
	Third Avenue Management 13F
	Third Avenue Management

	Last update 2024-05-13	58 Stocks (1 new)
	Value $627.00 Mil	Turnover 5 %
	Countries: Top Holdings: TDW(7.52%)HCC(7.40%)DB(6.25%)VAL(5.04%)CMA(4.18%) Portfolio Report

Third Avenue Management Profile

Founded by legendary value investor Martin Whitman, Third Avenue Management manages mutual funds, separate accounts and hedge funds. Since 2002, Third Avenue Management has partnered with Affiliated Managers Group, a publicly traded asset manager that has invested in a diverse stable of boutique asset management firms. This partnership allowed Third Avenue to extend ownership rights to its senior professionals, including key members of the investment team, providing a clear and transparent succession plan for the Firm and all of its principals.
Third Avenue Management manages assets across four core strategies — Value, Small-Cap, Real Estate and International Real Estate – which are available to investors through 40Act mutual funds, institutional separately managed accounts and a Real Estate Value Fund UCITS for non-U.S. investors.

Third Avenue Management Investing Philosophy

For over 25 years, Third Avenue Management has consistently pursued a fundamental, bottom-up approach to deep value and distressed investing. Third Avenue takes an unconstrained investment approach and pursues opportunities across market capitalizations and geographies. The firm's core real estate, value and small-cap strategies focus on high-conviction ideas, pursuing maximum allocation to the best risk-adjusted return prospects across our universe.

Third Avenue Management Portfolio and Latest Trades

Ticker
Ticker
LAZ
TDW
HCC
IVT
SUI
FIX
SPHR
LXU
HBB
PRA
HA
ICFI
COLL
LEN.B
STC
LOW
ELME
BN
TPHS
AMH
PLD
BATRK
CMA
DB
FR
FPH
RYN
VAL
WY
LAZ
HCC
TDW
LOW
HA
LXU
DHI
LEN.B
JLL
WASH
COLL
RYN
WY
SUI
MYRG
ITIC
HBB
FPH
SUPN
FIX
BN
KALU
UHAL.B
PLD
AMH
IVT
SPHR
CBRE
FR
FNF
BAM
BATRK
CMA
DB
ORI
SEB
VAL
TDW
DB
CCF
CMA
ITIC
PLD
SUI
HCC
WASH
WY
SUPN
ECPG
BATRK
RYN
DHI
LEN.B
SPHR
ELME
LXU
ORI
AMH
BAM
BN
CBRE
FR
FPH
FNF
IVT
JLL
LOW
MYRG
PRA
UHAL
UHAL.B

