Third Avenue

Q4 2023 13F · by Matthew Fine, portfolio manager

As of: Dec 31, 2023
Filed: Feb 13, 2024
US stock: $609M · prev $596M
Positions: 59 · prev 59
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%

Moves37 since the prior filing

+4.4 pp in · −5.5 pp out

New 1 +0.42 pp
Added 13 +3.94 pp
Trimmed 22 −2.64 pp
Exited 1 −2.86 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.3% a year, about 12.1 years per position

Low
Moderate
High

Top 5 positions33% of US stock

HCC Warrior Met Coal, Inc. trimmed−1.16 pp trimmed−1.169.7%
TDW Tidewater, Inc. trimmed−1.48 pp trimmed−1.488.3%
DB Deutsche Bank Aktiengesellschaft added+1.00 pp added+1.005.6%
VAL Valaris Limited added−0.64 pp added−0.644.7%
CMA Comerica Incorporated added+1.10 pp added+1.104.4%

Positions59 in this filing · 1 exited


HCCWarrior Met Coal, Inc.	9.69%	967,899	$59M	trimmed−24%	−1.16 pp	25 q
TDWTidewater, Inc.	8.33%	703,631	$51M	trimmed−13%	−1.48 pp	26 q
DBDeutsche Bank Aktiengesellschaft	5.57%	2,486,569	$34M	added0%	+1.00 pp	5 q
VALValaris Limited	4.73%	420,007	$29M	added0%	−0.64 pp	10 q
CMAComerica Incorporated	4.36%	476,269	$27M	added0%	+1.10 pp	43 q
ORIOld Republic International Corporation	3.99%	827,421	$24M	added0%	+0.21 pp	16 q
LEN.BLennar Corporation Class B	3.82%	173,710	$23M	trimmed−16%	+0.22 pp	29 q
UHAL.BU-Haul Holding Company	3.40%	294,413	$21M	trimmed−6%	+0.61 pp	5 q
BNBrookfield Corporation	3.22%	488,274	$20M	trimmed−6%	+0.42 pp	5 q
DHID.R. Horton Inc.	3.07%	122,998	$19M	trimmed−23%	+0.17 pp	8 q
CBRECbre Group, Inc.	2.78%	182,200	$17M	added+1%	+0.56 pp	16 q
PLDPrologis, Inc.	2.55%	116,373	$16M	trimmed−5%	+0.24 pp	16 q
WYWeyerhaeuser Company	2.11%	370,142	$13M	trimmed−15%	−0.12 pp	43 q
UMBFUMB Financial Corp	2.05%	149,284	$12M	held	—	43 q
AMHAmerican Homes 4 Rent	2.00%	338,379	$12M	trimmed−5%	−0.02 pp	15 q
HANHawaiian Holdings Inc	1.90%	815,579	$12M	trimmed−48%	+0.19 pp	23 q
RYNRayonier Inc.	1.86%	338,721	$11M	trimmed−19%	−0.12 pp	41 q
IVTInvenTrust Properties Corp.	1.73%	415,675	$11M	trimmed−4%	0.00 pp	9 q
FPHFive Point Holdings, LLC Class A	1.66%	3,294,796	$10M	trimmed−12%	−0.16 pp	27 q
JLLJones Lang LaSalle, Inc.	1.61%	51,990	$10M	trimmed−30%	−0.14 pp	4 q
MYRGMYR Group, Inc.	1.61%	67,757	$10M	trimmed−16%	−0.24 pp	33 q
ECPGEncore Capital Group, Inc.	1.42%	170,678	$9M	held	—	5 q
SEBSeaboard Corporation	1.37%	2,334	$8M	added0%	−0.11 pp	32 q
FRFirst Industrial Realty Trust, Inc.	1.34%	154,848	$8M	trimmed−2%	+0.08 pp	43 q
FRPHFRP Holdings, Inc.	1.31%	126,489	$8M	held	—	24 q
HBBHamilton Beach Brands Holding Company Class A	1.31%	457,577	$8M	trimmed−20%	+0.12 pp	14 q
KALUKaiser Aluminum Corporation	1.29%	110,739	$8M	added+14%	+0.10 pp	43 q
ICFIICF International, Inc.	1.27%	57,779	$8M	held	—	43 q
BATRAAtlanta Braves Holdings, Inc. Series A	1.15%	164,438	$7M	held	—	16 q
PBProsperity Bancshares Inc	1.13%	101,965	$7M	held	—	40 q
SUISun Communities, Inc	1.11%	50,634	$7M	added+39%	+0.38 pp	3 q
ALGAlamo Group, Inc.	1.10%	31,880	$7M	held	—	43 q
LOWLowe's Companies Inc.	1.09%	29,730	$7M	trimmed−48%	−0.90 pp	16 q
SBSISouthside Bancshares, Inc.	1.08%	209,426	$7M	held	—	34 q
WASHWashington Trust Bancorp Inc	1.06%	199,119	$6M	trimmed−33%	−0.29 pp	15 q
ITICInvestors Title Co	1.04%	39,164	$6M	added+32%	+0.31 pp	3 q
PRAProAssurance Corporation	1.00%	443,619	$6M	held	—	13 q
FNFFidelity National Financial, Inc.	0.99%	117,953	$6M	trimmed−3%	+0.15 pp	32 q
TPHTri Pointe Homes, Inc.	0.91%	155,997	$6M	held	—	28 q
BAMBrookfield Asset Management Ltd.	0.87%	131,670	$5M	added+1%	+0.13 pp	5 q
SUPNSupernus Pharmaceuticals, Inc.	0.76%	159,717	$5M	added+37%	+0.21 pp	7 q
LXULsb Industries Inc	0.72%	473,214	$4M	added×15.5	+0.67 pp	2 q
CETCentral Securities Corp.	0.69%	111,210	$4M	held	—	16 q
FIXComfort Systems USA, Inc.	0.66%	19,434	$4M	trimmed−24%	−0.10 pp	30 q
UNFUnifirst Corp	0.60%	19,837	$4M	held	—	43 q
SPHRSphere Entertainment Co.	0.59%	105,583	$4M	trimmed−5%	−0.11 pp	10 q
COLLCollegium Pharmaceutical, Inc.	0.42%	83,120	$3M	new	+0.42 pp	new
ROICRetail Opportunity Investments Corp.	0.21%	90,000	$1M	held	—	16 q
CTOCTO Realty Growth, Inc.	0.18%	63,000	$1M	held	—	12 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.17%	26,000	$1M	added+1%	+0.02 pp	2 q
HP5AEquity Commonwealth	0.17%	55,000	$1M	held	—	3 q
RMRThe RMR Group Inc. Class A	0.17%	37,000	$1M	held	—	16 q
PCHPotlatchDeltic Corporation	0.16%	20,000	$982,000	held	—	16 q
STCStewart Information Services Corporation	0.16%	17,000	$998,750	held	—	16 q
ELMEElme Communities	0.16%	65,000	$949,000	held	—	3 q
WSRWhitestone REIT	0.16%	80,000	$983,200	held	—	3 q
TPHSTrinity Place Hldgs Inc	0.09%	5,127,786	$569,184	held	—	32 q
GRBKGreen Brick Partners, Inc	0.04%	5,000	$259,700	held	—	23 q
UHALU-Haul Holding Company	0.02%	1,456	$104,541	held	—	25 q
LAZLazard, Inc.	—	−550,206	—	exited	−2.86 pp	—