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Third Avenue Value Fund Q2: Buys Sycamore Networks Inc., Sells CIT, MDC, BIP

September 09, 2010 | About:

Legendary value investor Martin Whitman just reported his portfolio as of 7/31. His fund just added to one position, and sold others. These are the details of buys and sells.

Marty Whiteman and his co-manager Ian Lapey write great shareholder letters. In their most recent shareholder letter, they discussed their approach n market participation, and in the areas of performance, market timing, fees, and complexity. They discussed in details about their positions with POSCO (PKX) and Henderson Land Development Co. and Cheung Kong Holdings.

Martin Whitman buys Sycamore Networks Inc., sells Cit Group Inc., M.d.c. Holdings Inc., Brookfield Infrastructure Partners L.p. during the 3-months ended 07/31/2010, according to the most recent filings of his investment company, Third Avenue Value Fund. Martin Whitman owns 50 stocks with a total value of $3.8 billion. These are the details of the buys and sells.

For the details of Martin Whitman's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Martin+Whitman

This is the sector weightings of his portfolio:

Financials 20.1%
Oil & Gas 10.7%
Technology 2.1%
Consumer Goods 2.1%
Industrials 0.1%


These are the top 5 holdings of Martin Whitman

  1. HENDERSON LAND DEV (HLDVF.PK) - 104,598,738 shares, 17.12% of the total portfolio.
  2. TOYOTA INDUSTRIES CP (TYIDF.PK) - 17,400,700 shares, 12.34% of the total portfolio.
  3. POSCO (PKX) - 3,500,000 shares, 9.57% of the total portfolio.
  4. WHEELOCK & CO LTD HK (WHLKF.PK) - 84,813,500 shares, 6.95% of the total portfolio. Shares reduced by 2.59%
  5. Brookfield Asset Management Inc. Ltd. (BAM) - 10,000,000 shares, 6.6% of the total portfolio.


Added: Sycamore Networks Inc. (SCMR)

Martin Whitman added to his holdings in Sycamore Networks Inc. by 18.79%. His purchase prices were between $16.35 and $23.28, with an estimated average price of $18.21. The impact to his portfolio due to this purchase was 0.18%. His holdings were 1,871,861 shares as of 07/31/2010.

Sycamore Networks Inc. develop and market products that transport voice and data traffic over wavelengths of light. Sycamore Networks Inc. has a market cap of $819.9 million; its shares were traded at around $28.84 with and P/S ratio of 12.

Reduced: Cimarex Energy Co. (XEC)

Martin Whitman reduced to his holdings in Cimarex Energy Co. by 25.78%. His sale prices were between $61.19 and $80.23, with an estimated average price of $72.51. The impact to his portfolio due to this sale was -0.47%. Martin Whitman still held 1,001,404 shares as of 07/31/2010.

Cimarex Energy is an independent oil and gas exploration and production company focused on increasing shareholder value through strategies linked to generating attractive economic returns on capital employed and profitable growth in per-share reserves, production, and cash flow. Cimarex Energy Co. has a market cap of $5.65 billion; its shares were traded at around $67.22 with a P/E ratio of 12.7 and P/S ratio of 5.6. The dividend yield of Cimarex Energy Co. stocks is 0.5%.

Reduced: Forest City Enterprises Inc. (FCE.A)

Martin Whitman reduced to his holdings in Forest City Enterprises Inc. by 21.8%. His sale prices were between $11.01 and $15.7, with an estimated average price of $12.99. The impact to his portfolio due to this sale was -0.78%. Martin Whitman still held 10,764,203 shares as of 07/31/2010.

FOREST CITY ENTERPRI, INC. is a national real estate company which acquires, develops, lease & manages residential properties; owns, acquires, develops & manages retail, office & urban entertainment projects; acquires & sells both raw land & developed lots to commercial, industrial & residential users; & acts as a wholesale lumber trading company. Forest City Enterprises Inc. has a market cap of $1.76 billion; its shares were traded at around $12.14 with a P/E ratio of 8.6 and P/S ratio of 1.8. Forest City Enterprises Inc. had an annual average earning growth of 1.8% over the past 10 years.

Sold Out: MDC Holdings Inc. (MDC)

Martin Whitman sold out his holdings in M.d.c. Holdings Inc.. His sale prices were between $26.46 and $38.91, with an estimated average price of $29.76.

M.D.C. HOLDINGS, INC. is engaged in the construction, sale and related financing of residential housing and the acquisition and development of land for use in its homebuilding activities and sale to others, in the Denver, Phoenix, Maryland, Virginia, mid Atlantic region, Las Vegas, Dallas, California metropolitan areas. M.d.c. Holdings Inc. has a market cap of $1.31 billion; its shares were traded at around $27.73 with and P/S ratio of 1.4. The dividend yield of M.d.c. Holdings Inc. stocks is 3.6%.

Sold Out: CIT Group Inc. (CIT)

Martin Whitman sold out his holdings in Cit Group Inc.. His sale prices were between $33.26 and $41.75, with an estimated average price of $36.82.

CIT Group Inc. is a bank holding company that provides financing and leasing capital for commercial companies throughout the world. CIT Group Inc. has a market cap of $7.46 billion; its shares were traded at around $37.25 with and P/S ratio of 1.9.

Sold Out: Brookfield Infrastructure Partners L.p. (BIP)

Martin Whitman sold out his holdings in Brookfield Infrastructure Partners L.p.. His sale prices were between $15.07 and $17.9, with an estimated average price of $16.59.

BROOKFIELD INFRASTRUCTURE PARTNERS L.P. was established by Brookfield Asset Management as its primary vehicle to own and operate certain infrastructure assets on a global basis. Brookfield Infrastructure Partners L.p. has a market cap of $398 million; its shares were traded at around $17.7 with a P/E ratio of 42.1 and P/S ratio of 13.3. The dividend yield of Brookfield Infrastructure Partners L.p. stocks is 6.2%.


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