Founded by legendary value investor Martin Whitman (Trades, Portfolio), Third Avenue Management (Trades, Portfolio) manages mutual funds, separate accounts and hedge funds. The following trades are its largest buys of the second quarter.
The firm boosted its position in Five Point Holdings LLC (FPH, Financial) by 225.09%, impacting the equity portfolio by 3.35%.
The company develops mixed-use, master-planned communities in coastal California. It has a market cap of $748.53 million and an enterprise value of $1.85 billion.
GuruFocus gives the company a profitability and growth rating of 2 out of 10. The return on equity of 15.77% and return on assets of 2.94% are underperforming 84% of companies in the Global Real Estate - General industry. Its financial strength is rated 5 out of 10. The cash-debt ratio of 1.39 is below the industry median of 0.34.
Another notable guru shareholder of the company is Jim Simons (Trades, Portfolio)' Renaissance Technologies with 13.09% of outstanding shares, followed by Ron Baron (Trades, Portfolio) with 0.03%.
The firm increased its Warrior Met Coal Inc. (HCC, Financial) stake by 97.71%. The trade had an impact of 1.7% on the equity portfolio.
The company produces metallurgical coal for the steel industry. It has a market cap of $1.49 billion and an enterprise value of $1.62 billion.
GuruFocus gives the company a profitability and growth rating of 2 out of 10. The return on equity of 77.79% and return on assets of 49.65% are outperforming 95% of companies in the Global Coal industry. Its financial strength is rated 6 out of 10. The cash-debt ratio of 0.73 is bellow the industry median of 0.53.
Another notable guru shareholder of the company is the Third Avenue Value Fund with 2.17% of outstanding shares, followed by Simons' firm with 0.69% and Ken Heebner (Trades, Portfolio) with 0.53%
The Lennar Corp. (LEN.B, Financial) holding was boosted by 149.61%, impacting the equity portfolio by 1.39%.
The company, which provides homebuilding services, has a market cap of $16.66 billion and an enterprise value of $26.73 billion.
GuruFocus gives the company a profitability and growth rating of 7 out of 10. The return on equity of 10.13% and return on assets of 4.62% are outperforming 68% of companies in the Global Residential Construction industry. Its financial strength is rated 5 out of 10. The cash-debt ratio of 0.12 is below the industry median of 2.23.
Mario Gabelli (Trades, Portfolio) is the largest guru shareholder of the company with 0.52% of outstanding shares, followed by Simons' firm with 0.07%, the Third Avenue Value Fund with 0.07% and Louis Moore Bacon (Trades, Portfolio) with 0.02%.
The firm added 29.87% to its Macerich Co. (MAC, Financial) position, expanding the equity portfolio by 1.02%.
The real estate investment trust has a market cap of $8.21 billion and an enterprise value of $13.65 billion.
GuruFocus gives the company a profitability and growth rating of 7 out of 10. The return on equity of 1.18% and return on assets of 0.45% are underperforming 73% of companies in the Global REIT - Retail industry. Its financial strength is rated 4 out of 10. The cash-debt ratio of 0.02 is below the industry median of 0.06.
Another notable guru shareholder of the company is Pioneer Investments (Trades, Portfolio) with 0.19% of outstanding shares, followed by Gabelli with 0.18%.
Third Avenue established a new position in Hawaiian Holdings Inc. (HA, Financial), buying 398,880 shares. The position was given 0.71% portfolio space.
The airline has a market cap of $2.06 billion and an enterprise value of $2.09 billion.
GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity of 42.86% and return on assets of 12.31% are outperforming 87% of companies in the Global Airlines industry. Its financial strength is rated 6 out of 10 with a cash-debt ratio of 0.28.
With 1.68% of outstanding shares, Simons' firm is the largest guru shareholder of the company, followed by PRIMECAP Management (Trades, Portfolio) with 1.64% and Chuck Royce (Trades, Portfolio) with 1.54%.
The firm opened a position in ATN International Inc. (ATNI), buying 115,053 shares. The trade had an impact of 0.3% on the equity portfolio.
The telecommunications and utilities company has a market cap of $905.97 million and an enterprise value of $987.86 million.
GuruFocus gives the company a profitability and growth rating of 8 out of 10. While the return on equity of 2.83% is underperforming the sector, the return on assets of 1.59% is outperforming 51% of companies in the Global Telecom Services industry. Its financial strength is rated 6 out of 10. The cash-debt ratio of 1.33 is above the industry median of 0.42.
The largest shareholder of the company among the gurus is Simons' firm with 3.46% of outstanding shares, followed by Royce with 1.16% and Hotchkis & Wiley with 0.17%.
Third Avenue added 2.15% to its holding of Forest City Realty Trust Inc. (FCE.A, Financial), impacting the portfolio by 0.17%.
The company manages commercial and residential real estate and land throughout the United States. It has a market cap of $6.08 billion and an enterprise value of $9.31 billion.
GuruFocus gives the company a profitability and growth rating of 5 out of 10. The return on equity of 10.64% and return on assets of 4.50% are underperforming 63% of companies in the Global REIT - Retail industry. Its financial strength is rated 5 out of 10 with a cash-debt ratio of 0.13.
Third Avenue is the largest guru shareholder of the company with 3.63% of outstanding shares, followed by Simons' firm with 1.57%, Whitman's firm with 0.68% and Chris Davis (Trades, Portfolio) with 0.37%.
Disclosure: I do not own any stocks mentioned in this article.
