Third Avenue

Q1 2023 13F · by Matthew Fine, portfolio manager

As of: Mar 31, 2023
Filed: May 12, 2023
US stock: $1.2B · prev $575M
Positions: 54 · prev 55
Options notional: $0
Documents: 2· 1 amendment

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%

Moves56 since the prior filing

+0.6 pp in · −0.7 pp out

New 1 +1.27 pp
Added 52 −0.64 pp
Trimmed 1 −0.43 pp
Exited 2 −0.25 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.6% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions32% of US stock

TDW Tidewater, Inc. added−1.11 pp added−1.1110.5%
HCC Warrior Met Coal, Inc. added+0.75 pp added+0.758.4%
DB Deutsche Bank Aktiengesellschaft added−0.45 pp added−0.455.2%
LEN.B Lennar Corporation Class B added−0.10 pp added−0.104.2%
CMA Comerica Incorporated added+0.03 pp added+0.033.6%

Revealed late, restated

restated 54 rows corrected by the filer; later quarters recomputed 13F-HR/A · Mar 31, 2023 ↗

Positions54 in this filing · 2 exited


TDWTidewater, Inc.	10.50%	2,788,014	$123M	added+54%	−1.11 pp	23 q
HCCWarrior Met Coal, Inc.	8.43%	2,686,534	$99M	added×2.1	+0.75 pp	22 q
DBDeutsche Bank Aktiengesellschaft	5.23%	6,022,206	$61M	added×2.1	−0.45 pp	2 q
LEN.BLennar Corporation Class B	4.17%	546,936	$49M	added+67%	−0.10 pp	26 q
CMAComerica Incorporated	3.56%	960,716	$42M	added×3.2	+0.03 pp	40 q
VALValaris Limited	3.44%	618,408	$40M	added×2.1	−0.09 pp	7 q
DHID.R. Horton Inc.	3.33%	398,748	$39M	added+89%	+0.07 pp	5 q
LAZLazard, Inc.	3.10%	1,095,900	$36M	added×2.4	+0.35 pp	10 q
BNBrookfield Corporation	2.90%	1,042,452	$34M	added×2.0	+0.05 pp	2 q
UHAL.BU-Haul Holding Company	2.77%	624,888	$32M	added×2.0	−0.22 pp	2 q
MYRGMYR Group, Inc.	2.72%	921,632	$32M	added×9.1	+1.10 pp	30 q
WYWeyerhaeuser Company	2.50%	970,694	$29M	added+95%	−0.19 pp	40 q
PRAProAssurance Corporation	2.49%	612,251	$29M	added+62%	+1.34 pp	10 q
HANHawaiian Holdings Inc	2.44%	3,112,266	$29M	added×4.8	+1.29 pp	20 q
PLDPrologis, Inc.	2.33%	270,131	$27M	added+58%	−1.02 pp	13 q
CBRECbre Group, Inc.	2.25%	362,442	$26M	added×2.0	−0.17 pp	13 q
IVTInvenTrust Properties Corp.	2.17%	1,085,704	$25M	added+57%	−0.68 pp	6 q
LOWLowe's Companies Inc.	2.12%	124,318	$25M	added×2.0	−0.03 pp	13 q
AMHAmerican Homes 4 Rent	1.91%	711,646	$22M	added+72%	−0.26 pp	12 q
ORIOld Republic International Corporation	1.86%	854,431	$22M	added+2%	−1.66 pp	13 q
PBProsperity Bancshares Inc	1.80%	548,241	$21M	added×5.4	+0.51 pp	37 q
FPHFive Point Holdings, LLC Class A	1.47%	3,910,610	$17M	trimmed−16%	−0.43 pp	24 q
UMBFUMB Financial Corp	1.47%	298,846	$17M	added×2.3	−0.40 pp	40 q
RYNRayonier Inc.	1.36%	521,276	$16M	added+14%	−1.27 pp	38 q
SPHRSphere Entertainment Co.	1.35%	168,439	$16M	added×2.7	+0.85 pp	7 q
SEBSeaboard Corporation	1.35%	211,762	$16M	added×90.7	−0.18 pp	29 q
JLLJones Lang LaSalle, Inc.	1.27%	102,470	$15M	new	+1.27 pp	new
FRPHFRP Holdings, Inc.	1.25%	253,342	$15M	added×2.0	+0.06 pp	21 q
WASHWashington Trust Bancorp Inc	1.21%	408,628	$14M	added×2.2	−0.29 pp	12 q
ICFIICF International, Inc.	1.20%	127,604	$14M	added×2.0	+0.10 pp	40 q
ECPGEncore Capital Group, Inc.	1.15%	265,674	$13M	added×2.2	+0.15 pp	2 q
FNFFidelity National Financial, Inc.	1.12%	3,874,028	$13M	added×21.7	−0.05 pp	29 q
TPHTri Pointe Homes, Inc.	1.12%	518,926	$13M	added+57%	+0.05 pp	25 q
FRFirst Industrial Realty Trust, Inc.	1.08%	279,438	$13M	added+77%	−0.24 pp	40 q
BATRAAtlanta Braves Holdings, Inc. Series A	1.03%	348,256	$12M	added×2.0	+0.04 pp	13 q
ALGAlamo Group, Inc.	1.00%	63,760	$12M	added×2.0	+0.21 pp	40 q
HBBHamilton Beach Brands Holding Company Class A	1.00%	1,140,596	$12M	added×2.0	−0.23 pp	11 q
SBSISouthside Bancshares, Inc.	1.00%	290,664	$12M	added+39%	−0.31 pp	31 q
EMEEMCOR Group, Inc.	0.91%	65,194	$11M	added×2.0	+0.07 pp	40 q
ROICRetail Opportunity Investments Corp.	0.84%	77,336	$10M	added+3%	+0.64 pp	13 q
KALUKaiser Aluminum Corporation	0.82%	128,630	$10M	added×2.0	−0.03 pp	40 q
PCHPotlatchDeltic Corporation	0.79%	464,085	$9M	added×23.2	+0.64 pp	13 q
BAMBrookfield Asset Management Ltd.	0.73%	261,292	$9M	added×2.0	+0.08 pp	2 q
CJCDChase Corp	0.72%	80,584	$8M	added×2.0	+0.12 pp	4 q
FIXComfort Systems USA, Inc.	0.72%	57,804	$8M	added×2.0	+0.14 pp	27 q
CETCentral Securities Corp.	0.66%	222,420	$8M	added×2.0	+0.01 pp	13 q
UNFUnifirst Corp	0.45%	29,884	$5M	added×2.0	−0.05 pp	40 q
TPHSTrinity Place Hldgs Inc	0.42%	10,255,572	$5M	added×2.0	−0.24 pp	29 q
CTOCTO Realty Growth, Inc.	0.17%	115,758	$2M	added×2.0	−0.01 pp	9 q
RMRThe RMR Group Inc. Class A	0.12%	52,000	$1M	added×2.0	−0.01 pp	13 q
STCStewart Information Services Corporation	0.12%	34,000	$1M	added×2.0	−0.01 pp	13 q
GRBKGreen Brick Partners, Inc	0.03%	10,000	$350,600	added×2.0	+0.01 pp	20 q
UHALU-Haul Holding Company	0.02%	3,016	$179,904	added×2.0	0.00 pp	22 q
SUPNSupernus Pharmaceuticals, Inc.	0.02%	4,920	$178,252	added×2.0	0.00 pp	4 q
STRSStratus Pptys Inc	—	−60,245	—	exited	−0.20 pp	—
URTHiShares MSCI World ETF	—	−2,631	—	exited	−0.05 pp	—