Martin Whitman (Trades, Portfolio) is the founder and portfolio manager of the Third Avenue Value Fund (TAVFX). He manages a portfolio composed of 36 stocks with a total value of $1,127million. During the third quarter, the guru’s largest sales are as follows:
The investor exited his stake in Baxalta Inc. (BXLT, Financial) with an impact of -1.62% on the portfolio.
The company is engaged in the developing and marketing of biopharmaceuticals. The company offers biopharmaceuticals for the treatment of hemophilia, bleeding disorders, immune deficiencies, alpha-1 antitrypsin deficiency and other chronic diseases. During the second quarter, worldwide sales totaled $2.6 billion, an increase of 4% on a reported basis and 6% on a constant currency basis as compared to the prior-year period. Income from continuing operations was $1.2 billion, or $2.19 per diluted share, on a GAAP (Generally Accepted Accounting Principles) basis.
GuruFocus gives the stock a profitability and growth rating of 5 out of 10. Its ROE of 18.66% and ROA of 7.04% are outperforming 87% of the companies in the Global Biotechnology industry. Financial strength has a rating of 5 out of 10, with a cash to debt ratio of 0.16 that is far below the industry median of 49.03.
The guru reduced his stake in Cavco Industries Inc. (CVCO, Financial)Â by 33.11%, with an impact of -1.62% on the portfolio.
The company designs and produces factory-built homes under the Cavco Homes, Fleetwood Homes and Palm Harbor Homes brands. It also produces modular homes, park model homes and vacation cabins, as well as commercial structures, among others. Net revenue for the first quarter of fiscal year 2017 had an increase of 14.5% from the first quarter of fiscal year 2016, but income before income taxes had a 2.3% decrease.
GuruFocus gives the stock a profitability and growth rating of 8 out of 10 . Its ROE of 8.33% and ROA of 5.26% are outperforming 59% of the companies in the Global Residential Construction industry. Financial strength has a rating of 7 out of 10, with a cash to debt ratio of 1.81 that is below the industry median of 3.38.
Columbia Wanger (Trades, Portfolio) is the largest shareholder among the gurus with 5.83% of outstanding shares, followed by Third Avenue Management (Trades, Portfolio) with 5.33%, Martin Whitman (Trades, Portfolio) with 4.99%, Mario Gabelli (Trades, Portfolio) with 4.46%, Jim Simons (Trades, Portfolio) with 3.67%, Chuck Royce (Trades, Portfolio) with 3.67%, Joel Greenblatt (Trades, Portfolio) with 0.53% and Paul Tudor Jones (Trades, Portfolio) with 0.03%.
The guru trimmed his stake in Apache Corp. (APA, Financial)Â by 51.63%, with an impact of -1.56% on the portfolio.
Apache is an independent energy company that explores, develops and produces natural gas, crude oil and natural gas liquids. It has interests in six countries: the U.S., Canada, Egypt, Australia, the U.K. and Argentina.
GuruFocus gives the stock a profitability and growth rating of 4 out of 10 . Its ROE of -183.41% and ROA of -54.85% are underperforming 89% of the companies in the Global Oil & Gas E&P industry. Financial strength has a rating of 3 out of 10, with a cash to debt ratio of 0.14 that is below the industry median of 0.45.
The largest shareholder among the gurus is Dodge & Cox with 7.67% of outstanding shares, followed by Chris Davis (Trades, Portfolio) with 4.64%, Bill Nygren (Trades, Portfolio) with 2.01%, T Rowe Price Equity Income Fund (Trades, Portfolio) with 1.18%, Charles Brandes (Trades, Portfolio) with 0.43%, Richard Pzena (Trades, Portfolio) with 0.25%, NWQ Managers (Trades, Portfolio) with 0.18% and Third Avenue Management (Trades, Portfolio) with 0.14%.
The guru reduced his stake in Masco Corp. (MAS, Financial)Â by 39.66%, with an impact of -1.19% on the portfolio.
The company manufactures, distributes and installs home improvement and building products including faucets, cabinets, architectural coatings and windows. Second quarter sales increased 4%, excluding the effects of foreign currency translation, and the company repurchased approximately 2.8 million shares.
GuruFocus gives the stock a profitability and growth rating of 5 out of 10 . Its ROE of 7.63% and ROA of 68.95% are outperforming 74% of the companies in the Global Building Materials industry. Financial strength has a rating of 5 out of 10, with a cash to debt ratio of 0.32 that is below the industry median of 0.57.
Manning & Napier Advisors Inc. is the largest shareholder among the gurus with 0.44% of outstanding shares, followed by First Eagle Investment (Trades, Portfolio) with 0.41%, Third Avenue Management (Trades, Portfolio) with 0.3%, Richard Pzena (Trades, Portfolio) with 0.26%, Jim Simons (Trades, Portfolio) with 0.15% and Joel Greenblatt (Trades, Portfolio) with 0.11%.
