Third Avenue Management LLC’s latest 13F filing with the Securities and Exchange Commission indicates that the fund’s portfolio was worth over $5.2 billion at the end of March. In the previous quarter, the fund’s portfolio was worth 4.6 billion.
During the first three months of the year, Third Avenue bought 18 new stocks and made additional purchases of 49 other stocks. It sold out of its positions in five companies and reduced its holdings in 45 stocks. The top 10 holdings of the fund make up 39 percent of its portfolio.
When Baupost, the $30 billion Boston-based hedge fund now managed by Seth Klarman, was founded in 1982, it was launched with a core set of aims. Q4 2021 hedge fund letters, conferences and more Established by Harvard professor William Poorvu and a group of four other founding families, including Klarman, the group aimed to compound Read More
Third Avenue’s Major New Purchases
Among the firm’s major new purchases during the first quarter were CommonWealth REIT (NYSE:CWH), Orbital Sciences Corp (NYSE:ORB), Apache Corporation (NYSE:APA) and Liberty Media Corp (NASDAQ:LMCA).
Another major new position for Third Avenue during the first quarter was Ascena Retail Group Inc (NASDAQ:ASNA), of which it purchased almost 1.2 million shares.
Third Avenue’s Major Increased Positions
The fund increased its position in Intel Corporation (NASDAQ:INTC) by 683 percent during the first quarter, snapping up more than 3 million more shares of the stock. It also raised its position in NVIDIA Corporation (NASDAQ:NVDA) by 93 percent during the quarter, purchasing 1.6 million more shares of the stock.
It also increased its position in Devon Energy Corp (NYSE:DVN) by 10 percent or more than 350,000 shares during the first quarter.
Third Avenue’s Sell-Outs
The five stocks Third Avenue sold out of were Sycamore Networks Inc. (NASDAQ:SCMR), Westlake Chemical Corporation (NYSE:WLK), Scorpio Tankers Inc. (NYSE:STNG), THQ INC (PINK:THQIQ) and Brookfield Office Properties Inc (NYSE:BPO).
Third Avenue’s Major Reduced Holdings
The firm reduced its position in The Bank of New York Mellon Corporation (NYSE:BK) by 7 percent or more than 700,000 shares. Other major position reductions for the quarter include Chiquita Brands International Inc (NYSE:CQB), Pioneer Energy Services Corp (NYSE:PES) and Brookfield Asset Management Inc. (NYSE:BAM).