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
LAZ	Lazard Inc	2024-03-31	New Buy	+3.68%	● 36.12 ($38.95) 41.87	$40.13	3.03%	New holding	550,472	550,472
TDW	Tidewater Inc	2024-03-31	Reduce	-2.27%	● 64.82 ($74.59) 92.2	$108.11	44.94%	Reduce -27.2%	512,220	-191,411
HCC	Warrior Met Coal Inc	2024-03-31	Reduce	-2.04%	● 53.03 ($60.58) 69.97	$63.52	4.85%	Reduce -21.06%	764,018	-203,881
IVT	InvenTrust Properties Corp	2024-03-31	Reduce	-0.97%	● 24.51 ($25.18) 25.85	$25.23	0.20%	Reduce -55.9%	183,296	-232,379
SUI	Sun Communities Inc	2024-03-31	Add	+0.75%	● 123.35 ($129.82) 135.95	$118.39	-8.80%	Add 72.17%	87,178	36,544
FIX	Comfort Systems USA Inc	2024-03-31	Sold Out	-0.66%	● 195.89 ($255.45) 323.29	$339.56	32.93%	Sold Out	0	-19,434
SPHR	Sphere Entertainment Co	2024-03-31	Sold Out	-0.59%	● 30.33 ($40.08) 50.89	$37.80	-5.69%	Sold Out	0	-105,583
LXU	LSB Industries Inc	2024-03-31	Add	+0.44%	● 7.14 ($7.88) 9.34	$9.02	14.47%	Add 66.5%	787,909	314,695
HBB	Hamilton Beach Brands Holding Co	2024-03-31	Reduce	-0.40%	● 17.39 ($19.39) 24.65	$18.92	-2.42%	Reduce -30.65%	317,313	-140,264
PRA	ProAssurance Corp	2024-03-31	Add	+0.35%	● 11.86 ($12.87) 13.99	$14.77	14.76%	Add 38.2%	613,103	169,484
HA	Hawaiian Holdings Inc	2024-03-31	Reduce	-0.30%	● 13.27 ($13.91) 14.72	$13.73	-1.29%	Reduce -15.89%	686,011	-129,568
ICFI	ICF International Inc	2024-03-31	Reduce	-0.30%	● 128.95 ($144.79) 157.01	$146.19	0.97%	Reduce -23.38%	44,269	-13,510
COLL	Collegium Pharmaceutical Inc	2024-03-31	Add	+0.15%	● 31.23 ($34.99) 40.91	$33.98	-2.89%	Add 30.08%	108,120	25,000
LEN.B	Lennar Corp	2024-03-31	Reduce	-0.14%	● 132.22 ($142.37) 154.18	$158.89	11.60%	Reduce -3.69%	167,294	-6,416
STC	Stewart Information Services Corp	2024-03-31	Reduce	-0.11%	● 57.29 ($60.86) 65.06	$64.24	5.55%	Reduce -69.45%	5,194	-11,806
LOW	Lowe's Companies Inc	2024-03-31	Reduce	-0.10%	● 210.55 ($229.88) 261	$236.08	2.70%	Reduce -8.73%	27,135	-2,595
ELME	Elme Communities	2024-03-31	Add	+0.06%	● 12.78 ($13.94) 14.93	$16.19	16.14%	Add 43.08%	93,000	28,000
BN	Brookfield Corp	2024-03-31	Reduce	-0.02%	● 38.17 ($40.45) 42.33	$44.85	10.88%	Reduce -0.76%	484,572	-3,702
TPHS	Trinity Place Holdings Inc	2024-03-31	Reduce	-0.02%	● 0.08 ($0.17) 0.26	$0.14	-19.12%	Reduce -19.86%	4,109,472	-1,018,314
AMH	American Homes 4 Rent	2024-03-31	Add	+0.01%	● 34.03 ($35.7) 37.26	$36.65	2.66%	Add 0.33%	339,508	1,129
PLD	Prologis Inc	2024-03-31	Add	+0.01%	● 125.14 ($130.66) 135.07	$109.99	-15.82%	Add 0.41%	116,846	473
BATRK	Atlanta Braves Holdings Inc	2024-03-31	Add	0%	● 37.9 ($39.35) 41.25	$38.59	-1.93%	Add 0.6%	26,157	157
CMA	Comerica Inc	2024-03-31	Reduce	0%	● 48.52 ($52.2) 56.8	$55.18	5.71%	Reduce -0.03%	476,132	-137
DB	Deutsche Bank AG	2024-03-31	Reduce	0%	● 12.54 ($13.67) 15.96	$17.53	28.24%	Reduce -0.01%	2,486,280	-289
FR	First Industrial Realty Trust Inc	2024-03-31	Add	0%	● 50.59 ($52.83) 54.8	$48.14	-8.88%	Add 0.27%	155,263	415
