Third Avenue Management

Third Avenue Management

Last Update: 02-12-2016
Related: Martin Whitman

Number of Stocks: 108
Number of New Stocks: 5

Total Value: $3,089 Mil
Q/Q Turnover: 1%

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

Third Avenue Management' s Profile & Performance

Profile

Founded by legendary value investor Martin Whitman, Third Avenue Management manages mutual funds, separate accounts and hedge funds. The mutual funds include, Third Avenue Value Fund, managed by Martin Whitman, Third Avenue Small-Cap Value Fund, managed by Curtis Jensen, Third Avenue Real Estate Value Fund, managed by Michael Winer, and Third Avenue International Value Fund, managed by Amit Wadhwaney. All of these funds have achieved outstanding performances compared with peers.


We also have Martin Whitman in our List of Gurus. There are overlaps between the portfolio of Third Avenue Management and Martin Whitman's portfolio (Third Avenue Value Fund)

Web Page:http://thirdavenuefunds.com/taf/index.html

Investing Philosophy

Third Avenue Management, led by its founder and chairman, Martin Whitman, are balance sheet value investors. They think that the current balance sheet, rather than its projected future revenues and earnings, is the best measure of a company's value. They seek to invest in safe companies that are cheaply priced.

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
2011-20.862.11-23.0
5-Year Cumulative15.2 (2.9%/year)80.4 (12.5%/year)-65.2 (-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 Cumulative25.1 (2.3%/year)102 (7.3%/year)-76.9 (-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 (6.1%/year)107.5 (5%/year)34.5 (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 Cumulative230.7 (6.2%/year)381.4 (8.2%/year)-150.7 (-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 Cumulative267.2 (5.3%/year)937.3 (9.8%/year)-670.1 (-4.5%/year)

Top Ranked Articles

Third Avenue Value Fund Trims Stake in NVIDIA Stock price has fallen since beginning of year
Legendary guru Martin Whitman has more than 67 years of experience in the investment industry. A Bronx native, Whitman began his career shortly after graduating from Syracuse University with a degree in business administration in 1949. Whitman seized an opportunity to begin his career working as a security analyst for Shearson Hammill. After gaining valuable experience, Whitman took advantage of another opportunity and began working as an investment banker for the owners of the Sears Roebuck fortune, the Rosenwald family who actively managed Sears' department stores in the early 1900s. Read more...
Third Avenue Buys Baxter Spin-Off Martin Whitman-led firm takes stake in biopharmaceutical company Baxalta
Guru Martin Whitman is the founder of Third Avenue Management (Trades, Portfolio). Whitman was born in the Bronx, where he grew up. He went on to graduate from Syracuse University with a degree in business administration. Whitman also has a master's in economics from the The New School. Read more...
Berkshire Hathaway, Wells Fargo, China Mobile, Novartis, Bank of America Reach 52-Week Lows According to GuruFocus' list, these stocks have reached their 52-week milestones
According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows. Read more...
What Third Avenue Management Thinks Market Has Over-Punished Market has overreacted about some solid areas, managers said
With volatility and enthusiasm for growth stocks marking the year-end market, long-term investors Third Avenue Management (Trades, Portfolio) spotted some compelling areas facing temporary setbacks to invest in and gave their trading details in their fourth quarter portfolio update Tuesday. Read more...
Third Avenue Value Fund Sells Nearly Half of Stake in POSCO Baxalta is guru's only new buy in 4th quarter
Although Martin Whitman (Trades, Portfolio) has a reputation for being a “buy and hold” investor, many of Third Avenue Value Fund's largest transactions in the fourth quarter, which ended Oct. 31, 2015, were reductions. Read more...
» More Third Avenue Management Articles

Commentaries and Stories

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Third Avenue Value Fund Trims Stake in NVIDIA Stock price has fallen since beginning of year Martin Whitman,Third Avenue Management - Third Avenue Value Fund Trims Stake In NVIDIA
Legendary guru Martin Whitman has more than 67 years of experience in the investment industry. A Bronx native, Whitman began his career shortly after graduating from Syracuse University with a degree in business administration in 1949. Whitman seized an opportunity to begin his career working as a security analyst for Shearson Hammill. After gaining valuable experience, Whitman took advantage of another opportunity and began working as an investment banker for the owners of the Sears Roebuck fortune, the Rosenwald family who actively managed Sears' department stores in the early 1900s. More...

