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Third Avenue Management Q1 Portfolio: Buys ConocoPhillips, Agrium Inc., Weyerhaeuser Company, Sells Legg Mason Inc., Suncor Energy Inc., Fair Isaac Corp.

insider

This is the Q1 portfolio update of Third Avenue Management. Founded by legendary value investor Marty Whitman, the firm invests heavily in real estate, especially Hongkong real estate. Third Avenue Management owns 115 stocks with a total value of $3.8 billion. These are the details of the buys and sells.

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

This is the sector weightings of Third Avenue Management's portfolio:

Technology 11.9% 11.9%
Financials 35.8% 35.8%
Consumer Services 2.2% 2.2%
Health Care 0.5% 0.5%
Consumer Goods 9.3% 9.3%
Industrials 11.5% 11.5%
Basic Materials 12.3% 12.3%
Oil & Gas 16.1% 16.1%


These are the top 5 holdings of Third Avenue Management
  1. POSCO (PKX) - 4,399,504 shares, 7.78% of the total portfolio
  2. Brookfield Asset Management Inc. Ltd. (BAM) - 21,308,240 shares, 7.77% of the total portfolio
  3. The Bank of New York Mellon Corp. (BK) - 9,379,811 shares, 7.01% of the total portfolio
  4. Tellabs Inc. (TLAB) - 31,816,993 shares, 3.85% of the total portfolio
  5. Cimarex Energy Co. (XEC) - 7,669,005 shares, 3.73% of the total portfolio

Added: Leucadia National Corp. (LUK)

Third Avenue Management added to his holdings in Leucadia National Corp. by 303.86%. His purchase prices were between $10.85 and $20.31, with an estimated average price of $15.5. The impact to his portfolio due to this purchase was 0.86%. His holdings were 2,886,148 shares as of 03/31/2009.

LEUCADIA NATL is a diversified financial services holding companyprincipally engaged in personal and commercial lines of property and casualty insurance life insurance banking and lending and manufacturing. The Company concentrates on return on investment and cash flow to build long-term shareholder value rather than emphasizing volume or market share. Additionally the Company continuously evaluates the retention and disposition of its existing operations and investigates possible acquisitions of new businesses in order to maximize shareholder value. Leucadia National Corp. has a market cap of $4.99 billion; its shares were traded at around $20.92 with and P/S ratio of 4.6.

Added: EnCana Corp. (ECA)

Third Avenue Management added to his holdings in EnCana Corp. by 21.68%. His purchase prices were between $37.41 and $47.05, with an estimated average price of $42.2. The impact to his portfolio due to this purchase was 0.57%. His holdings were 2,985,694 shares as of 03/31/2009.

EnCana Corporation is one of the world's largest independent natural gas producers and gas storage operators. EnCana Corp. has a market cap of $39.67 billion; its shares were traded at around $52.89 with a P/E ratio of 9.3 and P/S ratio of 1.3. The dividend yield of EnCana Corp. stocks is 3%. EnCana Corp. had an annual average earning growth of 34% over the past 5 years.

Added: Cimarex Energy Co. (XEC)

Third Avenue Management added to his holdings in Cimarex Energy Co. by 9.87%. His purchase prices were between $15.89 and $27.64, with an estimated average price of $22.2. The impact to his portfolio due to this purchase was 0.34%. His holdings were 7,669,005 shares as of 03/31/2009.

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. They intend to profitably grow reserves and production through a balanced mix of exploration exploitation and acquisitions. They have a diversified base of high-quality production along with attractive drilling opportunities. Cimarex Energy Co. has a market cap of $2.55 billion; its shares were traded at around $30.64 with a P/E ratio of 5.8 and P/S ratio of 1.3. The dividend yield of Cimarex Energy Co. stocks is 0.8%. Cimarex Energy Co. had an annual average earning growth of 18.6% over the past 5 years.

Added: Vail Resorts Inc. (MTN)

Third Avenue Management added to his holdings in Vail Resorts Inc. by 28.85%. His purchase prices were between $16.08 and $26.97, with an estimated average price of $22. The impact to his portfolio due to this purchase was 0.23%. His holdings were 1,916,440 shares as of 03/31/2009.

Vail Resorts Inc. is one of the leading resort operators in North America. The company's operations are grouped into two segments Resort and Real Estate. In the company's Resort segment they own and operate resort properties which provide a comprehensive resort experience throughout the year to a diverse clientele with an attractive demographic profile. The company's Real Estate segment develops buys and sells real estate in and around the their resort communities. Vail Resorts Inc. has a market cap of $1.02 billion; its shares were traded at around $28.03 with a P/E ratio of 10.4 and P/S ratio of 0.9. Vail Resorts Inc. had an annual average earning growth of 7.7% over the past 10 years.

Added: Pharmaceutical Product Development Inc. (PPDI)

Third Avenue Management added to his holdings in Pharmaceutical Product Development Inc. by 41.95%. His purchase prices were between $21.77 and $27.27, with an estimated average price of $24.4. The impact to his portfolio due to this purchase was 0.15%. His holdings were 817,226 shares as of 03/31/2009.

