
	Third Avenue Management 13F
	Third Avenue Management

	Last update 2023-08-14	58 Stocks (5 new)
	Value $606.00 Mil	Turnover 5 %
	Countries: Top Holdings: TDW(10.05%) HCC(8.64%) DB(5.28%) VAL(4.36%) CMA(4.02%) Portfolio Report

Third Avenue Management Profile

Founded by legendary value investor Martin Whitman, Third Avenue Management manages mutual funds, separate accounts and hedge funds. Since 2002, Third Avenue Management has partnered with Affiliated Managers Group, a publicly traded asset manager that has invested in a diverse stable of boutique asset management firms. This partnership allowed Third Avenue to extend ownership rights to its senior professionals, including key members of the investment team, providing a clear and transparent succession plan for the Firm and all of its principals.
Third Avenue Management manages assets across four core strategies — Value, Small-Cap, Real Estate and International Real Estate – which are available to investors through 40Act mutual funds, institutional separately managed accounts and a Real Estate Value Fund UCITS for non-U.S. investors.

Third Avenue Management Investing Philosophy

For over 25 years, Third Avenue Management has consistently pursued a fundamental, bottom-up approach to deep value and distressed investing. Third Avenue takes an unconstrained investment approach and pursues opportunities across market capitalizations and geographies. The firm's core real estate, value and small-cap strategies focus on high-conviction ideas, pursuing maximum allocation to the best risk-adjusted return prospects across our universe.

Third Avenue Management Portfolio and Latest Trades

Ticker
Ticker
TDW
VAL
LEN.B
EME
CMA
JLL
DHI
TPH
IVT
MSGE
KALU
PLD
SUPN
SUI
SPHR
EQC
LOW
ITIC
MYRG
UNF
WSR
ELME
ICFI
ECPG
FIX
DB
BATRA
RMR
ROIC
CTO
HA
LAZ
ORI
HCC
BN
CBRE
CCF
FPH
FRPH
HBB
PRA
RYN
SEB
UHAL.B
UMBF
WASH
WY
TDW
HA
CMA
JLL
LEN.B
IVT
LAZ
HCC
FPH
FNF
AMH
TPH
MYRG
DB
PRA
UMBF
STRS
DHI
WASH
ECPG
VAL
SPHR
RYN
WY
PLD
URTH
CBRE
FR
ORI
BAM
BN
DB
UHAL
UHAL.B
TDW
ECPG
LEN.B
HA
BAM
HCC
LOW
BSIG
FPH
SBSI
CALM
EME
FIX
RYN
VAL
DHI
SPHR
WY
FNF