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Third Avenue Buys Baxter Spin-Off Martin Whitman-led firm takes stake in biopharmaceutical company Baxalta Third Avenue Management - Third Avenue Buys Baxter Spin-Off
Guru Martin Whitman is the founder of Third Avenue Management (Trades, Portfolio). Whitman was born in the Bronx, where he grew up. He went on to graduate from Syracuse University with a degree in business administration. Whitman also has a master's in economics from the The New School. More...

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Berkshire Hathaway, Wells Fargo, China Mobile, Novartis, Bank of America Reach 52-Week Lows According to GuruFocus' list, these stocks have reached their 52-week milestones T Boone Pickens,Third Avenue Management,Ruane Cunn - Berkshire Hathaway, Wells Fargo, China Mobile, Novartis, Bank Of America Reach 52-Week Lows
According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows. More...

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What Third Avenue Management Thinks Market Has Over-Punished Market has overreacted about some solid areas, managers said Third Avenue Management, - What Third Avenue Management Thinks Market Has Over-Punished
With volatility and enthusiasm for growth stocks marking the year-end market, long-term investors Third Avenue Management (Trades, Portfolio) spotted some compelling areas facing temporary setbacks to invest in and gave their trading details in their fourth quarter portfolio update Tuesday. More...

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Third Avenue Value Fund Sells Nearly Half of Stake in POSCO Baxalta is guru's only new buy in 4th quarter Martin Whitman,Third Avenue Management - Third Avenue Value Fund Sells Nearly Half Of Stake In POSCO
Although Martin Whitman (Trades, Portfolio) has a reputation for being a “buy and hold” investor, many of Third Avenue Value Fund's largest transactions in the fourth quarter, which ended Oct. 31, 2015, were reductions. More...

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Third Avenue Cuts Stake in Powell, BlackRock Value firm makes room for other investments Third Avenue Management - Third Avenue Cuts Stake In Powell, BlackRock
Third Avenue Management (Trades, Portfolio) reduced its position in many stocks during the third quarter. Some of the largest reductions were in Powell Industries Inc. (POWL), BlackRock Credit All Inc Trust IV. (BTZ) and Allscripts Healthcare Solutions Inc. More...

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Third Avenue Management's Annual Report Emphasis is on investment-type companies Martin Whitman,Third Avenue Management - Third Avenue Management's Annual Report
Dear Fellow Shareholders: More...

THIRD AVENUE,ANNUAL REPORT,VALUE INVESTING,MARTIN WHITMAN


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Third Avenue International Value Fund Commentary - Part 3 Fund purchases 5 new holdings in 3rd quarter Third Avenue Management - Third Avenue International Value Fund Commentary - Part 3
Investment Activity More...

THIRD AVENUE INTERNATIONAL VALUE FUND,ANNUAL REPORT,PART ONE,LONG-TERM


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Third Avenue International Value Fund Commentary - Part 2 Examining commodity 'super-cycles' Third Avenue Management - Third Avenue International Value Fund Commentary - Part 2
Investment hyperbole seems to have a way of marking cyclical turns as a strong contra-indicator. I don’t recall reading the obituary but I assume the “commodity super-cycle” has been declared dead. If one is to believe newspapers and most sell-side research, commodities have now entered into a period of “lower for longer”. In reality, the commodity super-cycle never existed in the first place outside of media hyperbole. More...

THIRD AVENUE INTERNATIONAL VALUE FUND,ANNUAL REPORT,PART ONE,LONG-TERM


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Third Avenue International Value Fund Commentary - Part 1 Fund examines macroeconomic cycles of Japan and Brazil Third Avenue Management - Third Avenue International Value Fund Commentary - Part 1
Dear Fellow Shareholder, More...

THIRD AVENUE INTERNATIONAL VALUE FUND,ANNUAL REPORT,PART ONE,LONG-TERM


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Third Avenue Real Estate Value Fund Commentary - Part 2 New book 'Superforecasting' studies prediction of measurable outcomes Third Avenue Management - Third Avenue Real Estate Value Fund Commentary - Part 2
“Superforecasting” More...

THIRD AVENUE REAL ESTATE VALUE FUND,ANNUAL REPORT,COMMENTARY,MARTIN WHITMAN


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Third Avenue Real Estate Value Fund Commentary - Part 1 The largest new position in the quarter was Macerich Company Third Avenue Management - Third Avenue Real Estate Value Fund Commentary - Part 1
Dear Fellow Shareholders: More...