The investor reduced his stake in Bank of New York Mellon Corp. (BK, Financial)Â by 16.23%, with an impact of -1.15% on the portfolio.
It is a global investment company. Its business segments are: Investment Management and Investment Services. Its other segments includes credit-related services, the leasing portfolio and corporate treasury activities. Second quarter earnings per common share was up 3%, or down 1% on an adjusted basis year-over-year, and total noninterest expense decreased 4%, or 2% on an adjusted basis year-over-year.
GuruFocus gives the stock a profitability and growth rating of 7 out of 10. Its ROE of 7.96% is outperforming and ROA of 0.84% is underperforming 55% of the in the Global Asset Management industry. Financial strength has a rating of 6 out of 10, with a cash to debt ratio of 4.35.
The largest shareholder among the gurus is Dodge & Cox with 5.24% of outstanding shares, followed by First Eagle Investment (Trades, Portfolio) with 2.24%, Warren Buffett (Trades, Portfolio) with 1.95%, Chris Davis (Trades, Portfolio) with 1.85%, Bill Nygren (Trades, Portfolio) with 0.59%, Mario Gabelli (Trades, Portfolio) with 0.57%, Donald Yacktman (Trades, Portfolio) with 0.56% and Tweedy Browne (Trades, Portfolio) with 0.48%.
The guru reduced his stake in Weyerhaeuser Co. (WY, Financial) by 11.15%, with an impact of -0.77% on the portfolio.
The company owns or controls nearly seven million acres of timberlands in the U.S., and manages additional timberlands under long-term licenses in Canada. Second quarter net earnings to common shareholders was 21 cents per diluted share, on net sales from continuing operations of $1.7 billion, compared with net earnings of 26 cents per diluted share, on net sales from continuing operations of $1.3 billion for the same period last year.
GuruFocus gives the stock a profitability and growth rating of 5 out of 10 . Its ROE of 6.78% and ROA of 3.11% are outperforming 58% of the companies in the Global Lumber & Wood Production industry. Financial strength has a rating of 4 out of 10, with a cash to debt ratio of 0.05 that is below the industry median of 0.38.
First Eagle Investment (Trades, Portfolio) is the largest shareholder of the company among the gurus, with 4.96% of outstanding shares, followed by Third Avenue Management (Trades, Portfolio) with 0.88%, Manning & Napier Advisors Inc. with 0.86%, T Rowe Price Equity Income Fund (Trades, Portfolio) with 0.82%, Martin Whitman (Trades, Portfolio) with 0.31%, Steven Cohen (Trades, Portfolio) with 0.23%, Paul Tudor Jones (Trades, Portfolio) with 0.06%, Ken Fisher (Trades, Portfolio) with 0.05% and Jim Simons (Trades, Portfolio) with 0.04%.
The investor reduced his stake in Comerica Inc. (CMA, Financial)Â by 4.74%, with an impact of -0.31% on the portfolio.
It is a financial services company which operates in three business segments: the Business Bank, the Retail Bank and Wealth Management.
GuruFocus gives the stock a profitability and growth rating of 7 out of 10 . Its ROE of 5.40% and ROA of 0.59% are underperforming 71% of the companies in the Global Banks - Regional - U.S. industry. Financial strength has a rating of 5 out of 10, with a cash to debt ratio of 0.69 that is below the industry median of 2.09.
The largest shareholder among the gurus is Richard Pzena (Trades, Portfolio) with 1.41% of outstanding shares, followed by Third Avenue Management (Trades, Portfolio) with 1.12%, Barrow, Hanley, Mewhinney & Strauss with 0.82%, RS Investment Management (Trades, Portfolio) with 0.51%, Louis Moore Bacon (Trades, Portfolio) with 0.3%, First Pacific Advisors (Trades, Portfolio) with 0.11% and Mario Gabelli (Trades, Portfolio) with 0.11%.
The guru reduced his stake in General Motors Co. (GM, Financial) by 16.94%, with an impact of -0.27% on the portfolio.
It designs, builds and sells cars, trucks and automobile parts. The company also provides automotive financing services through General Motors Financial Company, Inc.
GuruFocus gives the stock a profitability and growth rating of 6 out of 10 . Its ROE of 32.04% and ROA of 6.33% are outperforming 68% of the companies in the Global Auto Manufacturers industry. Financial strength has a rating of 5 out of 10, with a cash to debt ratio of 0.31 that is below the industry median of 0.74.
Warren Buffett (Trades, Portfolio) is the largest shareholder of the company among the gurus, with 3.2% of outstanding shares, followed by David Einhorn (Trades, Portfolio) with 1.1%, HOTCHKIS & WILEY with 0.76%, Bill Nygren (Trades, Portfolio) with 0.49%, T Rowe Price Equity Income Fund (Trades, Portfolio) with 0.21%, NWQ Managers (Trades, Portfolio) with 0.19% and Jeremy Grantham (Trades, Portfolio) with 0.1%.
Disclosure: I do not own any shares of any stocks mentioned in this article.
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