Insights into the Latest 13F Filing for Q4 2023
Introduction to Third Avenue Management (Trades, Portfolio)
Third Avenue Management (Trades, Portfolio), a firm with a legacy rooted in the principles of legendary value investor Martin Whitman, has recently disclosed its 13F filing for the fourth quarter of 2023. The firm, known for its deep value and distressed investing strategies, operates under the partnership with Affiliated Managers Group since 2002, ensuring a robust succession plan and shared ownership with its senior professionals. With a focus on Value, Small-Cap, Real Estate, and International Real Estate strategies, Third Avenue Management (Trades, Portfolio) has been steadfast in its fundamental, bottom-up investment approach for over two decades, seeking out high-conviction opportunities without constraints to market capitalizations or geographies.
Summary of New Buys
In the latest quarter, Third Avenue Management (Trades, Portfolio) initiated a position in one new stock:
- The most significant addition was Collegium Pharmaceutical Inc (COLL, Financial), purchasing 83,120 shares, which now represent 0.42% of the portfolio, with a total value of $2.558 million.
Key Position Increases
The firm also bolstered its stakes in 13 companies, with notable increases in:
- LSB Industries Inc (LXU, Financial), adding 442,596 shares for a total of 473,214 shares, marking a 1,445.54% increase in share count and a 0.67% portfolio impact, valued at $4.406 million.
- Sun Communities Inc (SUI, Financial), with an additional 14,107 shares, bringing the total to 50,634 shares, a 38.62% increase in share count, valued at $6.767 million.
Summary of Sold Out Positions
Third Avenue Management (Trades, Portfolio) exited its position in:
- Lazard Inc (LAZ, Financial), selling all 550,206 shares, which had a -2.86% impact on the portfolio.
Key Position Reductions
The firm reduced its holdings in 22 stocks, with significant reductions in:
- Warrior Met Coal Inc (HCC, Financial), cutting 299,454 shares, a -23.63% decrease in shares, impacting the portfolio by -2.56%. The stock traded at an average price of $52.78 during the quarter and has seen a 27.56% return over the past three months and a -2.31% year-to-date change.
- Tidewater Inc (TDW, Financial), reducing by 105,554 shares, a -13.04% decrease, impacting the portfolio by -1.28%. The stock's average trading price was $64.75 for the quarter, with an 11.94% return over the past three months and a -5.88% year-to-date change.
Portfolio Overview
As of the fourth quarter of 2023, Third Avenue Management (Trades, Portfolio)'s portfolio comprised 59 stocks. The top holdings included 9.69% in Warrior Met Coal Inc (HCC), 8.33% in Tidewater Inc (TDW), 5.57% in Deutsche Bank AG (DB, Financial), 4.73% in Valaris Ltd (VAL, Financial), and 4.36% in Comerica Inc (CMA, Financial). The firm's investments are primarily concentrated in eight industries: Financial Services, Real Estate, Energy, Industrials, Basic Materials, Consumer Cyclical, Communication Services, and Healthcare.
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.
