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Third Avenue Value Sells NVIDIA, Cavco

Fund founded by Martin Whitman exits POSCO stake

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Apr 05, 2016
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Martin Whitman (Trades, Portfolio) is the founder of the Third Avenue Value Fund (TAVFX), which is now managed by Chip Rewey. The fund sold many stocks during the first quarter including the following.

The fund reduced its stake in Cavco Industries Inc. (CVCO) by 30.57% and the deal had an impact of -2.46% on the portfolio.

The company designs and produces factory-built homes, distributed through a network of independent and company-owned retailers, planned community operators and residential developers. Net revenue for the fourth quarter grew 7.7% year over year.

GuruFocus gives the stock a profitability and growth rating of 7 out of 10 with ROE of 8.39% and ROA of 5.30% that is outperforming 62% of the companies in the Global Residential Construction industry. Financial strength has a rating of 8 out of 10, with a cash-to-debt of 1.60 that is below the industry median of 2.31

Third Avenue Management (Trades, Portfolio) is the largest shareholder of the company among the gurus with 10.75% of outstanding shares, followed by Columbia Wanger (Trades, Portfolio) with 7.89%, Mario Gabelli (Trades, Portfolio) with 4.56%, Jim Simons with 2.59% and Chuck Royce (Trades, Portfolio) with 1.35%.

The fund closed its stake in NVIDIA Corp. (NVDA) with an impact of -1.87% on the portfolio.

The company is a visual computing company, connecting people through the powerful medium of computer graphics. The company's reporting segments include GPU and Tegra Processor - leverage a single, unified architecture. During the last quarter, revenue grew 7% year over year and 13% from the previous quarter. The company reported 42% year over year increase for the net income.

GuruFocus gives the stock a profitability and growth rating of 7 out of 10 with ROE of 13.87% and ROA of 8.51% that are outperforming 79% of the companies in the Global Semiconductors industry. Financial strength has a rating of 6 out of 10, with cash to debt of 3.54 that is above the industry median of 1.73.

The largest shareholder among the gurus is

PRIMECAP Management (Trades, Portfolio) with 5.36% of outstanding shares, followed by Jim Simons (Trades, Portfolio) with 0.41%, Pioneer Investments (Trades, Portfolio) with 0.35%, Steven Cohen (Trades, Portfolio) with 0.31%, Meridian Funds (Trades, Portfolio) with 0.1% and John Hussman (Trades, Portfolio) with 0.05%.

The fund exited its stake in POSCO (PKX) with an impact of -1.55% on the portfolio.

The company is engaged in the manufacturing and distribution of steel rolled products and plates in the domestic and overseas markets. It manufactures and sells a line of steel products, including: hot rolled products; plates; wire rods; cold rolled products; silicon steel sheets; and stainless steel products.

GuruFocus gives the stock a profitability and growth rating of 6 out of 10 with ROE of 0.56% and ROA of 0.25% that is underperforming 56% of the companies in the Global Steel industry. Financial strength has a rating of 6 out of 10, with a cash-to-debt of 0.35 that is below the industry median of 0.39.

Charles Brandes (Trades, Portfolio) is the largest shareholder of the company among the gurus, with 0.38% of outstanding shares, followed by Third Avenue Management (Trades, Portfolio) with 0.19%, Prem Watsa (Trades, Portfolio) with 0.06% and Francis Chou (Trades, Portfolio) with 0.01%.

The guru reduced its stake in Weyerhaeuser Co. (WY) by 24.85% and the deal had an impact of –1.54% on the portfolio.

The company is a private owner of timberlands. It owns or controls nearly seven million acres of timberlands in the U.S., and manages additional timberlands under long-term licenses in Canada. The company reported 7% increase for quarterly dividend and repurchased over $500 million of common shares in the fourth quarter.

