Third Avenue Management
Matthew FineNEW YORK, NYfiles as THIRD AVENUE MANAGEMENT LLC
$625m in 55 US stocks at the end of 30 June 2026. The top 10 are 50.2% of the money. It changed about 12.2% of the portfolio this quarter.
Value
$625m
Stocks
55
Top 10 share
50.2%
Turnover
12.2%
What changed this quarter
New
Bought for the first time this quarter.
- Taylor Morrison Home1.0% of the fund
- MaximusMMS0.6% of the fund
- Hongkong Land HoldingsHKHGF0.6% of the fund
- CRA InternationalCRAI0.5% of the fund
Added
Bought more of a stock they already held.
- Boise CascadeBCC7.5% of the fund+7%
- Robert HalfRHI5.9% of the fund+34%
- LennarLEN-B2.1% of the fund+5%
- FirstServiceFSV1.4% of the fund+23%
- Brookdale Senior LivingBKD1.3% of the fund+7%
- ICF InternationalICFI1.2% of the fund+38%
- Alamo GroupALG1.1% of the fund+23%
- Collegium PharmaceuticalCOLL1.1% of the fund+18%
- Sandridge EnergySD0.8% of the fund+7%
Cut
Sold some of their stake.
- Warrior MET CoalHCC3.7% of the fund-22%
- Five Point HoldingsFPH3.1% of the fund-4%
- BrookfieldBN2.7% of the fund-18%
- PrologisPLD2.3% of the fund-17%
- Encore Capital GroupECPG1.9% of the fund-9%
- Horton D RDHI1.8% of the fund-6%
- RogersROG1.6% of the fund-59%
- MYR GroupMYRG1.0% of the fund-55%
- Atlanta Braves HoldingsBATRA1.0% of the fund-32%
- Wesco InternationalWCC0.9% of the fund-12%
- UnifirstUNF0.9% of the fund-27%
- First Industrial Realty TrustFR0.8% of the fund-4%
Sold out
Sold their entire stake.
- TRI Pointe Homes-100%
- Proassurance-100%
Holdings
- BrookfieldBN
- Share
- 2.7%
- Value
- $17m
- Shares
- 394,929
-18%
- FirstServiceFSV
- Share
- 1.4%
- Value
- $9m
- Shares
- 61,951
+23%
- Catalyst Pharmaceuticals
- Share
- 1.1%
- Value
- $7m
- Shares
- 210,161
Held
- Taylor Morrison Home
- Share
- 1.0%
- Value
- $6m
- Shares
- 85,941
New
- Central SecuritiesCET
- Share
- 0.9%
- Value
- $5m
- Shares
- 101,812
Held
- Hongkong Land HoldingsHKHGF
- Share
- 0.6%
- Value
- $4m
- Shares
- 550,300
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| TidewaterTDW | 10.0% | $62m | 934,121 | Held |
| Boise CascadeBCC | 7.5% | $47m | 602,086 | +7% |
| ValarisVAL | 6.0% | $37m | 516,313 | Held |
| Robert HalfRHI | 5.9% | $37m | 1,208,336 | +34% |
| Harley-DavidsonHOG | 5.8% | $36m | 1,480,880 | Held |
| Warrior MET CoalHCC | 3.7% | $23m | 285,398 | -22% |
| Five Point HoldingsFPH | 3.1% | $19m | 3,696,155 | -4% |
| Cbre GroupCBRE | 2.9% | $18m | 135,896 | Held |
| BrookfieldBN | 2.7% | $17m | 394,929 | -18% |
| U-Haul HoldingUHAL-B | 2.6% | $16m | 283,872 | Held |
| PrologisPLD | 2.3% | $14m | 104,823 | -17% |
| LennarLEN-B | 2.1% | $13m | 149,658 | +5% |
| PultegroupPHM | 2.1% | $13m | 95,111 | Held |
| Encore Capital GroupECPG | 1.9% | $12m | 129,717 | -9% |
| Horton D RDHI | 1.8% | $11m | 69,205 | -6% |
| UMB FinancialUMBF | 1.8% | $11m | 78,245 | Held |
| Sun CommunitiesSUI | 1.8% | $11m | 91,454 | Held |
| RogersROG | 1.6% | $10m | 61,584 | -59% |
| Jones Lang LasalleJLL | 1.6% | $10m | 32,053 | Held |
| Fidelity National FinancialFNF | 1.5% | $9m | 193,119 | Held |
| Champion HomesSKY | 1.4% | $9m | 100,576 | Held |
| FirstServiceFSV | 1.4% | $9m | 61,951 | +23% |
| American Homes 4 RentAMH | 1.4% | $9m | 262,058 | Held |
| Octave Specialty GroupOSG | 1.3% | $8m | 1,341,879 | Held |
| Brookdale Senior LivingBKD | 1.3% | $8m | 494,826 | +7% |
| Prosperity BancsharesPB | 1.2% | $7m | 102,168 | Held |
| ICF InternationalICFI | 1.2% | $7m | 98,893 | +38% |
| Supernus PharmaceuticalsSUPN | 1.1% | $7m | 152,724 | Held |
| Alamo GroupALG | 1.1% | $7m | 42,265 | +23% |
| Collegium PharmaceuticalCOLL | 1.1% | $7m | 182,645 | +18% |
| Catalyst Pharmaceuticals | 1.1% | $7m | 210,161 | Held |
| MYR GroupMYRG | 1.0% | $7m | 13,066 | -55% |
| Atlanta Braves HoldingsBATRA | 1.0% | $6m | 111,880 | -32% |
| Taylor Morrison Home | 1.0% | $6m | 85,941 | New |
| Investors TitleITIC | 1.0% | $6m | 21,894 | Held |
| PBF EnergyPBF | 1.0% | $6m | 131,050 | Held |
| Wesco InternationalWCC | 0.9% | $6m | 16,963 | -12% |
| Kaiser AluminumKALU | 0.9% | $6m | 29,848 | Held |
| UnifirstUNF | 0.9% | $6m | 20,802 | -27% |
| QualysQLYS | 0.9% | $5m | 39,120 | Held |
| Central SecuritiesCET | 0.9% | $5m | 101,812 | Held |
| Flagstar Bank, National AssociationFLG | 0.8% | $5m | 331,241 | Held |
| Sandridge EnergySD | 0.8% | $5m | 352,558 | +7% |
| Oceanfirst FinancialOCFC | 0.8% | $5m | 246,662 | Held |
| First Industrial Realty TrustFR | 0.8% | $5m | 77,498 | -4% |
| LSB IndustriesLXU | 0.7% | $4m | 381,096 | Held |
| Southside BancsharesSBSI | 0.7% | $4m | 116,879 | Held |
| BlueLinx HoldingsBXC | 0.6% | $4m | 64,369 | Held |
| MaximusMMS | 0.6% | $4m | 74,085 | New |
| Hongkong Land HoldingsHKHGF | 0.6% | $4m | 550,300 | New |
| WeyerhaeuserWY | 0.6% | $4m | 162,097 | Held |
| CRA InternationalCRAI | 0.5% | $3m | 20,819 | New |
| FRP HoldingsFRPH | 0.4% | $3m | 107,160 | Held |
| CompassCOMP | 0.4% | $2m | 187,469 | Held |
| Atlanta Braves HoldingsBATRK | 0.2% | $1m | 26,027 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 29.0% since 30 June 2025.
Where the money is
Industrials23.4%
Real estate19.3%
Retail & consumer16.5%
Energy11.4%
Financial services10.9%
Technology6.8%
Materials4.6%
Health care3.5%
Other3.5%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.