Martin Whitman

Martin Whitman

Last Update: 06-30-2016
Related: Third Avenue Management

Number of Stocks: 35
Number of New Stocks: 1

Total Value: $1,203 Mil
Q/Q Turnover: 3%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Martin Whitman' s Profile & Performance

Profile

Martin Whitman is Founder and Portfolio Manager of the Third Avenue Value Fund (TAVFX). Whitman is a 1949 graduate of Syracuse University, which recently renamed its School of Management after Whitman, after a large gift from him in June 2003. He is an adjunct faculty member at Yale School of Management.

Web Page:http://www.thirdavenuefunds.com/

Investing Philosophy

Whitman is a "buy and hold" value investor. He buys stock in companies when he thinks that the company has strong finances, competent management, and the business is understandable. Also the company's stock must be cheap, meaning it trades at a significant discount to intrinsic value. The market price must lie substantially below a conservative valuation of the business as a private entity, or as a takeover candidate. He generally sells an investment only when there has been a fundamental change in the business or capital structure of the company that significantly affects the investment's inherent value, or when he believes that the market value of an investment is overpriced relative to its intrinsic value

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of Third Avenue Value Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
2015-8.371.19-9.6
20144.8813.69-8.8
201318.8432.39-13.5
3-Year Cumulative14.2 (4.5%/year)52.3 (15.1%/year)-38.1 (-10.6%/year)
201227.481611.5
2011-20.682.11-22.8
5-Year Cumulative15.5 (2.9%/year)80.4 (12.5%/year)-64.9 (-9.6%/year)
201013.8715.06-1.2
200944.5126.4618.0
2008-45.61-37-8.6
20075.765.490.3
200614.6915.79-1.1
10-Year Cumulative25.4 (2.3%/year)102 (7.3%/year)-76.6 (-5%/year)
200516.494.9111.6
200426.6210.8815.7
200310.4628.68-18.2
20027.13-22.129.2
200110.82-11.8922.7
15-Year Cumulative142.5 (6.1%/year)107.5 (5%/year)35 (1.1%/year)
20000.91-9.110.0
199910.0621.04-11.0
199816.7228.58-11.9
1997-5.0333.36-38.4
199611.0222.96-11.9
20-Year Cumulative231.4 (6.2%/year)381.4 (8.2%/year)-150 (-2%/year)
19952.3637.58-35.2
1994-3.221.32-4.5
19931.3610.08-8.7
199210.887.623.3
1991-0.2630.47-30.7
25-Year Cumulative268.1 (5.4%/year)937.3 (9.8%/year)-669.2 (-4.4%/year)

Top Ranked Articles

Chip Rewey Cuts General Motors Position in Half GM saw long-term decline in gross margin and recent charges filed against it
Third Avenue Value Fund manager, Robert “Chip” Rewey, slashed 696,700 shares of General Motors (NYSE:GM), a 53% reduction to his position, during the second quarter. The sell had a -1.75% impact on the Third Avenue Value Fund portfolio. Read more...
Third Avenue Management Buys 6 Stocks in Second Quarter Martin Whitman's value firm reports second quarter portfolio
Third Avenue Management (Trades, Portfolio) has based its investing on value-driven, bottom-up principles since a recognized leader in the field, Martin Whitman (Trades, Portfolio), founded it in 1986. The firm frequently files its quarterly portfolio update ahead of the deadline of 45 days past the end of the quarter and before many other investors. Third Avenue reported buying one new stock and buying more shares of five of its existing holdings on Thursday, the final day of the second quarter. Read more...
Third Avenue Value Fund Purchases Stake in Johnson Controls Company has increased its dividends per share by 11.20% over the last 10 years
Third Avenue Value Fund purchased a 325,700-share stake in Johnson Controls Inc. (NYSE:JCI) on April 30. Read more...
Answers to the Hardest Question: When Do I Sell a Stock? There are 2 primary reasons it makes sense to sell a stock
The most common complaint I have heard from investors over my 40-plus years in the financial services industry is as follows: "Everyone wants to tell me what to buy and when, but no one ever tells me when to sell." Read more...
Third Avenue Comments on Cambrex Corp Guru stock highlight
Cambrex Corp. (NYSE:CBM) We took advantage of the February sell off in the market to acquire shares of Cambrex at around $38 per share, an attractive discount to our estimate of NAV. We see the combination of a strong balance sheet and a healthy revenue outlook as supportive for book value growth to continue, given the dynamics of Cambrex's business.

