Third Avenue

Q3 2022 13F · by Matthew Fine, portfolio manager

As of: Sep 30, 2022
Filed: Nov 14, 2022
US stock: $508M · prev $562M
Positions: 53 · prev 56
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%

Moves34 since the prior filing

+1.2 pp in · −2.7 pp out

New 0 0.00 pp
Added 5 +1.18 pp
Trimmed 26 −1.96 pp
Exited 3 −0.74 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.7% a year, about 21.4 years per position

Low
Moderate
High

Top 5 positions30% of US stock

TDW Tidewater, Inc. trimmed+1.05 pp trimmed+1.059.0%
HCC Warrior Met Coal, Inc. trimmed+0.08 pp trimmed+0.087.7%
LEN.B Lennar Corporation Class B trimmed+0.42 pp trimmed+0.424.6%
unresolved Brookfield Asset Mgmt Inc trimmed−0.20 pp trimmed−0.204.3%
CMA Comerica Incorporated trimmed−0.08 pp trimmed−0.084.3%

Positions53 in this filing · 3 exited


TDWTidewater, Inc.	8.96%	2,097,857	$46M	trimmed−0%	+1.05 pp	21 q
HCCWarrior Met Coal, Inc.	7.68%	1,373,234	$39M	trimmed−2%	+0.08 pp	20 q
LEN.BLennar Corporation Class B	4.61%	393,471	$23M	trimmed−2%	+0.42 pp	24 q
unresolvedBrookfield Asset Mgmt Inc	4.29%	532,797	$22M	trimmed−6%	−0.20 pp	38 q
CMAComerica Incorporated	4.25%	303,559	$22M	trimmed−8%	−0.08 pp	38 q
UHALU-Haul Holding Company	3.72%	37,095	$19M	trimmed−2%	+0.49 pp	20 q
PLDPrologis, Inc.	3.54%	177,041	$18M	trimmed−2%	−0.25 pp	11 q
ORIOld Republic International Corporation	3.45%	838,063	$18M	trimmed−0%	+0.10 pp	11 q
VALValaris Limited	3.12%	323,551	$16M	trimmed−0%	+0.68 pp	5 q
IVTInvenTrust Properties Corp.	3.04%	724,502	$15M	trimmed−1%	−0.33 pp	4 q
DHID.R. Horton Inc.	2.97%	224,212	$15M	trimmed−2%	+0.27 pp	3 q
WYWeyerhaeuser Company	2.97%	529,073	$15M	trimmed−2%	−0.22 pp	38 q
RYNRayonier Inc.	2.95%	500,520	$15M	trimmed−6%	−0.59 pp	36 q
LAZLazard, Inc.	2.89%	460,733	$15M	added+15%	+0.58 pp	8 q
LOWLowe's Companies Inc.	2.80%	75,766	$14M	trimmed−11%	+0.17 pp	11 q
FPHFive Point Holdings, LLC Class A	2.77%	5,409,751	$14M	trimmed−29%	−2.54 pp	22 q
AMHAmerican Homes 4 Rent	2.76%	427,130	$14M	trimmed−2%	+0.01 pp	10 q
CBRECbre Group, Inc.	2.40%	180,799	$12M	trimmed−2%	−0.02 pp	11 q
HANHawaiian Holdings Inc	2.33%	900,988	$12M	added+15%	+0.34 pp	18 q
UMBFUMB Financial Corp	2.14%	128,952	$11M	held	—	38 q
MYRGMYR Group, Inc.	1.69%	101,187	$9M	held	—	28 q
WASHWashington Trust Bancorp Inc	1.67%	182,745	$8M	held	—	10 q
SEBSeaboard Corporation	1.56%	2,336	$8M	held	—	27 q
FRFirst Industrial Realty Trust, Inc.	1.44%	163,152	$7M	trimmed−2%	+0.03 pp	38 q
FNFFidelity National Financial, Inc.	1.43%	200,223	$7M	trimmed−2%	+0.08 pp	27 q
FRPHFRP Holdings, Inc.	1.38%	128,915	$7M	trimmed−15%	−0.26 pp	19 q
ICFIICF International, Inc.	1.37%	63,802	$7M	held	—	38 q
PBProsperity Bancshares Inc	1.34%	101,965	$7M	held	—	35 q
HBBHamilton Beach Brands Holding Company Class A	1.31%	570,298	$7M	trimmed−5%	−0.02 pp	9 q
PRAProAssurance Corporation	1.29%	337,035	$7M	added+13%	+0.04 pp	8 q
SBSISouthside Bancshares, Inc.	1.09%	157,109	$6M	held	—	29 q
EMEEMCOR Group, Inc.	1.04%	45,788	$5M	held	—	38 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.96%	174,128	$5M	held	—	11 q
TPHSTrinity Place Hldgs Inc	0.92%	5,313,022	$5M	trimmed−2%	−0.05 pp	27 q
TPHTri Pointe Homes, Inc.	0.91%	307,305	$5M	added+25%	+0.17 pp	23 q
FIXComfort Systems USA, Inc.	0.81%	42,400	$4M	held	—	25 q
KALUKaiser Aluminum Corporation	0.78%	64,315	$4M	added+23%	+0.05 pp	38 q
ALGAlamo Group, Inc.	0.77%	31,880	$4M	held	—	38 q
CETCentral Securities Corp.	0.74%	111,210	$4M	held	—	11 q
SPHRSphere Entertainment Co.	0.72%	83,237	$4M	trimmed−4%	−0.09 pp	5 q
CJCDChase Corp	0.66%	40,292	$3M	held	—	2 q
UNFUnifirst Corp	0.49%	14,942	$3M	held	—	38 q
AAMIAcadian Asset Management Inc.	0.40%	137,908	$2M	held	—	7 q
STRSStratus Pptys Inc	0.35%	76,058	$2M	trimmed−37%	−0.35 pp	6 q
CALMCal-Maine Foods Inc	0.31%	28,403	$2M	trimmed−57%	−0.27 pp	11 q
CTOCTO Realty Growth, Inc.	0.21%	57,879	$1M	held	—	7 q
ROICRetail Opportunity Investments Corp.	0.20%	75,000	$1M	held	—	11 q
PCHPotlatchDeltic Corporation	0.16%	20,000	$821,000	held	—	11 q
STCStewart Information Services Corporation	0.15%	17,000	$742,000	held	—	11 q
RMRThe RMR Group Inc. Class A	0.12%	26,000	$616,000	held	—	11 q
Wheeler REIT Incconvertible	0.06%	24,000	$281,000	held	—	4 q
GRBKGreen Brick Partners, Inc	0.02%	5,000	$107,000	trimmed−81%	−0.07 pp	18 q
SUPNSupernus Pharmaceuticals, Inc.	0.02%	2,460	$84,000	held	—	2 q
VCVisteon Corporation	—	−31,848	—	exited	−0.59 pp	—
NXRTNexPoint Residential Trust Inc	—	−13,000	—	exited	−0.14 pp	—
Wheeler REIT Incconvertible	—	−17,614	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001099281-22-000015
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

Search