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
TDW	Tidewater Inc	2023-06-30	Reduce	-2.23%	● 39.6 ($45.76) 55.44	$68.12	48.86%	Reduce -21.19%	1,098,599	-295,408
VAL	Valaris Ltd	2023-06-30	Add	+1.15%	● 55 ($60.35) 66.96	$73.25	21.38%	Add 35.74%	419,726	110,522
LEN.B	Lennar Corp	2023-06-30	Reduce	-0.92%	● 86.71 ($98.59) 112.98	$100.84	2.28%	Reduce -21.98%	213,368	-60,100
EME	EMCOR Group Inc	2023-06-30	Sold Out	-0.91%	● 152.82 ($167.2) 184.78	$207.55	24.13%	Sold Out	0	-32,597
CMA	Comerica Inc	2023-06-30	Add	+0.66%	● 31.21 ($40.46) 47.09	$40.16	-0.73%	Add 19.68%	574,906	94,548
JLL	Jones Lang LaSalle Inc	2023-06-30	Add	+0.59%	● 127.27 ($141.85) 155.8	$136.25	-3.95%	Add 45.17%	74,378	23,143
DHI	D.R. Horton Inc	2023-06-30	Reduce	-0.56%	● 95.64 ($109.16) 123.05	$105.26	-3.57%	Reduce -16.9%	165,678	-33,696
TPH	Tri Pointe Homes Inc	2023-06-30	Reduce	-0.45%	● 24.75 ($29.22) 33.16	$26.92	-7.87%	Reduce -39.88%	155,997	-103,466
IVT	InvenTrust Properties Corp	2023-06-30	Reduce	-0.44%	● 20.92 ($22.57) 23.98	$23.28	3.15%	Reduce -20.27%	432,819	-110,033
MSGE	Madison Square Garden Entertainment Corp	2023-06-30	Sold Out	-0.41%	● 28.7 ($34.31) 40.09	$32.82	-4.34%	Sold Out	0	-81,238
KALU	Kaiser Aluminum Corp	2023-06-30	Add	+0.38%	● 57.36 ($66.24) 74.81	$73.76	11.35%	Add 50.39%	96,721	32,406
PLD	Prologis Inc	2023-06-30	Reduce	-0.38%	● 116.9 ($123.04) 128.08	$109.28	-11.18%	Reduce -10.49%	150,531	-17,635
SUPN	Supernus Pharmaceuticals Inc	2023-06-30	Add	+0.32%	● 29.91 ($35.01) 38.73	$27.09	-22.62%	Add 2626.1%	67,062	64,602
SUI	Sun Communities Inc	2023-06-30	New Buy	+0.25%	● 125.13 ($133.87) 141.8	$114.33	-14.60%	New holding	11,517	11,517
SPHR	Sphere Entertainment Co	2023-06-30	Add	+0.21%	● 21.53 ($26.53) 31.31	$43.33	63.31%	Add 58.49%	128,752	47,514
EQC	Equity Commonwealth	2023-06-30	New Buy	+0.18%	● 20.21 ($20.7) 21.3	$18.15	-12.32%	New holding	55,000	55,000
LOW	Lowe's Companies Inc	2023-06-30	Reduce	-0.17%	● 198.57 ($207.87) 225.7	$205.53	-1.13%	Reduce -8.15%	57,096	-5,063
ITIC	Investors Title Co	2023-06-30	New Buy	+0.16%	● 131.15 ($141.75) 154.9	$147.76	4.24%	New holding	6,673	6,673
MYRG	MYR Group Inc	2023-06-30	Reduce	-0.14%	● 117.93 ($130.48) 139.81	$130.37	-0.08%	Reduce -7.24%	80,885	-6,316
UNF	UniFirst Corp	2023-06-30	Add	+0.13%	● 155.01 ($168.37) 181.22	$161.97	-3.80%	Add 32.76%	19,837	4,895
WSR	Whitestone REIT	2023-06-30	New Buy	+0.13%	● 8.22 ($9.01) 9.82	$9.37	4.00%	New holding	80,000	80,000
ELME	Elme Communities	2023-06-30	New Buy	+0.12%	● 15.07 ($16.54) 18.11	$13.49	-18.44%	New holding	45,000	45,000
ICFI	ICF International Inc	2023-06-30	Reduce	-0.11%	● 108.02 ($115.31) 126.16	$119.72	3.82%	Reduce -9.44%	57,779	-6,023
ECPG	Encore Capital Group Inc	2023-06-30	Add	+0.10%	● 43.07 ($48.69) 53.23	$47.66	-2.12%	Add 9.12%	144,955	12,118
FIX	Comfort Systems USA Inc	2023-06-30	Reduce	-0.08%	● 129.31 ($148.66) 166.3	$167.45	12.64%	Reduce -11.06%	25,704	-3,198
