
	Third Avenue Management 13F
	Third Avenue Management

	Last update 2024-11-14	59 Stocks (2 new)
	Value $612.00 Mil	Turnover 2 %
	Countries: Top Holdings: HCC(8.31%)DB(7.04%)TDW(5.65%)CMA(4.66%)LEN.B(4.57%) Portfolio Report

Third Avenue Management Profile

Founded by legendary value investor Martin Whitman, Third Avenue Management manages mutual funds, separate accounts and hedge funds. Since 2002, Third Avenue Management has partnered with Affiliated Managers Group, a publicly traded asset manager that has invested in a diverse stable of boutique asset management firms. This partnership allowed Third Avenue to extend ownership rights to its senior professionals, including key members of the investment team, providing a clear and transparent succession plan for the Firm and all of its principals.
Third Avenue Management manages assets across four core strategies — Value, Small-Cap, Real Estate and International Real Estate – which are available to investors through 40Act mutual funds, institutional separately managed accounts and a Real Estate Value Fund UCITS for non-U.S. investors.

Third Avenue Management Investing Philosophy

For over 25 years, Third Avenue Management has consistently pursued a fundamental, bottom-up approach to deep value and distressed investing. Third Avenue takes an unconstrained investment approach and pursues opportunities across market capitalizations and geographies. The firm's core real estate, value and small-cap strategies focus on high-conviction ideas, pursuing maximum allocation to the best risk-adjusted return prospects across our universe.

Third Avenue Management Portfolio and Latest Trades

Ticker
Ticker
DB
UHAL
LAZ
UHAL.B
LAZ
TDW
TDW
HCC
TDW
TDW
HCC
ORI
HA
HA
CMA
TDW
JLL
TDW
LAZ
VAL
ECPG
DB
IVT
LOW
WASH
LEN.B
EME
HA
CCF
LEN.B
SUI
LEN.B
CMA
LXU
DHI
FIX
HA
CMA
BAM
DHI
IVT
SPHR
JLL
ITIC
DHI
SD
PLD
LEN.B
UMBF
HCC
LOW
LOW
JLL
LAZ
SUI
LOW
HCC
TDW
TPH
DHI
IVT
WASH
KALU
LXU
HCC
SUI
PBF
WASH
COLL
COLL
MSGE
BSIG
HBB
KALU
RYN
PLD
FPH
FNF
FPH
PRA
SBSI
WY
HCC
SUPN
CALM
SUI
MYRG
ICFI
HA
AMH
EME
WY
WCC
FIX
RYN
SUI
ITIC
VAL
SUPN
PLD

