Third Avenue Management

Third Avenue Management

Last Update: 07-09-2015
Related: Martin Whitman

Number of Stocks: 133
Number of New Stocks: 10

Total Value: $3,989 Mil
Q/Q Turnover: 7%

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...
GuruFocus Interview: Deep Value Investor Chip Rewey of Third Avenue
When Marty Whitman stepped down in 2012 from managing the flagship Value Fund at his firm Third Avenue Management (Trades, Portfolio), it was during the midst of a difficult environment for deep value investors. Robert “Chip” Rewey now oversees the Value Fund and four others at Third Avenue and is staying true to Whitman’s style, which includes maintaining a concentrated portfolio with an eye towards long-term returns. 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...
» More Third Avenue Management Articles

Commentaries and Stories

  • Currently 4.86/5

Rating: 4.9/5 (7 votes)

GuruFocus Interview: Deep Value Investor Chip Rewey of Third Avenue Third Avenue Management,Martin Whitman - GuruFocus Interview: Deep Value Investor Chip Rewey Of Third Avenue
When Marty Whitman stepped down in 2012 from managing the flagship Value Fund at his firm Third Avenue Management (Trades, Portfolio), it was during the midst of a difficult environment for deep value investors. Robert “Chip” Rewey now oversees the Value Fund and four others at Third Avenue and is staying true to Whitman’s style, which includes maintaining a concentrated portfolio with an eye towards long-term returns. More...

CHIP REWEY, THIRD AVENUE, MARTIN WHITMAN, INTERVIEW, Q&A


  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

Third Avenue Management Sells Stake in Target Third Avenue Management, Martin Whitman - Third Avenue Management Sells Stake In Target
Third Avenue Management (Trades, Portfolio), the creation of Martin Whitman (Trades, Portfolio), is guided by current balance sheets, not projected future revenues and earnings, when making investment decisions. While many of the gurus we follow struggled in 2014, Third Avenue Management (Trades, Portfolio) enjoyed returns in positive territory (4.88%). Third Avenue’s returns in 2013 were even better (18.84%); the returns in 2012 (27.48%) were better still. More...

Third Avenue Management, Martin Whitman, Target


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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 (NYSE:YOKU), Darling Ingredients Inc (NYSE:DAR), BP Prudhoe Bay Royalty Trust (NYSE:BPT) and Ellington Financial LLC (NYSE:EFC) have all reached their 3-year lows. More...

WEEKLY, 3, YEAR, LOW, HIGHLIGHTS


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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

  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

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

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

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

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

The Value Conference in Review - Third Avenue Credit Team on Event Driven Investing
  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

The Value Conference in Review - Third Avenue Credit Team on Event Driven Investing
  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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...

  • Currently 0.00/5

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


  • Currently 5.00/5

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...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

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

Add Notes, Comments

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

User Comments

No comment yet

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)

GuruFocus Premium Plus Membership

FEEDBACK