Insightful Moves in the Fourth Quarter of 2024

Third Avenue Management (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2024, providing insights into its investment moves during this period. Founded by legendary value investor Martin Whitman, Third Avenue Management (Trades, Portfolio) manages mutual funds, separate accounts, and hedge funds. Since 2002, Third Avenue Management (Trades, Portfolio) 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 (Trades, Portfolio) 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. For over 25 years, Third Avenue Management (Trades, Portfolio) 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.

Summary of New Buy

Third Avenue Management (Trades, Portfolio) added a total of 2 stocks, among them:

• The most significant addition was Ambac Financial Group Inc (AMBC, Financial), with 230,416 shares, accounting for 0.56% of the portfolio and a total value of $2.91 million.
• The second largest addition to the portfolio was OceanFirst Financial Corp (OCFC, Financial), consisting of 60,859 shares, representing approximately 0.21% of the portfolio, with a total value of $1.10 million.

Key Position Increases

Third Avenue Management (Trades, Portfolio) also increased stakes in a total of 7 stocks, among them:

• The most notable increase was Tidewater Inc (TDW, Financial), with an additional 106,705 shares, bringing the total to 588,179 shares. This adjustment represents a significant 22.16% increase in share count, a 1.13% impact on the current portfolio, with a total value of $32.18 million.
• The second largest increase was Five Point Holdings LLC (FPH, Financial), with an additional 814,981 shares, bringing the total to 4,125,911. This adjustment represents a significant 24.61% increase in share count, with a total value of $15.60 million.

Summary of Sold Out

Third Avenue Management (Trades, Portfolio) completely exited 2 of the holdings in the fourth quarter of 2024, as detailed below:

• Lazard Inc (LAZ, Financial): Third Avenue Management (Trades, Portfolio) sold all 362,515 shares, resulting in a -2.99% impact on the portfolio.
• Trinity Place Holdings Inc (TPHS, Financial): Third Avenue Management (Trades, Portfolio) liquidated all 3,475,472 shares, causing a -0.02% impact on the portfolio.

Key Position Reduces

Third Avenue Management (Trades, Portfolio) also reduced positions in 12 stocks. The most significant changes include:

• Reduced Warrior Met Coal Inc (HCC, Financial) by 207,969 shares, resulting in a -26.15% decrease in shares and a -2.17% impact on the portfolio. The stock traded at an average price of $63.9 during the quarter and has returned -18.64% over the past 3 months and -1.66% year-to-date.
• Reduced Comerica Inc (CMA, Financial) by 173,002 shares, resulting in a -36.35% reduction in shares and a -1.69% impact on the portfolio. The stock traded at an average price of $65.11 during the quarter and has returned -4.30% over the past 3 months and 7.50% year-to-date.

Portfolio Overview

At the fourth quarter of 2024, Third Avenue Management (Trades, Portfolio)'s portfolio included 60 stocks, with top holdings including 7.29% in Deutsche Bank AG (DB, Financial), 6.23% in Tidewater Inc (TDW, Financial), 6.17% in Warrior Met Coal Inc (HCC), 4.42% in CBRE Group Inc (CBRE, Financial), and 4.35% in Brookfield Corp (BN, Financial).

The holdings are mainly concentrated in 8 of all the 11 industries: Financial Services, Real Estate, Energy, Industrials, Basic Materials, Consumer Cyclical, 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.