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
DB	Deutsche Bank AG	2022-12-31	New Buy	+5.68%	● 7.44 ($9.86) 11.52	$17.20	74.39%	New holding	2,888,365	2,888,365
UHAL	U-Haul Holding Co	2022-12-31	Reduce	-3.70%	● 50.32 ($57.53) 66.84	$70.15	21.94%	Reduce -99.59%	1,508	-369,442
LAZ	Lazard Inc	2024-03-31	New Buy	+3.68%	● 36.12 ($38.95) 41.87	$51.99	33.48%	New holding	550,472	550,472
UHAL.B	U-Haul Holding Co	2022-12-31	New Buy	+2.99%	● 52.06 ($57.91) 66.74	$64.19	10.85%	New holding	312,444	312,444
LAZ	Lazard Inc	2023-12-31	Sold Out	-2.86%	● 26.4 ($30.12) 35.21	$51.99	72.61%	Sold Out	0	-550,206
TDW	Tidewater Inc	2023-03-31	Reduce	-2.67%	● 34.02 ($42.97) 51.78	$50.05	16.48%	Reduce -23.02%	1,394,007	-416,918
TDW	Tidewater Inc	2023-09-30	Reduce	-2.65%	● 54.09 ($63.14) 72.99	$50.05	-20.73%	Reduce -26.34%	809,185	-289,414
HCC	Warrior Met Coal Inc	2023-12-31	Reduce	-2.56%	● 45.6 ($52.78) 62.28	$54.40	3.07%	Reduce -23.63%	967,899	-299,454
TDW	Tidewater Inc	2024-03-31	Reduce	-2.27%	● 64.82 ($74.59) 92.2	$50.05	-32.90%	Reduce -27.2%	512,220	-191,411
TDW	Tidewater Inc	2023-06-30	Reduce	-2.23%	● 39.6 ($45.76) 55.44	$50.05	9.38%	Reduce -21.19%	1,098,599	-295,408
HCC	Warrior Met Coal Inc	2024-03-31	Reduce	-2.04%	● 53.03 ($60.58) 69.97	$54.40	-10.20%	Reduce -21.06%	764,018	-203,881
ORI	Old Republic International Corp	2024-09-30	Reduce	-1.69%	● 29.89 ($33.84) 35.9	$36.36	7.46%	Reduce -38.39%	510,054	-317,794
HA	Hawaiian Holdings Inc	2024-06-30	Sold Out	-1.46%	● 12.12 ($13.07) 13.8	$18.00	37.72%	Sold Out	0	-686,011
HA	Hawaiian Holdings Inc	2023-03-31	Add	+1.43%	● 7.58 ($10.59) 13.35	$18.00	69.97%	Add 141%	1,556,133	910,431
CMA	Comerica Inc	2023-03-31	Add	+1.31%	● 40.4 ($64.09) 76.94	$62.27	-2.85%	Add 58.3%	480,358	176,912
TDW	Tidewater Inc	2023-12-31	Reduce	-1.28%	● 56.21 ($64.75) 76.07	$50.05	-22.70%	Reduce -13.04%	703,631	-105,554
JLL	Jones Lang LaSalle Inc	2023-03-31	New Buy	+1.27%	● 137.2 ($166.69) 185.01	$255.06	53.02%	New holding	51,235	51,235
TDW	Tidewater Inc	2022-12-31	Reduce	-1.23%	● 22.88 ($30.42) 36.85	$50.05	64.53%	Reduce -13.68%	1,810,925	-286,932
LAZ	Lazard Inc	2024-09-30	Reduce	-1.23%	● 38.76 ($46.33) 51.03	$51.99	12.22%	Reduce -34.18%	362,515	-188,294
VAL	Valaris Ltd	2023-06-30	Add	+1.15%	● 55 ($60.35) 66.96	$41.14	-31.83%	Add 35.74%	419,726	110,522
ECPG	Encore Capital Group Inc	2022-12-31	New Buy	+1.00%	● 45.06 ($48.23) 50.98	$47.53	-1.45%	New holding	119,531	119,531
DB	Deutsche Bank AG	2023-09-30	Reduce	-0.98%	● 9.94 ($10.81) 11.66	$17.20	59.07%	Reduce -18.48%	2,485,341	-563,229
IVT	InvenTrust Properties Corp	2024-03-31	Reduce	-0.97%	● 24.51 ($25.18) 25.85	$29.98	19.06%	Reduce -55.9%	183,296	-232,379
LOW	Lowe's Companies Inc	2023-12-31	Reduce	-0.95%	● 183.62 ($202.7) 225.59	$249.78	23.22%	Reduce -47.83%	29,730	-27,262
WASH	Washington Trust Bancorp Inc	2024-09-30	Sold Out	-0.94%	● 25.83 ($30.56) 34.26	$31.77	3.94%	Sold Out	0	-199,119