DB	Deutsche Bank AG	2023-06-30	Add	+0.06%	● 9.95 ($10.53) 11.04	$10.60	0.62%	Add 1.24%	3,048,570	37,467
BATRA	Atlanta Braves Holdings Inc	2023-06-30	Reduce	-0.06%	● 34.58 ($38.59) 41.38	$39.10	1.32%	Reduce -5.56%	164,438	-9,690
RMR	The RMR Group Inc	2023-06-30	Add	+0.04%	● 21.14 ($23.4) 26.24	$24.13	3.12%	Add 42.31%	37,000	11,000
ROIC	Retail Opportunity Investments Corp	2023-06-30	Add	+0.03%	● 12.06 ($12.98) 13.96	$12.06	-7.09%	Add 20%	90,000	15,000
CTO	CTO Realty Growth Inc	2023-06-30	Add	+0.01%	● 15.83 ($16.53) 17.26	$15.97	-3.39%	Add 8.85%	63,000	5,121
HA	Hawaiian Holdings Inc	2023-06-30	Add	+0.01%	● 7.34 ($8.67) 10.77	$5.74	-33.85%	Add 0.39%	1,562,125	5,992
LAZ	Lazard Ltd	2023-06-30	Add	+0.01%	● 28.15 ($30.95) 35.25	$29.95	-3.23%	Add 0.41%	550,206	2,256
ORI	Old Republic International Corp	2023-06-30	Add	+0.01%	● 24.22 ($25.05) 25.72	$26.32	5.07%	Add 0.23%	836,331	1,900
HCC	Warrior Met Coal Inc	2023-06-30	Add	+0.01%	● 32.78 ($36.22) 39.38	$49.88	37.73%	Add 0.12%	1,344,911	1,644
BN	Brookfield Corp	2023-06-30	Reduce	0%	● 30.04 ($31.81) 33.65	$30.11	-5.34%	Reduce -0.02%	521,123	-103
CBRE	CBRE Group Inc	2023-06-30	Reduce	0%	● 69.84 ($74.84) 80.71	$72.47	-3.16%	Reduce -0.02%	181,189	-32
CCF	Chase Corp	2023-06-30	Reduce	0%	● 99.75 ($114.77) 130.48	$127.14	10.78%	Reduce -0.25%	40,192	-100
FPH	Five Point Holdings LLC	2023-06-30	Reduce	0%	● 2.24 ($2.4) 2.96	$2.91	21.25%	Reduce -0.04%	3,751,240	-1,360
FRPH	FRP Holdings Inc	2023-06-30	Reduce	0%	● 52.81 ($57.31) 61.03	$54.08	-5.64%	Reduce -0.14%	126,489	-182
HBB	Hamilton Beach Brands Holding Co	2023-06-30	Reduce	0%	● 9.21 ($9.96) 10.71	$12.41	24.60%	Reduce -0.16%	569,404	-894
PRA	ProAssurance Corp	2023-06-30	Reduce	0%	● 12.12 ($15.78) 18.85	$18.18	15.22%	Reduce -0.13%	443,510	-575
RYN	Rayonier Inc	2023-06-30	Reduce	0%	● 28.42 ($30.78) 33.27	$27.83	-9.58%	Reduce -0.02%	446,208	-68
SEB	Seaboard Corp	2023-06-30	Reduce	0%	● 3525.62 ($3798.05) 3999.85	$3,733.87	-1.69%	Reduce -0.13%	2,333	-3
UHAL.B	U-Haul Holding Co	2023-06-30	Reduce	0%	● 45.26 ($52.34) 59.05	$51.28	-2.03%	Reduce -0.01%	312,421	-23
UMBF	UMB Financial Corp	2023-06-30	Reduce	0%	● 54.27 ($59.67) 67.24	$60.49	1.37%	Reduce -0.09%	149,284	-139
WASH	Washington Trust Bancorp Inc	2023-06-30	Reduce	0%	● 22.59 ($28.07) 34.66	$25.91	-7.70%	Reduce -0.08%	204,152	-162
WY	Weyerhaeuser Co	2023-06-30	Reduce	0%	● 28.25 ($30.1) 33.51	$29.98	-0.40%	Reduce -0.02%	485,242	-105
TDW	Tidewater Inc	2023-03-31	Reduce	-2.67%	● 34.02 ($42.97) 51.78	$68.12	58.53%	Reduce -23.02%	1,394,007	-416,918
HA	Hawaiian Holdings Inc	2023-03-31	Add	+1.43%	● 7.58 ($10.59) 13.35	$5.74	-45.85%	Add 141%	1,556,133	910,431
CMA	Comerica Inc	2023-03-31	Add	+1.31%	● 40.4 ($64.09) 76.94	$40.16	-37.33%	Add 58.3%	480,358	176,912
JLL	Jones Lang LaSalle Inc	2023-03-31	New Buy	+1.27%	● 137.2 ($166.69) 185.01	$136.25	-18.26%	New holding	51,235	51,235
