Third Avenue Management

Third Avenue Management

Last Update: 02-14-2018
Related: Martin Whitman

Number of Stocks: 92
Number of New Stocks: 3

Total Value: $2,082 Mil
Q/Q Turnover: 6%

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 (%)
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)
2011-20.862.11-23.0
201013.8715.06-1.2
200944.5126.4618.0
2008-45.61-37-8.6
20075.765.490.3
10-Year Cumulative23.7 (2.1%/year)95.7 (6.9%/year)-72 (-4.8%/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 Cumulative147.6 (6.2%/year)164.2 (6.7%/year)-16.6 (-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 Cumulative237.8 (6.3%/year)339.2 (7.7%/year)-101.4 (-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 Cumulative317.5 (5.9%/year)791.8 (9.1%/year)-474.3 (-3.2%/year)
1991-0.2630.47-30.7

Top Ranked Articles

Third Avenue Comments on Finisar Corp Guru stock highlight
Finisar Corporation (NASDAQ:FNSR) Read more...
Third Avenue Management Buys Energy Company and REIT in Q3 Value managers take on two new stocks, one fresh from bankruptcy
Third Avenue Management (Trades, Portfolio) acquired only two stocks in the third quarter, according to its portfolio release Thursday. Read more...
Third Avenue Management Comments on Avnet Guru stock highlight
Avnet (NYSE:AVT) is a leading electronic components distributor. It distributes semiconductors, passive and electromechanical devices and embedded products, acting as an intermediary between components suppliers and end customers. Its services help customers evaluate, design-in and procure electronic components throughout the lifecycle of a customer's product, thereby enabling faster time to market as well as cost efficiencies in both the design and manufacturing processes for its customers. Continued innovation and increasing electronics in all types of industries (industrial, automotive, consumer, etc.) should spur demand for Avnet's services over the longer term. Read more...
Third Avenue Comments on Haynes International Guru stock highlight
Haynes International (NASDAQ:HAYN) Read more...
Third Avenue Sells Brookdale, Reduces Ralph Lauren, Comerica Holdings The firm's largest 3rd-quarter sales
Martin Whitman (Trades, Portfolio)'s Third Avenue Management (Trades, Portfolio), an investment firm that manages mutual funds, separate accounts and hedge funds, reduced or exited its positions in the following companies in the third quarter: Read more...
» More Third Avenue Management Articles

Commentaries and Stories

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Third Avenue Management Hitches Up With U-Haul Parent Amerco in 4th Quarter Firm announces three new buys in latest quarterly report Third Avenue Management, Martin Whitman - Third Avenue Management Hitches Up With U-Haul Parent Amerco In 4th Quarter
Third Avenue Management (Trades, Portfolio), founded by legendary value investor Martin Whitman (Trades, Portfolio), announced Wednesday it established three new positions during the quarter ended Dec. 31: Amerco Inc. (NASDAQ:UHAL), Warrior Met Coal Inc. (NYSE:HCC) and Aspen Insurance Holdings Ltd. (NYSE:AHL). More...

THIRD AVENUE MANAGEMENT, MARTIN WHITMAN


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Third Avenue Sells Brookdale, Reduces Ralph Lauren, Comerica Holdings The firm's largest 3rd-quarter sales Third Avenue Management, Martin Whitman - Third Avenue Sells Brookdale, Reduces Ralph Lauren, Comerica Holdings
Martin Whitman (Trades, Portfolio)'s Third Avenue Management (Trades, Portfolio), an investment firm that manages mutual funds, separate accounts and hedge funds, reduced or exited its positions in the following companies in the third quarter: More...

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Third Avenue Management Buys Energy Company and REIT in Q3 Value managers take on two new stocks, one fresh from bankruptcy Third Avenue Management - Third Avenue Management Buys Energy Company And REIT In Q3
Third Avenue Management (Trades, Portfolio) acquired only two stocks in the third quarter, according to its portfolio release Thursday. More...