LEN.B	Lennar Corp	2023-06-30	Reduce	-0.92%	● 86.71 ($98.59) 112.98	$133.61	35.52%	Reduce -21.98%	213,368	-60,100
EME	EMCOR Group Inc	2023-06-30	Sold Out	-0.91%	● 152.82 ($167.2) 184.78	$464.18	177.62%	Sold Out	0	-32,597
HA	Hawaiian Holdings Inc	2023-12-31	Reduce	-0.82%	● 3.91 ($7.42) 14.69	$18.00	142.59%	Reduce -47.79%	815,579	-746,546
CCF	Chase Corp	2023-09-30	Sold Out	-0.80%	● 115.04 ($125.27) 127.94	$127.49	1.77%	Sold Out	0	-40,192
LEN.B	Lennar Corp	2022-12-31	Reduce	-0.77%	● 57.92 ($68.29) 77.74	$133.61	95.65%	Reduce -16.64%	328,008	-65,463
SUI	Sun Communities Inc	2024-03-31	Add	+0.75%	● 123.35 ($129.82) 135.95	$124.64	-3.99%	Add 72.17%	87,178	36,544
LEN.B	Lennar Corp	2023-03-31	Reduce	-0.71%	● 76.13 ($83.64) 89.35	$133.61	59.74%	Reduce -16.63%	273,468	-54,540
CMA	Comerica Inc	2023-09-30	Reduce	-0.69%	● 39.95 ($47.42) 53.96	$62.27	31.31%	Reduce -17.22%	475,896	-99,010
LXU	LSB Industries Inc	2023-12-31	Add	+0.67%	● 7.82 ($9.12) 10.4	$7.72	-15.35%	Add 1445.54%	473,214	442,596
DHI	D.R. Horton Inc	2024-09-30	Reduce	-0.66%	● 135.21 ($175.74) 197.06	$140.97	-19.78%	Reduce -25.71%	78,745	-27,245
FIX	Comfort Systems USA Inc	2024-03-31	Sold Out	-0.66%	● 195.89 ($255.45) 323.29	$438.06	71.48%	Sold Out	0	-19,434
HA	Hawaiian Holdings Inc	2022-12-31	Reduce	-0.66%	● 9.67 ($13.36) 15.33	$18.00	34.73%	Reduce -28.33%	645,702	-255,286
CMA	Comerica Inc	2023-06-30	Add	+0.66%	● 31.21 ($40.46) 47.09	$62.27	53.89%	Add 19.68%	574,906	94,548
BAM	Brookfield Asset Management Ltd	2022-12-31	New Buy	+0.65%	● 27.11 ($30.09) 33.01	$55.24	83.60%	New holding	130,159	130,159
DHI	D.R. Horton Inc	2023-12-31	Reduce	-0.65%	● 100.66 ($123.13) 153.13	$140.97	14.49%	Reduce -22.55%	122,998	-35,816
IVT	InvenTrust Properties Corp	2023-03-31	Reduce	-0.61%	● 21.31 ($23.6) 25.22	$29.98	27.03%	Reduce -21.58%	542,852	-149,368
SPHR	Sphere Entertainment Co	2024-03-31	Sold Out	-0.59%	● 30.33 ($40.08) 50.89	$38.13	-4.85%	Sold Out	0	-105,583
JLL	Jones Lang LaSalle Inc	2023-06-30	Add	+0.59%	● 127.27 ($141.85) 155.8	$255.06	79.81%	Add 45.17%	74,378	23,143
ITIC	Investors Title Co	2023-09-30	Add	+0.57%	● 143.89 ($150.27) 158.65	$238.75	58.88%	Add 343.56%	29,599	22,926
DHI	D.R. Horton Inc	2023-06-30	Reduce	-0.56%	● 95.64 ($109.16) 123.05	$140.97	29.14%	Reduce -16.9%	165,678	-33,696
SD	SandRidge Energy Inc	2024-09-30	New Buy	+0.56%	● 11.62 ($12.78) 13.82	$10.69	-16.35%	New holding	280,554	280,554
PLD	Prologis Inc	2023-09-30	Reduce	-0.56%	● 111.25 ($122.33) 129.28	$104.78	-14.34%	Reduce -18.5%	122,689	-27,842
LEN.B	Lennar Corp	2023-12-31	Reduce	-0.56%	● 94.82 ($114.13) 139.79	$133.61	17.07%	Reduce -15.62%	173,710	-32,162
UMBF	UMB Financial Corp	2024-09-30	Reduce	-0.55%	● 81.41 ($97.49) 108.86	$115.58	18.56%	Reduce -25.71%	110,896	-38,388
HCC	Warrior Met Coal Inc	2022-12-31	Reduce	-0.55%	● 29.84 ($35.37) 39.08	$54.40	53.80%	Reduce -7.18%	1,274,614	-98,620
