Third Avenue Management was founder by legendary investor marty Whitman. It is a respected value shop which manages several mutual funds with great long term performance. The firm has low portfolio turnover, and tends to hold positions from extended period of time. Third Avenue Management owns 91 stocks with a total value of $5.2 billion. These are the details of the buys and sells.
This is the sector weightings of his portfolio:
These are the top 5 holdings of Third Avenue Management
Bank of New York is a bank holding company and one of the world's larger financial institutions. Bank Of Ny Mellon Cp has a market cap of $33.39 billion; its shares were traded at around $27.73 with a P/E ratio of 12.7 and P/S ratio of 2.5. The dividend yield of Bank Of Ny Mellon Cp stocks is 1.3%.
EnCana Corporation is one of the world's largest independent natural gas producers and gas storage operators. Encana Corp. has a market cap of $24.89 billion; its shares were traded at around $33.17 with a P/E ratio of 8.3 and P/S ratio of 2.2. The dividend yield of Encana Corp. stocks is 2.4%. Encana Corp. had an annual average earning growth of 34% over the past 5 years.
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 $565.2 million; its shares were traded at around $19.9 with and P/S ratio of 8.4.
Thomas Properties Group is a full-service real estate operating company. Thomas Properties Group Inc. has a market cap of $89.6 million; its shares were traded at around $2.9 with and P/S ratio of 0.5.
Investment Technology Group is one of the providers of technology-based equity trading services and transaction research to institutional investors and brokers. Investment Technology Group Inc. has a market cap of $743.6 million; its shares were traded at around $17.01 with a P/E ratio of 11.8 and P/S ratio of 1.2. Investment Technology Group Inc. had an annual average earning growth of 8.2% over the past 10 years. GuruFocus rated Investment Technology Group Inc. the business predictability rank of 2-star.
Montpelier Re Holdings Ltd., through its operating subsidiaries, is a premier provider of global specialty property reinsurance products. Montpelier Re Holdings Ltd. has a market cap of $1.44 billion; its shares were traded at around $17.14 with a P/E ratio of 6.4 and P/S ratio of 2.7. The dividend yield of Montpelier Re Holdings Ltd. stocks is 2.1%.
ProLogis is a real estate investment trust that operates a global network of industrial distribution facilities. Prologis has a market cap of $5.74 billion; its shares were traded at around $12.13 with a P/E ratio of 8.7 and P/S ratio of 4.7. The dividend yield of Prologis stocks is 4.9%. Prologis had an annual average earning growth of 4.8% over the past 10 years.
HCC, through its subsidiaries, provides specialized property & casualty insurance coverages, managing general agency services & insurance related services both to commercial customers & individuals. Hcc Insurance Holdings Inc. has a market cap of $3.1 billion; its shares were traded at around $27.57 with a P/E ratio of 9 and P/S ratio of 1.4. The dividend yield of Hcc Insurance Holdings Inc. stocks is 2%. Hcc Insurance Holdings Inc. had an annual average earning growth of 15.5% over the past 10 years. GuruFocus rated Hcc Insurance Holdings Inc. the business predictability rank of 3.5-star.
Cenovus Energy is an integrated oil company headquartered in Calgary, Alberta. Cenovus Energy Inc has a market cap of $18.92 billion; its shares were traded at around $25.19 . The dividend yield of Cenovus Energy Inc stocks is 1.5%.
KeyCorp is an integrated multi-line financial services company. Keycorp has a market cap of $6.08 billion; its shares were traded at around $6.92 with and P/S ratio of 1. The dividend yield of Keycorp stocks is 0.6%. Keycorp had an annual average earning growth of 9.9% over the past 5 years.
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, Denver,and Minneapolis. Brookfield Properties Corp. has a market cap of $6.57 billion; its shares were traded at around $13.12 with a P/E ratio of 23.9 and P/S ratio of 2.5. The dividend yield of Brookfield Properties Corp. stocks is 4.3%. Brookfield Properties Corp. had an annual average earning growth of 12.7% over the past 5 years.