FPH	Five Point Holdings LLC	2024-03-31	Add	0%	● 2.78 ($3.16) 3.57	$3.24	2.53%	Add 0.27%	3,303,663	8,867
RYN	Rayonier Inc	2024-03-31	Add	0%	● 30.3 ($32.92) 35.2	$30.19	-8.29%	Add 0.19%	339,348	627
VAL	Valaris Ltd	2024-03-31	Reduce	0%	● 60.76 ($67.05) 75.26	$75.97	13.30%	Reduce -0.02%	419,924	-83
WY	Weyerhaeuser Co	2024-03-31	Add	0%	● 32.37 ($33.84) 35.93	$31.36	-7.33%	Add 0.18%	370,804	662
LAZ	Lazard Inc	2023-12-31	Sold Out	-2.86%	● 26.4 ($30.12) 35.21	$40.13	33.23%	Sold Out	0	-550,206
HCC	Warrior Met Coal Inc	2023-12-31	Reduce	-2.56%	● 45.6 ($52.78) 62.28	$63.52	20.35%	Reduce -23.63%	967,899	-299,454
TDW	Tidewater Inc	2023-12-31	Reduce	-1.28%	● 56.21 ($64.75) 76.07	$108.11	66.97%	Reduce -13.04%	703,631	-105,554
LOW	Lowe's Companies Inc	2023-12-31	Reduce	-0.95%	● 183.62 ($202.7) 225.59	$236.08	16.47%	Reduce -47.83%	29,730	-27,262
HA	Hawaiian Holdings Inc	2023-12-31	Reduce	-0.82%	● 3.91 ($7.42) 14.69	$13.73	85.04%	Reduce -47.79%	815,579	-746,546
LXU	LSB Industries Inc	2023-12-31	Add	+0.67%	● 7.82 ($9.12) 10.4	$9.02	-1.10%	Add 1445.54%	473,214	442,596
DHI	D.R. Horton Inc	2023-12-31	Reduce	-0.65%	● 100.66 ($123.13) 153.13	$157.58	27.98%	Reduce -22.55%	122,998	-35,816
LEN.B	Lennar Corp	2023-12-31	Reduce	-0.56%	● 94.82 ($114.13) 139.79	$158.89	39.22%	Reduce -15.62%	173,710	-32,162
JLL	Jones Lang LaSalle Inc	2023-12-31	Reduce	-0.52%	● 121.97 ($151.29) 189.98	$207.88	37.40%	Reduce -29.99%	51,990	-22,268
WASH	Washington Trust Bancorp Inc	2023-12-31	Reduce	-0.44%	● 21.78 ($27.22) 33.64	$27.35	0.48%	Reduce -32.5%	199,119	-95,875
COLL	Collegium Pharmaceutical Inc	2023-12-31	New Buy	+0.42%	● 21.16 ($25.05) 30.8	$33.98	35.65%	New holding	83,120	83,120
RYN	Rayonier Inc	2023-12-31	Reduce	-0.38%	● 25.15 ($29.46) 34.09	$30.19	2.48%	Reduce -19%	338,721	-79,472
WY	Weyerhaeuser Co	2023-12-31	Reduce	-0.33%	● 28.55 ($31.12) 35.1	$31.36	0.77%	Reduce -14.96%	370,142	-65,102
SUI	Sun Communities Inc	2023-12-31	Add	+0.31%	● 102.97 ($120.45) 136.22	$118.39	-1.71%	Add 38.62%	50,634	14,107
MYRG	MYR Group Inc	2023-12-31	Reduce	-0.30%	● 111.85 ($128.84) 151.08	$154.60	19.99%	Reduce -16.15%	67,757	-13,049
ITIC	Investors Title Co	2023-12-31	Add	+0.25%	● 130.88 ($148.59) 164.87	$162.62	9.44%	Add 32.32%	39,164	9,565
HBB	Hamilton Beach Brands Holding Co	2023-12-31	Reduce	-0.23%	● 11.66 ($14.03) 17.53	$18.92	34.85%	Reduce -19.64%	457,577	-111,827
FPH	Five Point Holdings LLC	2023-12-31	Reduce	-0.22%	● 2.15 ($2.62) 3.22	$3.24	23.66%	Reduce -12.04%	3,294,796	-451,079
SUPN	Supernus Pharmaceuticals Inc	2023-12-31	Add	+0.21%	● 22.72 ($26.51) 29.68	$28.74	8.41%	Add 37.04%	159,717	43,168
FIX	Comfort Systems USA Inc	2023-12-31	Reduce	-0.19%	● 152.12 ($184.77) 209.24	$339.56	83.77%	Reduce -24.39%	19,434	-6,270
BN	Brookfield Corp	2023-12-31	Reduce	-0.17%	● 29.14 ($34.05) 40.74	$44.85	31.72%	Reduce -6.16%	488,274	-32,078