As a leading global provider of discovery and development services and products for pharmaceutical biotechnology and medical device companies PPD applies innovative technologies therapeutic expertise and a commitment to quality to help clients maximize the return on their R&D investments. With proven discovery through post-market resources the company also offers compound partnering opportunities. PPD has more than 6600 professionals in 27 countries around the world. For more information on PPD visit the Web site at [www.ppdi.com]. Pharmaceutical Product Development Inc. has a market cap of $2.4 billion; its shares were traded at around $20.34 with a P/E ratio of 12.4 and P/S ratio of 1.5. The dividend yield of Pharmaceutical Product Development Inc. stocks is 2.5%. Pharmaceutical Product Development Inc. had an annual average earning growth of 22.1% over the past 10 years. GuruFocus rated Pharmaceutical Product Development Inc. the business predictability rank of 5-star.

Added: Sycamore Networks Inc. (SCMR)

Third Avenue Management added to his holdings in Sycamore Networks Inc. by 4.71%. His purchase prices were between $2.35 and $2.81, with an estimated average price of $2.6. The impact to his portfolio due to this purchase was 0.14%. His holdings were 44,790,880 shares as of 03/31/2009.

Sycamore Networks Inc. develop and market products that transport voice and data traffic over wavelengths of light. The products are designed to enable the customers to quickly and cost effectively create usable network capacity over existing fiber and thereby to create new high speed data services. The company's customers are new and established providers of local voice and data transport services long distance carriers Internet service providers cable operators foreign telephone companies and carriers who provide services to other carriers. Sycamore Networks Inc. has a market cap of $831.7 million; its shares were traded at around $2.93 with and P/S ratio of 7.2.

Added: Cross Country Healthcare Inc. (CCRN)

Third Avenue Management added to his holdings in Cross Country Healthcare Inc. by 11.9%. His purchase prices were between $5.47 and $8.47, with an estimated average price of $7.3. The impact to his portfolio due to this purchase was 0.11%. His holdings were 5,925,705 shares as of 03/31/2009.

Cross Country Inc. is a provider of healthcare staffing services. They also provide staffing of clinical research professionals and allied healthcare professionals such as radiology technicians rehabilitation therapists and respiratory therapists. Their staffing operations are complemented by other human capital management services including search and recruitment consulting education and training and resource management services. Cross Country Healthcare Inc. has a market cap of $238.3 million; its shares were traded at around $7.7 with a P/E ratio of 11.1 and P/S ratio of 0.3.

Added: Genesee & Wyoming Inc. (GWR)

Third Avenue Management added to his holdings in Genesee & Wyoming Inc. by 32.24%. His purchase prices were between $17.61 and $29.47, with an estimated average price of $23.9. The impact to his portfolio due to this purchase was 0.1%. His holdings were 742,663 shares as of 03/31/2009.

GENESEE & WYOMING owns and operates short line and regional freight railroads and provides related rail services. They operate in three business segments in two geographic areas: North American Railroad Operations Australian Railroad Operations and Industrial Switching. Genesee & Wyoming Inc. has a market cap of $991.4 million; its shares were traded at around $27.51 with a P/E ratio of 15.8 and P/S ratio of 1.6. Genesee & Wyoming Inc. had an annual average earning growth of 9.1% over the past 10 years. GuruFocus rated Genesee & Wyoming Inc. the business predictability rank of 2-star.

New Purchase: Kimco Realty Corp. (KIM)

Third Avenue Management initiated holdings in Kimco Realty Corp.. His purchase prices were between $6.58 and $16.81, with an estimated average price of $10.9. The impact to his portfolio due to this purchase was 0.33%. His holdings were 1,635,100 shares as of 03/31/2009.

Kimco Realty Corp. together with its subsidiaries is a self-administered real estate investment trust and is one of the nation's largest owners and operators of neighborhood and community shopping centers. The company's portfolio of property interests includes neighborhood and community shopping center properties regional malls retail store leases parcels of undeveloped land and projects under development. Kimco Realty Corp. has a market cap of $3 billion; its shares were traded at around $11.05 with a P/E ratio of 6.1 and P/S ratio of 4. The dividend yield of Kimco Realty Corp. stocks is 16%. Kimco Realty Corp. had an annual average earning growth of 1.6% over the past 10 years.

New Purchase: (LUNCF.PK)

Third Avenue Management initiated holdings in . The impact to his portfolio due to this purchase was 0.14%. His holdings were 3,371,650 shares as of 03/31/2009.

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New Purchase: ConocoPhillips (COP)

Third Avenue Management initiated holdings in ConocoPhillips. His purchase prices were between $35.36 and $51.41, with an estimated average price of $42.8. The impact to his portfolio due to this purchase was 0.1%. His holdings were 98,720 shares as of 03/31/2009.

ConocoPhillips is a major international integrated energy company with operations in some 49 countries. ConocoPhillips has a market cap of $67.94 billion; its shares were traded at around $45.9 with a P/E ratio of 5.2 and P/S ratio of 0.3. The dividend yield of ConocoPhillips stocks is 4.1%. ConocoPhillips had an annual average earning growth of 19% over the past 10 years.

