Third Avenue Management

Third Avenue Management

Last Update: 02-13-2015
Related: Martin Whitman

Number of Stocks: 139
Number of New Stocks: 9

Total Value: $3,967 Mil
Q/Q Turnover: 9%

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 (%)
20144.8813.69-8.8
201318.8432.39-13.5
201227.481611.5
3-Year Cumulative58.9 (16.7%/year)74.6 (20.4%/year)-15.7 (-3.7%/year)
2011-20.862.11-23.0
201013.8715.06-1.2
5-Year Cumulative43.2 (7.4%/year)105.1 (15.5%/year)-61.9 (-8.1%/year)
200944.5126.4618.0
2008-45.61-37-8.6
20075.765.490.3
200614.6915.79-1.1
200516.494.9111.6
10-Year Cumulative59 (4.7%/year)109.4 (7.7%/year)-50.4 (-3%/year)
200426.6210.8815.7
200310.4628.68-18.2
20027.13-22.129.2
200110.82-11.8922.7
20000.91-9.110.0
15-Year Cumulative166.5 (6.8%/year)86.4 (4.2%/year)80.1 (2.6%/year)
199910.0621.04-11.0
199816.7228.58-11.9
1997-5.0333.36-38.4
199611.0222.96-11.9
19952.3637.58-35.2
20-Year Cumulative269.4 (6.8%/year)554.6 (9.8%/year)-285.2 (-3%/year)
1994-3.221.32-4.5
19931.3610.08-8.7
199210.887.623.3
1991-0.2630.47-30.7

Top Ranked Articles

New Guru Added: Third Avenue Management
GuruFocus is pleased to announce that we have added Third Avenue Management into our List of Gurus. Third Avenue Management was founded by legendary investor Martin Whitman. Read more...
Viterra: Case Study for Safe and Cheap Investing
Recently, Morningstar interviewed Amit Wadhwaney at Third Avenue Management (TAM) and Wadhwaney discussed one of his Canadian holding - Viterra. This interview piqued my interest in Viterra, and I spent some time digging through the annual reports of Viterra and Wadhwaney’s letters to shareholders to understand his investment thesis. Upon investigation, I found that Viterra fits TAM’s “safe and cheap” investing framework perfectly. In this case study (it is much longer than most articles on this website, but it is a case-study), I want to use TAM’s investment in Viterra to show how safe and cheap investing works and highlight how it differs from other value investing methodologies. Read more...
Third Avenue Management Buys Lowes, Teleflex, American Eagle Outfitters, Tellabs, Sells Pharmaceutical Product Development, Nabors Industries
Managing mutual funds, separate accounts, and hedge funds, Third Avenue Management was founded by the legendary value investor Martin Whitman. As such, it employs a similar investing philosophy as its chairman, using the current balance sheet to determine a company's value rather than future projections of revenue and earnings. The fund targets underpriced companies that have capable management and strong finances. As of 09/30/2011, Third Avenue Management owns 116 stocks with a total value of $4 billion. These are the details of the buys and sells. Read more...
Third Avenue Says Weyerhaeuser Good Play on Long-Term Turn in Housing
Third Avenue Management is a value investing firm with over $16 billion under management. David Barse, its president and CEO, told CNBC recently that with so many investors distracted by social media IPOs and potential future earners, his firm is more easily finding attractive value stocks with great earnings now. Read more...
Third Avenue Management Buys MGIC Investment Corp., Haynes International Inc., Imation Corp., Sells Canadian Natural Resources Ltd., Whiting Petroleum Corp., EnCana Corp.
Third Avenue Management, led by its founder and chairman Martin Whitman, seeks safe and cheap investments. Whitman bets heavily with mortgage insuruers like Radian and MGIC. He is convinced and he has been buying more of those. These are their buys and sells during the fourth quarter. Read more...
» More Third Avenue Management Articles

Commentaries and Stories

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How Investors Should Think About Holding Companies, with Amit Wadhwaney of Third Avenue Management
More...

AMIT WADHWANEY, THIRD AVENUE MANAGEMENT


  • Currently 3.33/5

Rating: 3.3/5 (3 votes)

Triple Screen Winner: Westwood Holding Group Third Avenue Management,Chuck Royce,Jim Simons,Mar - Triple Screen Winner: Westwood Holding Group
Each month, GuruFocus writer Vera Yuan researches and presents lists of stocks that manage to pass multiple screeners, in different regions (How Many Stocks Can Pass GuruFocus Value Screeners? – March 6, 2015). More...

FINANCIAL, ASSET MANAGEMENT, MUTUAL FUNDS, LONG


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Weekly 3-Year Low Highlights: ABI, YOKU, DAR, BPT, EFC
According to GuruFocus list of 3-year lows, Safety First Trust Series 2009-2 (ABI), Youku Tudou Inc (YOKU), Darling Ingredients Inc (DAR), BP Prudhoe Bay Royalty Trust (BPT) and Ellington Financial LLC (EFC) have all reached their 3-year lows. More...

