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Third Avenue Management Buys Wilmington Trust Corp., CIT Group Inc., Dex One Corp., Sells Louisianapacific Corp., MBIA Inc., Ambac Financial Group Inc.

Third Avenue Management was founded by legendary value investor Marty Whitman. The firm runs mutual funds covering value, small value, real estate, and international areas. This is Q1 portfolio update Third Avenue Management.

Third Avenue Management buys Wilmington Trust Corp., Cit Group Inc., Lstza, Dex One Corp., sells Louisianapacific Corp., Mbia Inc., Ambac Financial Group Inc. during the 3-months ended 03/31/2010, according to the most recent filings of his investment company, Third Avenue Management. Third Avenue Management owns 92 stocks with a total value of $5.4 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 his portfolio:

Financials 36.3%
Oil & Gas 18.6%
Basic Materials 14%
Industrials 9.4%
Technology 9.4%
Consumer Goods 7.4%
Consumer Services 1.8%
Health Care 1.4%


These are the top 5 holdings of Third Avenue Management

  1. Brookfield Asset Management Inc. Ltd. (BAM) - 20,483,045 shares, 9.72% of the total portfolio. Shares reduced by 2.52%
  2. POSCO (PKX) - 4,363,779 shares, 9.53% of the total portfolio. Shares added by 0.37%
  3. Forest City Enterprises Inc. (FCE.A) - 27,008,730 shares, 7.27% of the total portfolio. Shares reduced by 0.41%
  4. BANK OF NY MELLON CP (BK) - 9,917,060 shares, 5.72% of the total portfolio. Shares reduced by 0.47%
  5. Cimarex Energy Co. (XEC) - 4,775,891 shares, 5.3% of the total portfolio. Shares reduced by 11.41%


Added: Keycorp (KEY)

Third Avenue Management added to his holdings in Keycorp by 20.1%. His purchase prices were between $5.55 and $7.93, with an estimated average price of $7.06. The impact to his portfolio due to this purchase was 0.32%. His holdings were 13,175,040 shares as of 03/31/2010.

KeyCorp is an integrated multi-line financial services company. Keycorp has a market cap of $6.96 billion; its shares were traded at around $7.8725 with and P/S ratio of 1.2. The dividend yield of Keycorp stocks is 0.5%.

Added: Encana Corp. (ECA)

Third Avenue Management added to his holdings in Encana Corp. by 11.88%. His purchase prices were between $29.47 and $35.19, with an estimated average price of $32.63. The impact to his portfolio due to this purchase was 0.25%. His holdings were 3,988,416 shares as of 03/31/2010.

EnCana Corporation is one of the world's largest independent natural gas producers and gas storage operators. Encana Corp. has a market cap of $23.32 billion; its shares were traded at around $31.18 with a P/E ratio of 9.4 and P/S ratio of 2.1. The dividend yield of Encana Corp. stocks is 2.5%. Encana Corp. had an annual average earning growth of 20.7% over the past 10 years.

Added: Weyerhaeuser Company (WY)

Third Avenue Management added to his holdings in Weyerhaeuser Company by 23.3%. His purchase prices were between $39.25 and $45.32, with an estimated average price of $42.65. The impact to his portfolio due to this purchase was 0.19%. His holdings were 1,211,033 shares as of 03/31/2010.

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. Weyerhaeuser Company has a market cap of $9.4 billion; its shares were traded at around $44.45 with and P/S ratio of 1.7. The dividend yield of Weyerhaeuser Company stocks is 0.4%.

Added: Sycamore Networks Inc. (SCMR)

Third Avenue Management added to his holdings in Sycamore Networks Inc. by 8.48%. His purchase prices were between $19.06 and $21.7, with an estimated average price of $20.09. The impact to his portfolio due to this purchase was 0.17%. His holdings were 5,737,764 shares as of 03/31/2010.

Sycamore Networks Inc. develop and market products that transport voice and data traffic over wavelengths of light..

Added: Cenovus Energy Inc (CVE)

Third Avenue Management added to his holdings in Cenovus Energy Inc by 10.28%. His purchase prices were between $23.15 and $26.6, with an estimated average price of $24.97. The impact to his portfolio due to this purchase was 0.14%. His holdings were 3,156,426 shares as of 03/31/2010.

