Martin Whitman

Martin Whitman

Last Update: 09-27-2016
Related: Third Avenue Management

Number of Stocks: 36
Number of New Stocks: 3

Total Value: $1,127 Mil
Q/Q Turnover: 6%

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

Answers to the Hardest Question: When Do I Sell a Stock? There are 2 primary reasons it makes sense to sell a stock
The most common complaint I have heard from investors over my 40-plus years in the financial services industry is as follows: "Everyone wants to tell me what to buy and when, but no one ever tells me when to sell." 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...
Oil Stocks the Most Gurus Are Buying What looks attractive to gurus in a battered industry
As crude oil prices continue their descent to almost their lowest point since 2009, many value investors have contemplated whether oil stocks offer a compelling value. Read more...
Third Value Fund Avenue Buys 3 Stocks in 3rd Quarter All three from pharma sector
Third Avenue Management (Trades, Portfolio) reported owning three new stocks in the third quarter, all from the pharmaceutical sector. Read more...
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. Read more...
» More Martin Whitman Articles

Commentaries and Stories

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Third Value Fund Avenue Buys 3 Stocks in 3rd Quarter All three from pharma sector Martin Whitman - Third Value Fund Avenue Buys 3 Stocks In 3rd Quarter
Third Avenue Management (Trades, Portfolio) reported owning three new stocks in the third quarter, all from the pharmaceutical sector. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Third Avenue International Value Fund Portfolio Manager 3rd Quarter Commentary Review of quarter and holdings Third Avenue Management,Martin Whitman - Third Avenue International Value Fund Portfolio Manager 3rd Quarter Commentary
Dear Fellow Shareholders: More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Third Avenue Small-Cap Value Fund Comments on Seaboard Corp Guru stock highlight
We actually initiated our investment in Seaboard Corporation (SEB) ("Seaboard") with a small weighting at the end of 2Q16 and continued to build our position in 3Q16. Seaboard is a diverse global agribusiness and transportation company. In the U.S., Seaboard is primarily engaged in pork production and processing as well as ocean cargo shipping. Overseas, Seaboard engages in commodity merchandising, grain processing, sugar production and electric power generation. Seaboard also has a 52% interest in the turkey company Butterball, a brand very well-known to many consumers in the U.S. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Third Avenue Small-Cap Value Fund Comments on SP Plus Guru stock highlight
After merging with Central Parking in 2013, effectively doubling its size, SP Plus (NASDAQ:SP) ("SP") is now the largest parking company in the U.S. In its main business, which contributes about 72% of total EBITDA, SP Plus manages 3,900 parking facilities encompassing some 2 million parking spaces in 346 cities around the country. Its clients include property owners and institutions such as municipalities, corporations, hotels, hospitals and universities. The company earns fees based on its general parking and labor management expertise. The revenue base is very stable because most of the contracts are independent of volume. SP leases about 20% of the garages and assumes all business risks. In its corporate name, the word "Plus" refers to related services like managing airport parking and More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Third Avenue Small-Cap Value Fund Comments on Fiesta Restaurant Group Guru stock highlight
Fiesta Restaurant Group (NASDAQ:FRGI) ("Fiesta") was spun-off from Carrols Restaurant Group in 2012 and now operates two restaurant brands, Polio Tropical and Taco Cabana. Both brands have had success in core markets, with 85% of Polio Tropical's restaurants in Florida and 99% of Taco Cabana's in Texas. The company is now expanding into other regions. Both restaurants are well-positioned to benefit from the healthy diet trend. Polio Tropical is one of the fastest growing ethnic food choices over the past 15 years as it takes advantage of diners' growing demand for Caribbean cuisine. Taco Cabana offers freshly prepared and authentic Mexican food and many of its restaurants are open 24 hours a day. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Third Avenue Small-Cap Value Fund Comments on G-III Apparel Group Guru stock highlight
G-I I I (NASDAQ:GIII) Apparel Group ("G-I I I") is a designer, manufacturer, and marketer of men's and women's apparel. While not a household name, the numerous brands G-111 works with very much are, including Calvin Klein and Tommy Hilfiger. G-I I I was founded in the 1950s and today is one of the larger companies in the apparel industry with more than $2 billion of annual sales and a remarkable track record. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Third Avenue Fund Comments on LivaNova Guru stock highlight
LivallovaInvestor neglect can be a source of new ideas while also providing an element of downside protection. We found this combination to be compelling in our purchase of Livallova (NASDAQ:LIVN), which is the new name for Sorin and Cyberonics post their late-2015 merger. We think investor neglect was paramount, for Sorin, an Italian company, which merged with Cyberonics, based in Houston, changed its name and reincorporated in London. Indeed, we came across the company on a screen of our potential universe of companies, and had to do some digging into the new name we did not recognize, to realize the potential for these two well-known companies and the significant potential their merger offers.Livallova is a healthcare company with a $3 billion market capitalization that holds leading positions in cardiac surgical equipment, surgical heart valve replacement, neuromodulation and cardiac rhythm management. In its cardiac surgery division, Livallova holds number one positions in Oxygenators More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Third Avenue Fund Comments on Amgen Guru stock highlight
