Third Avenue

Q2 2023 13F · by Matthew Fine, portfolio manager

As of: Jun 30, 2023
Filed: Aug 14, 2023
US stock: $606M · prev $1.2B
Positions: 58 · prev 54
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%

Moves59 since the prior filing

+0.5 pp in · −0.5 pp out

New 5 +0.84 pp
Added 2 −0.33 pp
Trimmed 51 +0.39 pp
Exited 1 −0.91 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.7% a year, about 21.2 years per position

Low
Moderate
High

Top 5 positions32% of US stock

TDW Tidewater, Inc. trimmed−0.45 pp trimmed−0.4510.1%
HCC Warrior Met Coal, Inc. trimmed+0.21 pp trimmed+0.218.6%
DB Deutsche Bank Aktiengesellschaft trimmed+0.05 pp trimmed+0.055.3%
VAL Valaris Limited trimmed+0.92 pp trimmed+0.924.4%
CMA Comerica Incorporated trimmed+0.46 pp trimmed+0.464.0%

Positions58 in this filing · 1 exited


TDWTidewater, Inc.	10.05%	1,098,599	$61M	trimmed−61%	−0.45 pp	24 q
HCCWarrior Met Coal, Inc.	8.64%	1,344,911	$52M	trimmed−50%	+0.21 pp	23 q
DBDeutsche Bank Aktiengesellschaft	5.28%	3,048,570	$32M	trimmed−49%	+0.05 pp	3 q
VALValaris Limited	4.36%	419,726	$26M	trimmed−32%	+0.92 pp	8 q
CMAComerica Incorporated	4.02%	574,906	$24M	trimmed−40%	+0.46 pp	41 q
LEN.BLennar Corporation Class B	3.98%	213,368	$24M	trimmed−61%	−0.19 pp	27 q
ORIOld Republic International Corporation	3.47%	836,331	$21M	trimmed−2%	+1.61 pp	14 q
DHID.R. Horton Inc.	3.33%	165,678	$20M	trimmed−58%	0.00 pp	6 q
PLDPrologis, Inc.	3.05%	150,531	$18M	trimmed−44%	+0.72 pp	14 q
LAZLazard, Inc.	2.91%	550,206	$18M	trimmed−50%	−0.19 pp	11 q
BNBrookfield Corporation	2.89%	521,123	$18M	trimmed−50%	−0.01 pp	3 q
HANHawaiian Holdings Inc	2.78%	1,562,125	$17M	trimmed−50%	+0.34 pp	21 q
WYWeyerhaeuser Company	2.68%	485,242	$16M	trimmed−50%	+0.18 pp	41 q
UHAL.BU-Haul Holding Company	2.61%	312,421	$16M	trimmed−50%	−0.16 pp	3 q
CBRECbre Group, Inc.	2.41%	181,189	$15M	trimmed−50%	+0.16 pp	14 q
RYNRayonier Inc.	2.31%	446,208	$14M	trimmed−14%	+0.95 pp	39 q
LOWLowe's Companies Inc.	2.13%	57,096	$13M	trimmed−54%	+0.01 pp	14 q
AMHAmerican Homes 4 Rent	2.08%	355,823	$13M	trimmed−50%	+0.17 pp	13 q
JLLJones Lang LaSalle, Inc.	1.91%	74,378	$12M	trimmed−27%	+0.64 pp	2 q
MYRGMYR Group, Inc.	1.85%	80,885	$11M	trimmed−91%	−0.87 pp	31 q
FPHFive Point Holdings, LLC Class A	1.79%	3,751,240	$11M	trimmed−4%	+0.32 pp	25 q
IVTInvenTrust Properties Corp.	1.65%	432,819	$10M	trimmed−60%	−0.52 pp	7 q
UMBFUMB Financial Corp	1.50%	149,284	$9M	trimmed−50%	+0.03 pp	41 q
FRFirst Industrial Realty Trust, Inc.	1.37%	158,010	$8M	trimmed−43%	+0.29 pp	41 q
SEBSeaboard Corporation	1.37%	2,333	$8M	trimmed−99%	+0.02 pp	30 q