New Purchase: Agrium Inc. (AGU)

Third Avenue Management initiated holdings in Agrium Inc.. His purchase prices were between $31.43 and $40.52, with an estimated average price of $36. The impact to his portfolio due to this purchase was 0.1%. His holdings were 110,779 shares as of 03/31/2009.

Agrium Inc is a leading global producer and marketer of fertilizer and a major retail supplier of agricultural products and services in both North America and Argentina. They produce and market four primary groups of fertilizers: nitrogen phosphate potash and sulphur. Their strategy is to grow through incremental expansion of their existing operations and acquisitions as well as the development commercialization and marketing of new products and international opportunities. Agrium Inc. has a market cap of $7.99 billion; its shares were traded at around $50.95 with a P/E ratio of 7.2 and P/S ratio of 0.8. The dividend yield of Agrium Inc. stocks is 0.2%. Agrium Inc. had an annual average earning growth of 22.5% over the past 5 years.

New Purchase: IAMGOLD Corp. (IAG)

Third Avenue Management initiated holdings in IAMGOLD Corp.. His purchase prices were between $5.78 and $8.46, with an estimated average price of $7.4. The impact to his portfolio due to this purchase was 0.03%. His holdings were 124,100 shares as of 03/31/2009.

IAMGOLD Corp is an international gold exploration and mining company based in Canada. It holds a 38% stake in the Sadiola Gold Mine and a 40% stake in the Yatela Gold Mine. Both are located in Mali West Africa. Measured and indicated resources at Sadiola and Yatela are 5.5 million ounces of gold (including reserves of 5.2 million ounces). Inferred resources are 5.9 million ounces. IAMGOLD is actively exploring highly prospective ground in Africa and South America. IAMGOLD Corp. has a market cap of $3.61 billion; its shares were traded at around $9.88 with a P/E ratio of 23.5 and P/S ratio of 4.2. The dividend yield of IAMGOLD Corp. stocks is 0.6%.

New Purchase: Weyerhaeuser Company (WY)

Third Avenue Management initiated holdings in Weyerhaeuser Company. His purchase prices were between $19.22 and $30.76, with an estimated average price of $26.3. The impact to his portfolio due to this purchase was 0.03%. His holdings were 38,355 shares as of 03/31/2009.

Weyerhaeuser Company is principally engaged in the growing and harvesting of timber and the manufacture distribution and sale of forest products real estate development and construction and other real estate relatedactivities. Its business segments are timberlands; wood products;pulp paper and packaging; and real estate and related assets. Weyerhaeuser Company has a market cap of $7.07 billion; its shares were traded at around $33.46 with and P/S ratio of 0.9. The dividend yield of Weyerhaeuser Company stocks is 3%. Weyerhaeuser Company had an annual average earning growth of 4.6% over the past 10 years.

New Purchase: Coachmen Industries Inc. (COHM.PK)

Third Avenue Management initiated holdings in Coachmen Industries Inc.. The impact to his portfolio due to this purchase was 0.01%. His holdings were 742,464 shares as of 03/31/2009.

Coachmen Industries Inc. is one of America's leading manufacturers of recreational vehicles systems-built homes and commercial buildings with prominent subsidiaries in each industry. The Company's All American Homes subsidiary is the largest manufacturer of Modular homes in the United States. The Company's recreational vehicles are marketed under various brand names including Coachmen Georgie Boy Shasta and Viking. Modular buildings are marketed by All American Homes Miller Building Systems Mod-U-Kraf Homes and the newly acquired KanBuild. Through ALL AMERICAN HOMES Coachmen is one of the nation's largest producers of systems-built homes and also a major builder of commercial structures with its ALL AMERICAN BUILDING SYSTEMS products. Coachmen Industries Inc. has a market cap of $12.95 million; its shares were traded at around $0.31 with and P/S ratio of 0.11.

New Purchase: Blockbuster Inc. (BBI)

Third Avenue Management initiated holdings in Blockbuster Inc.. His purchase prices were between $0.38 and $1.63, with an estimated average price of $1.1. The impact to his portfolio due to this purchase was less than 0.01%. His holdings were 138,305 shares as of 03/31/2009.

Blockbuster Inc. is a world's leading retailer of rentable home videocassettes DVDs and video games. The company may be accessed internationally at www.blockbuster.com. Blockbuster Inc. is a subsidiary of Viacom Inc. one of the world's largest entertainment companies and aleading force in nearly every segment of the international media marketplace. (PRESS RELEASE) Blockbuster Inc. has a market cap of $152.7 million; its shares were traded at around $0.79 with a P/E ratio of 3.3.

New Purchase: STONELEIGH PTN AC WT (SOC/WS)

Third Avenue Management initiated holdings in STONELEIGH PTN AC WT. The impact to his portfolio due to this purchase was less than 0.01%. His holdings were 1,667,900 shares as of 03/31/2009.

