Insight into Third Avenue Value Fund (Trades, Portfolio)'s Q4 Moves and Impact on Key Holdings
Third Avenue Value Fund (Trades, Portfolio), under the late value investor Martin J. Whitman's founding principles, has revealed its N-PORT filing for the fourth quarter of 2023. The fund, known for its global, all-cap equities approach and opportunistic credit security investments, continues to seek out contrarian and special-situation opportunities. With a keen eye on financial strength, the ability to compound NAV, and significant discounts to intrinsic value, Third Avenue Value Fund (Trades, Portfolio) remains a beacon for value investors aiming for long-term capital appreciation.
Key Position Increases
During the quarter, Third Avenue Value Fund (Trades, Portfolio) bolstered its positions in three stocks. Notably:
- S4 Capital PLC (LSE:SFOR, Financial) saw an addition of 6,237,567 shares, bringing the total to 24,122,340 shares. This represents a 34.88% increase in share count and a 0.91% impact on the current portfolio, valued at £18,639,340.
- Horiba Ltd (TSE:6856, Financial) also experienced a significant boost with 60,600 additional shares, totaling 268,800 shares. This adjustment marks a 29.11% increase in share count, with a total value of ¥13,590,880.
Key Position Reduces
The fund also made reductions in 13 stocks, with the most significant being:
- A 74.7% decrease in CK Hutchison Holdings Ltd (HKSE:00001, Financial), shedding 3,139,877 shares and impacting the portfolio by -2.76%. The stock's average trading price was HK$41.61 during the quarter, with a -1.46% return over the past three months and -8.13% year-to-date.
- Capstone Copper Corp (TSX:CS, Financial) was reduced by 2,103,371 shares, a -21.76% cut, affecting the portfolio by -1.56%. The average trading price was C$5.73, and the stock has returned 9.54% over the past three months and 30.16% year-to-date.
Portfolio Overview
As of the fourth quarter of 2023, Third Avenue Value Fund (Trades, Portfolio)'s portfolio comprised 30 stocks. The top holdings included 10.17% in Warrior Met Coal Inc (HCC, Financial), 7.1% in Tidewater Inc (TDW, Financial), 5.25% in Ultrapar Participacoes SA (BSP:UGPA3, Financial), 4.93% in Bayerische Motoren Werke AG (XTER:BMW, Financial), and 4.83% in Capstone Copper Corp (TSX:CS). The fund's investments are primarily concentrated across eight industries: Basic Materials, Energy, Financial Services, Industrials, Consumer Cyclical, Communication Services, Consumer Defensive, and Technology.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
