The updated portfolio of Third Avenue Management
, founded by value investor and Guru Martin Whitman
, includes 163 stocks, 24 of them new, a total value at $5.17 billion, and a quarter-over-quarter turnover of 9%. The portfolio is currently weighted with top three sectors: financial services at 18.1%, basic materials at 16.1% and real estate at 15.1%. The stocks bought by Third Avenue Management
in the past 12 months have an average return of 11.65%.
Here are the firm’s third quarter high-impact decreases, starting with the sell out of more than 8.8 million shares of Applied Materials Inc. (
AMAT). The company reported financial results for its fourth fiscal quarter, ending Oct. 27, 2013, with orders of $2.09 billion, up 5% sequentially, and silicon systems orders up 16%. AMAT’s net income was $183 million for the reporting quarter, up from a loss of $(515) million in the same fiscal quarter of the prior year. The quarter’s earnings of $0.15 per share (GAAP) were also up from $(0.42) per share in the prior year. Net sales for the quarter were up 1% sequentially, at $1.99 billion, compared to 1.65 billion in the same fiscal quarter of the prior year. Operating income was $211 million for the quarter, up from a loss of $(499) million in the fourth quarter of fiscal year 2012. Continue Reading »