LOW	Lowe's Companies Inc	2024-06-30	Reduce	-0.53%	● 214.27 ($228.13) 249.28	$249.78	9.49%	Reduce -48.05%	14,096	-13,039
LOW	Lowe's Companies Inc	2024-09-30	Sold Out	-0.53%	● 213.3 ($242.19) 270.85	$249.78	3.13%	Sold Out	0	-14,096
JLL	Jones Lang LaSalle Inc	2023-12-31	Reduce	-0.52%	● 121.97 ($151.29) 189.98	$255.06	68.59%	Reduce -29.99%	51,990	-22,268
LAZ	Lazard Ltd	2023-03-31	Add	+0.52%	● 32.2 ($36.89) 41.16	$51.99	40.93%	Add 20.09%	547,950	91,664
SUI	Sun Communities Inc	2023-09-30	Add	+0.50%	● 118.34 ($126.92) 141.17	$124.64	-1.80%	Add 217.16%	36,527	25,010
LOW	Lowe's Companies Inc	2022-12-31	Reduce	-0.50%	● 178.3 ($199.87) 215.48	$249.78	24.97%	Reduce -17.96%	62,159	-13,607
HCC	Warrior Met Coal Inc	2023-09-30	Reduce	-0.50%	● 38.08 ($41.98) 51.08	$54.40	29.59%	Reduce -5.77%	1,267,353	-77,558
TDW	Tidewater Inc	2024-09-30	Reduce	-0.46%	● 69.32 ($87.13) 106.47	$50.05	-42.56%	Reduce -5.56%	481,474	-28,337
TPH	Tri Pointe Homes Inc	2023-06-30	Reduce	-0.45%	● 24.75 ($29.22) 33.16	$37.04	26.76%	Reduce -39.88%	155,997	-103,466
DHI	D.R. Horton Inc	2024-06-30	Reduce	-0.45%	● 139.4 ($146.91) 161.88	$140.97	-4.04%	Reduce -13.83%	105,990	-17,008
IVT	InvenTrust Properties Corp	2023-06-30	Reduce	-0.44%	● 20.92 ($22.57) 23.98	$29.98	32.83%	Reduce -20.27%	432,819	-110,033
WASH	Washington Trust Bancorp Inc	2023-12-31	Reduce	-0.44%	● 21.78 ($27.22) 33.64	$31.77	16.70%	Reduce -32.5%	199,119	-95,875
KALU	Kaiser Aluminum Corp	2024-06-30	Reduce	-0.44%	● 85.94 ($93.06) 101.2	$70.39	-24.36%	Reduce -28.1%	79,623	-31,116
LXU	LSB Industries Inc	2024-03-31	Add	+0.44%	● 7.14 ($7.88) 9.34	$7.72	-2.03%	Add 66.5%	787,909	314,695
HCC	Warrior Met Coal Inc	2023-03-31	Add	+0.43%	● 32.11 ($36.97) 42.44	$54.40	47.15%	Add 5.39%	1,343,267	68,653
SUI	Sun Communities Inc	2024-06-30	Add	+0.43%	● 111.32 ($118.82) 128.2	$124.64	4.90%	Add 23.65%	107,795	20,617
PBF	PBF Energy Inc	2024-09-30	New Buy	+0.43%	● 30.68 ($36.33) 46.49	$25.77	-29.07%	New holding	85,958	85,958
WASH	Washington Trust Bancorp Inc	2023-09-30	Add	+0.42%	● 26.11 ($28.55) 32.07	$31.77	11.26%	Add 44.5%	294,994	90,842
COLL	Collegium Pharmaceutical Inc	2023-12-31	New Buy	+0.42%	● 21.16 ($25.05) 30.8	$29.07	16.05%	New holding	83,120	83,120
COLL	Collegium Pharmaceutical Inc	2024-06-30	Add	+0.41%	● 31.36 ($34.67) 39.99	$29.07	-16.15%	Add 68.59%	182,281	74,161
MSGE	Madison Square Garden Entertainment Corp	2023-06-30	Sold Out	-0.41%	● 28.7 ($34.31) 40.09	$33.04	-3.70%	Sold Out	0	-81,238
BSIG	BrightSphere Investment Group Inc	2022-12-31	Sold Out	-0.40%	● 15.15 ($18.88) 20.82	$26.83	42.11%	Sold Out	0	-137,908
HBB	Hamilton Beach Brands Holding Co	2024-03-31	Reduce	-0.40%	● 17.39 ($19.39) 24.65	$16.14	-16.76%	Reduce -30.65%	317,313	-140,264
KALU	Kaiser Aluminum Corp	2023-06-30	Add	+0.38%	● 57.36 ($66.24) 74.81	$70.39	6.27%	Add 50.39%	96,721	32,406
RYN	Rayonier Inc	2023-12-31	Reduce	-0.38%	● 25.15 ($29.46) 34.09	$26.49	-10.08%	Reduce -19%	338,721	-79,472
