Martin Whitman

Martin Whitman

Last Update: 09-28-2017
Related: Third Avenue Management

Number of Stocks: 35
Number of New Stocks: 1

Total Value: $1,055 Mil
Q/Q Turnover: 4%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Martin Whitman' s Profile & Performance

Profile

Martin Whitman is Founder and Portfolio Manager of the Third Avenue Value Fund (TAVFX). Whitman is a 1949 graduate of Syracuse University, which recently renamed its School of Management after Whitman, after a large gift from him in June 2003. He is an adjunct faculty member at Yale School of Management.

Web Page:http://www.thirdavenuefunds.com/

Investing Philosophy

Whitman is a "buy and hold" value investor. He buys stock in companies when he thinks that the company has strong finances, competent management, and the business is understandable. Also the company's stock must be cheap, meaning it trades at a significant discount to intrinsic value. The market price must lie substantially below a conservative valuation of the business as a private entity, or as a takeover candidate. He generally sells an investment only when there has been a fundamental change in the business or capital structure of the company that significantly affects the investment's inherent value, or when he believes that the market value of an investment is overpriced relative to its intrinsic value

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of Third Avenue Value Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
201613.3911.961.4
2015-8.371.38-9.7
20144.8813.69-8.8
3-Year Cumulative9 (2.9%/year)29 (8.9%/year)-20 (-6%/year)
201318.8432.39-13.5
201227.481611.5
5-Year Cumulative65.1 (10.5%/year)98.2 (14.7%/year)-33.1 (-4.2%/year)
2011-20.682.11-22.8
201013.8715.06-1.2
200944.5126.4618.0
2008-45.61-37-8.6
20075.765.490.3
10-Year Cumulative23.9 (2.2%/year)95.7 (6.9%/year)-71.8 (-4.7%/year)
200614.6915.79-1.1
200516.494.9111.6
200426.6210.8815.7
200310.4628.68-18.2
20027.13-22.129.2
15-Year Cumulative148.1 (6.2%/year)164.2 (6.7%/year)-16.1 (-0.5%/year)
200110.82-11.8922.7
20000.91-9.110.0
199910.0621.04-11.0
199816.7228.58-11.9
1997-5.0333.36-38.4
20-Year Cumulative238.5 (6.3%/year)339.2 (7.7%/year)-100.7 (-1.4%/year)
199611.0222.96-11.9
19952.3637.58-35.2
1994-3.221.32-4.5
19931.3610.08-8.7
199210.887.623.3
25-Year Cumulative318.4 (5.9%/year)791.8 (9.1%/year)-473.4 (-3.2%/year)
1991-0.2630.47-30.7

Top Ranked Articles

A Review of 'Invest Like a Guru' Charlie Tian has written an outstanding book that all investors should read
The first stock I ever bought was in the eighth grade during a stock market competition. My current affairs teacher – a certain Mr. Brown – wanted to demonstrate the markets were nothing more than a vast national casino. Perusing the newspaper stock prices (how quaint!), I made up my mind to buy Gensco. I had absolutely no idea what Gensco was, what it sold or whether it even made money. The really attractive fact was the shares were trading at 23 cents per share. Just think how many of these so-called shares I could buy! Mr. Brown was wrong that day. I did not see the markets as a nefarious casino, but rather a candy shop where the only thing that matters is how many pieces can you buy with the money you have. Read more...
Does the Increase in Volatility Signal a Dangerous Market Environment? Anxiety typically leads to knee-jerk reactions and excessive trading in their portfolios
Over the last several weeks stock price volatility has increased significantly above norms. All of a sudden it is not uncommon to see stock prices moving 5%, 10% or more in a single trading day. Interestingly, this volatility is occurring both to the upside and the downside. Common sense would suggest that the intrinsic value of a business cannot change by those orders of magnitude from one day to the next. Logic dictates that the market is either inaccurately pricing the stocks now or it was incorrectly pricing them the day before. Read more...
Third Avenue Management Comments on Cerner Guru stock highlight
Cerner (NASDAQ:CERN) is a leading health care information technology company. We have long admired Cerner as it is a well-financed compounder, having compounded book value at an average rate of 16% over the past 10 years. Delays in customer adoption of healthcare Information Technology (IT) systems as regulatory mandates have lengthened, exacerbated by concerns about potential changes to the ACA and the impact on healthcare IT spend, have negatively pressured Cerner's common stock price down from over $67 to our initial purchase cost of approximately $48, giving us an opportunity to acquire shares of Cerner common stock at an attractive valuation. Read more...
Third Avenue Management Comments on Multi-Color Corporation Guru stock highlight
Multi-Color Corporation (NASDAQ:LABL) 1 is a good example of a name that is not in our benchmark and is a high conviction top ten holding for the Fund. The company produces numerous types of labels for a variety of consumer products, such as detergent, wine bottles, motor oil, etc. Multi-Color meets the tenets of our investment philosophy of creditworthiness, book value compounding and a discounted valuation. Read more...
Third Avenue Value Fund Buys Reliance Steel & Aluminum Marty Whitman's firm updates with third-quarter portfolio
Matthew Fine and Michael Fineman, lead portfolio managers of the Third Avenue Value Fund at Third Avenue Management (Trades, Portfolio), added one new stock from their “bull pen” list to his portfolio in the second quarter, they revealed Friday. Read more...
» More Martin Whitman Articles

