Third Avenue

Q1 2024 13F · by Matthew Fine, portfolio manager

As of: Mar 31, 2024
Filed: May 13, 2024
US stock: $627M · prev $609M
Positions: 58 · 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%

Moves29 since the prior filing

+5.1 pp in · −5.0 pp out

New 1 +3.68 pp
Added 12 +1.38 pp
Trimmed 14 −3.77 pp
Exited 2 −1.25 pp

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.6 years per position

Low
Moderate
High

Top 5 positions30% of US stock

TDW Tidewater, Inc. trimmed−0.81 pp trimmed−0.817.5%
HCC Warrior Met Coal, Inc. trimmed−2.29 pp trimmed−2.297.4%
DB Deutsche Bank Aktiengesellschaft trimmed+0.68 pp trimmed+0.686.3%
VAL Valaris Limited trimmed+0.31 pp trimmed+0.315.0%
CMA Comerica Incorporated trimmed−0.18 pp trimmed−0.184.2%

Positions58 in this filing · 2 exited


TDWTidewater, Inc.	7.52%	512,220	$47M	trimmed−27%	−0.81 pp	27 q
HCCWarrior Met Coal, Inc.	7.40%	764,018	$46M	trimmed−21%	−2.29 pp	26 q
DBDeutsche Bank Aktiengesellschaft	6.25%	2,486,280	$39M	trimmed−0%	+0.68 pp	6 q
VALValaris Limited	5.04%	419,924	$32M	trimmed−0%	+0.31 pp	11 q
CMAComerica Incorporated	4.18%	476,132	$26M	trimmed−0%	−0.18 pp	44 q
LEN.BLennar Corporation Class B	4.12%	167,294	$26M	trimmed−4%	+0.30 pp	30 q
ORIOld Republic International Corporation	4.06%	827,421	$25M	held	—	17 q
LAZLazard, Inc.	3.68%	550,472	$23M	new	+3.68 pp	new
BNBrookfield Corporation	3.24%	484,572	$20M	trimmed−1%	+0.02 pp	6 q
DHID.R. Horton Inc.	3.23%	122,998	$20M	held	—	9 q
UHAL.BU-Haul Holding Company	3.13%	294,413	$20M	held	—	6 q
CBRECbre Group, Inc.	2.83%	182,200	$18M	held	—	17 q
PLDPrologis, Inc.	2.43%	116,846	$15M	added0%	−0.12 pp	17 q
WYWeyerhaeuser Company	2.12%	370,804	$13M	added0%	+0.01 pp	44 q
UMBFUMB Financial Corp	2.07%	149,284	$13M	held	—	44 q
AMHAmerican Homes 4 Rent	1.99%	339,508	$12M	added0%	−0.01 pp	16 q
MYRGMYR Group, Inc.	1.91%	67,757	$12M	held	—	34 q
RYNRayonier Inc.	1.80%	339,348	$11M	added0%	−0.06 pp	42 q
SUISun Communities, Inc	1.79%	87,178	$11M	added+72%	+0.68 pp	4 q
FPHFive Point Holdings, LLC Class A	1.65%	3,303,663	$10M	added0%	−0.01 pp	28 q
JLLJones Lang LaSalle, Inc.	1.62%	51,990	$10M	held	—	5 q
KALUKaiser Aluminum Corporation	1.58%	110,739	$10M	held	—	44 q
HANHawaiian Holdings Inc	1.46%	686,011	$9M	trimmed−16%	−0.44 pp	24 q
FRFirst Industrial Realty Trust, Inc.	1.30%	155,263	$8M	added0%	−0.04 pp	44 q
PRAProAssurance Corporation	1.26%	613,103	$8M	added+38%	+0.26 pp	14 q
ECPGEncore Capital Group, Inc.	1.24%	170,678	$8M	held	—	6 q
FRPHFRP Holdings, Inc.	1.24%	126,489	$8M	held	—	25 q
HBBHamilton Beach Brands Holding Company Class A	1.23%	317,313	$8M	trimmed−31%	−0.08 pp	15 q
SEBSeaboard Corporation	1.20%	2,334	$8M	held	—	33 q
ALGAlamo Group, Inc.	1.16%	31,880	$7M	held	—	44 q
BATRAAtlanta Braves Holdings, Inc. Series A	1.10%	164,438	$7M	held	—	17 q
LXULsb Industries Inc	1.10%	787,909	$7M	added+67%	+0.38 pp	3 q
LOWLowe's Companies Inc.	1.10%	27,135	$7M	trimmed−9%	+0.01 pp	17 q
PBProsperity Bancshares Inc	1.07%	101,965	$7M	held	—	41 q
ICFIICF International, Inc.	1.06%	44,269	$7M	trimmed−23%	−0.21 pp	44 q
ITICInvestors Title Co	1.02%	39,164	$6M	held	—	4 q
FNFFidelity National Financial, Inc.	1.00%	117,953	$6M	held	—	33 q
SBSISouthside Bancshares, Inc.	0.98%	209,426	$6M	held	—	35 q
TPHTri Pointe Homes, Inc.	0.96%	155,997	$6M	held	—	29 q
BAMBrookfield Asset Management Ltd.	0.88%	131,670	$6M	held	—	6 q
SUPNSupernus Pharmaceuticals, Inc.	0.87%	159,717	$5M	held	—	8 q
WASHWashington Trust Bancorp Inc	0.85%	199,119	$5M	held	—	16 q
IVTInvenTrust Properties Corp.	0.75%	183,296	$5M	trimmed−56%	−0.98 pp	10 q
CETCentral Securities Corp.	0.74%	111,210	$5M	held	—	17 q
COLLCollegium Pharmaceutical, Inc.	0.67%	108,120	$4M	added+30%	+0.25 pp	2 q
UNFUnifirst Corp	0.55%	19,837	$3M	held	—	44 q
ELMEElme Communities	0.21%	93,000	$1M	added+43%	+0.05 pp	4 q
ROICRetail Opportunity Investments Corp.	0.18%	90,000	$1M	held	—	17 q
CTOCTO Realty Growth, Inc.	0.17%	63,000	$1M	held	—	13 q
HP5AEquity Commonwealth	0.17%	55,000	$1M	held	—	4 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.16%	26,157	$1M	added+1%	−0.01 pp	3 q
WSRWhitestone REIT	0.16%	80,000	$1M	held	—	4 q
PCHPotlatchDeltic Corporation	0.15%	20,000	$940,400	held	—	17 q
RMRThe RMR Group Inc. Class A	0.14%	37,000	$888,000	held	—	17 q
TPHSTrinity Place Hldgs Inc	0.10%	4,109,472	$616,421	trimmed−20%	+0.01 pp	33 q
GRBKGreen Brick Partners, Inc	0.05%	5,000	$301,150	held	—	24 q
STCStewart Information Services Corporation	0.05%	5,194	$337,922	trimmed−69%	−0.11 pp	17 q
UHALU-Haul Holding Company	0.02%	1,456	$98,338	held	—	26 q
FIXComfort Systems USA, Inc.	—	−19,434	—	exited	−0.66 pp	—
SPHRSphere Entertainment Co.	—	−105,583	—	exited	−0.59 pp	—