GuruFocus gives the stock a profitability and growth rating of 5 out of 10 with ROE of 9.24% and ROA of 3.92% that are outperforming 69% of the companies in the Global Lumber & Wood Production industry. Financial strength has a rating of 6 out of 10, with cash to debt of 0.19 that is below the industry median of 0.31.

The largest shareholder among the gurus is

First Eagle Investment (Trades, Portfolio) with 2.99% of outstanding shares, followed by Third Avenue Management (Trades, Portfolio) with 1.79%, Manning & Napier Advisors with 1.38%, T Rowe Price Equity Income Fund (Trades, Portfolio) with 1.27%, Ken Heebner (Trades, Portfolio) with 0.36% and Ken Fisher (Trades, Portfolio) with 0.08%.

The fund reduced its stake in Loews Corp. (L) by 55.60% and the deal had an impact of -1.03% on the portfolio.

The company is engaged commercial property and casualty insurance; operation of offshore oil and gas drilling rigs; exploration, production and marketing of natural gas and natural gas liquids; operation of interstate natural gas pipeline systems; and the operation of hotels.

GuruFocus gives the stock a profitability and growth rating of 6 out of 10 with ROE of 1.38% and ROA of 0.33% that is underperforming 89% of the companies in the industry. Financial strength has a rating of 5 out of 10, with a cash-to-debt of 0.04 that is below the industry median of 2.39.

T Rowe Price Equity Income Fund (Trades, Portfolio) is the largest shareholder of the company among the gurus with 2.18% of outstanding shares, followed by Chris Davis (Trades, Portfolio) with 1.88%, Diamond Hill Capital (Trades, Portfolio) with 1.43%, Barrow, Hanley, Mewhinney & Strauss with 0.9% and Donald Smith (Trades, Portfolio) with 0.6%.

The fund reduced its stake in AGCO Corp. (AGCO) by 25.12% and the deal had an impact of –0.91% on the portfolio.

The company manufactures and distributes of agricultural equipment and related replacement parts in various parts of the country. It sells a full range of agricultural equipment, including tractors, combines, self-propelled sprayers, hay tools, forage equipment, tillage, implements and grain storage and protein production systems. During the fourth quarter, net sales decreased 23.2% from the same quarter of a year before and gross margin decreased by 40bps. Diluted adjusted EPS decreased $1.46 from the same quarter of a year before.

GuruFocus gives the stock a profitability and growth rating of 6 out of 10 with ROE of 8.63% and ROA of 3.73% that are outperforming 66% of the companies in the Global Farm & Construction Equipment industry. Financial strength has a rating of 8 out of 10, with cash to debt of 0.35 that is below industry median of 0.55.

The largest shareholder among the gurus is

Third Avenue Management (Trades, Portfolio) with 1.71% of outstanding shares, followed by First Pacific Advisors (Trades, Portfolio) with 1.44%, Richard Snow (Trades, Portfolio) with 1.15%, Joel Greenblatt (Trades, Portfolio) with 0.87%, FPA Capital Fund (Trades, Portfolio) with 0.7% and Tweedy Browne (Trades, Portfolio) with 0.63%.

The fund reduced its stake in Symantec Corp. (SYMC) by 21.08% and the deal had an impact of -0.64% on the portfolio.

The company provides security, backup and availability solutions. Its products and services protect people and information in any environment, from the smallest mobile device, to the enterprise data center, to cloud-based systems.

GuruFocus gives the stock a profitability and growth rating of 8 out of 10 with ROE of 10.66% and ROA of 4.87% that is outperforming 59% of the companies in the industry. Financial strength has a rating of 8 out of 10, with a cash-to-debt of 1.30 that is far below the industry median of 12.17.

Dodge & Cox is the largest shareholder of the company among the gurus with 13.4% of outstanding shares, followed by

Paul Singer (Trades, Portfolio) with 0.77%, Richard Snow (Trades, Portfolio) with 0.45%, Third Avenue Management (Trades, Portfolio) with 0.34% and HOTCHKIS & WILEY 0.29%.

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