LEN.B	Lennar Corp	2023-03-31	Reduce	-0.71%	● 76.13 ($83.64) 89.35	$100.84	20.56%	Reduce -16.63%	273,468	-54,540
IVT	InvenTrust Properties Corp	2023-03-31	Reduce	-0.61%	● 21.31 ($23.6) 25.22	$23.28	-1.36%	Reduce -21.58%	542,852	-149,368
LAZ	Lazard Ltd	2023-03-31	Add	+0.52%	● 32.2 ($36.89) 41.16	$29.95	-18.81%	Add 20.09%	547,950	91,664
HCC	Warrior Met Coal Inc	2023-03-31	Add	+0.43%	● 32.11 ($36.97) 42.44	$49.88	34.93%	Add 5.39%	1,343,267	68,653
FPH	Five Point Holdings LLC	2023-03-31	Reduce	-0.38%	● 2.03 ($2.34) 2.77	$2.91	24.36%	Reduce -19.8%	3,752,600	-926,403
FNF	Fidelity National Financial Inc	2023-03-31	Reduce	-0.37%	● 32.11 ($39.35) 44.74	$39.50	0.38%	Reduce -32.02%	121,428	-57,197
AMH	American Homes 4 Rent	2023-03-31	Reduce	-0.30%	● 28.91 ($31.9) 35.49	$32.97	3.34%	Reduce -13.88%	355,823	-57,340
TPH	Tri Pointe Homes Inc	2023-03-31	Reduce	-0.23%	● 18.95 ($22.65) 25.32	$26.92	18.85%	Reduce -21.42%	259,463	-70,715
MYRG	MYR Group Inc	2023-03-31	Reduce	-0.22%	● 92.06 ($107.53) 126.01	$130.37	21.24%	Reduce -13.82%	87,201	-13,986
DB	Deutsche Bank AG	2023-03-31	Add	+0.21%	● 9.35 ($11.96) 13.49	$10.60	-11.41%	Add 4.25%	3,011,103	122,738
PRA	ProAssurance Corp	2023-03-31	Add	+0.21%	● 17.5 ($18.8) 19.97	$18.18	-3.29%	Add 17.16%	444,085	65,042
UMBF	UMB Financial Corp	2023-03-31	Add	+0.20%	● 57.72 ($81.27) 91.96	$60.49	-25.57%	Add 15.87%	149,423	20,471
STRS	Stratus Properties Inc	2023-03-31	Sold Out	-0.20%	● 18.74 ($20.8) 23.15	$26.04	25.19%	Sold Out	0	-60,245
DHI	D.R. Horton Inc	2023-03-31	Reduce	-0.17%	● 90.26 ($95.36) 102.94	$105.26	10.38%	Reduce -5.28%	199,374	-11,123
WASH	Washington Trust Bancorp Inc	2023-03-31	Add	+0.13%	● 34.66 ($42.18) 48.32	$25.91	-38.57%	Add 11.8%	204,314	21,569
ECPG	Encore Capital Group Inc	2023-03-31	Add	+0.12%	● 44.56 ($52.28) 57.54	$47.66	-8.84%	Add 11.13%	132,837	13,306
VAL	Valaris Ltd	2023-03-31	Add	+0.10%	● 59.74 ($69.73) 79.01	$73.25	5.05%	Add 3.09%	309,204	9,269
SPHR	Sphere Entertainment Co	2023-03-31	Add	+0.09%	● 20.21 ($24.95) 28.7	$43.33	73.65%	Add 27.82%	81,238	17,680
RYN	Rayonier Inc	2023-03-31	Reduce	-0.07%	● 31.33 ($34) 37.27	$27.83	-18.15%	Reduce -2.55%	446,276	-11,674
WY	Weyerhaeuser Co	2023-03-31	Reduce	-0.07%	● 28.3 ($31.52) 35.71	$29.98	-4.89%	Reduce -2.68%	485,347	-13,378
PLD	Prologis Inc	2023-03-31	Reduce	-0.05%	● 112.69 ($122.9) 134.49	$109.28	-11.08%	Reduce -1.58%	168,166	-2,698
URTH	iShares MSCI World ETF	2023-03-31	Sold Out	-0.05%	● 108.88 ($114.68) 119.43	$118.96	3.73%	Sold Out	0	-2,631
CBRE	CBRE Group Inc	2023-03-31	Add	+0.01%	● 68.45 ($81.7) 89.51	$72.47	-11.29%	Add 0.27%	181,221	479
FR	First Industrial Realty Trust Inc	2023-03-31	Add	+0.01%	● 47.64 ($52.1) 54.94	$46.59	-10.58%	Add 0.35%	158,010	558
ORI	Old Republic International Corp	2023-03-31	Reduce	-0.01%	● 23.43 ($25.17) 26.7	$26.32	4.57%	Reduce -0.39%	834,431	-3,250