PLD	Prologis Inc	2023-06-30	Reduce	-0.38%	● 116.9 ($123.04) 128.08	$104.78	-14.84%	Reduce -10.49%	150,531	-17,635
FPH	Five Point Holdings LLC	2023-03-31	Reduce	-0.38%	● 2.03 ($2.34) 2.77	$3.62	54.70%	Reduce -19.8%	3,752,600	-926,403
FNF	Fidelity National Financial Inc	2023-03-31	Reduce	-0.37%	● 32.11 ($39.35) 44.74	$56.53	43.66%	Reduce -32.02%	121,428	-57,197
FPH	Five Point Holdings LLC	2022-12-31	Reduce	-0.37%	● 1.98 ($2.26) 2.71	$3.62	60.18%	Reduce -13.51%	4,679,003	-730,748
PRA	ProAssurance Corp	2024-03-31	Add	+0.35%	● 11.86 ($12.87) 13.99	$15.99	24.24%	Add 38.2%	613,103	169,484
SBSI	Southside Bancshares Inc	2022-12-31	Add	+0.33%	● 32.2 ($35.47) 38.15	$32.18	-9.28%	Add 33.3%	209,426	52,317
WY	Weyerhaeuser Co	2023-12-31	Reduce	-0.33%	● 28.55 ($31.12) 35.1	$28.16	-9.51%	Reduce -14.96%	370,142	-65,102
HCC	Warrior Met Coal Inc	2024-09-30	Add	+0.32%	● 51.68 ($62.15) 73.37	$54.40	-12.47%	Add 4.06%	795,414	31,012
SUPN	Supernus Pharmaceuticals Inc	2023-06-30	Add	+0.32%	● 29.91 ($35.01) 38.73	$35.47	1.31%	Add 2626.1%	67,062	64,602
CALM	Cal-Maine Foods Inc	2022-12-31	Sold Out	-0.31%	● 52.97 ($57.83) 64.63	$102.65	77.50%	Sold Out	0	-28,403
SUI	Sun Communities Inc	2023-12-31	Add	+0.31%	● 102.97 ($120.45) 136.22	$124.64	3.48%	Add 38.62%	50,634	14,107
MYRG	MYR Group Inc	2023-12-31	Reduce	-0.30%	● 111.85 ($128.84) 151.08	$151.44	17.54%	Reduce -16.15%	67,757	-13,049
ICFI	ICF International Inc	2024-03-31	Reduce	-0.30%	● 128.95 ($144.79) 157.01	$117.88	-18.59%	Reduce -23.38%	44,269	-13,510
HA	Hawaiian Holdings Inc	2024-03-31	Reduce	-0.30%	● 13.27 ($13.91) 14.72	$18.00	29.40%	Reduce -15.89%	686,011	-129,568
AMH	American Homes 4 Rent	2023-03-31	Reduce	-0.30%	● 28.91 ($31.9) 35.49	$37.00	15.99%	Reduce -13.88%	355,823	-57,340
EME	EMCOR Group Inc	2022-12-31	Reduce	-0.30%	● 118.62 ($141.94) 155.4	$464.18	227.03%	Reduce -28.81%	32,597	-13,191
WY	Weyerhaeuser Co	2023-09-30	Reduce	-0.28%	● 30.51 ($32.92) 34.52	$28.16	-14.46%	Reduce -10.3%	435,244	-49,998
WCC	WESCO International Inc	2024-09-30	Add	+0.27%	● 149.47 ($162.34) 183.24	$180.63	11.27%	Add 211.21%	14,739	10,003
FIX	Comfort Systems USA Inc	2022-12-31	Reduce	-0.26%	● 100.76 ($116.29) 126.92	$438.06	276.69%	Reduce -31.83%	28,902	-13,498
RYN	Rayonier Inc	2022-12-31	Reduce	-0.25%	● 30.82 ($33.87) 36.17	$26.49	-21.79%	Reduce -8.51%	457,950	-42,570
SUI	Sun Communities Inc	2023-06-30	New Buy	+0.25%	● 125.13 ($133.87) 141.8	$124.64	-6.89%	New holding	11,517	11,517
ITIC	Investors Title Co	2023-12-31	Add	+0.25%	● 130.88 ($148.59) 164.87	$238.75	60.68%	Add 32.32%	39,164	9,565
VAL	Valaris Ltd	2022-12-31	Reduce	-0.23%	● 53.7 ($62.39) 69.1	$41.14	-34.06%	Reduce -7.3%	299,935	-23,616
SUPN	Supernus Pharmaceuticals Inc	2023-09-30	Add	+0.23%	● 27.57 ($30.44) 32.91	$35.47	16.52%	Add 73.79%	116,549	49,487
PLD	Prologis Inc	2024-06-30	Add	+0.23%	● 101.88 ($110.77) 127.92	$104.78	-5.40%	Add 10.31%	128,889	12,043

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