Martin Whitman

Martin Whitman

Last Update: 03-28-2016
Related: Third Avenue Management

Number of Stocks: 36
Number of New Stocks: 2

Total Value: $1,182 Mil
Q/Q Turnover: 4%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Martin Whitman' s Profile & Performance

Profile

Martin Whitman is Founder and Portfolio Manager of the Third Avenue Value Fund (TAVFX). Whitman is a 1949 graduate of Syracuse University, which recently renamed its School of Management after Whitman, after a large gift from him in June 2003. He is an adjunct faculty member at Yale School of Management.

Web Page:http://www.thirdavenuefunds.com/

Investing Philosophy

Whitman is a "buy and hold" value investor. He buys stock in companies when he thinks that the company has strong finances, competent management, and the business is understandable. Also the company's stock must be cheap, meaning it trades at a significant discount to intrinsic value. The market price must lie substantially below a conservative valuation of the business as a private entity, or as a takeover candidate. He generally sells an investment only when there has been a fundamental change in the business or capital structure of the company that significantly affects the investment's inherent value, or when he believes that the market value of an investment is overpriced relative to its intrinsic value

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of Third Avenue Value Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
2015-8.371.19-9.6
20144.8813.69-8.8
201318.8432.39-13.5
3-Year Cumulative14.2 (4.5%/year)52.3 (15.1%/year)-38.1 (-10.6%/year)
201227.481611.5
2011-20.682.11-22.8
5-Year Cumulative15.5 (2.9%/year)80.4 (12.5%/year)-64.9 (-9.6%/year)
201013.8715.06-1.2
200944.5126.4618.0
2008-45.61-37-8.6
20075.765.490.3
200614.6915.79-1.1
10-Year Cumulative25.4 (2.3%/year)102 (7.3%/year)-76.6 (-5%/year)
200516.494.9111.6
200426.6210.8815.7
200310.4628.68-18.2
20027.13-22.129.2
200110.82-11.8922.7
15-Year Cumulative142.5 (6.1%/year)107.5 (5%/year)35 (1.1%/year)
20000.91-9.110.0
199910.0621.04-11.0
199816.7228.58-11.9
1997-5.0333.36-38.4
199611.0222.96-11.9
20-Year Cumulative231.4 (6.2%/year)381.4 (8.2%/year)-150 (-2%/year)
19952.3637.58-35.2
1994-3.221.32-4.5
19931.3610.08-8.7
199210.887.623.3
1991-0.2630.47-30.7
25-Year Cumulative268.1 (5.4%/year)937.3 (9.8%/year)-669.2 (-4.4%/year)

Top Ranked Articles

Third Avenue Comments on Cambrex Corp Guru stock highlight
Cambrex Corp. (NYSE:CBM) We took advantage of the February sell off in the market to acquire shares of Cambrex at around $38 per share, an attractive discount to our estimate of NAV. We see the combination of a strong balance sheet and a healthy revenue outlook as supportive for book value growth to continue, given the dynamics of Cambrex's business.

Read more...
Third Avenue Comments on Carrizo Oil & Gas Guru stock highlight
Carrizo Oil & Gas, Inc. (NASDAQ:CRZO) Since our initial purchase in February, Carrizo Oil & Gas has been a strong performer. With a solid balance sheet and a significant drilling inventory,we see Carrizo as a multi-year compounder into recovering oil prices, however long that takes.

Based in Houston, TX, Carrizo is an exploration and production company focused on oil and gas plays in the U.S. Its most important acreage is in the high quality core areas of the Eagle Ford shale in South Texas, the Delaware basin in the Permian in West Texas, and the Utica shale in Ohio. Carrizo's share price, like those of all oil and gas production companies, came under extreme price pressure in February, as the market sold off and investors feared sustained oil prices in the low-$20 per barrel range.

Carrizo is unique from our perspective as a small cap company thanks to its high quality acreage (what we call good rocks) and a strong balance sheet. It fits our criteria for creditworthiness, with Read more...
Third Avenue Comments on Interface Inc. Guru stock highlight
Interface, Inc. (NASDAQ:TILE) Interface has been on our radar for some time and during the quarter its stock price reached a level we viewed as an attractive entry point, having declined more than 40% within the past few quarters due to investor concern around the company's level of growth. While we agree that growth in the short-term is likely to be muted, we believe the company's core product - modular carpet - is poised for long-term secular growth.

Interface is the world's leading manufacturer of carpet tile. The strength of its brand and its reputation for service, quality, design and performance provide a competitive advantage. Interface's global manufacturing capabilities across four continents also provide an advantage in serving multinational corporate customers quickly and cost-effectively.

