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Martin Whitman Sells and Reductions in US, Tokyo and Hong Kong Markets

Sally Jones

Sally Jones

49 followers
Guru Martin Whitman’s Third Avenue Value Fund portfolio update lists 37 stocks, three of them new, and a total value of $2.29 billion. The fund’s quarter-over-quarter turnover is 8%. The portfolio is currently weighted by sector with financial services at 26.3%, real estate at 26.3% and technology at 12.4%. Guru Whitman has averaged a return of 5.15% over 12 months, and Third Avenue Management has averaged a return of 7.97% over 12 months.

Here are the US companies Guru Martin Whitman reduced or sold in the third quarter of 2013:

Forest City Enterprises Inc. (FCE.A): Sold Out

Impacts Portfolio: -2.3%

Up 15% over 12 months, Forest City Enterprises Inc., a real estate company, has a market cap of $3.71 billion; its shares were traded at around $18.58 with a P/E ratio of 3,096.80 and a P/B of 2.30.

Guru Action: As of July 31, 2013, Martin Whitman sold out his holding unloading 2,891,089 shares at an average price of $18.15, for a gain of 2.4%.

His five-year trading history shows major gains in every quarter except for the third quarter of 2008, when he made a new buy of 100.800 shares at an average price of $28.88, taking a loss of 35.7%.

Track historical pricing, revenue and net income:

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KeyCorp (KEY): Reduced

Impacts Portfolio: -1.71%

Up 36% over 12 months, the Ohio banking company, KeyCorp has a market cap of $10.66 billion; its shares were traded at around $11.70 with a P/E ratio of 13.00 and a P/B of 1.10.

Guru Action: As of July 31, 2013, Martin Whitman reduced his position by 31.64%, selling 3,973,908 shares at an average price of $11.95, for a loss of 2.1%.

He has gained 49% on 12,558,132 shares bought at an average price of $7.83. Selling, he took a loss of 2% on 3,973,908 shares sold at an average price of $11.95 per share. His remaining shares are 8,584,224.

Track historical pricing, revenue and net income:

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Bank of New York Mellon Corp. (BK): Reduced

Impacts Portfolio: -0.93%

Up 31% over 12 months, Bank of New York Mellon Corp., a banking and asset management company, has a market cap of $35.22 billion; its shares were traded at around $30.61 with a P/E ratio of 18.50 and a P/B of 1.00.

Guru Action: As of July 31, 2013, Martin Whitman reduced his position by 15.83%, selling 773,529 shares at an average price of $30.67, for a loss of 0.2%.

His six-quarter trading history shows he gained 40% on 5,812,879 shares bought at an average price of $21.92 per share, and he also gained 4% on selling 1,698,529 shares at an average price of $29.33 per share. His remaining shares are 4,114,350.

Track historical pricing, revenue and net income:

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Applied Materials Inc. (AMAT): Reduced

Impacts Portfolio: -0.22%

Up 63% over 12 months, Applied Materials Inc., a semiconductor equipment and materials company, has a market cap of $21.52 billion; its shares were traded at around $17.89 with a P/E ratio of 827.30 and a P/B of 3.10.

Guru Action: As of July 31, 2013, Martin Whitman reduced his position by 7.46%, selling 350,000 shares at an average price of $15.97, for a gain of 11.9%.

His eight-quarter trading history shows he gained 59% on 4,689,207 shares bought at an average price of $11.22 per share, and he also gained 12% on selling 350,000 shares at an average price of $15.97 per share. His remaining shares are 4,339,207.

Track historical pricing, revenue and net income:

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Martin Whitman is the chairman of the board at Third Avenue Asset Management. His trading summary:



Using the GuruFocus Premium Membership, you can read more about Martin Whitman’s holdings in international markets and his third quarter reductions of Daiwa Securities Co. Ltd. (8601.Japan), Toyota Industries Corporation (6201.Japan) and Wheelock and Co. Ltd. (00020.Hongkong).

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About the author:

Sally Jones
Sally Jones writes about Real Time Picks. She says, "I truly enjoy watching the Gurus in realtime and telling their story."

Rating: 3.0/5 (5 votes)

Comments

vgm
Vgm - 1 year ago
Hi Sally,

Marty Whitman no longer runs TAVF, and has not done for some time. He passed over complete responsibility to Ian Lapey and his team a couple of years ago.

http://www.thirdave.com/ta/documents/sl/TAF%20Third%20Quarter%20Report%202013.pdf

I pointed this out recently in another TAVF report on GF.

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