Third Avenue Management
Third Avenue Management
Third Avenue Management (Third Avenue Management) discloses a $616M portfolio across 53 US-listed positions in the latest 13F filing (2026Q1, filed May 13, 2026). The largest holding is TDW at 12.5% of the book. The biggest move of the quarter: added 31% to the BCC share count (position now $43M). Latticework's clone backtest puts this 13F book at -4.4%/yr vs SPY over 12.0 years.
About Third Avenue Management
Third Avenue Management was founded by Martin Whitman, whose 1999 book The Aggressive Conservative Investor and the later-distributed Margin of Safety-adjacent text articulated a style he called "safe and cheap" — a variant of deep value that emphasized balance-sheet strength and asset coverage over earnings multiples. The firm built its reputation running concentrated positions in distressed and out-of-favor securities, including foreign equities, real estate, and corporate debt that Graham-and-Dodd practitioners largely ignored. The 13F reflects an equity book that is genuinely concentrated — top-5 names at roughly 38% across 53 positions — with current weights tilted toward cyclical and capital-intensive industries: offshore services (TDW), contract drilling (VAL), building products (BCC), and met coal (HCC). Readers should note that Third Avenue also runs credit and real estate strategies not visible in the 13F, so the equity filing is a partial view; the backtest's roughly -4.4% annualized drag versus SPY over twelve years is consistent with deep-value cyclical exposure that tends to lag in momentum-driven markets.
2026Q1 brief
Third Avenue's $620M deep-value book made two notable additions in 2026Q1: HOG entered as a 4.8% position (~$30M) — a classic Whitman-style franchise at distressed multiples — while BCC (Boise Cascade) was aggressively added (+30.7%) to 6.9%, cementing it as the third-largest holding. The energy/shipping complex remains dominant with TDW at 12.5% and VAL at 8.1%, together representing over $130M. Contrasting that conviction, HCC (metallurgical coal) was slashed by 37.6% and LXU nearly halved (-51.7%), signaling trimmed exposure to commodity cyclicals showing deteriorating fundamentals. The exit from DB (2.4% prior weight) removes the lone large European bank exposure, while RHI (Robert Half, 3.7%) adds a staffing recovery play. The portfolio's thematic bent is clear: hard assets, specialty shipping, and capital-light industrials at discounts to intrinsic value, with reduced pure-commodity risk. Watch whether HOG and RHI are built up further next quarter, as small new positions in BKD and CPRX suggest Third Avenue is also dipping cautiously into healthcare recovery names.
AI-generated. Not investment advice.
In the news
all news →- Third Avenue Value Fund’s Q1 2026 Investor LetterInsider Monkey ·
- What Supported the Third Avenue Value Fund’s Harley-Davidson (HOG) Addition?Yahoo Finance UK ·
Headlines via Google News. Links open in a new tab.
Holdings (53) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | TDW | 12.5% | $77M | |||
| 2 | VAL | 8.1% | $50M | |||
| 3 | BCC | 6.9% | $43M | |||
| 4 | HCC | 5.5% | $34M | |||
| 5 | HOG | 4.8% | $30M | |||
| 6 | RHI | 3.7% | $23M | |||
| 7 | BN | 3.2% | $19M | |||
| 8 | FPH | 3.0% | $19M | |||
| 9 | CBRE | 3.0% | $18M | |||
| 10 | PLD | 2.7% | $17M | |||
| 11 | ROG | 2.6% | $16M | |||
| 12 | UHAL/B | 2.1% | $13M | |||
| 13 | LEN/B | 2.0% | $12M | |||
| 14 | SUI | 1.9% | $12M | |||
| 15 | PHM | 1.8% | $11M | |||
| 16 | DHI | 1.6% | $10M | |||
| 17 | ECPG | 1.6% | $10M | |||
| 18 | JLL | 1.6% | $10M | |||