KALU	Kaiser Aluminum Corp	2023-12-31	Add	+0.16%	● 54.28 ($63.37) 73.43	$101.20	59.70%	Add 14.49%	110,739	14,018
UHAL.B	U-Haul Holding Co	2023-12-31	Reduce	-0.16%	● 46.65 ($54.41) 71.18	$66.50	22.22%	Reduce -5.62%	294,413	-17,546
PLD	Prologis Inc	2023-12-31	Reduce	-0.12%	● 97.32 ($113.52) 137.12	$109.99	-3.11%	Reduce -5.15%	116,373	-6,316
AMH	American Homes 4 Rent	2023-12-31	Reduce	-0.10%	● 31.49 ($34.92) 36.98	$36.65	4.95%	Reduce -4.75%	338,379	-16,882
IVT	InvenTrust Properties Corp	2023-12-31	Reduce	-0.07%	● 22.81 ($24.92) 26.8	$25.23	1.24%	Reduce -3.87%	415,675	-16,745
SPHR	Sphere Entertainment Co	2023-12-31	Reduce	-0.04%	● 28.41 ($34.79) 41.29	$37.80	8.65%	Reduce -5.1%	105,583	-5,669
CBRE	CBRE Group Inc	2023-12-31	Add	+0.02%	● 65.76 ($77.74) 93.82	$92.26	18.68%	Add 0.72%	182,200	1,298
FR	First Industrial Realty Trust Inc	2023-12-31	Reduce	-0.02%	● 40.64 ($46.59) 53.97	$48.14	3.33%	Reduce -1.84%	154,848	-2,910
FNF	Fidelity National Financial Inc	2023-12-31	Reduce	-0.02%	● 37.37 ($43.53) 51.37	$52.03	19.53%	Reduce -2.68%	117,953	-3,254
BAM	Brookfield Asset Management Ltd	2023-12-31	Add	+0.01%	● 28.67 ($33.8) 40.43	$40.02	18.40%	Add 0.95%	131,670	1,233
BATRK	Atlanta Braves Holdings Inc	2023-12-31	Add	0%	● 34.19 ($36.49) 39.91	$38.59	5.76%	Add 1.17%	26,000	300
CMA	Comerica Inc	2023-12-31	Add	0%	● 37.95 ($45.21) 56.81	$55.18	22.05%	Add 0.08%	476,269	373
DB	Deutsche Bank AG	2023-12-31	Add	0%	● 10.06 ($11.77) 13.77	$17.53	48.94%	Add 0.05%	2,486,569	1,228
ORI	Old Republic International Corp	2023-12-31	Add	0%	● 26.25 ($28.13) 29.6	$31.44	11.77%	Add 0.1%	827,421	864
SEB	Seaboard Corp	2023-12-31	Add	0%	● 3475.98 ($3557.21) 3707	$3,390.73	-4.68%	Add 0.04%	2,334	1
VAL	Valaris Ltd	2023-12-31	Add	0%	● 63.17 ($68.54) 73.58	$75.97	10.84%	Add 0.07%	420,007	281
TDW	Tidewater Inc	2023-09-30	Reduce	-2.65%	● 54.09 ($63.14) 72.99	$108.11	71.22%	Reduce -26.34%	809,185	-289,414
DB	Deutsche Bank AG	2023-09-30	Reduce	-0.98%	● 9.94 ($10.81) 11.66	$17.53	62.16%	Reduce -18.48%	2,485,341	-563,229
CCF	Chase Corp	2023-09-30	Sold Out	-0.80%	● 115.04 ($125.27) 127.94	$127.49	1.77%	Sold Out	0	-40,192
CMA	Comerica Inc	2023-09-30	Reduce	-0.69%	● 39.95 ($47.42) 53.96	$55.18	16.36%	Reduce -17.22%	475,896	-99,010
ITIC	Investors Title Co	2023-09-30	Add	+0.57%	● 143.89 ($150.27) 158.65	$162.62	8.22%	Add 343.56%	29,599	22,926
PLD	Prologis Inc	2023-09-30	Reduce	-0.56%	● 111.25 ($122.33) 129.28	$109.99	-10.09%	Reduce -18.5%	122,689	-27,842
SUI	Sun Communities Inc	2023-09-30	Add	+0.50%	● 118.34 ($126.92) 141.17	$118.39	-6.72%	Add 217.16%	36,527	25,010
HCC	Warrior Met Coal Inc	2023-09-30	Reduce	-0.50%	● 38.08 ($41.98) 51.08	$63.52	51.31%	Reduce -5.77%	1,267,353	-77,558
WASH	Washington Trust Bancorp Inc	2023-09-30	Add	+0.42%	● 26.11 ($28.55) 32.07	$27.35	-4.20%	Add 44.5%	294,994	90,842