GENESEE & WYOMING owns and operates short line and regional freight railroads and provides related rail services. Genesee & Wyoming Inc. has a market cap of $1.3 billion; its shares were traded at around $31.63 with a P/E ratio of 20.4 and P/S ratio of 2.4. Genesee & Wyoming Inc. had an annual average earning growth of 9.1% over the past 10 years.
Louisiana-Pacific Corporation manufactures building materials and engineered wood products in the United States, Canada, Chile and Brazil. Louisianapacific Corp. has a market cap of $911.7 million; its shares were traded at around $7.32 with and P/S ratio of 0.9.
Journal Communications is a diversified media and communications company with operations in newspaper publishing, radio and television broadcasting, telecommunications and printing services. Journal Communications Inc. has a market cap of $198.3 million; its shares were traded at around $3.62 with a P/E ratio of 24.1 and P/S ratio of 0.5.
COHERENT INC. designs, manufactures, and supplies electro-optical systems and medical instruments utilizing laser, precision optic and microelectronic technologies. Coherent Inc. has a market cap of $754.6 million; its shares were traded at around $30.64 with and P/S ratio of 1.7.
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. Mbia Inc. has a market cap of $1.05 billion; its shares were traded at around $5.05 with and P/S ratio of 0.3. Mbia Inc. had an annual average earning growth of 18.9% over the past 10 years.
ST. MARY LAND & EXPLORATION is an independent oil and gas company with diversified interests in the United States and internationally, a development project in Russia and exploration projects in Canada, Chile, the Philippines and Trinidad and Tobago. St. Mary Land & Exploration Company has a market cap of $2.15 billion; its shares were traded at around $34.43 with a P/E ratio of 38.7 and P/S ratio of 1.7. The dividend yield of St. Mary Land & Exploration Company stocks is 0.3%. St. Mary Land & Exploration Company had an annual average earning growth of 29.3% over the past 10 years. GuruFocus rated St. Mary Land & Exploration Company the business predictability rank of 4.5-star.
PRECISION DRILL Corporation is an innovative, performance oriented, integrated oilfield drilling and energy service company. Precision Drilling Trust Trust Units has a market cap of $2.27 billion; its shares were traded at around $8.24 with a P/E ratio of 10.6 and P/S ratio of 2.2. Precision Drilling Trust Trust Units had an annual average earning growth of 3% over the past 5 years.
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. Kimco Realty Corp. has a market cap of $4.98 billion; its shares were traded at around $13.23 with a P/E ratio of 9.8 and P/S ratio of 6.3. The dividend yield of Kimco Realty Corp. stocks is 4.8%. Kimco Realty Corp. had an annual average earning growth of 1.6% over the past 10 years.
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 $13.11 billion; its shares were traded at around $32.38 . Cit Group Inc. had an annual average earning growth of 27.2% over the past 5 years.
- New Purchases: CVE, KEY,
- Added Positions: BK, ECA, HCC, ITG, MRH, PLD, SCMR, TPGI,
- Reduced Positions: BPO, COHR, GWR, JRN, LPX, MBI,
- Sold Out: CIT, KIM, PDS, SM,
This is the sector weightings of his portfolio:
| Financials | 33.9% |
| Oil & Gas | 19.9% |
| Basic Materials | 15.2% |
| Industrials | 10.3% |
| Technology | 8.6% |
| Consumer Goods | 7.5% |
| Consumer Services | 1.7% |
| Health Care | 1.4% |
These are the top 5 holdings of Third Avenue Management
- POSCO (PKX) - 4,347,779 shares, 10.9% of the total portfolio
- Brookfield Asset Management Inc. Ltd. (BAM) - 21,012,352 shares, 8.91% of the total portfolio
- Forest City Enterprises Inc. (FCE-A) - 27,119,135 shares, 6.11% of the total portfolio
- Cimarex Energy Co. (XEC) - 5,391,049 shares, 5.46% of the total portfolio
- BANK OF NY MELLON CP (BK) - 9,963,461 shares, 5.33% of the total portfolio
Added: Bank Of Ny Mellon Cp (BK, Financial)
Third Avenue Management added to his holdings in Bank Of Ny Mellon Cp by 7.01%. His purchase prices were between $25.84 and $29.67, with an estimated average price of $27.3. The impact to his portfolio due to this purchase was 0.35%. His holdings were 9,963,461 shares as of 12/31/2009.Bank of New York is a bank holding company and one of the world's larger financial institutions. Bank Of Ny Mellon Cp has a market cap of $33.39 billion; its shares were traded at around $27.73 with a P/E ratio of 12.7 and P/S ratio of 2.5. The dividend yield of Bank Of Ny Mellon Cp stocks is 1.3%.
