Third Avenue Management

Third Avenue Management

Last Update: 06-08-2016
Related: Martin Whitman

Number of Stocks: 114
Number of New Stocks: 12

Total Value: $2,600 Mil
Q/Q Turnover: 8%

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 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 Third Avenue Management Articles

Commentaries and Stories

  • 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...

  • Currently 5.00/5

Rating: 5.0/5 (3 votes)

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...

  • Currently 1.00/5

Rating: 1.0/5 (1 vote)

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...

  • Currently 5.00/5

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...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

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...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Energy Company Enters RSA; Gurus Buy the Stock Anyway A Hero might be going bankrupt, but gurus still believe it has upside George Soros,Third Avenue Management - Energy Company Enters RSA; Gurus Buy The Stock Anyway
Offshore drilling company Hercules Offshore Inc. (HERO) has entered into a restructuring support aggrement (RSA) with its lenders as a first step of the bankruptcy protection process. According to the company's press release, Hercules Offshore will make various restructuring reforms under it's RSA, including: soliciting and filing Chapter 11 petitions to its first-lien lenders, providing shareholder recoveries, and transfering unsold assets into wind-down vehicles. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Third Avenue Management Q2 2016 International Value Letter Review of international economy and holdings Third Avenue Management - Third Avenue Management Q2 2016 International Value Letter
Fund Performance More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Third Avenue Management Comments on Weyerhaeuser Guru stock highlight
An example of one of our portfolio holdings which has, and continues to have, opportunities for self-help is Weyerhaeuser (NYSE:WY). Weyerhaeuser is one of the Fund’s largest holdings and, as stated above, was our most significant contributor to performance, with a total return of 26.8%, during the quarter. We added to the position during the quarter on weakness. We believe the company remains attractively priced given its high-quality assets and additional opportunities for longer-term growth.Weyerhaeuser is a well-capitalized U.S.-based forest products company with timberland holdings, wood products used in homebuilding, and cellulose fibers used in absorbency products such as paper towels. The company had been negatively impacted by macro-related headwinds from a decline in demand from China and continued weak U.S. housing markets. CEO Doyle Simons, hired in 2013, responded with numerous measures. The company streamlined its operations by selling off its homebuilding business, bolstered its timberlands portfolio More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Third Avenue Management Comments on Johnson Controls Guru stock highlight
Johnson Controls, Inc. (NYSE:JCI) As mentioned above, we used the market volatility in the quarter to establish a new position in Johnson Controls (NYSE:JCI) common stock. We are impressed with management and with the opportunities for growth as the company focuses attention on its core businesses in building systems products and services and power solutions. During the quarter, the company continued to make progress with its plans to spin-off its automotive business (seating and interiors) and announced a merger with Tyco, a leader in commercial fire and security solutions, which is complementary to JCI’s operations in HVAC and building automation systems. The building products and services business has tailwinds driven by improvements in non-residential construction as well as opportunities for growth as JCI increases its presence in the residential market. As the global leader in non-residential HVAC and industrial refrigeration, JCI benefits from a 90%+ renewal rate once More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Third Avenue Management Comments on Apache Guru stock highlight
Apache (NYSE:APA) surprised many investors by reporting decent quarterly earnings. Most importantly, additional funding was not needed given its solid financial position. As most energy peers are battling stressed balance sheets, we were pleased (but not surprised) Apache avoided raising capital at a disadvantageous time. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Third Avenue Management Comments on Comerica Guru stock highlight
Comerica (NYSE:CMA) also benefitted from company-specific factors. Shareholder activists are leaning on Comerica management to boost returns or sell to a larger peer. We have always believed that one of the core contributors over the long-term is not just business fundamentals, but also a dedicated and open management team that pursues opportunities that can accelerate the creation of shareholder value. Comerica management took control of the situation and announced that it hired Boston Consulting Group in April to advise on strategic intiatives. We are eager to hear the recommendations and we are encouraged that management is open to a wide variety of options. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

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...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Dutch Online Broker Binckbank Faces Substantial Headwinds Binckbank has witnessed falling revenues with negative interest rates, roboadvisors and volatile markets Third Avenue Management - Dutch Online Broker Binckbank Faces Substantial Headwinds
Binckbank (BINCK) is a Dutch-based online broker and bank. The stock has had an excellent dividend payout over the last few years but has faced headwinds with negative interest rates, roboadvisors and volatile equity markets. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

First Eagle Investment Boosts Stake in American Express These were the fund's largest buys in the 1st quarter First Eagle Investment,Third Avenue Management,T R - First Eagle Investment Boosts Stake In American Express
First Eagle Investment (Trades, Portfolio) is an independent firm with approximately $94 billion in assets under management. During the first quarter the fund bought shares in many stocks: More...

  • Currently 4.00/5

Rating: 4.0/5 (2 votes)

3 Stocks Warren Buffett Should Buy Third Avenue Chip Rewey's ideas, live from GuruFocus Value Conference Third Avenue Management - 3 Stocks Warren Buffett Should Buy
Chip Rewey, portfolio manager of Third Avenue's flagship Value Fund and Small-Cap Fund, laid out three stock ideas that he said Warren Buffett (Trades, Portfolio) should be interested in, while speaking at GuruFocus' Value Conference Friday. More...

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Rating: 0.0/5 (0 votes)

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...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Third Avenue Sheds 489,500 Shares of Symantec Symantec operates in highly competitive industry Third Avenue Management - Third Avenue Sheds 489,500 Shares Of Symantec
Martin Whitman is a Bronx native who has more than 67 years of investment experience. Whitman graduated from Syracuse University and spent the next 25 years split between working as a security analyst and an investment banker for Sears. More...

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