Commentaries and Stories

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Martin Whitman Reduces Masco and 2 Regional Banks Largest sales of the 3rd quarter Martin Whitman,Jim Simons,Third Avenue Managrement - Martin Whitman Reduces Masco And 2 Regional Banks
Third Avenue Value Fund (TAVFX) was founded by Martin Whitman (Trades, Portfolio) in 1986. He manages a portfolio of $1.055 billion and the following are the largest sales of the third quarter: More...

MARTIN WHITMAN, THIRD QUARTER, Q32017


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Third Avenue Value Fund Buys Reliance Steel & Aluminum Marty Whitman's firm updates with third-quarter portfolio Martin Whitman - Third Avenue Value Fund Buys Reliance Steel & Aluminum
Matthew Fine and Michael Fineman, lead portfolio managers of the Third Avenue Value Fund at Third Avenue Management (Trades, Portfolio), added one new stock from their “bull pen” list to his portfolio in the second quarter, they revealed Friday. More...

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Third Avenue Comments on WesBanco Bank Guru stock highlight
WesBanco Bank (NASDAQ:WSBC) More...

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Third Avenue Comments on PDC Energy Guru stock highlight
PDC Energy (NASDAQ:PDCE) More...

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Third Avenue Comments on Haynes International Guru stock highlight
Haynes International (NASDAQ:HAYN) More...

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Third Avenue Comments on Finisar Corp Guru stock highlight
Finisar Corporation (NASDAQ:FNSR) More...

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Third Avenue Comments on AMN Healthcare Services Guru stock highlight
AMN Healthcare Services (NYSE:AMN) More...

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Third Avenue Small-Cap Value Fund 2nd Quarter 2017 Shareholder Letter Message from Chip Rewey from Marty Whitman's firm Third Avenue Management,Martin Whitman - Third Avenue Small-Cap Value Fund 2nd Quarter 2017 Shareholder Letter
In the second quarter, the broader market indices of the Russell 2000 Value, the S&P 500, the Nasdaq composite, etc., all continued to trade at or near all-time highs. While clearly we agree that there are pockets of high expectations in the broader market, The Third Avenue Small Cap Value Fund had an active quarter in new purchases, as our robust,repeatable and definable philosophy and idea origination processes led us to uncover and execute new positions. Given this seeming contradiction of a market reaching new highs and our enthusiasm for several new positions, we thought it would be timely to review our stock idea origination philosophy and process. More...

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Third Avenue Management Comments on Reliance Steel & Aluminum Guru stock highlight
New Position: Reliance Steel & Aluminum (NYSE:RS) Founded in the late 1930s, Reliance Steel & Aluminum (Reliance) has grown to become the largest metals service center in North America. Given the name of the company, one could be forgiven for thinking the company produces steel and aluminum. In actuality, as an operator of service centers, Reliance's business is providing essential value-added servicesand distribution for these metals, as well as brass, copper, titanium and other alloys, with more than 100,000 products offered. A few examples of the value-added services Reliance provides are slitting, laser cutting and electropolishing. The company operates a network of more than 300 locations across almost 40 states in the U.S.and a dozen countries. More...

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Third Avenue Value Fund's 2nd Quarter Portfolio Commentary Marty Whitman's firm delivers shareholder letter by lead portfolio manager Chip Rewey Third Avenue Management,Martin Whitman - Third Avenue Value Fund's 2nd Quarter Portfolio Commentary
Does Thematic Investing Have A Place In Value Investing? More...

