Third Avenue Management

Last Update: 2013-05-14

Number of Stocks: 132
Number of New Stocks: 18

Total Value: $5,204 Mil
Q/Q Turnover: 9%

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Third Avenue Management's Profile & Performance

Profile

Founded by legendary value investor Martin Whitman, Third Avenue Management manages mutual funds, separate accounts and hedge funds. The mutual funds include, Third Avenue Value Fund, managed by Martin Whitman, Third Avenue Small-Cap Value Fund, managed by Curtis Jensen, Third Avenue Real Estate Value Fund, managed by Michael Winer, and Third Avenue International Value Fund, managed by Amit Wadhwaney. All of these funds have achieved outstanding performances compared with peers.

We also have Martin Whitman in our List of Gurus. There are overlaps between the portfolio of Third Avenue Management and Martin Whitman's portfolio (Third Avenue Value Fund)

Web Page:http://thirdavenuefunds.com/taf/index.html

Investing Philosophy

Third Avenue Management, led by its founder and chairman, Martin Whitman, are balance sheet value investors. They think that the current balance sheet, rather than its projected future revenues and earnings, is the best measure of a company's value. They seek to invest in safe companies that are cheaply priced.

Total Holding History

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Performance of Third Avenue Value Fund

Year	Return (%)	S&P500 (%)	Excess Gain (%)
2012	27.48	15.4	12.1
2011	-20.86	2.08	-22.9
2010	13.87	15.06	-1.2
3-Year Cumulative	14.9 (4.7%/year)	35.5 (10.7%/year)	-20.6 (-6%/year)
2009	44.51	26.46	18.0
2008	-45.61	-37	-8.6
5-Year Cumulative	-9.7 (-2%/year)	8 (1.5%/year)	-17.7 (-3.5%/year)
2007	5.76	5.61	0.2
2006	14.69	15.79	-1.1
2005	16.49	4.91	11.6
2004	26.62	12	14.6
2003	10.46	28.7	-18.2
10-Year Cumulative	78.4 (6%/year)	99.7 (7.2%/year)	-21.3 (-1.2%/year)
2002	7.13	-22.1	29.2
2001	10.82	-11.9	22.7
2000	0.91	-9.1	10.0
1999	10.06	21	-10.9
1998	16.72	28.6	-11.9
15-Year Cumulative	174.6 (7%/year)	93.8 (4.5%/year)	80.8 (2.5%/year)
1997	-5.03	33.4	-38.4
1996	11.02	23	-12.0
1995	2.36	37.6	-35.2
1994	-3.22	1.3	-4.5
1993	1.36	10.1	-8.7
20-Year Cumulative	190.7 (5.5%/year)	388.1 (8.2%/year)	-197.4 (-2.7%/year)
1992	10.88	7.6	3.3
1991	-0.26	30.5	-30.8

Commentaries and Stories

Currently 4.44/5

Rating: 4.4/5 (9 votes)

Third Avenue - 'The Impact of Higher Interest Rates on Real Estate (When and If It Happens)'

May 21, 2013

April 2013 More...

Currently 2.00/5

Rating: 2.0/5 (2 votes)

Guru Stocks at 52-Week Low: EC, ABX, PKX, MT, EQR

April 1, 2013

According to GuruFocus' list of 52-week lows, these Guru stocks have reached their 52-week lows. More...

Currently 2.00/5

Rating: 2.0/5 (2 votes)

Weekly 3-Year Low Highlights: PKX, MT, SID, UMC

March 26, 2013

According to GuruFocus list of three-year lows, POSCO, ArcelorMittal SA, Companhia Siderurgica Nacional and Walter Energy Inc. have all reached their three-year lows. More...

WEEKLY, 3, YEAR, LOW, HIGHLIGHTS

Currently 4.00/5

Rating: 4.0/5 (6 votes)

Guru Stocks at 52-Week Lows: BIDU, ABX, APA, PKX, MT

March 25, 2013

According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows. More...

