Third Avenue

Q2 2022 13F · by Matthew Fine, portfolio manager

As of: Jun 30, 2022
Filed: Aug 12, 2022
US stock: $562M · prev $734M
Positions: 56 · prev 58
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%

Moves36 since the prior filing

+5.5 pp in · −10.0 pp out

New 2 +0.57 pp
Added 9 +4.98 pp
Trimmed 21 −8.25 pp
Exited 4 −1.75 pp

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.7 years per position

Low
Moderate
High

Top 5 positions30% of US stock

TDW Tidewater, Inc. held held7.9%
HCC Warrior Met Coal, Inc. added+0.86 pp added+0.867.6%
FPH Five Point Holdings, LLC Class A trimmed−1.97 pp trimmed−1.975.3%
unresolved Brookfield Asset Mgmt Inc trimmed−0.77 pp trimmed−0.774.5%
CMA Comerica Incorporated held held4.3%

Positions56 in this filing · 4 exited


TDWTidewater, Inc.	7.91%	2,105,930	$44M	held	—	20 q
HCCWarrior Met Coal, Inc.	7.60%	1,394,280	$43M	added+5%	+0.86 pp	19 q
FPHFive Point Holdings, LLC Class A	5.31%	7,633,374	$30M	trimmed−13%	−1.97 pp	21 q
unresolvedBrookfield Asset Mgmt Inc	4.49%	567,612	$25M	trimmed−17%	−0.77 pp	37 q
CMAComerica Incorporated	4.33%	331,210	$24M	held	—	37 q
LEN.BLennar Corporation Class B	4.19%	401,412	$24M	trimmed−15%	−0.23 pp	23 q
PLDPrologis, Inc.	3.79%	180,974	$21M	trimmed−25%	−1.54 pp	10 q
RYNRayonier Inc.	3.54%	532,023	$20M	trimmed−30%	−0.73 pp	35 q
IVTInvenTrust Properties Corp.	3.37%	733,701	$19M	trimmed−13%	−0.17 pp	3 q
ORIOld Republic International Corporation	3.35%	842,024	$19M	trimmed−1%	+0.36 pp	10 q
UHALU-Haul Holding Company	3.23%	37,918	$18M	trimmed−13%	−0.32 pp	19 q
WYWeyerhaeuser Company	3.19%	540,815	$18M	trimmed−29%	−0.77 pp	37 q
AMHAmerican Homes 4 Rent	2.75%	436,616	$15M	trimmed−12%	+0.03 pp	9 q
DHID.R. Horton Inc.	2.70%	229,190	$15M	added×75.7	+2.67 pp	2 q
LOWLowe's Companies Inc.	2.63%	84,670	$15M	trimmed−17%	−0.16 pp	10 q
VALValaris Limited	2.44%	324,148	$14M	added+1%	+0.17 pp	4 q
CBRECbre Group, Inc.	2.42%	184,812	$14M	added+13%	+0.38 pp	10 q
LAZLazard, Inc.	2.31%	399,979	$13M	added+8%	+0.57 pp	7 q
HANHawaiian Holdings Inc	1.99%	782,792	$11M	trimmed−36%	−1.29 pp	17 q
UMBFUMB Financial Corp	1.98%	128,952	$11M	held	—	37 q
FRPHFRP Holdings, Inc.	1.64%	152,435	$9M	held	—	18 q
SEBSeaboard Corporation	1.61%	2,336	$9M	held	—	26 q
MYRGMYR Group, Inc.	1.59%	101,187	$9M	held	—	27 q
WASHWashington Trust Bancorp Inc	1.57%	182,745	$9M	held	—	9 q
FRFirst Industrial Realty Trust, Inc.	1.41%	166,781	$8M	trimmed−16%	−0.26 pp	37 q
FNFFidelity National Financial, Inc.	1.35%	204,676	$8M	trimmed−17%	−0.29 pp	26 q
HBBHamilton Beach Brands Holding Company Class A	1.33%	602,214	$7M	trimmed−1%	+0.36 pp	8 q
PRAProAssurance Corporation	1.25%	297,038	$7M	held	—	7 q
PBProsperity Bancshares Inc	1.24%	101,965	$7M	trimmed−6%	+0.22 pp	34 q
ICFIICF International, Inc.	1.08%	63,802	$6M	trimmed−24%	+0.01 pp	37 q
SBSISouthside Bancshares, Inc.	1.05%	157,109	$6M	trimmed−4%	+0.14 pp	28 q
TPHSTrinity Place Hldgs Inc	0.97%	5,417,031	$5M	trimmed−17%	−0.72 pp	26 q
EMEEMCOR Group, Inc.	0.84%	45,788	$5M	held	—	37 q
SPHRSphere Entertainment Co.	0.81%	86,859	$5M	added+28%	+0.04 pp	4 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.78%	174,128	$4M	held	—	10 q
TPHTri Pointe Homes, Inc.	0.74%	245,636	$4M	added+26%	+0.21 pp	22 q
KALUKaiser Aluminum Corporation	0.73%	52,160	$4M	held	—	37 q
CETCentral Securities Corp.	0.70%	111,210	$4M	held	—	10 q
STRSStratus Pptys Inc	0.70%	121,441	$4M	trimmed−15%	−0.14 pp	5 q
ALGAlamo Group, Inc.	0.66%	31,880	$4M	held	—	37 q
FIXComfort Systems USA, Inc.	0.63%	42,400	$4M	held	—	24 q
VCVisteon Corporation	0.59%	31,848	$3M	held	—	28 q
CALMCal-Maine Foods Inc	0.58%	66,044	$3M	held	—	10 q
CJCDChase Corp	0.56%	40,292	$3M	new	+0.56 pp	new
UNFUnifirst Corp	0.46%	14,942	$3M	held	—	37 q
AAMIAcadian Asset Management Inc.	0.44%	137,908	$2M	held	—	6 q
CTOCTO Realty Growth, Inc.	0.21%	19,293	$1M	held	—	6 q
ROICRetail Opportunity Investments Corp.	0.21%	75,000	$1M	held	—	10 q
PCHPotlatchDeltic Corporation	0.16%	20,000	$884,000	held	—	10 q
STCStewart Information Services Corporation	0.15%	17,000	$846,000	held	—	10 q
NXRTNexPoint Residential Trust Inc	0.14%	13,000	$813,000	held	—	10 q
RMRThe RMR Group Inc. Class A	0.13%	26,000	$738,000	added+13%	+0.03 pp	10 q
GRBKGreen Brick Partners, Inc	0.09%	26,000	$509,000	added+63%	+0.05 pp	17 q
Wheeler REIT Incconvertible	0.06%	24,000	$319,000	held	—	3 q
SUPNSupernus Pharmaceuticals, Inc.	0.01%	2,460	$72,000	new	+0.01 pp	new
Wheeler REIT Incconvertible	0.01%	17,614	$84,000	trimmed−35%	−0.01 pp	3 q
JBGSJBG SMITH Properties	—	−239,262	—	exited	−0.95 pp	—
CTTCatchmark Timber Trust, Inc.	—	−406,444	—	exited	−0.45 pp	—
DORMDorman Products, Inc. New	—	−26,078	—	exited	−0.34 pp	—
unresolvedWheeler Real Estate Investment Trust	—	−40,000	—	exited	−0.01 pp	—