Insight into Third Avenue Management (Trades, Portfolio)'s Latest 13F Filing for Q3 2024
Third Avenue Management (Trades, Portfolio), established by the renowned value investor Martin Whitman, is known for its disciplined investment approach focusing on value, small-cap, and real estate strategies. The firm, in partnership with Affiliated Managers Group since 2002, emphasizes a fundamental, bottom-up approach to deep value and distressed investing. This strategy has been applied consistently across its diverse portfolio offerings, including mutual funds and institutional accounts.
Summary of New Buys
During the third quarter of 2024, Third Avenue Management (Trades, Portfolio) initiated positions in two new stocks:
- SandRidge Energy Inc (SD, Financial), purchasing 280,554 shares, which now comprise 0.56% of the portfolio, valued at $3.43 million.
- PBF Energy Inc (PBF, Financial), acquiring 85,958 shares, making up about 0.43% of the portfolio, with a total value of $2.66 million.
Key Position Increases
The firm also increased its stakes in 15 different stocks, with significant additions to:
- Warrior Met Coal Inc (HCC, Financial), adding 31,012 shares, bringing the total to 795,414 shares. This adjustment increased the share count by 4.06%, impacting the portfolio by 0.32%, with a total value of $50.83 million.
- WESCO International Inc (WCC, Financial), adding 10,003 shares, now totaling 14,739 shares. This represents a 211.21% increase in share count, valued at $2.48 million.
Summary of Sold Out Positions
Third Avenue Management (Trades, Portfolio) exited two positions entirely in the third quarter of 2024:
- Washington Trust Bancorp Inc (WASH, Financial), selling all 199,119 shares, impacting the portfolio by -0.94%.
- Lowe's Companies Inc (LOW, Financial), liquidating all 14,096 shares, with a -0.53% impact on the portfolio.
Key Position Reductions
The firm reduced its holdings in 16 stocks, notably:
- Old Republic International Corp (ORI, Financial), cutting down by 317,794 shares, a -38.39% decrease, impacting the portfolio by -1.69%. The stock traded at an average price of $33.84 during the quarter and has seen a 10.17% return over the past three months and 30.54% year-to-date.
- Lazard Inc (LAZ, Financial), reducing by 188,294 shares, a -34.18% decrease, impacting the portfolio by -1.23%. The stock's average trading price was $46.33 during the quarter, with a 21.73% return over the past three months and 68.07% year-to-date.
Portfolio Overview
As of the third quarter of 2024, Third Avenue Management (Trades, Portfolio)'s portfolio included 59 stocks. The top holdings were 8.31% in Warrior Met Coal Inc (HCC, Financial), 7.04% in Deutsche Bank AG (DB, Financial), 5.65% in Tidewater Inc (TDW, Financial), 4.66% in Comerica Inc (CMA, Financial), and 4.57% in Lennar Corp (LEN.B, 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.