Central to our thesis on Interface is the fact that carpet tile has reached the point where it is cost-competitive with traditional 'broadloom' carpet but offers numerous advantages, including Read more...
Third Avenue Comments on Kennedy Wilson Holdings Guru stock highlight
Kennedy Wilson Holdings, Inc. (NYSE:KW) During the quarter, the Fund was able to acquire shares of Kennedy Wilson Common at a substantial discount to our estimate of NAV, as the general market sell off, combined with unfounded fears of market liquidity for deals, pushed the stock down significantly.

Kennedy Wilson Holdings (Kennedy Wilson) is a U.S.-based real estate operating company. The company is an integrated global real estate investment and services company with a $2 billion portfolio of investments in a diversified mix of commercial and residential assets. In addition, Kennedy Wilson has more than $18 billion of assets under management (AUM) on behalf of third parties.

The management team owns 18% of the company's stock and has historically been a savvy capital allocator, having made substantial investments in Japan during the 1990s, in the U.S. following the financial crisis, and in Europe and the U.K. in more recent years. The template has been the same in all markets: invest Read more...
Third Avenue Comments on NetScout Systems Inc. Guru stock highlight
NetScout Systems Inc. (NASDAQ:NTCT) Near-term concerns over a slowdown in carrier spending provided us an opportunity to acquire shares of NetScout common at a substantial discount to our estimate of NAV.

NetScout is a well-financed provider of 24x7 network monitoring solutions to carriers and enterprises. Its offerings provide high-quality performance analytics that help its customers resolve technology issues that could negatively impact service quality and/or result in outages/downtime and compromised security. Last year, the company acquired certain communications assets from Danaher which doubled its addressable market by broadening its product offerings, providing an entrée into the cyber security space and increased its distribution. Cost synergies estimated at around $45-55 million are expected from the elimination of redundancies and economies of scale, with additional synergies generated over time as the company moves toward common infrastructure platforms, distribution and support programs.

In Read more...
» More Martin Whitman Articles

Commentaries and Stories

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Third Avenue Comments on Visteon Corp Guru stock highlight
An example of one of our portfolio holdings which has had, and continues to have, opportunities for self-help is Visteon Corp. (NYSE:VC), a well-capitalized automotive electronics company. The stock was a top contributor to the Fund's performance during the quarter, with a total return of 19.1%.Visteon provides products to automotive OEMs (original equipment manufacturers) such as Ford, GM, Daimler, BMW, Nissan and Honda for their digital cockpits, i.e., the instrument cluster, information displays and infotainment - each of which has a presence in the connected car. Comparing today's cars to those just five years ago, the amount of additional functionality is amazing - from infotainment that connects to your smartphone to driver assistance safety features such as rear back-up cameras, collision detection, and blind spot and lane departure warnings. Integrated instrument clusters can be personalized if,for example, you'd rather see the weather than your tachometer. There are even over-the-air software upgrades where, More...

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Third Avenue Comments on NetScout Systems Inc. Guru stock highlight
NetScout Systems Inc. (NASDAQ:NTCT) Near-term concerns over a slowdown in carrier spending provided us an opportunity to acquire shares of NetScout common at a substantial discount to our estimate of NAV.NetScout is a well-financed provider of 24x7 network monitoring solutions to carriers and enterprises. Its offerings provide high-quality performance analytics that help its customers resolve technology issues that could negatively impact service quality and/or result in outages/downtime and compromised security. Last year, the company acquired certain communications assets from Danaher which doubled its addressable market by broadening its product offerings, providing an entrée into the cyber security space and increased its distribution. Cost synergies estimated at around $45-55 million are expected from the elimination of redundancies and economies of scale, with additional synergies generated over time as the company moves toward common infrastructure platforms, distribution and support programs.In More...

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Third Avenue Comments on Kennedy Wilson Holdings Guru stock highlight
Kennedy Wilson Holdings, Inc. (NYSE:KW) During the quarter, the Fund was able to acquire shares of Kennedy Wilson Common at a substantial discount to our estimate of NAV, as the general market sell off, combined with unfounded fears of market liquidity for deals, pushed the stock down significantly.Kennedy Wilson Holdings (Kennedy Wilson) is a U.S.-based real estate operating company. The company is an integrated global real estate investment and services company with a $2 billion portfolio of investments in a diversified mix of commercial and residential assets. In addition, Kennedy Wilson has more than $18 billion of assets under management (AUM) on behalf of third parties.The management team owns 18% of the company's stock and has historically been a savvy capital allocator, having made substantial investments in Japan during the 1990s, in the U.S. following the financial crisis, and in Europe and the U.K. in more recent years. The template has been the same in all markets: invest More...