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New Purchase: UTD REFINING EGY WTS (URX/WS)

Third Avenue Management initiated holdings in UTD REFINING EGY WTS. The impact to his portfolio due to this purchase was less than 0.01%. His holdings were 500,000 shares as of 03/31/2009.

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Reduced: Bel Fuse Inc. (BELFA)

Third Avenue Management reduced to his holdings in Bel Fuse Inc. by 34.18%. His sale prices were between $8.46 and $16.02, with an estimated average price of $12. The impact to his portfolio due to this sale was less than 0.01%. Third Avenue Management still held 37,119 shares as of 03/31/2009.

Bel Fuse Inc. is engaged in the design manufacture and sale of products used in networking telecommunication automotive and consumer electronic applications. They operate facilities in the United States Europe and the Far East. Bel Fuse Inc. has a market cap of $156.3 million; its shares were traded at around $13.55 with and P/S ratio of 0.6. The dividend yield of Bel Fuse Inc. stocks is 1.8%. Bel Fuse Inc. had an annual average earning growth of 24.8% over the past 5 years.

Reduced: Triad Guaranty Inc. (TGIC)

Third Avenue Management reduced to his holdings in Triad Guaranty Inc. by 40.12%. His sale prices were between $0.22 and $0.71, with an estimated average price of $0.4. The impact to his portfolio due to this sale was less than 0.01%. Third Avenue Management still held 778,500 shares as of 03/31/2009.

Triad Guaranty Inc. is a holding company which through its wholly-owned subsidiary Triad Guaranty Insurance Corporation provides private mortgage insurance coverage in the United States to residential mortgage lenders including mortgage bankers mortgage brokers commercial banksand savings institutions. Private mortgage insurance also known as mortgage guaranty insurance is issued in most home purchases and refinancings involving conventional residential first mortgage loans to borrowers with equity of less than 20%. Triad Guaranty Inc. has a market cap of $13.7 million; its shares were traded at around $0.9 with and P/S ratio of 0.1.

Reduced: GSI Group Inc. (GSIG)

Third Avenue Management reduced to his holdings in GSI Group Inc. by 51.42%. His sale prices were between $0.55 and $1.05, with an estimated average price of $0.9. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 730,434 shares as of 03/31/2009.

GSI Group supplies precision motion control components lasers and laser- based advanced manufacturing systems to the global medical semiconductor electronics and industrial markets. GSI Group Inc. has a market cap of $57.4 million; its shares were traded at around $1.378 with a P/E ratio of 3.3 and P/S ratio of 0.2. GSI Group Inc. had an annual average earning growth of 37.5% over the past 5 years.

Reduced: Pfizer Inc (PFE)

Third Avenue Management reduced to his holdings in Pfizer Inc by 32.05%. His sale prices were between $12.17 and $16.94, with an estimated average price of $14.5. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 53,000 shares as of 03/31/2009.

Pfizer Inc is a research-based global pharmaceutical company that discovers and develops innovative value-added products that improve the quality of life of people around the world and help them enjoy longer healthier and more productive lives. Pfizer has three business segments: health care animal health and consumer health care. Its products are available in numerous countries. (Company Press Release) Pfizer Inc has a market cap of $101.84 billion; its shares were traded at around $15.1 with a P/E ratio of 6.4 and P/S ratio of 2.1. The dividend yield of Pfizer Inc stocks is 4.2%. Pfizer Inc had an annual average earning growth of 11% over the past 10 years. GuruFocus rated Pfizer Inc the business predictability rank of 2.5-star.

Reduced: Cousins Properties Inc. (CUZ)

Third Avenue Management reduced to his holdings in Cousins Properties Inc. by 89.17%. His sale prices were between $6.06 and $11.86, with an estimated average price of $8.3. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 87,170 shares as of 03/31/2009.

Cousins Properties Inc. is an Atlanta-based fully integrated self administered equity REIT. The Company has extensive experience in the real estate industry including the acquisition financing development management and leasing of properties. Cousins has been a public company since 1962 and its common stock trades on the New York Stock Exchange. The Company owns a portfolio of well-located high-quality retail office medical office and land development projects and holds several tracts of strategically located undeveloped land. Cousins Properties Inc. has a market cap of $414.4 million; its shares were traded at around $8.07 with a P/E ratio of 7.5 and P/S ratio of 1.9. The dividend yield of Cousins Properties Inc. stocks is 12.4%. Cousins Properties Inc. had an annual average earning growth of 0.3% over the past 10 years.

Reduced: Avatar Holdings Inc. (AVTR)

Third Avenue Management reduced to his holdings in Avatar Holdings Inc. by 90.99%. His sale prices were between $14.49 and $27.16, with an estimated average price of $21.1. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 36,844 shares as of 03/31/2009.

