In the latest package of THIRD QUARTER REPORT AND PORTFOLIO MANAGER COMMENTARY published by Third Avenue Funds, Chairman Martin Whitman wrote an insightful letter addressing the topic of “The Uses and Limitations of Financial Accounting for the Value Investor”:
Presently, Whitman calls the bulk of the holdings in Third Avenue Value Fund’s current portfolio “Graham & Dodd ‘Net Nets’ on steroids”. He is confident that over the next five to seven years, the net asset values (“NAVs”) of he TAVF portfolio companies will increase by not less than 10% to 20% per annum compounded.
A good chunk of Third Avenue Management’s asset is invested in some Hong Kong real estate companies, companies that Whitman is so confident of. Some of these companies’ stock are available to US investors through pink sheet. The following is top domestic traded stocks holdings of the firm:
No. 1: Brookfield Asset Management Inc. Ltd. (BAM), Weightings: 9.98% - 19,246,096 Shares
Brookfield Asset Management Inc. is an asset manager. Brookfield Asset Management Inc. Ltd. has a market cap of $14.59 billion; its shares were traded at around $25.41 with a P/E ratio of 36.3 and P/S ratio of 1.2. The dividend yield of Brookfield Asset Management Inc. Ltd. stocks is 2%. Brookfield Asset Management Inc. Ltd. had an annual average earning growth of 30.7% over the past 10 years.
No. 2: POSCO (PKX), Weightings: 9.44% - 4,369,787 Shares
POSCO, formerly known as Pohang Iron & Steel Company Ltd. Posco has a market cap of $35.61 billion; its shares were traded at around $102.11 with a P/E ratio of 8.3 and P/S ratio of 1.2. The dividend yield of Posco stocks is 1.6%.
The firm has held PKX since 2005, and has kept position steady in the past quarter.
No. 3: Forest City Enterprises Inc. (FCE.A), Weightings: 5.93% - 22,855,048 Shares
Forest City Enterprises Inc. is a national real estate company. Forest City Enterprises Inc. has a market cap of $1.65 billion; its shares were traded at around $11.35 with a P/E ratio of 8 and P/S ratio of 1.6. Forest City Enterprises Inc. had an annual average earning growth of 1.8% over the past 10 years.
Third Avenue shed about 4.2 million shares during the last quarter.
No. 4: BANK OF NY MELLON CP (BK), Weightings: 5.62% - 9,934,498 Shares
Bank of New York is a bank holding company and one of the world's larger financial institutions. Bank Of Ny Mellon Cp has a market cap of $29.32 billion; its shares were traded at around $24.17 with a P/E ratio of 10.2 and P/S ratio of 2.1. The dividend yield of Bank Of Ny Mellon Cp stocks is 1.5%.
Third avenue held its position in the last quarter.
No. 5: Nabors Industries Ltd. (NBR), Weightings: 4.91% - 12,168,000 Shares
Nabors Industries, Inc. is one of the largest land drilling contractors. Nabors Industries Ltd. has a market cap of $4.54 billion; its shares were traded at around $15.93 with a P/E ratio of 22.1 and P/S ratio of 1.3. Nabors Industries Ltd. had an annual average earning growth of 11.5% over the past 10 years.
Third Avenue held the stock since 2004 and recently kept the position steady.
To view Third Avenue Management’s complete stock holdings, click http://www.gurufocus.com/holdings.php?GuruName=Third+Avenue+Management.
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