Third Avenue Management

Third Avenue Management

Last Update: 08-14-2017
Related: Martin Whitman

Number of Stocks: 116
Number of New Stocks: 9

Total Value: $2,248 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 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 Management Comments on Cubic Corp Guru stock highlight
Cubic Corp (NYSE:CUB), another top holding for the Fund, is a small company with about $1.1 billion in market cap that has three main businesses: military communication equipment, military training (for example, they run the Top Gun flight school), and in our view the most interesting part is its transportation segment. The company's transportation segment is the world leader in design and management of public bus and subway systems, handling the fare systems for major cities such as London, New York City, Chicago, and Vancouver. Cubic is also leading technology efforts, such as smart phone payments and dynamic re-routing, to help keep us all on time for work. Read more...
Third Avenue Comments on General Motors Guru stock highlight
We took advantage of market volatility during the quarter to exit our position in General Motors (NYSE:GM) as it reached our fair value estimate and we see early signs of potential auto cycle peak levels slowing. We used the proceeds to invest in higher growth opportunities.
Read more...
Third Avenue Management Comments on Petroleum Geo-Services ASA Guru stock highlight
We have in previous quarters spoken of our equity and credit investments in PGS (PGS), which is a leader in the offshore seismic survey industry. The industry and PGS with it have faced an oil and gas exploration recession of extraordinary severity. The seismic industry, as well as the broader oil services industry, has seen many bankruptcies of late. Few offshore seismic companies have been able to remain solvent. PGS is among those few. In November the company announced a package of refinancing actions that will further entrench it in the camp of survivors. PGS's primary financing consideration was its ability to deal with a USD 450 million bond maturing in June 2018, the very same bonds owned by the Fund. With regard to PGS equity, lately there has been a growing consensus that the company is grossly undervalued, particularly if one expects an industry recovery. Yet those considerations have been overwhelmed by the above-mentioned financing considerations. Availing itself of its acute undervaluation and a very supportive, long-term oriented shareholder base including Read more...
» More Third Avenue Management Articles

Commentaries and Stories

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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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These 5 Funds Let Your Money Travel the World Global funds present the best opportunities for investors looking to invest internationally Third Avenue Management - These 5 Funds Let Your Money Travel The World
It’s a big world out there. We hear a lot of talk about the “global economy,” but the truth is much more complicated. It’s more accurate to say that the world is built on a collection of national and regional economies, each with its own unique attributes and near-term outlooks. More...

INTERNATIANAL INVESTING, GLOBAL FUNDS, INTERNATIONAL VALUE FUNDS


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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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Rating: 5.0/5 (1 vote)

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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