Avatar Holdings Inc. and its subsidiaries are engaged in two principal business activities: real estate and water and wastewater utilities operations. The real estate operations include: development construction and sale of single family and multifamily housing communities; development sale and management of vacation ownership intervals improved and unimproved homesites and commercial/industrial land tracts; operations of resorts cable television and property management services. Their utility operations consist of water and wastewater treatment plants which serve Florida and Arizona. Avatar Holdings Inc. has a market cap of $156.6 million; its shares were traded at around $17.73 with and P/S ratio of 1.4. Avatar Holdings Inc. had an annual average earning growth of 49% over the past 5 years.

Reduced: FBL Financial Group Inc. (FFG)

Third Avenue Management reduced to his holdings in FBL Financial Group Inc. by 47.6%. His sale prices were between $2.42 and $13.26, with an estimated average price of $6.9. The impact to his portfolio due to this sale was -0.03%. Third Avenue Management still held 581,302 shares as of 03/31/2009.

FBL FINANCIAL GROUP INC. is a holding company and hrough its subsidiaries underwrites markets and distributes life insurance annuities property-casualty insurance and mutual funds to individuals and small businesses in 15 midwestern and western states. The Company has exclusive marketing arrangements with the state Farm Bureau Federations in its territory and targets sales to approximately 700000 Farm Bureau member families and other rural small town andsuburban residents through an exclusive agency force. The Company offers a full range of life insurance products. FBL Financial Group Inc. has a market cap of $197 million; its shares were traded at around $6.53 with a P/E ratio of 4.7 and P/S ratio of 0.3. The dividend yield of FBL Financial Group Inc. stocks is 7.7%. FBL Financial Group Inc. had an annual average earning growth of 9.1% over the past 10 years.

Reduced: Brookfield Properties Corp. (BPO)

Third Avenue Management reduced to his holdings in Brookfield Properties Corp. by 94.34%. His sale prices were between $4.48 and $7.44, with an estimated average price of $5.7. The impact to his portfolio due to this sale was -0.03%. Third Avenue Management still held 192,970 shares as of 03/31/2009.

Brookfield Properties Corporation is focused on the ownership management and development of premier office properties located in the downtown core of select North American markets including: New York Boston Toronto Calgary Denverand Minneapolis. Brookfield operates real estate service businesses and develops master planned communities. Brookfield Properties Corp. has a market cap of $2.96 billion; its shares were traded at around $7.57 with a P/E ratio of 7.9 and P/S ratio of 1.1. The dividend yield of Brookfield Properties Corp. stocks is 7.4%. Brookfield Properties Corp. had an annual average earning growth of 12.7% over the past 5 years.

Reduced: CommScope Inc. (CTV)

Third Avenue Management reduced to his holdings in CommScope Inc. by 81.8%. His sale prices were between $7.23 and $16.73, with an estimated average price of $12.3. The impact to his portfolio due to this sale was -0.06%. Third Avenue Management still held 218,029 shares as of 03/31/2009.

Commscope Inc. is a world leader in infrastructure solutions for communication networks. Through its SYSTIMAX Solutions and Uniprise Solutions brands CommScope is the global leader in structured cabling systems for business enterprise applications. It is also the world's largest manufacturer of coaxial cable for Hybrid Fiber Coaxial applications. Backed by strong research and development CommScope combines technical expertise and proprietary technology with global manufacturing capability to provide customers with high-performance wired or wireless cabling solutions. CommScope Inc. has a market cap of $1.84 billion; its shares were traded at around $25.37 with a P/E ratio of 9 and P/S ratio of 0.4. CommScope Inc. had an annual average earning growth of 2.1% over the past 10 years.

Reduced: Aspen Insurance Holdings Ltd. (AHL)

Third Avenue Management reduced to his holdings in Aspen Insurance Holdings Ltd. by 38.73%. His sale prices were between $19.17 and $24.56, with an estimated average price of $22.1. The impact to his portfolio due to this sale was -0.07%. Third Avenue Management still held 312,991 shares as of 03/31/2009.

Aspen Insurance Holdings is a Bermudian holding company that provides property and casualty reinsurance in the global market property and liability insurance principally in the United Kingdom and surplus lines insurance in the United States. Aspen's operations are conducted through its wholly-owned subsidiaries located in London Bermuda and the United States: Aspen Insurance UK Limited Aspen Insurance Limited and Aspen Specialty Insurance Company. Aspen Insurance Holdings Ltd. has a market cap of $1.87 billion; its shares were traded at around $22.89 with a P/E ratio of 13 and P/S ratio of 1. The dividend yield of Aspen Insurance Holdings Ltd. stocks is 2.6%.

Reduced: Pioneer Drilling Company (PDC)

Third Avenue Management reduced to his holdings in Pioneer Drilling Company by 20.09%. His sale prices were between $3.52 and $5.97, with an estimated average price of $4.5. The impact to his portfolio due to this sale was -0.09%. Third Avenue Management still held 5,132,872 shares as of 03/31/2009.

Pioneer Drilling provides land contract drilling services to independent and major oil and gas operators drilling wells in Texas Louisiana Oklahoma Kansas the Rocky Mountain region and internationally in Colombia. Pioneer Drilling Company has a market cap of $309.5 million; its shares were traded at around $6.19 with a P/E ratio of 4.9 and P/S ratio of 0.5. Pioneer Drilling Company had an annual average earning growth of 102.3% over the past 5 years.