THIRD AVENUE REAL ESTATE VALUE FUND,ANNUAL REPORT,COMMENTARY,MARTIN WHITMAN


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Third Avenue Management Profits From Encore Wire But Logs Loss From EP Energy The firm also gained from Rosetta Resources, TopBuild and Excel Trust Third Avenue Management,Martin Whitman,Paul Tudor  - Third Avenue Management Profits From Encore Wire But Logs Loss From EP Energy
In third quarter trading, Third Avenue Management recorded both big profits and big losses. More...

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Third Avenue Management's New Positions New buys include retailer DSW and Noble Energy Third Avenue Management - Third Avenue Management's New Positions
Third Avenue Management (Trades, Portfolio) was founded by legendary value investor Martin Whitman (Trades, Portfolio). It manages mutual funds, separate accounts and hedge funds. More...

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Third Avenue Management Forced to Liquidate Focused Credit Fund Redemptions, reduction of liquidity in fixed income market impact fund at Marty Whitman firm Third Avenue Management - Third Avenue Management Forced To Liquidate Focused Credit Fund
Dear Fellow Shareholders, More...

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Third Avenue Management Comments on Lundin Mining Guru stock highlight
Lundin Mining (TSX:LUN) is a Vancouver headquartered base metals mining company. The company’s operations span Chile, Portugal, Spain, Sweden, United States and D.R.C. and include several assets with exceptionally low cost of production. Lundin Mining also comes with among the best balance sheets in the mining industry and one of the industry’s shrewdest management teams. As compared to the Fund’s other base metal holdings, Lundin Mining falls between Antofagasta and Capstone from a valuation perspective, with Capstone being the least expensive, while adding geographic and asset-risk diversification benefits. The combination of the three holdings represents tremendous long-term value. More...

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Third Avenue Management Comments on Millennium & Copthorne Guru stock highlight
Millennium & Copthorne (LSE:MCL) is a global hotel owner and operator based in the United Kingdom. The company’s portfolio is primarily focused on global “gateway cities”, such as New York, London, and Singapore but also includes properties in other US, European and Asian regions. The company has accumulated an extremely valuable property portfolio, which the current market price fails to appreciate. The company is also exceedingly well-capitalized. Millenium and Copthorne is ultimately controlled by City Developments Ltd of Singapore, which has continued to increase its ownership of the company materially through recent share purchases in the open market. Finally, the company recently appointed a new CEO and commenced a number of initiatives designed to improve operating performance. We expect to realize a value much closer to underlying net asset value as a result of improved operations or an eventual transaction involving the company. More...

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Third Avenue Management Comments on Interfor Guru stock highlight
Interfor (TSX:IFP) is the fourth largest lumber producer in North America. While headquartered in Vancouver, B.C., the company has a fairly balanced production profile with nearly two thirds of its lumber capacity located in the United States. Interfor has participated in a consolidating industry by making a number of acquisitions, growing the proportion of its production located in the US south. The recovery in US single-family housing starts has been sufficiently weak so as to keep lumber prices low by historical standards. Lumber prices are currently at levels sufficient to have caused recent US lumber mill shutdowns. Our expectation is that US single family housing will continue to improve, benefiting the North American lumber industry in the form of improved utilization rates, improved profitability and continued merger and acquisition activity. Interfor would make a terrific acquisition for several industry participants. In the meantime, Interfor will continue to be stewarded by one of the industry’s better management teams. More...

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Third Avenue Management Comments on Prosegur, Compania de Seguridad SA Guru stock highlight
Prosegur, Compania de Seguridad SA More...

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Third Avenue Management Comments on Trinity Place Holdings Guru stock highlight
Another addition to an existing position came from the Fund committing to subscribe to the Trinity Place Holdings (Trinity Place) Rights Offering. Trinity Place (OTCPK:TPHS) was formerly the retail operations of Syms and Filene’s Basement that emerged from bankruptcy in 2013 as a company focused on realizing the value from the remaining assets, including: (i) well-located real estate properties, (ii) intellectual property primarily from Filene’s Basement, and (iii) substantial tax attributes. Since the Fund made its initial investment in 2013, the company has achieved a number of significant milestones under the leadership of its CEO, Matt Messinger, and is now primarily focused on the biggest opportunity within the company’s portfolio: a 240,000 square foot development project on the site of the former Syms store in lower Manhattan. To fund this project, the company will utilize existing resources, construction financing, and proceeds from the company’s $30 million Rights Offering, which is fully backstopped by existing shareholders, including the Fund’s commitment to take up at least its pro-rata share of the offering. The capital raise should enable the company More...

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Amyboby
ReplyAmyboby - 3 months ago
Il ya de magnifiques photos mises à jour quotidiennement, s'il vous plaît prêter attention à mon site: Rolex

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