BAM	Brookfield Asset Management Ltd	2023-03-31	Add	0%	● 28.46 ($32.48) 35.64	$32.40	-0.26%	Add 0.37%	130,646	487
BN	Brookfield Corp	2023-03-31	Add	0%	● 28.62 ($33.78) 38.17	$30.11	-10.86%	Add 0.11%	521,226	584
DB	Deutsche Bank AG	2022-12-31	New Buy	+5.68%	● 7.44 ($9.86) 11.52	$10.60	7.45%	New holding	2,888,365	2,888,365
UHAL	U-Haul Holding Co	2022-12-31	Reduce	-3.70%	● 50.32 ($57.53) 66.84	$53.45	-7.09%	Reduce -99.59%	1,508	-369,442
UHAL.B	U-Haul Holding Co	2022-12-31	New Buy	+2.99%	● 52.06 ($57.91) 66.74	$51.28	-11.45%	New holding	312,444	312,444
TDW	Tidewater Inc	2022-12-31	Reduce	-1.23%	● 22.88 ($30.42) 36.85	$68.12	123.93%	Reduce -13.68%	1,810,925	-286,932
ECPG	Encore Capital Group Inc	2022-12-31	New Buy	+1.00%	● 45.06 ($48.23) 50.98	$47.66	-1.18%	New holding	119,531	119,531
LEN.B	Lennar Corp	2022-12-31	Reduce	-0.77%	● 57.92 ($68.29) 77.74	$100.84	47.66%	Reduce -16.64%	328,008	-65,463
HA	Hawaiian Holdings Inc	2022-12-31	Reduce	-0.66%	● 9.67 ($13.36) 15.33	$5.74	-57.07%	Reduce -28.33%	645,702	-255,286
BAM	Brookfield Asset Management Ltd	2022-12-31	New Buy	+0.65%	● 27.11 ($30.09) 33.01	$32.40	7.66%	New holding	130,159	130,159
HCC	Warrior Met Coal Inc	2022-12-31	Reduce	-0.55%	● 29.84 ($35.37) 39.08	$49.88	41.04%	Reduce -7.18%	1,274,614	-98,620
LOW	Lowe's Companies Inc	2022-12-31	Reduce	-0.50%	● 178.3 ($199.87) 215.48	$205.53	2.83%	Reduce -17.96%	62,159	-13,607
BSIG	BrightSphere Investment Group Inc	2022-12-31	Sold Out	-0.40%	● 15.15 ($18.88) 20.82	$19.08	1.06%	Sold Out	0	-137,908
FPH	Five Point Holdings LLC	2022-12-31	Reduce	-0.37%	● 1.98 ($2.26) 2.71	$2.91	28.76%	Reduce -13.51%	4,679,003	-730,748
SBSI	Southside Bancshares Inc	2022-12-31	Add	+0.33%	● 32.2 ($35.47) 38.15	$28.43	-19.85%	Add 33.3%	209,426	52,317
CALM	Cal-Maine Foods Inc	2022-12-31	Sold Out	-0.31%	● 52.97 ($57.83) 64.63	$47.50	-17.86%	Sold Out	0	-28,403
EME	EMCOR Group Inc	2022-12-31	Reduce	-0.30%	● 118.62 ($141.94) 155.4	$207.55	46.22%	Reduce -28.81%	32,597	-13,191
FIX	Comfort Systems USA Inc	2022-12-31	Reduce	-0.26%	● 100.76 ($116.29) 126.92	$167.45	43.99%	Reduce -31.83%	28,902	-13,498
RYN	Rayonier Inc	2022-12-31	Reduce	-0.25%	● 30.82 ($33.87) 36.17	$27.83	-17.83%	Reduce -8.51%	457,950	-42,570
VAL	Valaris Ltd	2022-12-31	Reduce	-0.23%	● 53.7 ($62.39) 69.1	$73.25	17.41%	Reduce -7.3%	299,935	-23,616
DHI	D.R. Horton Inc	2022-12-31	Reduce	-0.18%	● 67.14 ($80.15) 90.45	$105.26	31.33%	Reduce -6.12%	210,497	-13,715
SPHR	Madison Square Garden Entertainment Corp	2022-12-31	Reduce	-0.17%	● 40.31 ($45.3) 50.2	$43.33	-4.36%	Reduce -23.64%	63,558	-19,679
WY	Weyerhaeuser Co	2022-12-31	Reduce	-0.17%	● 28.66 ($30.99) 33.09	$29.98	-3.26%	Reduce -5.74%	498,725	-30,348
FNF	Fidelity National Financial Inc	2022-12-31	Reduce	-0.15%	● 35.07 ($37.52) 40.88	$39.50	5.28%	Reduce -10.79%	178,625	-21,598

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