Added: Encana Corp. (ECA, Financial)
Third Avenue Management added to his holdings in Encana Corp. by 17.91%. His purchase prices were between $28.09 and $62.46, with an estimated average price of $49.65. The impact to his portfolio due to this purchase was 0.34%. His holdings were 3,564,993 shares as of 12/31/2009.EnCana Corporation is one of the world's largest independent natural gas producers and gas storage operators. Encana Corp. has a market cap of $24.89 billion; its shares were traded at around $33.17 with a P/E ratio of 8.3 and P/S ratio of 2.2. The dividend yield of Encana Corp. stocks is 2.4%. Encana Corp. had an annual average earning growth of 34% over the past 5 years.
Added: Sycamore Networks Inc. (SCMR, Financial)
Third Avenue Management added to his holdings in Sycamore Networks Inc. by 15.84%. His purchase prices were between $2.01 and $3, with an estimated average price of $2.83. The impact to his portfolio due to this purchase was 0.29%. His holdings were 5,289,002 shares as of 12/31/2009.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 $565.2 million; its shares were traded at around $19.9 with and P/S ratio of 8.4.
Added: Thomas Properties Group Inc. (TPGI, Financial)
Third Avenue Management added to his holdings in Thomas Properties Group Inc. by 182.62%. His purchase prices were between $2.16 and $3.51, with an estimated average price of $2.91. The impact to his portfolio due to this purchase was 0.29%. His holdings were 7,971,973 shares as of 12/31/2009.Thomas Properties Group is a full-service real estate operating company. Thomas Properties Group Inc. has a market cap of $89.6 million; its shares were traded at around $2.9 with and P/S ratio of 0.5.
Added: Investment Technology Group Inc. (ITG, Financial)
Third Avenue Management added to his holdings in Investment Technology Group Inc. by 20.78%. His purchase prices were between $17.92 and $28.38, with an estimated average price of $21.13. The impact to his portfolio due to this purchase was 0.26%. His holdings were 4,045,613 shares as of 12/31/2009.Investment Technology Group is one of the providers of technology-based equity trading services and transaction research to institutional investors and brokers. Investment Technology Group Inc. has a market cap of $743.6 million; its shares were traded at around $17.01 with a P/E ratio of 11.8 and P/S ratio of 1.2. Investment Technology Group Inc. had an annual average earning growth of 8.2% over the past 10 years. GuruFocus rated Investment Technology Group Inc. the business predictability rank of 2-star.
Added: Montpelier Re Holdings Ltd. (MRH, Financial)
Third Avenue Management added to his holdings in Montpelier Re Holdings Ltd. by 10.58%. His purchase prices were between $15.9 and $17.91, with an estimated average price of $17.08. The impact to his portfolio due to this purchase was 0.16%. His holdings were 4,924,355 shares as of 12/31/2009.Montpelier Re Holdings Ltd., through its operating subsidiaries, is a premier provider of global specialty property reinsurance products. Montpelier Re Holdings Ltd. has a market cap of $1.44 billion; its shares were traded at around $17.14 with a P/E ratio of 6.4 and P/S ratio of 2.7. The dividend yield of Montpelier Re Holdings Ltd. stocks is 2.1%.
Added: Prologis (PLD, Financial)
Third Avenue Management added to his holdings in Prologis by 47%. His purchase prices were between $10.97 and $14.7, with an estimated average price of $12.92. The impact to his portfolio due to this purchase was 0.13%. His holdings were 1,614,227 shares as of 12/31/2009.ProLogis is a real estate investment trust that operates a global network of industrial distribution facilities. Prologis has a market cap of $5.74 billion; its shares were traded at around $12.13 with a P/E ratio of 8.7 and P/S ratio of 4.7. The dividend yield of Prologis stocks is 4.9%. Prologis had an annual average earning growth of 4.8% over the past 10 years.