WEEKLY, 3, YEAR, LOW, HIGHLIGHTS


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Weekly Guru Bargains Highlights: PKX, CM, PXD, BNS, BBL
According to GuruFocus updates, these stocks have declined the most since Gurus have bought. More...

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Third Avenue: Picking Low Hanging Fruit
David Barse of Third Avenue Management (Trades, Portfolio) went on CNBC where he discuss his picks stock picks for a volatile market. More...

THIRD AVENUES,STOCKS,VALUE INVESTING,LONG-TERM,SOUND,BALANCE SHEET


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Guru Stocks at 52-Week Lows: DCM, NTT, BBVA, MFG, PKX
According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows. More...

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Weekly CEO Buys Highlight: ENH, JRVR, RM, RYN, CLMS Third Avenue Management,Joel Greenblatt - Weekly CEO Buys Highlight: ENH, JRVR, RM, RYN, CLMS
According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below: More...

CEO buys, Insider buys


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Martin Whitman's Third Avenue 4Q 2014 Shareholder Letter
Dear Fellow Shareholders, More...

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Rating: 5.0/5 (2 votes)

Third Avenue International Value Fund Q4 Commentary
Dear Fellow Shareholders, More...

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Third Avenue Small Cap Fund Q4 Commentary
Dear Fellow Shareholders, More...

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Rating: 5.0/5 (1 vote)

Marty Whitman's Third Avenue Funds Q4 Portfolio Manager Commentary
Dear Fellow Shareholders, More...

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The Value Conference in Review - Third Avenue Credit Team on Event Driven Investing
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Rating: 5.0/5 (1 vote)

The Value Conference in Review - Third Avenue Credit Team on Event Driven Investing
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Weekly CEO Buys Highlight: SONS, OPK, AKS, ARAY, ENH
According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below: More...

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Rating: 0.0/5 (0 votes)

Third Avenue Management's Amit Wadhwaney On Holding Companies
The most impressive thing about Warren Buffett (Trades, Portfolio) is that he has created his huge wealth by repeatedly making great investment decisions. More...

Third Avenue Management, Amit Wadhwaney


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Rating: 5.0/5 (1 vote)

Marty Whitman's Third Avenue Buys 2 Forest Products Companies Martin Whitman,Third Avenue Management - Marty Whitman's Third Avenue Buys 2 Forest Products Companies
Third Avenue Management (Trades, Portfolio) was founded by Marty Whitman in 1974 and now has teams of portfolio managers working on its portfolios. In its third quarter letter, managers said they were not having trouble finding good value investments in the strong markets. They wrote: More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Third Avenue Real Estate Value Fund Second Quarter 2014
Dear Fellow Shareholders, We are pleased to provide you with the Third Avenue Real Estate Value Fund’s (Fund) report for the quarter ended July 31, 2014. More...

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Rating: 5.0/5 (1 vote)

Third Avenue Small-Cap Value Fund Second Quarter Commentary
Dear Fellow Shareholders, More...

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Third Avenue Management Comments on Prosperity Bancshares
The addition of Prosperity Common expanded the Fund’s bank basket to six holdings. Houston-based Prosperity Bancshares (PB) is a bank holding company operating with a traditional community banking mindset, a far cry from the behemoth money center banks that have been exposed as too big to manage, too big to regulate and just plain too conflicted. it appears that management runs a tight ship: the company has been profitable every year since its formation, even during the massive economic downturn in Texas in the late 1980’s and during the 2008/2009 financial crisis. Historically the company has grown by making opportunistic acquisitions of banks and branches around Texas. During 2008, for example, the bank acquired $3.6 billion of deposits and certain assets of Franklin Bank from the Federal Deposit insurance Corporation, as receiver. Management’s wellmanaged, bolt-on acquisition strategy along with superb efficiency and conservative underwriting have produced an enviable track record, with adjusted book value1 compounding at mid-teens rates over the past five, ten and fifteen years. Our analysis suggests that management has an ample runway to continue doing more of the same. More...

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Third Avenue Management Comments on Actuant
We view Wisconsin-based Actuant (ATU) as an industrial “miniconglomerate” distinguished by its operational strength, broadly respected brands and deep distributor relationships. Historically acquisitive, the company manufactures highly specialized industrial products, everything from hydraulic tools for the construction, rail and power generation industries, to pipeline connectors and concrete tensioners for the oil and gas industry, to smaller motion control systems used by truck, auto andWe view Wisconsin-based actuant as an industrial “miniconglomerate” distinguished by its operational strength, broadly respected brands and deep distributor relationships. Historically acquisitive, the company manufactures highly specialized industrial products, everything from hydraulic tools for the construction, rail and power generation industries, to pipeline connectors and concrete tensioners for the oil and gas industry, to smaller motion control systems used by truck, auto and agricultural vehicle Original Equipment Manufacturers (“OEMs”). Management’s efforts to diversify the business have expanded the company’s presence into 30 countries, dampened the cyclicality of many More...

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