| 19 | FNF | 1.5% | $9M | |||
| 20 | UMBF | 1.4% | $9M | |||
| 21 | MYRG | 1.3% | $8M | |||
| 22 | SUPN | 1.3% | $8M | |||
| 23 | BATRA | 1.3% | $8M | |||
| 24 | SKY | 1.2% | $7M | |||
| 25 | AMH | 1.2% | $7M | |||
| 26 | TPH | 1.2% | $7M | |||
| 27 | UNF | 1.2% | $7M | |||
| 28 | FSV | 1.1% | $7M | |||
| 29 | PB | 1.1% | $7M | |||
| 30 | PRA | 1.0% | $6M | |||
| 31 | BKD | 1.0% | $6M | |||
| 32 | PBF | 1.0% | $6M | |||
| 33 | OSG | 1.0% | $6M | |||
| 34 | LXU | 0.9% | $6M | |||
| 35 | ALG | 0.9% | $6M | |||
| 36 | SD | 0.9% | $5M | |||
| 37 | WCC | 0.9% | $5M | |||
| 38 | CPRX | 0.8% | $5M | |||
| 39 | COLL | 0.8% | $5M | |||
| 40 | CET | 0.8% | $5M | |||
| 41 | ITIC | 0.8% | $5M | |||
| 42 | FR | 0.8% | $5M | |||
| 43 | ICFI | 0.8% | $5M | |||
| 44 | OCFC | 0.7% | $4M | |||
| 45 | FLG | 0.7% | $4M | |||
| 46 | WY | 0.6% | $4M | |||
| 47 | SBSI | 0.6% | $4M | |||
| 48 | KALU | 0.6% | $4M | |||
| 49 | BXC | 0.6% | $3M | |||
| 50 | QLYS | 0.6% | $3M | |||
| 51 | FRPH | 0.4% | $2M | |||
| 52 | COMP | 0.2% | $1M | |||
| 53 | BATRK | 0.2% | $1M |
- 1TDWport12.5%val$77MTidewater Incthis Q hold·35q
- 2VALport8.1%val$50MValaris Ltd.this Q hold·19q
- 3BCCport6.9%val$43MBoise Cascade COthis Q +31%·3q
- 4HCCport5.5%val$34MWarrior Met Coal Incthis Q -38%·34q
- 5HOGport4.8%val$30MHarley-davidson Incthis Q New·—1q
- 6RHIport3.7%val$23MRobert Half Incthis Q New·—1q
- 7BNport3.2%val$19MBrookfield Corpthis Q hold·14q
- 8FPHport3.0%val$19MFive Point Holdings Llc-cl Athis Q hold·36q
- 9CBREport3.0%val$18MCbre Group Inc - Athis Q hold·25q
- 10PLDport2.7%val$17MPrologis Incthis Q hold·25q
- 11ROGport2.6%val$16MRogers Corpthis Q -24%·3q
- 12UHAL/Bport2.1%val$13MU-haul Holding Co-non Votingthis Q hold·14q
- 13LEN/Bport2.0%val$12MLennar Corp - B Shsthis Q hold·38q
- 14SUIport1.9%val$12MSun Communities Incthis Q hold·12q
- 15PHMport1.8%val$11MPultegroup Incthis Q hold·5q
- 16DHIport1.6%val$10MDR Horton Incthis Q hold·17q
- 17ECPGport1.6%val$10MEncore Capital Group Incthis Q hold·14q
- 18JLLport1.6%val$10MJones Lang Lasalle Incthis Q hold·13q
- 19FNFport1.5%val$9MFidelity National Financialthis Q hold·40q
- 20UMBFport1.4%val$9MUmb Financial Corpthis Q hold·40q
- 21MYRGport1.3%val$8MMyr Group Inc/delawarethis Q hold·40q
- 22SUPNport1.3%val$8MSupernus Pharmaceuticals Incthis Q hold·16q
- 23BATRAport1.3%val$8MAtlanta Braves Holdings In-athis Q hold·11q
- 24SKYport1.2%val$7MChampion Homes Incthis Q hold·4q
- 25AMHport1.2%val$7MAmerican Homes 4 Rent- Athis Q hold·24q
- 26TPHport1.2%val$7MTri Pointe Homes Incthis Q hold·37q
- 27UNFport1.2%val$7MUnifirst Corp/mathis Q hold·40q
- 28FSVport1.1%val$7MFirstservice Corpthis Q +170%·2q
- 29PBport1.1%val$7MProsperity Bancshares Incthis Q hold·40q
- 30PRAport1.0%val$6MProassurance Corpthis Q hold·22q
- 31BKDport1.0%val$6MBrookdale Senior Living Incthis Q New·6q
- 32PBFport1.0%val$6MPbf Energy Inc-class Athis Q hold·7q
- 33OSGport1.0%val$6MOctave Specialty Group Incthis Q +71%·6q
- 34LXUport0.9%val$6MLsb Industries Incthis Q -52%·11q
- 35ALGport0.9%val$6MAlamo Group Incthis Q +43%·40q
- 36SDport0.9%val$5MSandridge Energy Incthis Q hold·7q
- 37WCCport0.9%val$5MWesco International Incthis Q hold·8q
- 38CPRXport0.8%val$5MCatalyst Pharmaceuticals Incthis Q New·—1q
- 39COLLport0.8%val$5MCollegium Pharmaceutical Incthis Q -24%·10q
- 40CETport0.8%val$5MCentral Securities Corpthis Q hold·25q
- 41ITICport0.8%val$5MInvestors Title COthis Q hold·12q
- 42FRport0.8%val$5MFirst Industrial Realty TRthis Q -23%·40q
- 43ICFIport0.8%val$5MIcf International Incthis Q +36%·40q
- 44OCFCport0.7%val$4MOceanfirst Financial Corpthis Q +28%·6q