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Third Avenue Comments on Interface Inc. Guru stock highlight
Interface, Inc. (NASDAQ:TILE) Interface has been on our radar for some time and during the quarter its stock price reached a level we viewed as an attractive entry point, having declined more than 40% within the past few quarters due to investor concern around the company's level of growth. While we agree that growth in the short-term is likely to be muted, we believe the company's core product - modular carpet - is poised for long-term secular growth.Interface is the world's leading manufacturer of carpet tile. The strength of its brand and its reputation for service, quality, design and performance provide a competitive advantage. Interface's global manufacturing capabilities across four continents also provide an advantage in serving multinational corporate customers quickly and cost-effectively.Central to our thesis on Interface is the fact that carpet tile has reached the point where it is cost-competitive with traditional 'broadloom' carpet but offers numerous advantages, including More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Third Avenue Comments on Carrizo Oil & Gas Guru stock highlight
Carrizo Oil & Gas, Inc. (NASDAQ:CRZO) Since our initial purchase in February, Carrizo Oil & Gas has been a strong performer. With a solid balance sheet and a significant drilling inventory,we see Carrizo as a multi-year compounder into recovering oil prices, however long that takes.Based in Houston, TX, Carrizo is an exploration and production company focused on oil and gas plays in the U.S. Its most important acreage is in the high quality core areas of the Eagle Ford shale in South Texas, the Delaware basin in the Permian in West Texas, and the Utica shale in Ohio. Carrizo's share price, like those of all oil and gas production companies, came under extreme price pressure in February, as the market sold off and investors feared sustained oil prices in the low-$20 per barrel range.Carrizo is unique from our perspective as a small cap company thanks to its high quality acreage (what we call good rocks) and a strong balance sheet. It fits our criteria for creditworthiness, with More...

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Rating: 0.0/5 (0 votes)

Third Avenue Comments on Cambrex Corp Guru stock highlight
Cambrex Corp. (NYSE:CBM) We took advantage of the February sell off in the market to acquire shares of Cambrex at around $38 per share, an attractive discount to our estimate of NAV. We see the combination of a strong balance sheet and a healthy revenue outlook as supportive for book value growth to continue, given the dynamics of Cambrex's business. More...

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Rating: 5.0/5 (1 vote)

Chip Rewey's Third Avenue Small-Cap Value Fund 2nd Quarter Commentary Review of quarter and holdings Martin Whitman,Third Avenue Management - Chip Rewey's Third Avenue Small-Cap Value Fund 2nd Quarter Commentary
Dear Fellow Shareholders: More...

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Martin Whitman's Third Avenue Funds 2nd Quarter Shareholder Letter Whitman talks about the difficult but essential skill of focusing on long-term net asset value growth Martin Whitman,Third Avenue Management - Martin Whitman's Third Avenue Funds 2nd Quarter Shareholder Letter
Dear Fellow Shareholders: More...

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Third Avenue Management Q2 2016 Value Fund Letter Discussion of new holdings and outlook Third Avenue Management,Martin Whitman - Third Avenue Management Q2 2016 Value Fund Letter
During the fiscal second quarter, oil prices rallied, credit markets improved and stock prices rebounded as macro fears were replaced by optimism. That trend followed a period when oil prices fell, credit markets deteriorated and stock prices sagged. And that followed a period when…well, you get the idea. There’s been no shortage of market volatility. More...

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Marty Whitman's Third Avenue Buys Lennar, Fidelity, Howard Hughes Veteran investor buys seven stocks, increases top two sectors Martin Whitman - Marty Whitman's Third Avenue Buys Lennar, Fidelity, Howard Hughes
Marty Whitman, veteran investor and founder of Third Avenue Management (Trades, Portfolio), said in his recent shareholder letter that his team was “taking the opportunity to deploy capital in some of what we believe are the most unduly punished names in the portfolio as well as in new investment opportunities.” In the first quarter, he acted on seven of those opportunities. More...

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Third Avenue Buys Ralph Lauren, Boosts Baxalta Value Fund also acquires stake in Harman International Martin Whitman,Third Avenue Management - Third Avenue Buys Ralph Lauren, Boosts Baxalta
Martin Whitman (Trades, Portfolio) is founder and former portfolio manager of the Third Avenue Value Fund. Chip Rewey now manages the fund after Whitman stepped down from active management duties. During the first quarter of the year, the fund bought many stocks and the following are the most heavily weighted. More...

