Third Avenue

Q3 2023 13F · by Matthew Fine, portfolio manager

As of: Sep 30, 2023
Filed: Nov 15, 2023
US stock: $596M · prev $606M
Positions: 59 · 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%

Moves34 since the prior filing

+2.4 pp in · −2.5 pp out

New 2 +0.20 pp
Added 7 +2.24 pp
Trimmed 24 −1.70 pp
Exited 1 −0.80 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.7% a year, about 11.5 years per position

Low
Moderate
High

Top 5 positions34% of US stock

Positions59 in this filing · 1 exited


HCCWarrior Met Coal, Inc.	10.85%	1,267,353	$65M	trimmed−6%	+2.21 pp	24 q
TDWTidewater, Inc.	9.81%	809,185	$58M	trimmed−26%	−0.24 pp	25 q
VALValaris Limited	5.37%	419,726	$32M	held	—	9 q
DBDeutsche Bank Aktiengesellschaft	4.57%	2,485,341	$27M	trimmed−18%	−0.71 pp	4 q
ORIOld Republic International Corporation	3.78%	826,557	$23M	trimmed−1%	+0.31 pp	15 q
LEN.BLennar Corporation Class B	3.60%	205,872	$21M	trimmed−4%	−0.38 pp	28 q
CMAComerica Incorporated	3.26%	475,896	$19M	trimmed−17%	−0.76 pp	42 q
DHID.R. Horton Inc.	2.90%	158,814	$17M	trimmed−4%	−0.43 pp	7 q
LAZLazard, Inc.	2.86%	550,206	$17M	held	—	12 q
BNBrookfield Corporation	2.80%	520,352	$17M	trimmed−0%	−0.09 pp	4 q
UHAL.BU-Haul Holding Company	2.79%	311,959	$17M	trimmed−0%	+0.18 pp	4 q
PLDPrologis, Inc.	2.31%	122,689	$14M	trimmed−19%	−0.74 pp	15 q
WYWeyerhaeuser Company	2.23%	435,244	$13M	trimmed−10%	−0.45 pp	42 q
CBRECbre Group, Inc.	2.22%	180,902	$13M	trimmed−0%	−0.19 pp	15 q
AMHAmerican Homes 4 Rent	2.02%	355,261	$12M	trimmed−0%	−0.06 pp	14 q
LOWLowe's Companies Inc.	1.99%	56,992	$12M	trimmed−0%	−0.14 pp	15 q
RYNRayonier Inc.	1.98%	418,193	$12M	trimmed−6%	−0.33 pp	40 q
MYRGMYR Group, Inc.	1.85%	80,806	$11M	trimmed−0%	0.00 pp	32 q
FPHFive Point Holdings, LLC Class A	1.82%	3,745,875	$11M	trimmed−0%	+0.03 pp	26 q
JLLJones Lang LaSalle, Inc.	1.75%	74,258	$10M	trimmed−0%	−0.16 pp	3 q
IVTInvenTrust Properties Corp.	1.73%	432,420	$10M	trimmed−0%	+0.08 pp	8 q
HANHawaiian Holdings Inc	1.71%	1,562,125	$10M	held	—	22 q
UMBFUMB Financial Corp	1.54%	149,284	$9M	held	—	42 q
SEBSeaboard Corporation	1.48%	2,333	$9M	held	—	31 q
PRAProAssurance Corporation	1.40%	443,619	$8M	added0%	+0.30 pp	12 q
ECPGEncore Capital Group, Inc.	1.35%	170,678	$8M	added+18%	+0.19 pp	4 q
WASHWashington Trust Bancorp Inc	1.35%	294,994	$8M	added+45%	+0.45 pp	14 q
FRFirst Industrial Realty Trust, Inc.	1.26%	157,758	$8M	trimmed−0%	−0.11 pp	42 q
HBBHamilton Beach Brands Holding Company Class A	1.19%	569,404	$7M	held	—	13 q
KALUKaiser Aluminum Corporation	1.19%	96,721	$7M	held	—	42 q
ICFIICF International, Inc.	1.17%	57,779	$7M	held	—	42 q
FRPHFRP Holdings, Inc.	1.16%	126,489	$7M	held	—	23 q
BATRAAtlanta Braves Holdings, Inc. Series A	1.06%	164,438	$6M	held	—	15 q
SBSISouthside Bancshares, Inc.	1.01%	209,426	$6M	held	—	33 q
ALGAlamo Group, Inc.	0.96%	31,880	$6M	held	—	42 q
PBProsperity Bancshares Inc	0.92%	101,965	$5M	held	—	39 q
FNFFidelity National Financial, Inc.	0.84%	121,207	$5M	trimmed−0%	+0.12 pp	31 q
FIXComfort Systems USA, Inc.	0.76%	25,704	$5M	held	—	29 q
BAMBrookfield Asset Management Ltd.	0.74%	130,437	$4M	trimmed−0%	+0.04 pp	4 q
ITICInvestors Title Co	0.73%	29,599	$4M	added×4.4	+0.57 pp	2 q
SUISun Communities, Inc	0.73%	36,527	$4M	added×3.2	+0.48 pp	2 q
TPHTri Pointe Homes, Inc.	0.73%	155,997	$4M	held	—	27 q
SPHRSphere Entertainment Co.	0.70%	111,252	$4M	trimmed−14%	+0.12 pp	9 q
CETCentral Securities Corp.	0.66%	111,210	$4M	held	—	15 q
SUPNSupernus Pharmaceuticals, Inc.	0.55%	116,549	$3M	added+74%	+0.22 pp	6 q
UNFUnifirst Corp	0.55%	19,837	$3M	held	—	42 q
TPHSTrinity Place Hldgs Inc	0.31%	5,127,786	$2M	held	—	31 q
ROICRetail Opportunity Investments Corp.	0.19%	90,000	$1M	held	—	15 q
CTOCTO Realty Growth, Inc.	0.17%	63,000	$1M	held	—	11 q
HP5AEquity Commonwealth	0.17%	55,000	$1M	held	—	2 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.15%	25,700	$913,635	new	+0.15 pp	new
PCHPotlatchDeltic Corporation	0.15%	20,000	$902,800	held	—	15 q
RMRThe RMR Group Inc. Class A	0.15%	37,000	$914,270	held	—	15 q
ELMEElme Communities	0.15%	65,000	$878,800	added+44%	+0.03 pp	2 q
STCStewart Information Services Corporation	0.13%	17,000	$762,620	held	—	15 q
WSRWhitestone REIT	0.13%	80,000	$773,600	held	—	2 q
LXULsb Industries Inc	0.05%	30,618	$314,141	new	+0.05 pp	new
GRBKGreen Brick Partners, Inc	0.04%	5,000	$212,200	held	—	22 q
UHALU-Haul Holding Company	0.01%	1,456	$81,449	trimmed−3%	0.00 pp	24 q
CJCDChase Corp	—	−40,192	—	exited	−0.80 pp	—