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Martin Whitman Buys Avnet, Sells CBS, Exits Apache Guru's largest 2nd-quarter trades Martin Whitman,Richard Pzena,First Pacific Advisor - Martin Whitman Buys Avnet, Sells CBS, Exits Apache
Martin Whitman (Trades, Portfolio) is founder and portfolio manager of the Third Avenue Value Fund. During the second quarter the guru traded shares in the following stocks: More...

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Third Avenue International Value Fund 1st Quarter Letter Commentary on markets and holdings Third Avenue Management,Martin Whitman - Third Avenue International Value Fund 1st Quarter Letter
Matthew Fine, CFA I Lead Portfolio Manager More...

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Third Avenue Continues to Buy Amgen, 8 Others Guru increased these holdings in the last 2 quarters Third Avenue Management,Martin Whitman,NWQ Manager - Third Avenue Continues To Buy Amgen, 8 Others
Third Avenue Management (Trades, Portfolio) was founded by legendary value investor Martin Whitman (Trades, Portfolio). It manages mutual funds, separate accounts and hedge funds. In both fourth-quarter 2016 and first-quarter 2017 the guru bought shares in the following stocks: More...

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A Review of 'Invest Like a Guru' Charlie Tian has written an outstanding book that all investors should read Martin Whitman, Warren Buffett, Charlie Munger, - A Review Of 'Invest Like A Guru'
The first stock I ever bought was in the eighth grade during a stock market competition. My current affairs teacher – a certain Mr. Brown – wanted to demonstrate the markets were nothing more than a vast national casino. Perusing the newspaper stock prices (how quaint!), I made up my mind to buy Gensco. I had absolutely no idea what Gensco was, what it sold or whether it even made money. The really attractive fact was the shares were trading at 23 cents per share. Just think how many of these so-called shares I could buy! Mr. Brown was wrong that day. I did not see the markets as a nefarious casino, but rather a candy shop where the only thing that matters is how many pieces can you buy with the money you have. More...

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Toyota Industries Leads in High-Tech Automotive and Forklifts Company is the original Toyota Martin Whitman - Toyota Industries Leads In High-Tech Automotive And Forklifts
Toyota Industries Corp. (TYIDF) is the original Toyota Motor Corp. (NYSE:TM). The company excels in automotive parts and forklifts. It also holds billions of dollars in Toyota stock and several other Japanese companies. The stock is a major holding of the Third Avenue Value Fund. More...

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Martin Whitman Sells Comerica, Buys Amgen The guru's largest 1st-quarter trades Martin Whitman,Eric Mindich,Richard Pzena,David Te - Martin Whitman Sells Comerica, Buys Amgen
Martin Whitman (Trades, Portfolio) is founder and portfolio manager of the Third Avenue Value Fund. During the first quarter the guru traded shares in the following stocks: More...

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Third Avenue Management 1st Quarter Shareholder Letter Chip Rewey discusses first quarter of 2017 Martin Whitman - Third Avenue Management 1st Quarter Shareholder Letter
Dear Fellow Shareholders: More...

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Third Avenue Management Comments on Lennar Guru stock highlight
We initiated Lennar (NYSE:LEN) in October, and thus wrote up our comments in our prior shareholder letter, but due to the shift in our letter cadence, we are republishing our thoughts from our initial purchase. More...

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Third Avenue Management Comments on Cerner Guru stock highlight
Cerner (NASDAQ:CERN) is a leading health care information technology company. We have long admired Cerner as it is a well-financed compounder, having compounded book value at an average rate of 16% over the past 10 years. Delays in customer adoption of healthcare Information Technology (IT) systems as regulatory mandates have lengthened, exacerbated by concerns about potential changes to the ACA and the impact on healthcare IT spend, have negatively pressured Cerner's common stock price down from over $67 to our initial purchase cost of approximately $48, giving us an opportunity to acquire shares of Cerner common stock at an attractive valuation. More...

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Calendar 4th Quarter Shareholder Letter From Marty Whitman's Third Avenue Value Fund Chip Rewey discusses market and holdings Martin Whitman,Third Avenue Management - Calendar 4th Quarter Shareholder Letter From Marty Whitman's Third Avenue Value Fund
Dear Fellow Shareholders: More...

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