Reduced: NewAlliance Bancshares Inc. (NAL)

Third Avenue Management reduced to his holdings in NewAlliance Bancshares Inc. by 56.47%. His sale prices were between $9.61 and $12.24, with an estimated average price of $11.2. The impact to his portfolio due to this sale was -0.11%. Third Avenue Management still held 622,936 shares as of 03/31/2009.

NewAlliance Bancshares Inc. is the bank holding company of its wholly owned subsidiary NewAlliance Bank. NewAlliance Bank provides commercial banking retail banking consumer financing trust and investment services. NewAlliance delivers financial services to individuals families and businesses throughout Connecticut and Western Massachusetts. The Company's offices are located throughout New Haven Middlesex Hartford Tolland Windham and Fairfield Counties in Connecticut and Hampden and Worcester Counties in Massachusetts. It delivers its services to individuals families and businesses through banking offices and ATMs as well as through its Web site. The company is headquartered in New Haven Connecticut. NewAlliance Bancshares Inc. has a market cap of $1.36 billion; its shares were traded at around $12.7 with a P/E ratio of 28.3 and P/S ratio of 3. The dividend yield of NewAlliance Bancshares Inc. stocks is 2.2%.

Reduced: Sybase Inc. (SY)

Third Avenue Management reduced to his holdings in Sybase Inc. by 60.45%. His sale prices were between $24.59 and $30.58, with an estimated average price of $27.6. The impact to his portfolio due to this sale was -0.16%. Third Avenue Management still held 341,932 shares as of 03/31/2009.

Sybase is the largest global enterprise software company exclusively focused on managing and mobilizing information from the data center to the point of action. Sybase provides open cross-platform solutions that securely deliver information anytime anywhere enabling customers to create an information edge. The world's most critical data in commerce finance government healthcare and defense runs on Sybase. Sybase Inc. has a market cap of $2.74 billion; its shares were traded at around $33.71 with a P/E ratio of 16.8 and P/S ratio of 2.5. Sybase Inc. had an annual average earning growth of 13.8% over the past 5 years.

Reduced: ProLogis (PLD)

Third Avenue Management reduced to his holdings in ProLogis by 42.42%. His sale prices were between $5.29 and $13.41, with an estimated average price of $8.2. The impact to his portfolio due to this sale was -0.21%. Third Avenue Management still held 2,828,579 shares as of 03/31/2009.

ProLogis is a real estate investment trust that operates a global network of industrial distribution facilities. ProLogis is one of the largest publicly held U.S.-based global owner and lessor of industrialdistribution and temperature-controlled distribution facilities. The ProLogis Operating System comprised of the Market Services Group the Global Services Group the Global Development Group and the Integrated Solutions Group utilizes ProLogis' international network of distribution facilities to meet its customers' distribution space needs globally. ProLogis has a market cap of $2.13 billion; its shares were traded at around $7.95 with a P/E ratio of 2.5 and P/S ratio of 0.4. The dividend yield of ProLogis stocks is 7.6%. ProLogis had an annual average earning growth of 4.8% over the past 10 years.

Reduced: MBIA Inc. (MBI)

Third Avenue Management reduced to his holdings in MBIA Inc. by 30.02%. His sale prices were between $2.53 and $5.05, with an estimated average price of $4. The impact to his portfolio due to this sale was -0.74%. Third Avenue Management still held 20,193,337 shares as of 03/31/2009.

MBIA Incorporated is engaged in providing financial guaranteeinsurance and investment management and financial services to public finance clients and financial institutions on a global basis. Financial guarantees for municipal bonds asset-backed and mortgage-backed securities investor-owned utility bonds and collateralized obligations of sovereigns corporations and financial institutions both in the new issue and secondary markets are provided through the Company's wholly-owned subsidiary MBIA Insurance Corporation. MBIA Inc. has a market cap of $1.32 billion; its shares were traded at around $6.32 with and P/S ratio of 0.4. MBIA Inc. had an annual average earning growth of 18.9% over the past 10 years.

Reduced: The St. Joe Company (JOE)

Third Avenue Management reduced to his holdings in The St. Joe Company by 65.66%. His sale prices were between $14.59 and $25.37, with an estimated average price of $20.8. The impact to his portfolio due to this sale was -0.85%. Third Avenue Management still held 2,919,633 shares as of 03/31/2009.

St. Joe Company is one of the Southeast's largest real estate operating companies. St. Joe provides a broad range of real estate services to meet both residential and commercial real estate needs. The company is one of the few real estate operating companies to have assembled the range of real estate financial marketing and regulatory expertise to take a large-scale approach to real estate development and services. The St. Joe Company has a market cap of $2.34 billion; its shares were traded at around $25.25 with and P/S ratio of 8.9. The St. Joe Company had an annual average earning growth of 5.4% over the past 10 years.