Read more...
» More Martin Whitman Articles

Commentaries and Stories

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Chip Rewey Cuts General Motors Position in Half GM saw long-term decline in gross margin and recent charges filed against it Martin Whitman,Third Avenue Management - Chip Rewey Cuts General Motors Position In Half
Third Avenue Value Fund manager, Robert “Chip” Rewey, slashed 696,700 shares of General Motors (NYSE:GM), a 53% reduction to his position, during the second quarter. The sell had a -1.75% impact on the Third Avenue Value Fund portfolio. More...

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Third Avenue Management Buys 6 Stocks in Second Quarter Martin Whitman's value firm reports second quarter portfolio Martin Whitman - Third Avenue Management Buys 6 Stocks In Second Quarter
Third Avenue Management (Trades, Portfolio) has based its investing on value-driven, bottom-up principles since a recognized leader in the field, Martin Whitman (Trades, Portfolio), founded it in 1986. The firm frequently files its quarterly portfolio update ahead of the deadline of 45 days past the end of the quarter and before many other investors. Third Avenue reported buying one new stock and buying more shares of five of its existing holdings on Thursday, the final day of the second quarter. More...

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Third Avenue Value Fund Purchases Stake in Johnson Controls Company has increased its dividends per share by 11.20% over the last 10 years Martin Whitman - Third Avenue Value Fund Purchases Stake In Johnson Controls
Third Avenue Value Fund purchased a 325,700-share stake in Johnson Controls Inc. (NYSE:JCI) on April 30. More...

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Thoughts on the Brexit - Third Avenue Management 'Events such as the Brexit scenario... are simply facts of life for investors' Martin Whitman - Thoughts On The Brexit - Third Avenue Management
On June 23, 2016, the United Kingdom held a referendum which resulted in the majority of voters expressing a will for the United Kingdom to sever its existing arrangement with the European Union (“EU”). By voting to abandon the existing terms of its relationship with the EU, the referendum result has opened a host of European economic and sovereignty considerations which are likely to linger for some time. Uncertainty will be the norm as the long-term impacts of Brexit unfold. More...

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Answers to the Hardest Question: When Do I Sell a Stock? There are 2 primary reasons it makes sense to sell a stock Warren Buffett,Martin Whitman - Answers To The Hardest Question: When Do I Sell A Stock?
The most common complaint I have heard from investors over my 40-plus years in the financial services industry is as follows: "Everyone wants to tell me what to buy and when, but no one ever tells me when to sell." More...

SELL,LONG IDEAS,RETIREMENT,


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Third Avenue Comments on Visteon Corp Guru stock highlight
An example of one of our portfolio holdings which has had, and continues to have, opportunities for self-help is Visteon Corp. (NYSE:VC), a well-capitalized automotive electronics company. The stock was a top contributor to the Fund's performance during the quarter, with a total return of 19.1%.Visteon provides products to automotive OEMs (original equipment manufacturers) such as Ford, GM, Daimler, BMW, Nissan and Honda for their digital cockpits, i.e., the instrument cluster, information displays and infotainment - each of which has a presence in the connected car. Comparing today's cars to those just five years ago, the amount of additional functionality is amazing - from infotainment that connects to your smartphone to driver assistance safety features such as rear back-up cameras, collision detection, and blind spot and lane departure warnings. Integrated instrument clusters can be personalized if,for example, you'd rather see the weather than your tachometer. There are even over-the-air software upgrades where, More...

