Insight into Recent Strategic Moves by Third Avenue Management (Trades, Portfolio)
Third Avenue Management (Trades, Portfolio), under the stewardship of the legendary value investor Martin Whitman, has recently filed its 13F for the second quarter of 2024. The firm, known for its deep value and distressed investing approach, manages a variety of investment vehicles including mutual funds and hedge funds. Since partnering with Affiliated Managers Group in 2002, Third Avenue has broadened its investment scope, focusing on value, small-cap, real estate, and international real estate strategies. This quarter's filing reveals significant portfolio adjustments, including new buys, increased stakes, and notable exits.
Summary of New Buys
Third Avenue Management (Trades, Portfolio) introduced two new stocks to its portfolio this quarter:
- WESCO International Inc (WCC, Financial) was the primary new addition with 4,736 shares, representing 0.13% of the portfolio and valued at $750,750.
- Corporacion Inmobiliaria Vesta SAB de CV (VTMX, Financial) was also added with 10,000 shares, making up about 0.05% of the portfolio, valued at $299,900.
Key Position Increases
The firm increased its stakes in 18 stocks, with significant additions to:
- Sun Communities Inc (SUI, Financial), where 20,617 additional shares were acquired, bringing the total to 107,795 shares. This represents a 23.65% increase in share count and a 0.43% impact on the current portfolio, valued at $12,972,050.
- Collegium Pharmaceutical Inc (COLL, Financial) saw an addition of 74,161 shares, increasing the total to 182,281 shares. This adjustment marks a 68.59% increase in share count, valued at $5,869,450.
Summary of Sold Out Positions
During the second quarter of 2024, Third Avenue Management (Trades, Portfolio) completely exited one holding:
- Hawaiian Holdings Inc (HA, Financial): The firm sold all 686,011 shares, impacting the portfolio by -1.46%.
Key Position Reductions
The firm also reduced its positions in 14 stocks, notably:
- Lowe's Companies Inc (LOW, Financial) was reduced by 13,039 shares, a -48.05% decrease, impacting the portfolio by -0.53%. The stock traded at an average price of $228.13 during the quarter and has returned 1.80% over the past three months and 7.62% year-to-date.
- D.R. Horton Inc (DHI, Financial) saw a reduction of 17,008 shares, a -13.83% decrease, impacting the portfolio by -0.45%. The stock traded at an average price of $146.91 during the quarter and has returned 19.54% over the past three months and 15.99% year-to-date.
Portfolio Overview
As of the second quarter of 2024, Third Avenue Management (Trades, Portfolio)'s portfolio included 59 stocks. The top holdings were 8.33% in Tidewater Inc (TDW, Financial), 8.23% in Warrior Met Coal Inc (HCC, Financial), 6.8% in Deutsche Bank AG (DB, Financial), 5.37% in Valaris Ltd (VAL, Financial), and 4.39% in Old Republic International Corp (ORI, Financial). The holdings are mainly concentrated in 8 of the 11 industries: Financial Services, Real Estate, Energy, Basic Materials, Consumer Cyclical, Industrials, Healthcare, and Communication Services.
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.