Sold Out: Suncor Energy Inc. (SU)

Third Avenue Management sold out his holdings in Suncor Energy Inc.. His sale prices were between $17.83 and $25.56, with an estimated average price of $21.6. The impact to his portfolio due to this sale was less than 0.01%.

SUNCOR ENERGY is a world leader in mining and extracting crude oil from the vast oil sands deposits of northern Alberta. They also explore for develop and market natural gas operate a refining and marketing business in Ontario and are actively involved in the development of renewable energy sources to help meet the energy needs of tomorrow. Suncor Energy Inc. has a market cap of $28.35 billion; its shares were traded at around $30.27 with a P/E ratio of 12.4 and P/S ratio of 1. The dividend yield of Suncor Energy Inc. stocks is 0.7%. Suncor Energy Inc. had an annual average earning growth of 21.8% over the past 5 years.

Sold Out: Coherent Inc. (COHR)

Third Avenue Management sold out his holdings in Coherent Inc.. His sale prices were between $14.74 and $21.97, with an estimated average price of $17.8. The impact to his portfolio due to this sale was less than 0.01%.

COHERENT INC. designs manufactures and supplies electro-optical systems and medical instruments utilizing laser precision optic and microelectronic technologies. Co. integrates these technologies into a wide variety of products and systems designed to meet the productivity and performance needs of customers. Major markets include the scientific research community; medical institutions clinics and private practices; lasers also support commercial applications ranging from semiconductors and disk mastering to light shows and entertainment. Coherent Inc. has a market cap of $454.3 million; its shares were traded at around $18.66 with a P/E ratio of 21.9 and P/S ratio of 0.8.

Sold Out: Brookline Bancorp Inc. (BRKL)

Third Avenue Management sold out his holdings in Brookline Bancorp Inc.. His sale prices were between $7.96 and $9.89, with an estimated average price of $9. The impact to his portfolio due to this sale was less than 0.01%.

Brookline Bancorp Inc. is a holding company for Brookline Savings Bank. Brookline Bancorp Inc. has a market cap of $552.8 million; its shares were traded at around $9.47 with a P/E ratio of 41.2 and P/S ratio of 3.8. The dividend yield of Brookline Bancorp Inc. stocks is 3.6%. Brookline Bancorp Inc. had an annual average earning growth of 5.3% over the past 10 years. GuruFocus rated Brookline Bancorp Inc. the business predictability rank of 2.5-star.

Sold Out: Legg Mason Inc. (LM)

Third Avenue Management sold out his holdings in Legg Mason Inc.. His sale prices were between $10.89 and $22.84, with an estimated average price of $15.9. The impact to his portfolio due to this sale was less than 0.01%.

Legg Mason Inc. is a holding company which through its subsidiaries isprincipally engaged in providing asset management securities brokerageinvestment banking and related financial services to individualsinstitutions corporations and municipalities. Legg Mason Inc. has a market cap of $2.72 billion; its shares were traded at around $19.22 with and P/S ratio of 0.8. The dividend yield of Legg Mason Inc. stocks is 4.9%. Legg Mason Inc. had an annual average earning growth of 9.6% over the past 10 years. GuruFocus rated Legg Mason Inc. the business predictability rank of 4.5-star.

Sold Out: Virtus Investment Partners Inc. (VRTS)

Third Avenue Management sold out his holdings in Virtus Investment Partners Inc.. His sale prices were between $4.69 and $9.13, with an estimated average price of $6.1. The impact to his portfolio due to this sale was less than 0.01%.

Virtus Investment Partners Inc. headquartered in Hartford Connecticut provides investment management products and services to individuals and institutions in the United States. . It operates a multi-manager asset management business comprising a number of individual affiliated managers each with a distinct investment style autonomous investment process and individual brand. Investors have an array of needs and Virtus Investment Partners offers a variety of investment styles and multiple disciplines to meet those needs. The Company provides its products in a number of forms and through multiple distribution channels. Its retail products include open-end mutual funds closed-end funds and separately managed accounts. The Company manages institutional accounts for corporations multi-employer retirement funds and foundations endowments special purpose funds and other types of institutions..

Sold Out: SPDR S&P 500 (SPY)

Third Avenue Management sold out his holdings in SPDR S&P 500. His sale prices were between $68.43 and $88.46, with an estimated average price of $79.9. The impact to his portfolio due to this sale was less than 0.01%.

Standard and Poor's Depository Reciepts trust is involved in the financial services industry. Their holdings are comprised of the 500 stocks in the S&P 500 Index which is designed to capture the price performance of a large cross-section of the U.S. publicly traded stock market. SPDR S&P 500 has a market cap of $69.09 billion; its shares were traded at around $91.12 . The dividend yield of SPDR S&P 500 stocks is 2.5%.

Sold Out: SPDR MSCI ACWI exUS ETF (CWI)

Third Avenue Management sold out his holdings in SPDR MSCI ACWI exUS ETF. His sale prices were between $17.36 and $22.55, with an estimated average price of $19.9. The impact to his portfolio due to this sale was less than 0.01%.