FRPHFRP Holdings, Inc.	1.20%	126,489	$7M	trimmed−50%	−0.05 pp	22 q
ICFIICF International, Inc.	1.19%	57,779	$7M	trimmed−55%	−0.01 pp	41 q
ECPGEncore Capital Group, Inc.	1.16%	144,955	$7M	trimmed−45%	+0.01 pp	3 q
KALUKaiser Aluminum Corporation	1.14%	96,721	$7M	trimmed−25%	+0.32 pp	41 q
BATRAAtlanta Braves Holdings, Inc. Series A	1.11%	164,438	$7M	trimmed−53%	+0.08 pp	14 q
PRAProAssurance Corporation	1.10%	443,510	$7M	trimmed−28%	−1.39 pp	11 q
ALGAlamo Group, Inc.	0.97%	31,880	$6M	trimmed−50%	−0.03 pp	41 q
PBProsperity Bancshares Inc	0.95%	101,965	$6M	trimmed−81%	−0.85 pp	38 q
HBBHamilton Beach Brands Holding Company Class A	0.91%	569,404	$6M	trimmed−50%	−0.09 pp	12 q
SBSISouthside Bancshares, Inc.	0.90%	209,426	$5M	trimmed−28%	−0.10 pp	32 q
WASHWashington Trust Bancorp Inc	0.90%	204,152	$5M	trimmed−50%	−0.31 pp	13 q
TPHTri Pointe Homes, Inc.	0.85%	155,997	$5M	trimmed−70%	−0.27 pp	26 q
CJCDChase Corp	0.80%	40,192	$5M	trimmed−50%	+0.08 pp	5 q
FNFFidelity National Financial, Inc.	0.72%	121,428	$4M	trimmed−97%	−0.40 pp	30 q
BAMBrookfield Asset Management Ltd.	0.70%	130,646	$4M	trimmed−50%	−0.03 pp	3 q
FIXComfort Systems USA, Inc.	0.70%	25,704	$4M	trimmed−56%	−0.02 pp	28 q
CETCentral Securities Corp.	0.67%	111,210	$4M	trimmed−50%	+0.01 pp	14 q
SPHRSphere Entertainment Co.	0.58%	128,752	$4M	trimmed−24%	−0.77 pp	8 q
UNFUnifirst Corp	0.51%	19,837	$3M	trimmed−34%	+0.06 pp	41 q
TPHSTrinity Place Hldgs Inc	0.46%	5,127,786	$3M	trimmed−50%	+0.04 pp	30 q
SUPNSupernus Pharmaceuticals, Inc.	0.33%	67,062	$2M	added×13.6	+0.31 pp	5 q
SUISun Communities, Inc	0.25%	11,517	$2M	new	+0.25 pp	new
ROICRetail Opportunity Investments Corp.	0.20%	90,000	$1M	added+16%	−0.64 pp	14 q
CTOCTO Realty Growth, Inc.	0.18%	63,000	$1M	trimmed−46%	+0.01 pp	10 q
HP5AEquity Commonwealth	0.18%	55,000	$1M	new	+0.18 pp	new
PCHPotlatchDeltic Corporation	0.17%	20,000	$1M	trimmed−96%	−0.62 pp	14 q
ITICInvestors Title Co	0.16%	6,673	$974,258	new	+0.16 pp	new
RMRThe RMR Group Inc. Class A	0.14%	37,000	$857,290	trimmed−29%	+0.02 pp	14 q
WSRWhitestone REIT	0.13%	80,000	$776,000	new	+0.13 pp	new
STCStewart Information Services Corporation	0.12%	17,000	$699,380	trimmed−50%	0.00 pp	14 q
ELMEElme Communities	0.12%	45,000	$739,800	new	+0.12 pp	new
GRBKGreen Brick Partners, Inc	0.05%	5,000	$284,000	trimmed−50%	+0.02 pp	21 q
UHALU-Haul Holding Company	0.01%	1,508	$83,423	trimmed−50%	−0.01 pp	23 q
EMEEMCOR Group, Inc.	—	−65,194	—	exited	−0.91 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001099281-23-000013
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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