Third Avenue Management Buys Tanger, Hersha; Sells Tidewater, Cimarex

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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.

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.

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About the Author

Saul Griffith
Saul Griffith is an investor in stocks, commodities and forex, writing under a pen name. Saul has top accounting qualifications and extensive experience in industry and the financial markets. He also has an abiding interest in breaking news that could be a harbinger of new trends and give insight into an instrument’s potential for providing value, growth or yield.

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