	13 q
ICFIICF International, Inc.	0.97%	83,673	$7M	held	—	32 q
MYRGMYR Group, Inc.	0.96%	101,309	$7M	trimmed−20%	−0.11 pp	22 q
SBSISouthside Bancshares, Inc.	0.85%	166,620	$6M	trimmed−8%	+0.06 pp	23 q
KALUKaiser Aluminum Corporation	0.76%	52,160	$6M	held	—	32 q
EMEEMCOR Group, Inc.	0.68%	45,788	$5M	held	—	32 q
ALGAlamo Group, Inc.	0.66%	31,880	$5M	trimmed−32%	−0.24 pp	32 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.66%	174,128	$5M	held	—	5 q
TPHTri Pointe Homes, Inc.	0.63%	232,961	$5M	held	—	17 q
ATNIATN International, Inc	0.61%	93,903	$5M	added+56%	+0.26 pp	12 q
CALMCal-Maine Foods Inc	0.59%	116,094	$4M	trimmed−27%	−0.25 pp	5 q
CETCentral Securities Corp.	0.56%	111,210	$4M	held	—	5 q
HBBHamilton Beach Brands Holding Company Class A	0.54%	227,223	$4M	added+22%	+0.08 pp	3 q
AAMIAcadian Asset Management Inc.	0.52%	193,259	$4M	new	+0.52 pp	new
FIXComfort Systems USA, Inc.	0.52%	52,390	$4M	held	—	19 q
VCVisteon Corporation	0.51%	31,848	$4M	held	—	23 q
UNFUnifirst Corp	0.44%	14,942	$3M	held	—	32 q
DORMDorman Products, Inc. New	0.35%	26,078	$3M	held	—	25 q
MACThe Macerich Company	0.25%	164,679	$2M	trimmed−58%	−0.34 pp	25 q
ROICRetail Opportunity Investments Corp.	0.16%	75,000	$1M	held	—	5 q
PCHPotlatchDeltic Corporation	0.14%	20,000	$1M	held	—	5 q
CTOCTO Realty Growth, Inc.	0.13%	19,293	$1M	new	+0.13 pp	new
GRBKGreen Brick Partners, Inc	0.12%	40,000	$908,000	held	—	12 q
STCStewart Information Services Corporation	0.12%	17,000	$885,000	held	—	5 q
NXRTNexPoint Residential Trust Inc	0.08%	13,000	$600,000	held	—	5 q
RMRThe RMR Group Inc. Class A	0.08%	14,000	$572,000	held	—	5 q
MNRMonmouth Real Estate Inv Cor	0.07%	30,000	$531,000	held	—	5 q
CIOCity Office REIT, Inc.	0.06%	46,000	$489,000	held	—	5 q
FCNFTI Consulting, Inc.	0.00%	101	$15,000	held	—	31 q
KFYKorn Ferry	—	−358,469	—	exited	−2.19 pp	—
CFRCullen/Frost Bankers Inc.	—	−42,331	—	exited	−0.52 pp	—
ALCOAlico Inc	—	−56,343	—	exited	−0.25 pp	—
unresolvedCTO Realty Growth, Inc.	—	−19,293	—	exited	−0.11 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−377	—	exited	−0.02 pp	—