Added: Hcc Insurance Holdings Inc. (HCC, Financial)
Third Avenue Management added to his holdings in Hcc Insurance Holdings Inc. by 58.14%. His purchase prices were between $25.89 and $28.86, with an estimated average price of $27.05. The impact to his portfolio due to this purchase was 0.11%. His holdings were 554,919 shares as of 12/31/2009.HCC, through its subsidiaries, provides specialized property & casualty insurance coverages, managing general agency services & insurance related services both to commercial customers & individuals. Hcc Insurance Holdings Inc. has a market cap of $3.1 billion; its shares were traded at around $27.57 with a P/E ratio of 9 and P/S ratio of 1.4. The dividend yield of Hcc Insurance Holdings Inc. stocks is 2%. Hcc Insurance Holdings Inc. had an annual average earning growth of 15.5% over the past 10 years. GuruFocus rated Hcc Insurance Holdings Inc. the business predictability rank of 3.5-star.
New Purchase: Cenovus Energy Inc (CVE, Financial)
Third Avenue Management initiated holdings in Cenovus Energy Inc. His purchase prices were between $23.5 and $25.52, with an estimated average price of $24.46. The impact to his portfolio due to this purchase was 1.38%. His holdings were 2,862,282 shares as of 12/31/2009.Cenovus Energy is an integrated oil company headquartered in Calgary, Alberta. Cenovus Energy Inc has a market cap of $18.92 billion; its shares were traded at around $25.19 . The dividend yield of Cenovus Energy Inc stocks is 1.5%.
New Purchase: Keycorp (KEY, Financial)
Third Avenue Management initiated holdings in Keycorp. His purchase prices were between $5.32 and $6.63, with an estimated average price of $5.87. The impact to his portfolio due to this purchase was 1.16%. His holdings were 10,970,000 shares as of 12/31/2009.KeyCorp is an integrated multi-line financial services company. Keycorp has a market cap of $6.08 billion; its shares were traded at around $6.92 with and P/S ratio of 1. The dividend yield of Keycorp stocks is 0.6%. Keycorp had an annual average earning growth of 9.9% over the past 5 years.
Reduced: Brookfield Properties Corp. (BPO, Financial)
Third Avenue Management reduced to his holdings in Brookfield Properties Corp. by 23.53%. His sale prices were between $10.04 and $12.87, with an estimated average price of $11.42. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 136,850 shares as of 12/31/2009.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, Denver,and Minneapolis. Brookfield Properties Corp. has a market cap of $6.57 billion; its shares were traded at around $13.12 with a P/E ratio of 23.9 and P/S ratio of 2.5. The dividend yield of Brookfield Properties Corp. stocks is 4.3%. Brookfield Properties Corp. had an annual average earning growth of 12.7% over the past 5 years.
Reduced: Genesee & Wyoming Inc. (GWR, Financial)
Third Avenue Management reduced to his holdings in Genesee & Wyoming Inc. by 53.54%. His sale prices were between $29.01 and $34.04, with an estimated average price of $32.05. The impact to his portfolio due to this sale was -0.03%. Third Avenue Management still held 102,441 shares as of 12/31/2009.GENESEE & WYOMING owns and operates short line and regional freight railroads and provides related rail services. Genesee & Wyoming Inc. has a market cap of $1.3 billion; its shares were traded at around $31.63 with a P/E ratio of 20.4 and P/S ratio of 2.4. Genesee & Wyoming Inc. had an annual average earning growth of 9.1% over the past 10 years.
Reduced: Louisianapacific Corp. (LPX)
Third Avenue Management reduced to his holdings in Louisianapacific Corp. by 86.34%. His sale prices were between $5.17 and $7.36, with an estimated average price of $6.34. The impact to his portfolio due to this sale was -0.05%. Third Avenue Management still held 486,575 shares as of 12/31/2009.Louisiana-Pacific Corporation manufactures building materials and engineered wood products in the United States, Canada, Chile and Brazil. Louisianapacific Corp. has a market cap of $911.7 million; its shares were traded at around $7.32 with and P/S ratio of 0.9.