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Martin Whitman Takes Stake in Harman International Industries Guru may have been motivated by company's growth strategy Martin Whitman - Martin Whitman Takes Stake In Harman International Industries
Martin Whitman (TradesPortfolio) purchased 229,973 shares of Harman International Industries Inc. (NYSE:HAR) in the first quarter. More...

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Third Avenue Value Sells NVIDIA, Cavco Fund founded by Martin Whitman exits POSCO stake Martin Whitman,Third Avenue Management - Third Avenue Value Sells NVIDIA, Cavco
Martin Whitman (Trades, Portfolio) is the founder of the Third Avenue Value Fund (TAVFX), which is now managed by Chip Rewey. The fund sold many stocks during the first quarter including the following. More...

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Third Avenue Value Buys 2 Stocks With Short-Term Struggles Fund led by Chip Rewey takes stake in Harman International and Ralph Lauren Martin Whitman,Third Avenue Management - Third Avenue Value Buys 2 Stocks With Short-Term Struggles
Third Avenue Management (Trades, Portfolio)’s flagship fund, the Third Avenue Value Fund, is led by Chip Rewey and remains dedicated to its principles in value investing after founder Martin Whitman (Trades, Portfolio) stepped down from portfolio management in 2012. More...

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Third Avenue Management Comments on Insight Enterprises Guru stock highlight
Insight Enterprises (NASDAQ:NSIT) is a value added reseller and servicer of hardware and software. The company assists large corporations, and state and federal governments on Information Technology issues such as designs and implementation of networking, data storage practices, disaster recovery, and hardware and software technologies. It distributes products from large vendors such as Cisco, Dell, Hewlett Packard, Apple and Microsoft, selling everything from tablets to network servers to software licensing. More...

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Third Avenue Management Comments on Multi-Color Corp Guru stock highlight
During the quarter we increased our investment in Multi-Color Corporation (NASDAQ:LABL), a leading label company, after a significant decline in share prices following quarterly results short of Street estimates. While we are attracted to the unusual stability of Multi-Color's business, we were encouraged by management's proactive decision to exit a modest amount of low-margin business during the quarter and continue to view the company as a very high-quality compounder at an attractive valuation. With a very fragmented label industry around the world and Multi-Color's strong cash flows and stellar management team, the company remains very well-positioned to continue growing organically and inorganically across the globe. More...

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Third Avenue Management Comments on Visteon Guru stock highlight
During the quarter, as part of its capital return program related to the sale of its stake in its climate control business last year, Visteon (NYSE:VC) made a $1.75 billion special cash distribution to shareholders ($43.40 per share). The Board also authorized a $500 million share repurchase program, which is in addition to the $500 million repurchased last year. Post these actions, the company is still well-financed, with net cash on its balance sheet. We used some of the proceeds we received from the distribution to increase our position in Visteon common as the shares continued to trade at a material discount to our estimated NAV. Since focusing on being a standalone automotive electronics company, centered on cockpit electronics, Visteon has been successful in re-winning and winning new business, reducing costs and showing margin improvement. We believe Visteon is well-positioned to participate in the growing connected car market. More...

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Third Avenue Management Comments on SemGroup Corp Guru stock highlight
Shares of SemGroup Corp. (NYSE:SEMG) declined as investors sold down the Master Limited Partner (MLP) group aggressively. SemGroup is a midstream transportation company that owns the General Partner stake in MLP Rose Rock Partners. Specific worries regarding SemGroup stem from its midstream exposure to independent E&P companies who may cut production or seek pipeline rate reductions. Also, investors worried about the potential competition for SemGroup’s White Cliffs pipeline serving the Denver-Julesburg basin. While there is potential for production softness and rate pressure if oil prices remain at current low levels, we feel the market is overlooking the power of SemGroup’s in place assets. More...

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Third Avenue Management Comments on Anixter Guru stock highlight
Anixter (NYSE:AXE) is a value-added distributor of data cables, security products, as well as low-voltage and high voltage electrical wires. It sells some 500,000 different SKUs sourced from thousands of manufacturers. Manufacturers rely on Anixter to reach target customers and the customers depend on Anixter to evaluate and test appropriate products for their particular needs. In a very general sense, Anixter’s business model is similar to that of a broker, earning a relatively stable gross margin, without assuming inventory or obsolescence risks. Since most product costs are passed through, gross profit serves as a revenue base to cover the operational expenses such as the company’s 230 warehouses and some 3,000 person salesforce. More...

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