Third Avenue Management

Third Avenue Management

Last Update: 11-14-2016
Related: Martin Whitman

Number of Stocks: 111
Number of New Stocks: 2

Total Value: $2,182 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 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 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...
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 Read more...
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. Read more...
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, Read more...
» More Third Avenue Management Articles

Commentaries and Stories

  • 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 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 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...

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