Reduced: Journal Communications Inc. (JRN)
Third Avenue Management reduced to his holdings in Journal Communications Inc. by 49.62%. His sale prices were between $3.37 and $4.55, with an estimated average price of $3.91. The impact to his portfolio due to this sale was -0.05%. Third Avenue Management still held 1,459,559 shares as of 12/31/2009.Journal Communications is a diversified media and communications company with operations in newspaper publishing, radio and television broadcasting, telecommunications and printing services. Journal Communications Inc. has a market cap of $198.3 million; its shares were traded at around $3.62 with a P/E ratio of 24.1 and P/S ratio of 0.5.
Reduced: Coherent Inc. (COHR)
Third Avenue Management reduced to his holdings in Coherent Inc. by 23.81%. His sale prices were between $22.97 and $30.2, with an estimated average price of $26.44. The impact to his portfolio due to this sale was -0.05%. Third Avenue Management still held 328,803 shares as of 12/31/2009.COHERENT INC. designs, manufactures, and supplies electro-optical systems and medical instruments utilizing laser, precision optic and microelectronic technologies. Coherent Inc. has a market cap of $754.6 million; its shares were traded at around $30.64 with and P/S ratio of 1.7.
Reduced: Mbia Inc. (MBI)
Third Avenue Management reduced to his holdings in Mbia Inc. by 69.65%. His sale prices were between $3.25 and $6.87, with an estimated average price of $4.19. The impact to his portfolio due to this sale was -0.29%. Third Avenue Management still held 5,484,555 shares as of 12/31/2009.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. Mbia Inc. has a market cap of $1.05 billion; its shares were traded at around $5.05 with and P/S ratio of 0.3. Mbia Inc. had an annual average earning growth of 18.9% over the past 10 years.
Sold Out: St. Mary Land & Exploration Company (SM)
Third Avenue Management sold out his holdings in St. Mary Land & Exploration Company. His sale prices were between $30.59 and $37.22, with an estimated average price of $33.91.ST. MARY LAND & EXPLORATION is an independent oil and gas company with diversified interests in the United States and internationally, a development project in Russia and exploration projects in Canada, Chile, the Philippines and Trinidad and Tobago. St. Mary Land & Exploration Company has a market cap of $2.15 billion; its shares were traded at around $34.43 with a P/E ratio of 38.7 and P/S ratio of 1.7. The dividend yield of St. Mary Land & Exploration Company stocks is 0.3%. St. Mary Land & Exploration Company had an annual average earning growth of 29.3% over the past 10 years. GuruFocus rated St. Mary Land & Exploration Company the business predictability rank of 4.5-star.
Sold Out: Precision Drilling Trust Trust Units (PDS)
Third Avenue Management sold out his holdings in Precision Drilling Trust Trust Units. His sale prices were between $6.07 and $7.61, with an estimated average price of $6.9.PRECISION DRILL Corporation is an innovative, performance oriented, integrated oilfield drilling and energy service company. Precision Drilling Trust Trust Units has a market cap of $2.27 billion; its shares were traded at around $8.24 with a P/E ratio of 10.6 and P/S ratio of 2.2. Precision Drilling Trust Trust Units had an annual average earning growth of 3% over the past 5 years.
Sold Out: Kimco Realty Corp. (KIM)
Third Avenue Management sold out his holdings in Kimco Realty Corp.. His sale prices were between $11.73 and $14.01, with an estimated average price of $12.76.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. Kimco Realty Corp. has a market cap of $4.98 billion; its shares were traded at around $13.23 with a P/E ratio of 9.8 and P/S ratio of 6.3. The dividend yield of Kimco Realty Corp. stocks is 4.8%. Kimco Realty Corp. had an annual average earning growth of 1.6% over the past 10 years.
Sold Out: Cit Group Inc. (CIT)
Third Avenue Management sold out his holdings in Cit Group Inc.. His sale prices were between $26.04 and $29.64, with an estimated average price of $27.92.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 $13.11 billion; its shares were traded at around $32.38 . Cit Group Inc. had an annual average earning growth of 27.2% over the past 5 years.