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Third Avenue Comments on NetScout Systems Inc. Guru stock highlight
NetScout Systems Inc. (NASDAQ:NTCT) Near-term concerns over a slowdown in carrier spending provided us an opportunity to acquire shares of NetScout common at a substantial discount to our estimate of NAV.NetScout is a well-financed provider of 24x7 network monitoring solutions to carriers and enterprises. Its offerings provide high-quality performance analytics that help its customers resolve technology issues that could negatively impact service quality and/or result in outages/downtime and compromised security. Last year, the company acquired certain communications assets from Danaher which doubled its addressable market by broadening its product offerings, providing an entrée into the cyber security space and increased its distribution. Cost synergies estimated at around $45-55 million are expected from the elimination of redundancies and economies of scale, with additional synergies generated over time as the company moves toward common infrastructure platforms, distribution and support programs.In More...

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Third Avenue Comments on Kennedy Wilson Holdings Guru stock highlight
Kennedy Wilson Holdings, Inc. (NYSE:KW) During the quarter, the Fund was able to acquire shares of Kennedy Wilson Common at a substantial discount to our estimate of NAV, as the general market sell off, combined with unfounded fears of market liquidity for deals, pushed the stock down significantly.Kennedy Wilson Holdings (Kennedy Wilson) is a U.S.-based real estate operating company. The company is an integrated global real estate investment and services company with a $2 billion portfolio of investments in a diversified mix of commercial and residential assets. In addition, Kennedy Wilson has more than $18 billion of assets under management (AUM) on behalf of third parties.The management team owns 18% of the company's stock and has historically been a savvy capital allocator, having made substantial investments in Japan during the 1990s, in the U.S. following the financial crisis, and in Europe and the U.K. in more recent years. The template has been the same in all markets: invest More...

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Third Avenue Comments on Interface Inc. Guru stock highlight
Interface, Inc. (NASDAQ:TILE) Interface has been on our radar for some time and during the quarter its stock price reached a level we viewed as an attractive entry point, having declined more than 40% within the past few quarters due to investor concern around the company's level of growth. While we agree that growth in the short-term is likely to be muted, we believe the company's core product - modular carpet - is poised for long-term secular growth.Interface is the world's leading manufacturer of carpet tile. The strength of its brand and its reputation for service, quality, design and performance provide a competitive advantage. Interface's global manufacturing capabilities across four continents also provide an advantage in serving multinational corporate customers quickly and cost-effectively.Central to our thesis on Interface is the fact that carpet tile has reached the point where it is cost-competitive with traditional 'broadloom' carpet but offers numerous advantages, including More...

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Third Avenue Comments on Carrizo Oil & Gas Guru stock highlight
Carrizo Oil & Gas, Inc. (NASDAQ:CRZO) Since our initial purchase in February, Carrizo Oil & Gas has been a strong performer. With a solid balance sheet and a significant drilling inventory,we see Carrizo as a multi-year compounder into recovering oil prices, however long that takes.Based in Houston, TX, Carrizo is an exploration and production company focused on oil and gas plays in the U.S. Its most important acreage is in the high quality core areas of the Eagle Ford shale in South Texas, the Delaware basin in the Permian in West Texas, and the Utica shale in Ohio. Carrizo's share price, like those of all oil and gas production companies, came under extreme price pressure in February, as the market sold off and investors feared sustained oil prices in the low-$20 per barrel range.Carrizo is unique from our perspective as a small cap company thanks to its high quality acreage (what we call good rocks) and a strong balance sheet. It fits our criteria for creditworthiness, with More...

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Third Avenue Comments on Cambrex Corp Guru stock highlight
Cambrex Corp. (NYSE:CBM) We took advantage of the February sell off in the market to acquire shares of Cambrex at around $38 per share, an attractive discount to our estimate of NAV. We see the combination of a strong balance sheet and a healthy revenue outlook as supportive for book value growth to continue, given the dynamics of Cambrex's business. More...