Currently 2.33/5

Rating: 2.3/5 (3 votes)

Third Avenue Management Comments on ABM Industries

March 8, 2013

ABM Industries (ABM) traces its beginnings back to 1909, when its founder Morris Rosenberg invested $4.50 in cleaning materials and began cleaning windows for shopkeepers in San Francisco. Over a century later, the company is the largest provider of janitorial services in the U.S. and – through a series of acquisitions – has branched into other service areas to offer a one-stop shop for facilities management. Today ABM provides engineering, janitorial, electrical, parking, landscaping and security services (stand-alone or bundled) to thousands of commercial, residential, and governmental customers throughout the U.S. and Canada. More...

Currently 4.50/5

Rating: 4.5/5 (6 votes)

Marty Whitman’s Third Avenue Management Buys 3 New Stocks

March 7, 2013

Third Avenue Management was founded in 1986 by Martin J. Whitman, a staunch buy-and-hold value investor who currently serves as chairman of the board and portfolio manager. In his letter for the quarter ended Jan. 31, 2013, his strategy for the year was straightforward: “Investing in the common stocks selling at substantial discounts from net asset values (NAV) of companies which are eminently credit-worthy seems to make very good sense in 2013. Such investments ought to work out satisfactorily over the long term almost regardless of the global economic outlook.” Whitman’s firm also pays particular attention to balance sheet strength. More...

Currently 3.00/5

Rating: 3.0/5 (1 vote)

Third Avenue Management Comments on EnerSys

March 7, 2013

EnerSys (ENS) had been on our watchlist for about a year before the Fund initiated a position this past quarter at a valuation approximating 10 times earnings and free cash flow. If past is prologue, management should continue compounding value at above-average rates through thoughtful acquisitions and organic growth, supported by growing demand for backup power systems and a continuing shift from combustion engines to electric motors for environmental and total cost of ownership reasons, particularly in developing markets. Meanwhile, a healthy balance sheet, the company's free cash flow, and an undemanding valuation create a significant "margin of safety" and protection on the downside. More...

Currently 3.00/5

Rating: 3.0/5 (1 vote)

Third Avenue Management Comments on Encana

March 6, 2013

Fund Management added to its position in Encana Common (ECA) following the company's announcement of a C$2.2 billion joint venture with PetroChina (PBR). In this transaction, Encana sold a 49.9% non-operating stake in its undeveloped Duvernay land holdings in Alberta in exchange for C$1.2 billion in cash up front and C$1 billion in the form of a drilling carry that will result in PetroChina funding 75% of the development costs over the next four years. As a result, Encana ended the year with a very strong financial position that includes more than C$3 billion in cash. More...

Currently 4.00/5

Rating: 4.0/5 (1 vote)

Third Avenue Management Comments on NVIDIA

March 6, 2013

Our primary attractions to NVIDIA (NVDA) are its leading market position in graphics processors (GPUs) and, more recently, the strides it has taken to address the growing mobile computing market (tablets and smart phones). Its tablet and smart phone offerings are based on ARM designs for low power applications, enabling us, as investors, to benefit from growth in the adoption of ARM designs, but at much more attractive pricing than buying ARM shares directly. The GPU market is being driven by an increasing demand for graphics due to increasing digital content design (e.g., videos, commercials, 3-D interactive content, product design) and are used heavily in work stations and supercomputers, where high-end computing is used for design and simulation. More...

