Third Avenue

Q4 2022 13F · by Matthew Fine, portfolio manager

As of: Dec 31, 2022
Filed: Feb 10, 2023
US stock: $575M · prev $508M
Positions: 55 · prev 53
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%

Moves39 since the prior filing

+13.5 pp in · −12.4 pp out

New 6 +13.22 pp
Added 3 +0.24 pp
Trimmed 26 −7.36 pp
Exited 4 −5.06 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 47% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions33% of US stock

TDW Tidewater, Inc. trimmed+2.65 pp trimmed+2.6511.6%
HCC Warrior Met Coal, Inc. trimmed0.00 pp trimmed0.007.7%
DB Deutsche Bank Aktiengesellschaft new+5.68 pp new+5.685.7%
LEN.B Lennar Corporation Class B trimmed−0.34 pp trimmed−0.344.3%
CMA Comerica Incorporated trimmed−0.72 pp trimmed−0.723.5%

Positions55 in this filing · 4 exited


TDWTidewater, Inc.	11.61%	1,810,925	$67M	trimmed−14%	+2.65 pp	22 q
HCCWarrior Met Coal, Inc.	7.68%	1,274,614	$44M	trimmed−7%	0.00 pp	21 q
DBDeutsche Bank Aktiengesellschaft	5.68%	2,888,365	$33M	new	+5.68 pp	new
LEN.BLennar Corporation Class B	4.27%	328,008	$25M	trimmed−17%	−0.34 pp	25 q
CMAComerica Incorporated	3.53%	303,446	$20M	trimmed−0%	−0.72 pp	39 q
VALValaris Limited	3.53%	299,935	$20M	trimmed−7%	+0.41 pp	6 q
ORIOld Republic International Corporation	3.52%	837,681	$20M	trimmed−0%	+0.07 pp	12 q
PLDPrologis, Inc.	3.35%	170,864	$19M	trimmed−3%	−0.19 pp	12 q
DHID.R. Horton Inc.	3.26%	210,497	$19M	trimmed−6%	+0.29 pp	4 q
UHAL.BU-Haul Holding Company	2.99%	312,444	$17M	new	+2.99 pp	new
BNBrookfield Corporation	2.85%	520,642	$16M	new	+2.85 pp	new
IVTInvenTrust Properties Corp.	2.85%	692,220	$16M	trimmed−4%	−0.19 pp	5 q
LAZLazard, Inc.	2.75%	456,286	$16M	trimmed−1%	−0.14 pp	9 q
WYWeyerhaeuser Company	2.69%	498,725	$15M	trimmed−6%	−0.28 pp	39 q
RYNRayonier Inc.	2.63%	457,950	$15M	trimmed−9%	−0.32 pp	37 q
CBRECbre Group, Inc.	2.42%	180,742	$14M	trimmed−0%	+0.02 pp	12 q
AMHAmerican Homes 4 Rent	2.17%	413,163	$12M	trimmed−3%	−0.59 pp	11 q
LOWLowe's Companies Inc.	2.15%	62,159	$12M	trimmed−18%	−0.65 pp	12 q
FPHFive Point Holdings, LLC Class A	1.90%	4,679,003	$11M	trimmed−14%	−0.87 pp	23 q
UMBFUMB Financial Corp	1.87%	128,952	$11M	held	—	39 q
MYRGMYR Group, Inc.	1.62%	101,187	$9M	held	—	29 q
SEBSeaboard Corporation	1.53%	2,336	$9M	held	—	28 q
WASHWashington Trust Bancorp Inc	1.50%	182,745	$9M	held	—	11 q
FRFirst Industrial Realty Trust, Inc.	1.32%	157,452	$8M	trimmed−3%	−0.12 pp	39 q
SBSISouthside Bancshares, Inc.	1.31%	209,426	$8M	added+33%	+0.22 pp	30 q
PBProsperity Bancshares Inc	1.29%	101,965	$7M	held	—	36 q
HBBHamilton Beach Brands Holding Company Class A	1.23%	570,298	$7M	held	—	10 q
FRPHFRP Holdings, Inc.	1.19%	126,671	$7M	trimmed−2%	−0.19 pp	20 q
FNFFidelity National Financial, Inc.	1.17%	178,625	$7M	trimmed−11%	−0.26 pp	28 q
HANHawaiian Holdings Inc	1.15%	645,702	$7M	trimmed−28%	−1.18 pp	19 q
PRAProAssurance Corporation	1.15%	379,043	$7M	added+12%	−0.14 pp	9 q
ICFIICF International, Inc.	1.10%	63,802	$6M	held	—	39 q
TPHTri Pointe Homes, Inc.	1.07%	330,178	$6M	added+7%	+0.16 pp	24 q
ECPGEncore Capital Group, Inc.	1.00%	119,531	$6M	new	+1.00 pp	new
BATRAAtlanta Braves Holdings, Inc. Series A	0.99%	174,128	$6M	held	—	12 q
KALUKaiser Aluminum Corporation	0.85%	64,315	$5M	held	—	39 q
EMEEMCOR Group, Inc.	0.84%	32,597	$5M	trimmed−29%	−0.20 pp	39 q
ALGAlamo Group, Inc.	0.79%	31,880	$5M	held	—	39 q
TPHSTrinity Place Hldgs Inc	0.66%	5,127,785	$4M	trimmed−3%	−0.26 pp	28 q
BAMBrookfield Asset Management Ltd.	0.65%	130,159	$4M	new	+0.65 pp	new
CETCentral Securities Corp.	0.65%	111,210	$4M	held	—	12 q
CJCDChase Corp	0.60%	40,292	$3M	held	—	3 q
FIXComfort Systems USA, Inc.	0.58%	28,902	$3M	trimmed−32%	−0.23 pp	26 q
SPHRSphere Entertainment Co.	0.50%	63,558	$3M	trimmed−24%	−0.22 pp	6 q
UNFUnifirst Corp	0.50%	14,942	$3M	held	—	39 q
ROICRetail Opportunity Investments Corp.	0.20%	75,000	$1M	held	—	12 q
STRSStratus Pptys Inc	0.20%	60,245	$1M	trimmed−21%	−0.15 pp	7 q
CTOCTO Realty Growth, Inc.	0.18%	57,879	$1M	held	—	8 q
PCHPotlatchDeltic Corporation	0.15%	20,000	$879,800	held	—	12 q
RMRThe RMR Group Inc. Class A	0.13%	26,000	$734,500	held	—	12 q
STCStewart Information Services Corporation	0.13%	17,000	$726,410	held	—	12 q
URTHiShares MSCI World ETF	0.05%	2,631	$287,437	new	+0.05 pp	new
UHALU-Haul Holding Company	0.02%	1,508	$90,767	trimmed−96%	−3.70 pp	21 q
GRBKGreen Brick Partners, Inc	0.02%	5,000	$121,150	held	—	19 q
SUPNSupernus Pharmaceuticals, Inc.	0.02%	2,460	$87,748	held	—	3 q
unresolvedBrookfield Asset Mgmt Inc	—	−532,797	—	exited	−4.29 pp	—
AAMIAcadian Asset Management Inc.	—	−137,908	—	exited	−0.40 pp	—
CALMCal-Maine Foods Inc	—	−28,403	—	exited	−0.31 pp	—
Wheeler REIT Incconvertible	—	−24,000	—	exited	−0.06 pp	—