SPDR MSCI ACWI exUS ETF has a market cap of $157 million; its shares were traded at around $25.26 . The dividend yield of SPDR MSCI ACWI exUS ETF stocks is 1.7%.

Sold Out: Russ Berrie and Company Inc. (RUS)

Third Avenue Management sold out his holdings in Russ Berrie and Company Inc.. His sale prices were between $0.98 and $3.66, with an estimated average price of $1.8. The impact to his portfolio due to this sale was less than 0.01%.

Russ Berrie and Company Inc. designs manufactures through third parties and markets a wide variety of gift products to retail stores throughout the United States and countries throughout the world. The company's products are designed to appeal to the emotions of consumers to reflect their feelings of happiness friendship fun love and affection. The company's product line of approximately 6000 items is marketed under the trade name and trademark RUSS. Russ Berrie and Company Inc. has a market cap of $64.1 million; its shares were traded at around $3.01 with a P/E ratio of 1.6 and P/S ratio of 0.2.

Sold Out: Fair Isaac Corp. (FIC)

Third Avenue Management sold out his holdings in Fair Isaac Corp.. His sale prices were between $10.09 and $15.76, with an estimated average price of $13.1. The impact to his portfolio due to this sale was less than 0.01%.

Fair Isaac Corporation makes decisions smarter. The company's solutions and technologies for Enterprise Decision Management give businesses the power to automate more processes and apply more intelligence to every customer interaction. Through increasing the precision consistency and agility of their decisions Fair Isaac clients worldwide increase sales build customer value cut fraud losses manage credit risk reduce operational costs meet changing compliance demands and enter new markets more profitably. Fair Isaac powers hundreds of billions of decisions each year in financial services insurance telecommunications retail consumer branded goods healthcare and the public sector. Fair Isaac Corp. has a market cap of $842.4 million; its shares were traded at around $17.25 with a P/E ratio of 11.8 and P/S ratio of 1.1. The dividend yield of Fair Isaac Corp. stocks is 0.5%. Fair Isaac Corp. had an annual average earning growth of 17.3% over the past 10 years. GuruFocus rated Fair Isaac Corp. the business predictability rank of 3-star.

Sold Out: IDT Corp. (IDT)

Third Avenue Management sold out his holdings in IDT Corp.. His sale prices were between $0.81 and $1.25, with an estimated average price of $1.1. The impact to his portfolio due to this sale was less than 0.01%.

IDT Corporation through its IDT Telecom subsidiary is a facilities-based multinational carrier that provides a broad range of telecommunications services to retail and wholesale customers worldwide. IDT Telecom by means of its own national telecommunications backbone and fiber optic network infrastructure provides its customers with integrated and competitively priced international and domestic long distance and domestic all-distance telephony and prepaid calling cards. IDT Corp. has a market cap of $42.3 million; its shares were traded at around $1.74 .

Sold Out: Origen Financial Inc. (ORGN)

Third Avenue Management sold out his holdings in Origen Financial Inc.. His sale prices were between $0.5 and $0.75, with an estimated average price of $0.6. The impact to his portfolio due to this sale was less than 0.01%.

Origen Financial Inc is an internally managed and internally advised company that has elected to be taxed as a real estate investment trust. Based in Southfield Michigan with significant operations in Ft. Worth Texas Origen is a national consumer manufactured home lender and servicer. It offers a complete line of home only products and land home conforming and non- conforming products. Origen also provides servicing for manufactured home only and land home loans. Origen Financial Inc. has a market cap of $22.3 million; its shares were traded at around $0 with and P/S ratio of 0.33.

Sold Out: LeapFrog Enterprises Inc. (LF)

Third Avenue Management sold out his holdings in LeapFrog Enterprises Inc.. His sale prices were between $1.26 and $2.9, with an estimated average price of $1.8. The impact to his portfolio due to this sale was less than 0.01%.

Leapfrog Enterprises is a leading designer developer and marketer of innovative technology-based educational products and related proprietary content dedicated to making learning effective and engaging. They currently design their products to help preschool through 8th grade children learn age- and skill-appropriate subject matter including phonics reading math spelling science geography history and music. LeapFrog Enterprises Inc. has a market cap of $194.6 million; its shares were traded at around $3.05 with and P/S ratio of 0.4.

Sold Out: The Phoenix Companies Inc. (PNX)

Third Avenue Management sold out his holdings in The Phoenix Companies Inc.. His sale prices were between $0.29 and $3.04, with an estimated average price of $1.3. The impact to his portfolio due to this sale was less than 0.01%.

Phoenix Companies Inc. is leading provider of wealth management products and services offered through a variety of select advisors and financial services firms to serve the accumulation preservation and transfer needs of the affluent and high net worth market businesses and institutions. The company refers to its products and services together as its wealth management solutions. The company offers a broad range of life insurance variable annuity and investment management solutions through a variety of distributors. The Phoenix Companies Inc. has a market cap of $247.3 million; its shares were traded at around $2.14 with a P/E ratio of 3.7 and P/S ratio of 0.1.


Rating: 2.6/5 (11 votes)

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