Third Avenue Management (TAM) adheres to a disciplined, fundamental value approach to investing. Its team of investment professionals utilizes an opportunistic investment process to analyze companies from the bottom-up with a focus on balance sheet analysis. The firm focuses on the associated risks and costs of each investment decision. It believes the cheaper you buy, the greater the potential investment reward and the less inherent risk.
Read about Martin J Whitman, its founder, at the ValueWalk Resource Page here.
The Talas Turkey Value Fund returned 9.5% net for the first quarter on a concentrated portfolio in which 93% of its capital is invested in 14 holdings. The MSCI Turkey Index returned 13.1% for the first quarter, while the MSCI All-Country ex-USA was down 5.4%. Background of the Talas Turkey Value Fund Since its inception Read More
For the third quarter, TAM’s 13F Filing reveals that the fund invested in 23 new stocks, added to its existing positions in 45, trimmed its exposure in 52 and maintained the status quo in 42 stocks. However, it completely divested from 6 investments.
Third Avenue Major new investments
Its major new investments were in Tanger Factory Outlet Centers Inc. (NYSE:SKT) (0.88% of portfolio), Hersha Hospitality Trust (NYSE:HT) (0.68%), Insight Enterprises, Inc. (NASDAQ:NSIT) (0.38%), FTI Consulting, Inc. (NYSE:FCN) (0.28%) and Blackrock Credit Allocation Income Trust (NYSE:BTZ) (0.11%).
Third Avenue Increased Positions
The fund boosted its holdings, among others, in Cavco Industries, Inc.(NASDAQ:CVCO) (+1282%), Susser Holdings Corporation(NYSE:SUSS) (+275%), IAMGOLD Corp (USA)(NYSE:IAG) (+205%), UMB Financial Corporation (NASDAQ:UMBF) (+192%) and Brookdale Senior Living, Inc.(NYSE:BKD) (+149%).
Third Avenue Reduced Positions
The firm trimmed its holdings significantly, among others, in Investment Technology Group (NYSE:ITG) (-95%), JAKKS Pacific, Inc. (NASDAQ:JAKK) (-78%), Superior Industries International Inc. (NYSE:SUP) (-72%), Ingram Micro Inc. (NYSE:IM) (-52%) and Ascena Retail Group Inc (NASDAQ:ASNA) (-45%).
Positions Completely Divested
The fund made a complete exit from its investments in Applied Materials, Inc. (NASDAQ:AMAT), QB-WT(PRN), Harman International Industries Inc./DE/ (NYSE:HAR), Hyster-Yale Materials Handling Inc (NYSE:HY), Tidewater Inc. (NYSE:TDW) and Cimarex Energy Co (NYSE:XEC).
Major Portfolio Investments as on September 30
The biggest investments as a percentage of portfolio were Weyerhaeuser Company (NYSE:WY) (4.56%), The Bank of New York Mellon Corporation (NYSE:BK) (4.45%), Devon Energy Corp (NYSE:DVN) (4.16%), Brookfield Asset Management Inc. (NYSE:BAM) (3.99%) and POSCO (NYSE:PKX) (3.84%).
Aggregate portfolio value was $5.17B.