Legendary value investor Martin Whitman reported his third quarter portfolio. Marty Whitman uses a bottom-up, value oriented approach to analysis. He seems to buy “cheap and safe” companies. Marty Whitman also writes great shareholder letter. If you missed his latest letter, please read it here.

Marty Whitman’s Third Avenue Value Fund is now co-managed by himself and Ian Lapey. He bought more Tellabs Inc., reduced Nabors Industries Ltd. during the 3-months ended 07/31/2011, according to the most recent filings. As of 07/31/2011, Third Avenue Value Fund owns 42 stocks with a total value of $4 billion. These are the details of the buys and sells.

• Added Positions: HLPPF.PK, TLAB,
• Reduced Positions: NBR, TYIDF.PK, HLDVF.PK, BAM,

This is the sector weightings of his portfolio:

Not Assigned	70.4%
Financials	15.3%
Consumer Goods	7.9%
Oil & Gas	5.2%
Technology	1%
Basic Materials	0.3%

These are the top 5 holdings of Martin Whitman

1. CHEUY.PK - 42,692,000 shares, 16.2% of the total portfolio.
2. HNLGY.PK - 97,788,054 shares, 15.4% of the total portfolio.
3. POSCO ADS (PKX) - 3,500,000 shares, 9.5% of the total portfolio.
4. WHLKF.PK - 57,254,500 shares, 6.1% of the total portfolio. Shares reduced by 2.78%
5. IVSBF.PK - 10,030,709 shares, 5.3% of the total portfolio. Shares reduced by 0.48%

Added: Tellabs Inc. (TLAB)

Martin Whitman added to his holdings in Tellabs Inc. by 30.92%. His purchase prices were between $4 and $4.78, with an estimated average price of $4.4. The impact to his portfolio due to this purchase was 0.16%. His holdings were 6,557,299 shares as of 07/31/2011.

Tellabs helps the world's communications service providers build tomorrow's converged networks of voice, data and video. Tellabs Inc. has a market cap of $1.56 billion; its shares were traded at around $4.28 with a P/E ratio of 42.8 and P/S ratio of 1. The dividend yield of Tellabs Inc. stocks is 1.8%.

Reduced: Nabors Industries Ltd. (NBR)

Martin Whitman reduced to his holdings in Nabors Industries Ltd. by 77.31%. The impact to his portfolio due to this sale was -5.01%. Martin Whitman still held 2,190,000 shares as of 07/31/2011.

Nabors Industries, Inc. is one of the largest land drilling contractors. Nabors Industries Ltd. has a market cap of $4.13 billion; its shares were traded at around $14.35 with a P/E ratio of 11.5 and P/S ratio of 0.9. Nabors Industries Ltd. had an annual average earnings growth of 7% over the past 10 years.

Reduced: Brookfield Asset Management (BAM)

Martin Whitman reduced to his holdings in Brookfield Asset Management by 8%. The impact to his portfolio due to this sale was -0.43%. Martin Whitman still held 6,649,109 shares as of 07/31/2011.

Brookfield Asset Management Inc. is an asset manager. Brookfield Asset Management has a market cap of $16.25 billion; its shares were traded at around $26.15 with a P/E ratio of 12.5 and P/S ratio of 1.2. The dividend yield of Brookfield Asset Management stocks is 2.1%. Brookfield Asset Management had an annual average earnings growth of 27% over the past 10 years.

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

Track Gurus’ Stock Purchases Daily – Real Time Guru Picks

GuruFocus "Real Time Picks" reports the stock purchases and sales that Gurus have made within the prior 2 weeks. The report time lag can be as short as 3 days after the date of the transaction. This is just one of the features provided with GuruFocus Premium Membership.

Click Here to Try It Free!

More Gurufocus Links

Latest Guru Picks	Value Strategies
Warren Buffett Portfolio	Ben Graham Net-Net
Real Time Picks	Buffett-Munger Screener
Aggregated Portfolio	Undervalued Predictable
ETFs, Options	Low P/S Companies
Insider Trends	10-Year Financials
52-Week Lows	Interactive Charts
Model Portfolios	DCF Calculator
RSS Feed	Monthly Newsletters
The All-In-One Screener	Portfolio Tracking Tool