Currently 3.00/5

Rating: 3.0/5 (3 votes)

Third Avenue Management Comments on Intel

March 5, 2013

Intel (INTC) has built, over the years, a solid franchise in microprocessors (“IntelInside”) for PCs and has continued to enhance it through its technological and manufacturing leadership. Less obvious to many is Intel’s dominance in and profitability generated from the server market, where data center growth has been driven by demand for cloud infrastructure build outs. While Intel has struggled to capture share in the faster growing mobile markets versus the likes of Qualcomm, Apple, Samsung and others who utilize cheaper, lower power ARM-based designs (licensed from ARM Holdings plc, a British company), we believe there is substantial value in its core business. Over the longer term, there are a number of opportunities for growth: e.g., should an upgrade cycle be driven by Windows 8, should ultrabooks and/or other tablet hybrid computers takeoff, shouldPC growth in emerging markets accelerate. In the meantime, the stock pays a roughly 4.24% dividend; the Fund was able to acquire shares at around 4.6 times EBITDA and 10 times earnings. More...

Currently 2.33/5

Rating: 2.3/5 (3 votes)

Third Avenue Funds 2013 Quarterly Letter to Shareholders

March 4, 2013

Third Avenue Funds Jan 2013 Quarterly Shareholder Letter More...

Currently 2.67/5

Rating: 2.7/5 (3 votes)

Weekly CEO Buys Highlight: TRNO, WTSLA, TWO, MTGE, NTWK

February 24, 2013

According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below: Terreno Realty Corporation (TRNO): CHAIRMAN AND CEO W Blake Baird Bought 60,000 Shares More...

Currently 3.67/5

Rating: 3.7/5 (3 votes)

Weekly CEO Buys Highlight: PACB, AKS, EPIQ, GGS, TPGI

December 2, 2012

According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below: More...

Currently 3.25/5

Rating: 3.3/5 (4 votes)

Weekly CEO Buys Highlight: FFIN, STEC, MPO, PACB, TPGI

November 25, 2012

According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below: More...

Currently 5.00/5

Rating: 5.0/5 (1 vote)

Weekly CEO Buys Highlight: GDOT, VOCS, PES, IRWD, ABR

November 11, 2012

According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below: More...

Currently 3.40/5

Rating: 3.4/5 (5 votes)

Third Avenue Management Becomes 5% Owner of Slavie Federal Savings Bank

October 26, 2012

After reporting a purchase of 132,775 shares at the end of this year's third quarter, Third Avenue Management positions its ownership of Slavie Federal Savings Bank (SFBI) at 5 percent. More...

Currently 1.25/5

Rating: 1.3/5 (4 votes)

Third Avenue Management Comments on Newhall Holding Company

October 2, 2012

Bankruptcy Emergence to Resource Conversion (Newhall Holding Company) More...

Currently 3.40/5

Rating: 3.4/5 (5 votes)

Third Avenue Management Comments on Weyerhaeuser

October 2, 2012

Reit Conversion to Future Potential Resource Conversions (Weyerhaeuser) More...

Currently 3.25/5

Rating: 3.3/5 (8 votes)

Third Avenue Management Comments on First Industrial Realty Trust

October 2, 2012

Equity Infusion to Turnaround Situation (First Industrial Realty Trust) More...

Currently 3.00/5

Rating: 3.0/5 (5 votes)

Third Avenue Management Comments on Harman International

October 2, 2012

Harman International (HAR) is a leading provider of premium branded audio systems, consumer electronics and related technologies found in automobiles, homes and professional venues. Founded in the 1940s by Dr. Sydney Harman4, the company's rich history has produced not only a legacy of highly-regarded and familiar brands such as Becker, Harman/Kardon, JBL, Infinity, Lexicon and Mark Levinson, but also more than 4,000 patents. By 2007, those brands and an enviable growth record attracted the attention of private equity sponsors KKR and Goldman Sachs who proposed and subsequently walked away from a highly-levered transaction that valued the company at $8 billion. The company's growth driver within the auto segment had temporarily fizzled, challenged by cheaper alternatives. The onset of the financial crisis forced the company's newish CEO, Dinesh Paliwal, to cut costs and adopt a more competitive business model. We first looked at Harman Common in 2009 in the aftermath of the failed buyout and have tracked the company's development since. Today, Harman continues to benefit from management's restructuring efforts, including a revamped and somewhat revolutionary and controversial approach More...