WY	Weyerhaeuser Co	2023-09-30	Reduce	-0.28%	● 30.51 ($32.92) 34.52	$31.36	-4.74%	Reduce -10.3%	435,244	-49,998
SUPN	Supernus Pharmaceuticals Inc	2023-09-30	Add	+0.23%	● 27.57 ($30.44) 32.91	$28.74	-5.58%	Add 73.79%	116,549	49,487
ECPG	Encore Capital Group Inc	2023-09-30	Add	+0.20%	● 45.62 ($49.06) 54.19	$46.72	-4.77%	Add 17.75%	170,678	25,723
BATRK	Atlanta Braves Holdings Inc	2023-09-30	New Buy	+0.15%	● 35.5 ($37.85) 42.54	$38.59	1.96%	New holding	25,700	25,700
RYN	Rayonier Inc	2023-09-30	Reduce	-0.15%	● 28.04 ($30.76) 33.12	$30.19	-1.85%	Reduce -6.28%	418,193	-28,015
DHI	D.R. Horton Inc	2023-09-30	Reduce	-0.14%	● 107.01 ($119.73) 131	$157.58	31.61%	Reduce -4.14%	158,814	-6,864
LEN.B	Lennar Corp	2023-09-30	Reduce	-0.14%	● 101.68 ($109.61) 120.91	$158.89	44.96%	Reduce -3.51%	205,872	-7,496
SPHR	Sphere Entertainment Co	2023-09-30	Reduce	-0.08%	● 27.63 ($36.85) 43.06	$37.80	2.58%	Reduce -13.59%	111,252	-17,500
ELME	Elme Communities	2023-09-30	Add	+0.05%	● 13.49 ($15.48) 16.88	$16.19	4.59%	Add 44.44%	65,000	20,000
LXU	LSB Industries Inc	2023-09-30	New Buy	+0.05%	● 9.75 ($10.36) 11.34	$9.02	-12.93%	New holding	30,618	30,618
ORI	Old Republic International Corp	2023-09-30	Reduce	-0.04%	● 24.97 ($26.98) 28.18	$31.44	16.53%	Reduce -1.17%	826,557	-9,774
AMH	American Homes 4 Rent	2023-09-30	Reduce	0%	● 33.69 ($35.89) 37.48	$36.65	2.12%	Reduce -0.16%	355,261	-562
BAM	Brookfield Asset Management Ltd	2023-09-30	Reduce	0%	● 31.08 ($33.76) 36.05	$40.02	18.54%	Reduce -0.16%	130,437	-209
BN	Brookfield Corp	2023-09-30	Reduce	0%	● 31.27 ($33.79) 36.1	$44.85	32.73%	Reduce -0.15%	520,352	-771
CBRE	CBRE Group Inc	2023-09-30	Reduce	0%	● 73.3 ($82.92) 88.91	$92.26	11.26%	Reduce -0.16%	180,902	-287
FR	First Industrial Realty Trust Inc	2023-09-30	Reduce	0%	● 47.59 ($51.51) 54.86	$48.14	-6.54%	Reduce -0.16%	157,758	-252
FPH	Five Point Holdings LLC	2023-09-30	Reduce	0%	● 2.76 ($3.1) 3.54	$3.24	4.52%	Reduce -0.14%	3,745,875	-5,365
FNF	Fidelity National Financial Inc	2023-09-30	Reduce	0%	● 35.43 ($40.04) 43.03	$52.03	29.95%	Reduce -0.18%	121,207	-221
IVT	InvenTrust Properties Corp	2023-09-30	Reduce	0%	● 22.64 ($24.05) 24.92	$25.23	4.91%	Reduce -0.09%	432,420	-399
JLL	Jones Lang LaSalle Inc	2023-09-30	Reduce	0%	● 139.12 ($163.31) 175.73	$207.88	27.29%	Reduce -0.16%	74,258	-120
LOW	Lowe's Companies Inc	2023-09-30	Reduce	0%	● 206.96 ($224.96) 235.09	$236.08	4.94%	Reduce -0.18%	56,992	-104
MYRG	MYR Group Inc	2023-09-30	Reduce	0%	● 134.76 ($141.43) 151.61	$154.60	9.31%	Reduce -0.1%	80,806	-79
PRA	ProAssurance Corp	2023-09-30	Add	0%	● 15.24 ($17.31) 19	$14.77	-14.67%	Add 0.02%	443,619	109
UHAL	U-Haul Holding Co	2023-09-30	Reduce	0%	● 54.57 ($58.08) 62.1	$69.10	18.97%	Reduce -3.45%	1,456	-52
UHAL.B	U-Haul Holding Co	2023-09-30	Reduce	0%	● 49.62 ($54.26) 58.83	$66.50	22.56%	Reduce -0.15%	311,959	-462

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