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Third Avenue Management
Third Avenue Management
2026Q1 · filed May 13, 202653 positions · $616Mtop-5 38%
2026Q1 brief
Third Avenue's $620M deep-value book saw two marquee new positions this quarter: HOG (Harley-Davidson, 4.8% of portfolio) and RHI (Robert Half, 3.7%), both classic Third Avenue-style beaten-down franchises with tangible asset backing. Meanwhile, the firm aggressively added to BCC (Boise Cascade, +30.7% to 6.9%), reinforcing a building-materials/industrials thesis that also drove a near-doubling of FSV (+169.6% to 1.1%). The contrasting move is the sharp trim in HCC (Warrior Met Coal, -37.6% to 5.5%) and near-elimination of KALU (-65%) and LXU (-51.7%), suggesting profit-taking or fading conviction in metals and chemicals even as the offshore energy core—TDW at 12.5% and Valaris at 8.1%—remains untouched at the top. The exit from Deutsche Bank (previously 2.4%) is notable, ending a rare European bank bet. The portfolio's top-5 concentration at 37.8% reflects tight conviction across offshore energy and materials. Watch whether HOG and RHI are built into top-10 positions next filing, which would confirm a consumer/staffing thesis layered atop the commodity core.
AI-generated. Not investment advice.
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 |
Sort↑
- 1TDW12.5%$77MTidewater Incthis Q hold·35q
- 2VAL8.1%$50MValaris Ltd.this Q hold·19q
- 3BCC6.9%$43MBoise Cascade COthis Q +31%·3q
- 4HCC5.5%$34MWarrior Met Coal Incthis Q -38%·34q
- 5HOG4.8%$30MHarley-davidson Incthis Q New·—1q
- 6RHI3.7%$23MRobert Half Incthis Q New·—1q
- 7BN3.2%$19MBrookfield Corpthis Q hold·14q
- 8FPH3.0%$19MFive Point Holdings Llc-cl Athis Q hold·36q
- 9CBRE3.0%$18MCbre Group Inc - Athis Q hold·25q
- 10PLD2.7%$17MPrologis Incthis Q hold·25q
- 11ROG2.6%$16MRogers Corpthis Q -24%·3q
- 12UHAL/B2.1%$13MU-haul Holding Co-non Votingthis Q hold·14q
- 13LEN/B2.0%$12MLennar Corp - B Shsthis Q hold·38q
- 14SUI1.9%$12MSun Communities Incthis Q hold·12q
- 15PHM1.8%$11MPultegroup Incthis Q hold·5q
- 16DHI1.6%$10MDR Horton Incthis Q hold·17q
- 17ECPG1.6%$10MEncore Capital Group Incthis Q hold·14q
- 18JLL1.6%$10MJones Lang Lasalle Incthis Q hold·13q
- 19FNF1.5%$9MFidelity National Financialthis Q hold·40q
- 20UMBF1.4%$9MUmb Financial Corpthis Q hold·40q
- 21MYRG1.3%$8MMyr Group Inc/delawarethis Q hold·40q
- 22SUPN1.3%$8MSupernus Pharmaceuticals Incthis Q hold·16q
- 23BATRA1.3%$8MAtlanta Braves Holdings In-athis Q hold·11q
- 24SKY1.2%$7MChampion Homes Incthis Q hold·4q
- 25AMH1.2%$7MAmerican Homes 4 Rent- Athis Q hold·24q
- 26TPH1.2%$7MTri Pointe Homes Incthis Q hold·37q
- 27UNF1.2%$7MUnifirst Corp/mathis Q hold·40q
- 28FSV1.1%$7MFirstservice Corpthis Q +170%·2q
- 29PB1.1%$7MProsperity Bancshares Incthis Q hold·40q
- 30PRA1.0%$6MProassurance Corpthis Q hold·22q
- 31BKD1.0%$6MBrookdale Senior Living Incthis Q New·6q
- 32PBF1.0%$6MPbf Energy Inc-class Athis Q hold·7q
- 33OSG1.0%$6MOctave Specialty Group Incthis Q +71%·6q
- 34LXU0.9%$6MLsb Industries Incthis Q -52%·11q
- 35ALG0.9%$6MAlamo Group Incthis Q +43%·40q
- 36SD0.9%$5MSandridge Energy Incthis Q hold·7q
- 37WCC0.9%$5MWesco International Incthis Q hold·8q
- 38CPRX0.8%$5MCatalyst Pharmaceuticals Incthis Q New·—1q
- 39COLL0.8%$5MCollegium Pharmaceutical Incthis Q -24%·10q
- 40CET0.8%$5MCentral Securities Corpthis Q hold·25q
- 41ITIC0.8%$5MInvestors Title COthis Q hold·12q
- 42FR0.8%$5MFirst Industrial Realty TRthis Q -23%·40q
- 43ICFI0.8%$5MIcf International Incthis Q +36%·40q
- 44OCFC0.7%$4MOceanfirst Financial Corpthis Q +28%·6q
- 45FLG0.7%$4MFlagstar Bank NAthis Q +52%·2q
- 46WY0.6%$4MWeyerhaeuser COthis Q hold·40q
- 47SBSI0.6%$4MSouthside Bancshares Incthis Q hold·40q
- 48KALU0.6%$4MKaiser Aluminum Corpthis Q -65%·40q
- 49BXC0.6%$3MBluelinx Holdings Incthis Q hold·5q
- 50QLYS0.6%$3MQualys Incthis Q New·—1q
- 51FRPH0.4%$2MFrp Holdings Incthis Q hold·33q
- 52COMP0.2%$1MCompass Inc - Class Athis Q New·—1q
- 53BATRK0.2%$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
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001099281). Not investment advice.