Third Avenue Management

Across Third Avenue Management’s registered funds — $1.58B disclosed in SEC Form N-PORT — just 36.3% sits in US-listed equity, the only slice a 13F reports. The other $1.01B is foreign listings, cash and derivatives — none of which a 13F can show.

From SEC Form N-PORT, which registered funds file with their full portfolio — every currency, asset class and short. Covers 4 funds. The percentage above is the composition of those funds, not a ratio between two filings: a 13F spans every discretionary account but only US-listed securities, while N-PORT covers only the registered funds but every asset inside them — different universes, so the totals are not comparable (the 13F itself reports $625M for 2026-06-30). None of this feeds the backtest above, which stays a pure 13F clone.

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.