Third Avenue

Q1 2022 13F · by Matthew Fine, portfolio manager

As of: Mar 31, 2022
Filed: May 13, 2022
US stock: $734M · prev $760M
Positions: 58 · prev 59
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%

Moves32 since the prior filing

+6.9 pp in · −7.0 pp out

New 1 +0.03 pp
Added 13 +6.84 pp
Trimmed 16 −4.50 pp
Exited 2 −2.46 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.3 years per position

Low
Moderate
High

Top 5 positions31% of US stock

FPH Five Point Holdings, LLC Class A added−0.23 pp added−0.237.3%
HCC Warrior Met Coal, Inc. trimmed+0.43 pp trimmed+0.436.7%
TDW Tidewater, Inc. added+3.30 pp added+3.306.2%
PLD Prologis, Inc. trimmed−0.24 pp trimmed−0.245.3%
unresolved Brookfield Asset Mgmt Inc trimmed−0.40 pp trimmed−0.405.3%

Positions58 in this filing · 2 exited


FPHFive Point Holdings, LLC Class A	7.28%	8,749,913	$53M	added0%	−0.23 pp	20 q
HCCWarrior Met Coal, Inc.	6.74%	1,332,711	$49M	trimmed−29%	+0.43 pp	18 q
TDWTidewater, Inc.	6.24%	2,105,930	$46M	added+1%	+3.30 pp	19 q
PLDPrologis, Inc.	5.33%	242,225	$39M	trimmed−4%	−0.24 pp	9 q
unresolvedBrookfield Asset Mgmt Inc	5.26%	681,791	$39M	trimmed−4%	−0.40 pp	36 q
LEN.BLennar Corporation Class B	4.42%	474,491	$32M	trimmed−1%	−1.59 pp	22 q
RYNRayonier Inc.	4.27%	762,370	$31M	trimmed−0%	+0.21 pp	34 q
CMAComerica Incorporated	4.08%	331,210	$30M	trimmed−11%	−0.17 pp	36 q
WYWeyerhaeuser Company	3.96%	766,619	$29M	trimmed−1%	−0.23 pp	36 q
UHALU-Haul Holding Company	3.55%	43,678	$26M	added+4%	−0.45 pp	18 q
IVTInvenTrust Properties Corp.	3.54%	843,778	$26M	added+67%	+1.73 pp	2 q
HANHawaiian Holdings Inc	3.28%	1,220,901	$24M	added+24%	+0.91 pp	16 q
ORIOld Republic International Corporation	2.99%	848,127	$22M	added+1%	+0.27 pp	9 q
LOWLowe's Companies Inc.	2.79%	101,406	$21M	trimmed−12%	−1.13 pp	9 q
AMHAmerican Homes 4 Rent	2.72%	498,444	$20M	trimmed−1%	−0.16 pp	8 q
VALValaris Limited	2.27%	320,736	$17M	added+3%	+0.80 pp	3 q
CBRECbre Group, Inc.	2.04%	163,849	$15M	trimmed−0%	−0.30 pp	9 q
LAZLazard, Inc.	1.74%	370,581	$13M	added0%	−0.38 pp	6 q
UMBFUMB Financial Corp	1.71%	128,952	$13M	trimmed−0%	−0.10 pp	36 q
TPHSTrinity Place Hldgs Inc	1.69%	6,514,436	$12M	held	—	25 q
FRFirst Industrial Realty Trust, Inc.	1.67%	198,141	$12M	trimmed−1%	−0.07 pp	36 q
FNFFidelity National Financial, Inc.	1.64%	246,915	$12M	trimmed−1%	−0.07 pp	25 q
SEBSeaboard Corporation	1.34%	2,336	$10M	held	—	25 q
WASHWashington Trust Bancorp Inc	1.31%	182,745	$10M	held	—	8 q
MYRGMYR Group, Inc.	1.30%	101,187	$10M	held	—	26 q
FRPHFRP Holdings, Inc.	1.20%	152,435	$9M	held	—	17 q
PRAProAssurance Corporation	1.09%	297,038	$8M	held	—	6 q
ICFIICF International, Inc.	1.07%	83,673	$8M	held	—	36 q
PBProsperity Bancshares Inc	1.02%	107,928	$7M	held	—	33 q
HBBHamilton Beach Brands Holding Company Class A	0.97%	610,367	$7M	added+88%	+0.36 pp	7 q
JBGSJBG SMITH Properties	0.95%	239,262	$7M	trimmed−30%	−0.33 pp	19 q
SBSISouthside Bancshares, Inc.	0.91%	164,220	$7M	held	—	27 q
STRSStratus Pptys Inc	0.84%	142,835	$6M	held	—	4 q
SPHRSphere Entertainment Co.	0.77%	68,045	$6M	held	—	3 q
EMEEMCOR Group, Inc.	0.70%	45,788	$5M	held	—	36 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.68%	174,128	$5M	held	—	9 q
KALUKaiser Aluminum Corporation	0.67%	52,160	$5M	held	—	36 q
CETCentral Securities Corp.	0.63%	111,210	$5M	held	—	9 q
ALGAlamo Group, Inc.	0.62%	31,880	$5M	held	—	36 q
TPHTri Pointe Homes, Inc.	0.53%	195,155	$4M	held	—	21 q
FIXComfort Systems USA, Inc.	0.51%	42,400	$4M	trimmed−19%	−0.17 pp	23 q
CALMCal-Maine Foods Inc	0.50%	66,044	$4M	trimmed−53%	−0.18 pp	9 q
VCVisteon Corporation	0.47%	31,848	$3M	held	—	27 q
AAMIAcadian Asset Management Inc.	0.46%	137,908	$3M	added+47%	+0.14 pp	5 q
CTTCatchmark Timber Trust, Inc.	0.45%	406,444	$3M	added×4.6	+0.35 pp	2 q
UNFUnifirst Corp	0.38%	14,942	$3M	held	—	36 q
DORMDorman Products, Inc. New	0.34%	26,078	$2M	held	—	29 q
ROICRetail Opportunity Investments Corp.	0.20%	75,000	$1M	held	—	9 q
CTOCTO Realty Growth, Inc.	0.17%	19,293	$1M	held	—	5 q
NXRTNexPoint Residential Trust Inc	0.16%	13,000	$1M	held	—	9 q
PCHPotlatchDeltic Corporation	0.14%	20,000	$1M	held	—	9 q
STCStewart Information Services Corporation	0.14%	17,000	$1M	held	—	9 q
RMRThe RMR Group Inc. Class A	0.10%	23,000	$716,000	held	—	9 q
Wheeler REIT Incconvertible	0.05%	24,000	$346,000	added×2.0	+0.03 pp	2 q
GRBKGreen Brick Partners, Inc	0.04%	16,000	$317,000	held	—	16 q
DHID.R. Horton Inc.	0.03%	3,028	$226,000	new	+0.03 pp	new
Wheeler REIT Incconvertible	0.02%	27,000	$180,000	added×2.3	+0.01 pp	2 q
unresolvedWheeler Real Estate Investment Trust	0.01%	40,000	$92,000	held	—	2 q
ESSEssex Property Trust, Inc	—	−29,879	—	exited	−1.38 pp	—
APTSPreferred Apartment Communities, Inc.	—	−454,411	—	exited	−1.08 pp	—

Source

Form: 13F-HR
Reading: 1 defect · 2 unresolved
Accession: 0001099281-22-000007
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

The filing disagrees with its own cover page — cover page declares 59 entries; 58 parsed, value total matches — kept, the table is the record

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