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Third Avenue Buys Kimco, Tidewater, Adds to Several Other Positions The firm’s 7 largest buys of the 3rd quarter Third Avenue Management, Martin Whitman - Third Avenue Buys Kimco, Tidewater, Adds To Several Other Positions
Founded by Martin Whitman (Trades, Portfolio), Third Avenue Management (Trades, Portfolio) manages a portfolio of 111 stocks. During the third quarter, the firm bought the following stocks: More...

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Mario Cibelli Takes 3 New Positions in 2nd Quarter Guru invests in REIT, industrial distributor and brewer Mario Cibelli,Third Avenue Management,Manning & Na - Mario Cibelli Takes 3 New Positions In 2nd Quarter
Marathon Partners founder Mario Cibelli (TradesPortfolio) gained three new positions during the second quarter. He established positions in Macerich Co. (NYSE:MAC), HD Supply Holdings Inc. (NASDAQ:HDS) and Molson Coors Brewing Co. (NYSE:TAP). 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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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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Third Avenue Management Comments on Avnet Guru stock highlight
Avnet (NYSE:AVT) is a leading electronic components distributor. It distributes semiconductors, passive and electromechanical devices and embedded products, acting as an intermediary between components suppliers and end customers. Its services help customers evaluate, design-in and procure electronic components throughout the lifecycle of a customer's product, thereby enabling faster time to market as well as cost efficiencies in both the design and manufacturing processes for its customers. Continued innovation and increasing electronics in all types of industries (industrial, automotive, consumer, etc.) should spur demand for Avnet's services over the longer term. More...

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Third Avenue Management Comments on EOG Resources Guru stock highlight
We initiated a position in EOG Resources (NYSE:EOG), a $56 billion independent Energy and Production company with a North American focus on oil shale drilling. EOG is a high quality compounder and has industry leading acreage positions in the most prolific, lowest cost and geographically desirable basins--the Permian, the Eagle Ford and the Sanish/Parshall in the Bakken. As a leader in shale drilling, EOG has foreseen the problems facing the industry in fracking sand availability (it owns its own sand company) and take-away and processing (the Company is invested in core areas and is a leader in oil by rail, which today is a call option on tight markets). EOG has low cost acreage as it has grown organically, with the exception of the Yates acquisition in 2016, where it paid "for the best" and accumulated core acreage in the Delaware Permian at a time of distress in the industry. This deal should pay off for EOG as it develops deeper zones, which is in line with our thesis that "big fields get bigger". Additionally, EOG's timing on the deal looks prescient, near the end of recent oil price declines and just ahead of OPEC cutbacks. EOG More...

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Third Avenue Management Comments on Bank of New York Mellon Guru stock highlight
Our investment premise for Bank of New York Mellon (NYSE:BK) is that it is a strong book value compounder that is substantially "under-earning" its profitability potential. The Company has undertaken significant cost savings initiatives, which combined with market-leading digital platform investments, should drive future growth and market share gains. The Company's balance sheet is strong with significant excess capital enabling a sizable return of capital to shareholders through both dividend and share buybacks. Lastly, with activist interest still high, any loss of momentum could lead to renewed calls for a break-up of the company to accelerate closure of the discount to NAV. More...

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Brookdale Worth More on Sale It is the country's largest operator of senior citizen facilities; the stock trades less than NAV Third Avenue Management - Brookdale Worth More On Sale
Brookdale (NYSE:BKD) is the country’s largest operator of facilities for senior citizens. The company has faced quite a few problems over the years and has not been profitable. The stock does not pay a dividend and has copious amounts of debt. The plus is that the real estate is probably worth more, and the company could get sold. More...

NURSING HOMES, ASSISTED LIVING


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Third Avenue Management's Top 5 Stock Buys of Q4 Martin Whitman's value-focused firm updates portfolio Third Avenue Management - Third Avenue Management's Top 5 Stock Buys Of Q4
The firm founded by legendary investor Martin Whitman (Trades, Portfolio), Third Avenue Management (Trades, Portfolio), selected eight new stocks and its flagship value fund beat the market in the fourth quarter. More...

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