LivallovaInvestor neglect can be a source of new ideas while also providing an element of downside protection. We found this combination to be compelling in our purchase of Livallova (NASDAQ:LIVN), which is the new name for Sorin and Cyberonics post their late-2015 merger. We think investor neglect was paramount, for Sorin, an Italian company, which merged with Cyberonics, based in Houston, changed its name and reincorporated in London. Indeed, we came across the company on a screen of our potential universe of companies, and had to do some digging into the new name we did not recognize, to realize the potential for these two well-known companies and the significant potential their merger offers.Livallova is a healthcare company with a $3 billion market capitalization that holds leading positions in cardiac surgical equipment, surgical heart valve replacement, neuromodulation and cardiac rhythm management. In its cardiac surgery division, Livallova holds number one positions in Oxygenators More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Third Avenue Fund Comments on Amgen Guru stock highlight
Amgen (NASDAQ:AMGN), which was founded in 1980, is one of the world's leading biotechnology companies. Interestingly, the biotech industry has matured over the years and some of the companies generate stable cash flows, not unlike some of the larger pharmaceutical companies. Amgen is one of these. Competitive issues, largely surrounding the biosimilar debate, have put pressure on Amgen's stock. Post-Brexit market volatility provided us an opportunity to acquire shares.Amgen has a diversified product portfolio across six therapeutic areas: oncology/hematology, cardiovascular disease, inflammation, bone health, nephrology and neuroscience. Its key products are Enbrel for long-term inflammatory diseases such as rheumatoid arthritis; Epogen and Aranesp for anemia; Neupogen and Neulasta for treating neutropenia (a lack of certain white blood cells caused by cancer, bone marrow transplant, or after chemotherapy). Newer drugs include Repatha, which targets high cholesterol for the roughly 20% of the population who are More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Third Avenue Small-Cap Value Fund 3rd Quarter Portfolio Manager Commentary Focus on fundamentals and new holdings Third Avenue Management,Martin Whitman - Third Avenue Small-Cap Value Fund 3rd Quarter Portfolio Manager Commentary
Dear Fellow Shareholders: More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Third Avenue Value Fund 3rd Quarter Letter Portfolio managers discuss fundamentals and new holdings Third Avenue Management,Martin Whitman - Third Avenue Value Fund 3rd Quarter Letter
Dear Fellow Shareholders: More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Martin Whitman’s Third Avenue Management Purchases 8 Stocks Second-quarter portfolio Martin Whitman - Martin Whitman’s Third Avenue Management Purchases 8 Stocks
Martin Whitman (Trades, Portfolio)’s investment firm Third Avenue Management (Trades, Portfolio) bought eight new stocks in the second quarter. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Chip Rewey Cuts General Motors Position in Half GM saw long-term decline in gross margin and recent charges filed against it Martin Whitman,Third Avenue Management - Chip Rewey Cuts General Motors Position In Half
Third Avenue Value Fund manager, Robert “Chip” Rewey, slashed 696,700 shares of General Motors (NYSE:GM), a 53% reduction to his position, during the second quarter. The sell had a -1.75% impact on the Third Avenue Value Fund portfolio. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Third Avenue Management Buys 6 Stocks in Second Quarter Martin Whitman's value firm reports second quarter portfolio Martin Whitman - Third Avenue Management Buys 6 Stocks In Second Quarter
Third Avenue Management (Trades, Portfolio) has based its investing on value-driven, bottom-up principles since a recognized leader in the field, Martin Whitman (Trades, Portfolio), founded it in 1986. The firm frequently files its quarterly portfolio update ahead of the deadline of 45 days past the end of the quarter and before many other investors. Third Avenue reported buying one new stock and buying more shares of five of its existing holdings on Thursday, the final day of the second quarter. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Third Avenue Value Fund Purchases Stake in Johnson Controls Company has increased its dividends per share by 11.20% over the last 10 years Martin Whitman - Third Avenue Value Fund Purchases Stake In Johnson Controls
Third Avenue Value Fund purchased a 325,700-share stake in Johnson Controls Inc. (NYSE:JCI) on April 30. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Thoughts on the Brexit - Third Avenue Management 'Events such as the Brexit scenario... are simply facts of life for investors' Martin Whitman - Thoughts On The Brexit - Third Avenue Management
On June 23, 2016, the United Kingdom held a referendum which resulted in the majority of voters expressing a will for the United Kingdom to sever its existing arrangement with the European Union (“EU”). By voting to abandon the existing terms of its relationship with the EU, the referendum result has opened a host of European economic and sovereignty considerations which are likely to linger for some time. Uncertainty will be the norm as the long-term impacts of Brexit unfold. More...

  • Currently 4.20/5

Rating: 4.2/5 (5 votes)

Answers to the Hardest Question: When Do I Sell a Stock? There are 2 primary reasons it makes sense to sell a stock Warren Buffett,Martin Whitman - Answers To The Hardest Question: When Do I Sell A Stock?
The most common complaint I have heard from investors over my 40-plus years in the financial services industry is as follows: "Everyone wants to tell me what to buy and when, but no one ever tells me when to sell." More...

SELL,LONG IDEAS,RETIREMENT,


  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

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...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

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...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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...

Add Notes, Comments

If you want to ask a question or report a bug, please create a support ticket.

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
FEEDBACK