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Rating: 5.0/5 (1 vote)

Chip Rewey's Third Avenue Small-Cap Value Fund 2nd Quarter Commentary Review of quarter and holdings Martin Whitman,Third Avenue Management - Chip Rewey's Third Avenue Small-Cap Value Fund 2nd Quarter Commentary
Dear Fellow Shareholders: More...

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Martin Whitman's Third Avenue Funds 2nd Quarter Shareholder Letter Whitman talks about the difficult but essential skill of focusing on long-term net asset value growth Martin Whitman,Third Avenue Management - Martin Whitman's Third Avenue Funds 2nd Quarter Shareholder Letter
Dear Fellow Shareholders: More...

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Third Avenue Management Q2 2016 Value Fund Letter Discussion of new holdings and outlook Third Avenue Management,Martin Whitman - Third Avenue Management Q2 2016 Value Fund Letter
During the fiscal second quarter, oil prices rallied, credit markets improved and stock prices rebounded as macro fears were replaced by optimism. That trend followed a period when oil prices fell, credit markets deteriorated and stock prices sagged. And that followed a period when…well, you get the idea. There’s been no shortage of market volatility. More...

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Marty Whitman's Third Avenue Buys Lennar, Fidelity, Howard Hughes Veteran investor buys seven stocks, increases top two sectors Martin Whitman - Marty Whitman's Third Avenue Buys Lennar, Fidelity, Howard Hughes
Marty Whitman, veteran investor and founder of Third Avenue Management (Trades, Portfolio), said in his recent shareholder letter that his team was “taking the opportunity to deploy capital in some of what we believe are the most unduly punished names in the portfolio as well as in new investment opportunities.” In the first quarter, he acted on seven of those opportunities. More...

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Third Avenue Buys Ralph Lauren, Boosts Baxalta Value Fund also acquires stake in Harman International Martin Whitman,Third Avenue Management - Third Avenue Buys Ralph Lauren, Boosts Baxalta
Martin Whitman (Trades, Portfolio) is founder and former portfolio manager of the Third Avenue Value Fund. Chip Rewey now manages the fund after Whitman stepped down from active management duties. During the first quarter of the year, the fund bought many stocks and the following are the most heavily weighted. More...

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Martin Whitman Takes Stake in Harman International Industries Guru may have been motivated by company's growth strategy Martin Whitman - Martin Whitman Takes Stake In Harman International Industries
Martin Whitman (TradesPortfolio) purchased 229,973 shares of Harman International Industries Inc. (NYSE:HAR) in the first quarter. More...

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Third Avenue Value Sells NVIDIA, Cavco Fund founded by Martin Whitman exits POSCO stake Martin Whitman,Third Avenue Management - Third Avenue Value Sells NVIDIA, Cavco
Martin Whitman (Trades, Portfolio) is the founder of the Third Avenue Value Fund (TAVFX), which is now managed by Chip Rewey. The fund sold many stocks during the first quarter including the following. More...

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Third Avenue Value Buys 2 Stocks With Short-Term Struggles Fund led by Chip Rewey takes stake in Harman International and Ralph Lauren Martin Whitman,Third Avenue Management - Third Avenue Value Buys 2 Stocks With Short-Term Struggles
Third Avenue Management (Trades, Portfolio)’s flagship fund, the Third Avenue Value Fund, is led by Chip Rewey and remains dedicated to its principles in value investing after founder Martin Whitman (Trades, Portfolio) stepped down from portfolio management in 2012. More...

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Third Avenue Management Comments on Insight Enterprises Guru stock highlight
Insight Enterprises (NASDAQ:NSIT) is a value added reseller and servicer of hardware and software. The company assists large corporations, and state and federal governments on Information Technology issues such as designs and implementation of networking, data storage practices, disaster recovery, and hardware and software technologies. It distributes products from large vendors such as Cisco, Dell, Hewlett Packard, Apple and Microsoft, selling everything from tablets to network servers to software licensing. More...

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