Cenovus Energy is an integrated oil company headquartered in Calgary, Alberta. Cenovus Energy Inc has a market cap of $19.47 billion; its shares were traded at around $25.92 with and P/S ratio of 1.9. The dividend yield of Cenovus Energy Inc stocks is 2.9%.

Added: Ingram Micro Inc. (IM)

Third Avenue Management added to his holdings in Ingram Micro Inc. by 47.27%. His purchase prices were between $16.9 and $18.76, with an estimated average price of $17.79. The impact to his portfolio due to this purchase was 0.08%. His holdings were 744,394 shares as of 03/31/2010.

Ingram Micro, Inc. is one of the distributors of information technology products and services worldwide. Ingram Micro Inc. has a market cap of $2.86 billion; its shares were traded at around $17.38 with a P/E ratio of 11.6 and P/S ratio of 0.1. Ingram Micro Inc. had an annual average earning growth of 7.3% over the past 10 years.

New Purchase: Cit Group Inc. (CIT)

Third Avenue Management initiated holdings in Cit Group Inc.. His purchase prices were between $27.61 and $39.23, with an estimated average price of $33.89. The impact to his portfolio due to this purchase was 0.29%. His holdings were 398,327 shares as of 03/31/2010.

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 $15.04 billion; its shares were traded at around $37.16 with and P/S ratio of 3.8.

New Purchase: Wilmington Trust Corp. (WL)

Third Avenue Management initiated holdings in Wilmington Trust Corp.. His purchase prices were between $12.18 and $16.64, with an estimated average price of $14.17. The impact to his portfolio due to this purchase was 0.29%. His holdings were 937,592 shares as of 03/31/2010.

Wilmington Trust Corporation is a financial services holding company that provides wealth management and specialized corporate services to clients throughout the United States and in more than eighty five other countries, and commercial banking services throughout the Delaware Valley region. Wilmington Trust Corp. has a market cap of $1.42 billion; its shares were traded at around $16.05 with and P/S ratio of 1.7. The dividend yield of Wilmington Trust Corp. stocks is 0.2%.

New Purchase: Lstza (LSTZA)

Third Avenue Management initiated holdings in Lstza. His purchase prices were between $46.15 and $53.9, with an estimated average price of $49.61. The impact to his portfolio due to this purchase was 0.07%. His holdings were 66,914 shares as of 03/31/2010.

Liberty Starz Group is a significant operating subsidiary and also a principal reportable segment of Liberty Media Corporation which focuses primarily on video programming, communications businesses, and the direct-to-home satellite distribution business. Lstza has a market cap of $2.72 billion; its shares were traded at around $55.13 with a P/E ratio of 77.7 and P/S ratio of 2.

New Purchase: Dex One Corp. (DEXO)

Third Avenue Management initiated holdings in Dex One Corp.. His purchase prices were between $26.2 and $34.4, with an estimated average price of $28.69. The impact to his portfolio due to this purchase was 0.06%. His holdings were 109,533 shares as of 03/31/2010.

Dex One Corporation is a marketing services company that offers local businesses personalized marketing consulting services and exposure across a broad network of local marketing products including its official print, online and mobile yellow pages and search solutions. Dex One Corp. has a market cap of $1.23 billion; its shares were traded at around $24.5 with and P/S ratio of 0.6.

Reduced: First Potomac Realty Trust (FPO)

Third Avenue Management reduced to his holdings in First Potomac Realty Trust by 25.7%. His sale prices were between $12.57 and $15.8, with an estimated average price of $13.98. The impact to his portfolio due to this sale was less than 0.01%. Third Avenue Management still held 24,000 shares as of 03/31/2010.

First Potomac Realty Trust is a self-administered, self-managed real estate investment trust that acquires, operates and develops industrial and flex properties in Maryland, Virginia and the Washington, D. First Potomac Realty Trust has a market cap of $558.8 million; its shares were traded at around $15.41 with a P/E ratio of 11.2 and P/S ratio of 4.2. The dividend yield of First Potomac Realty Trust stocks is 5.2%. First Potomac Realty Trust had an annual average earning growth of 13.3% over the past 5 years.