- 45FLGport0.7%val$4MFlagstar Bank NAthis Q +52%·2q
- 46WYport0.6%val$4MWeyerhaeuser COthis Q hold·40q
- 47SBSIport0.6%val$4MSouthside Bancshares Incthis Q hold·40q
- 48KALUport0.6%val$4MKaiser Aluminum Corpthis Q -65%·40q
- 49BXCport0.6%val$3MBluelinx Holdings Incthis Q hold·5q
- 50QLYSport0.6%val$3MQualys Incthis Q New·—1q
- 51FRPHport0.4%val$2MFrp Holdings Incthis Q hold·33q
- 52COMPport0.2%val$1MCompass Inc - Class Athis Q New·—1q
- 53BATRKport0.2%val$1MAtlanta Braves Holdings In-cthis Q hold·11q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| HCC | Warrior Met Coal Inc | TRIM | 5.5% | -38% | $34M |
| BCC | Boise Cascade CO | ADD | 6.9% | +31% | $43M |
| HOG | Harley-davidson Inc | NEW | 4.8% | +100% | $30M |
| RHI | Robert Half Inc | NEW | 3.7% | +100% | $23M |
| ROG | Rogers Corp | TRIM | 2.6% | -24% | $16M |
| DB | Deutsche Bank AG | EXIT | 2.4% | -100% | $0 |
| KALU | Kaiser Aluminum Corp | TRIM | 0.6% | -65% | $4M |
| COLL | Collegium Pharmaceutical Inc | TRIM | 0.8% | -24% | $5M |
| LXU | Lsb Industries Inc | TRIM | 0.9% | -52% | $6M |
| FSV | Firstservice Corp | ADD | 1.1% | +170% | $7M |
| OSG | Octave Specialty Group Inc | ADD | 1.0% | +71% | $6M |
| FR | First Industrial Realty TR | TRIM | 0.8% | -23% | $5M |
| BKD | Brookdale Senior Living Inc | NEW | 1.0% | +100% | $6M |
| ALG | Alamo Group Inc | ADD | 0.9% | +43% | $6M |
| CPRX | Catalyst Pharmaceuticals Inc | NEW | 0.8% | +100% | $5M |
| ICFI | Icf International Inc | ADD | 0.8% | +36% | $5M |
| RYN | Rayonier Inc | EXIT | 0.7% | -100% | $0 |
| OCFC | Oceanfirst Financial Corp | ADD | 0.7% | +28% | $4M |
| CTLP | Cantaloupe Inc | EXIT | 0.7% | -100% | $0 |
| FLG | Flagstar Bank NA | ADD | 0.7% | +52% | $4M |
| QLYS | Qualys Inc | NEW | 0.6% | +100% | $3M |
| COMP | Compass Inc - Class A | NEW | 0.2% | +100% | $1M |
| FG | F&g Annuities & Life Inc | EXIT | 0.1% | -100% | $0 |
- TRIMHCC5.5%Warrior Met Coal IncΔ -38%·$34M
- ADDBCC6.9%Boise Cascade COΔ +31%·$43M
- NEWHOG4.8%Harley-davidson IncΔ +100%·$30M
- NEWRHI3.7%Robert Half IncΔ +100%·$23M
- TRIMROG2.6%Rogers CorpΔ -24%·$16M
- EXITDB2.4%Deutsche Bank AGΔ -100%·$0
- TRIMKALU0.6%Kaiser Aluminum CorpΔ -65%·$4M
- TRIMCOLL0.8%Collegium Pharmaceutical IncΔ -24%·$5M
- TRIMLXU0.9%Lsb Industries IncΔ -52%·$6M
- ADDFSV1.1%Firstservice CorpΔ +170%·$7M
- ADDOSG1.0%Octave Specialty Group IncΔ +71%·$6M
- TRIMFR0.8%First Industrial Realty TRΔ -23%·$5M
- NEWBKD1.0%Brookdale Senior Living IncΔ +100%·$6M
- ADDALG0.9%Alamo Group IncΔ +43%·$6M
- NEWCPRX0.8%Catalyst Pharmaceuticals IncΔ +100%·$5M
- ADDICFI0.8%Icf International IncΔ +36%·$5M
- EXITRYN0.7%Rayonier IncΔ -100%·$0
- ADDOCFC0.7%Oceanfirst Financial CorpΔ +28%·$4M
- EXITCTLP0.7%Cantaloupe IncΔ -100%·$0
- ADDFLG0.7%Flagstar Bank NAΔ +52%·$4M
- NEWQLYS0.6%Qualys IncΔ +100%·$3M
- NEWCOMP0.2%Compass Inc - Class AΔ +100%·$1M
- EXITFG0.1%F&g Annuities & Life IncΔ -100%·$0
Frequently asked questions
- What stocks does Third Avenue Management own?
- As of 2026Q1, Third Avenue Management's 13F discloses 53 positions worth $616M. The top five holdings: TDW (12.5%), VAL (8.1%), BCC (6.9%), HCC (5.5%), HOG (4.8%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Third Avenue Management buy this quarter?
- In 2026Q1, the filing shows 6 new positions and 7 additions to existing holdings. The largest positions touched by buying: BCC, HOG, RHI, FSV, BKD.
- How big is Third Avenue Management's portfolio?
- $616M across 53 positions per the latest 13F (filed May 13, 2026). The top five holdings account for 38% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001099281). Not investment advice.