Reduced: Omega Flex Inc. (OFLX)

Third Avenue Management reduced to his holdings in Omega Flex Inc. by 93.76%. His sale prices were between $10.1 and $14.71, with an estimated average price of $11.25. The impact to his portfolio due to this sale was less than 0.01%. Third Avenue Management still held 22,470 shares as of 03/31/2010.

Omega Flex is engaged in the manufacture and sale of flexible metal hose for applications in conveying various liquids and gases within a number of industries. Omega Flex Inc. has a market cap of $141 million; its shares were traded at around $13.97 with a P/E ratio of 28 and P/S ratio of 3.1.

Reduced: Kid Brands Inc (KID)

Third Avenue Management reduced to his holdings in Kid Brands Inc by 56.49%. His sale prices were between $4.08 and $8.89, with an estimated average price of $5.23. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 133,170 shares as of 03/31/2010.

Kid Brands Inc has a market cap of $209.5 million; its shares were traded at around $9.71 with a P/E ratio of 14.5 and P/S ratio of 0.9.

Reduced: Journal Communications Inc. (JRN)

Third Avenue Management reduced to his holdings in Journal Communications Inc. by 50.18%. His sale prices were between $3.21 and $4.09, with an estimated average price of $3.74. The impact to his portfolio due to this sale was -0.03%. Third Avenue Management still held 727,205 shares as of 03/31/2010.

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 $304.4 million; its shares were traded at around $5.54 with a P/E ratio of 22.2 and P/S ratio of 0.7.

Reduced: Coherent Inc. (COHR)

Third Avenue Management reduced to his holdings in Coherent Inc. by 46.99%. His sale prices were between $26.35 and $33.02, with an estimated average price of $30.67. The impact to his portfolio due to this sale was -0.05%. Third Avenue Management still held 174,303 shares as of 03/31/2010.

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 $893.5 million; its shares were traded at around $35.92 with a P/E ratio of 133.1 and P/S ratio of 2.1.

Reduced: Montpelier Re Holdings Ltd. (MRH)

Third Avenue Management reduced to his holdings in Montpelier Re Holdings Ltd. by 24.85%. His sale prices were between $16.23 and $18, with an estimated average price of $17.23. The impact to his portfolio due to this sale was -0.29%. Third Avenue Management still held 3,700,869 shares as of 03/31/2010.

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 $1.14 billion; its shares were traded at around $16.07 with a P/E ratio of 7.1 and P/S ratio of 1.8. The dividend yield of Montpelier Re Holdings Ltd. stocks is 2.2%.

Reduced: Avx Corp. (AVX)

Third Avenue Management reduced to his holdings in Avx Corp. by 30.06%. His sale prices were between $11.75 and $14.34, with an estimated average price of $12.81. The impact to his portfolio due to this sale was -0.72%. Third Avenue Management still held 9,044,029 shares as of 03/31/2010.

AVX Corporation is a worldwide manufacturer and supplier of a broad line of passive electronic components and related products. Avx Corp. has a market cap of $2.43 billion; its shares were traded at around $14.27 with a P/E ratio of 17 and P/S ratio of 1.8. The dividend yield of Avx Corp. stocks is 1.1%.

Sold Out: Louisianapacific Corp. (LPX)

Third Avenue Management sold out his holdings in Louisianapacific Corp.. His sale prices were between $6.95 and $8.68, with an estimated average price of $7.72.

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 $1.11 billion; its shares were traded at around $8.74 with and P/S ratio of 1.1.

Sold Out: Ambac Financial Group Inc. (ABK)

Third Avenue Management sold out his holdings in Ambac Financial Group Inc.. His sale prices were between $0.52 and $0.83, with an estimated average price of $0.72.

Ambac Financial Group, Inc. is a holding company whose subsidiaries provide financial guarantee products and other financial services to clients in both the public and private sectors around the world. Ambac Financial Group Inc. has a market cap of $322.1 million; its shares were traded at around $1.12 with and P/S ratio of 0.1.

Sold Out: Mbia Inc. (MBI)

Third Avenue Management sold out his holdings in Mbia Inc.. His sale prices were between $3.98 and $6.4, with an estimated average price of $5.22.

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 $1.61 billion; its shares were traded at around $7.87 with and P/S ratio of 0.6.



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