CIK: 0001099281
Total reported value
$616.0M
Reporting period: 2026-03-31 · Number of holdings: 53
THIRD AVENUE MANAGEMENT LLC disclosed 53 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $616.0M and a quarterly turnover rate of 40.9%.
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Third Avenue Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.043 — mathematically equivalent to about 23 equally-sized positions, well below its 53 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.15), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add TDW
+5.5% $32.9M
Trim HCC
-37.6% -$17.5M
Add VAL
-13.0% $20.4M
Trim BN
-12.2% -$5.7M
Trim CBRE
-7.2% -$5.1M
Trim KALU
-65.0% -$6.2M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TDW | Tidewater INC | Stock-Energy | 12.49% | +4.48% | +5.51% | |
| 2 | VAL | Valaris Limited | Stock-Energy | 8.09% | +2.74% | -13.04% | |
| 3 | BCC | Boise Cascade Co | Stock-Materials | 6.92% | +1.17% | +30.70% | |
| 4 | HCC | Warrior Met Coal INC | Stock-Materials | 5.50% | -3.85% | -37.60% | |
| 5 | HOG | Harley-davidson INC | Stock-Consumer Disc | 4.80% | +4.80% | NEW | |
| 6 | RHI | Robert Half INC | Stock-Industrials | 3.73% | +3.73% | NEW | |
| 7 | BN | Brookfield CORP | Stock-Financials | 3.16% | -1.41% | -12.15% | |
| 8 | FPH | Five Point Holdings Llc-cl A | Stock-Other | 3.03% | -1.15% | -6.14% | |
| 9 | CBRE | Cbre Group INC - A | Stock-Real Estate | 3.00% | -1.29% | -7.15% | |
| 10 | PLD | Prologis INC | Stock-Real Estate | 2.70% | -0.67% | -13.41% | |
| 11 | ROG | Rogers CORP | Stock-Other | 2.63% | -0.69% | -24.29% | |
| 12 | UHAL-B | U-haul Holding Co-non Voting | Stock-Other | 2.06% | -0.14% | +9.69% | |
| 13 | LEN-B | Lennar CORP - B Shs | Stock-Other | 1.95% | -0.61% | -3.49% | |
| 14 | SUI | Sun Communities INC | Stock-Real Estate | 1.87% | -0.31% | -5.64% | |
| 15 | PHM | Pultegroup INC | Stock-Consumer Disc | 1.82% | -0.33% | -5.52% | |
| 16 | DHI | Dr Horton INC | Stock-Consumer Disc | 1.64% | -0.41% | -5.57% | |
| 17 | ECPG | Encore Capital Group INC | Stock-Other | 1.62% | -0.07% | -16.67% | |
| 18 | JLL | Jones Lang Lasalle INC | Stock-Real Estate | 1.60% | -0.50% | -5.66% | |
| 19 | FNF | Fidelity National Financial | Stock-Financials | 1.46% | -0.58% | -5.78% | |
| 20 | UMBF | Umb Financial CORP | Stock-Financials | 1.43% | -0.21% | — | |
| 21 | MYRG | Myr Group Inc/delaware | Stock-Industrials | 1.32% | -0.09% | -18.94% | |
| 22 | SUPN | Supernus Pharmaceuticals INC | Stock-Healthcare | 1.28% | -0.43% | -19.40% | |
| 23 | BATRA | Atlanta Braves Holdings In-a | Stock-Other | 1.26% | -0.01% | — | |
| 24 | SKY | Champion Homes INC | Stock-Consumer Disc | 1.22% | -0.41% | -5.31% | |
| 25 | AMH | American Homes 4 Rent- A | Stock-Real Estate | 1.19% | -0.43% | -5.74% | |
| 26 | T86 | Tri Pointe Homes INC | Stock-Other | 1.18% | +0.29% | — | |
| 27 | UNF | Unifirst Corp/ma | Stock-Other | 1.16% | +0.16% | — | |
| 28 | FSV | Firstservice CORP | Stock-Other | 1.14% | +0.61% | +169.59% | |
| 29 | PB | Prosperity Bancshares INC | Stock-Financials | 1.11% | -0.17% | — | |
| 30 | PRA | Proassurance CORP | Stock-Other | 1.05% | -0.24% | -11.05% | |
| 31 | BKD | Brookdale Senior Living INC | Stock-Other | 1.03% | +1.03% | NEW | |
| 32 | PBF | Pbf Energy Inc-class A | Stock-Energy | 1.01% | +0.36% | — | |
| 33 | OSG | Octave Specialty Group INC | Stock-Other | 1.01% | — | +71.49% | |
| 34 | LXU | Lsb Industries INC | Stock-Other | 0.92% | -0.30% | -51.73% | |
| 35 | ALG | Alamo Group INC | Stock-Other | 0.92% | +0.19% | +43.00% | |
| 36 | SD | Sandridge Energy INC | Stock-Other | 0.88% | +0.01% | — | |
| 37 | WCC | Wesco International INC | Stock-Industrials | 0.85% | -0.05% | -5.18% | |
| 38 | CPRX | Catalyst Pharmaceuticals INC | Stock-Healthcare | 0.84% | +0.84% | NEW | |
| 39 | COLL | Collegium Pharmaceutical INC | Stock-Other | 0.83% | -0.88% | -23.73% | |
| 40 | CET | Central Securities CORP | Stock-Other | 0.82% | — | — | |
| 41 | ITIC | Investors Title Co | Stock-Other | 0.77% | -0.22% | — | |
| 42 | FR | First Industrial Realty Tr | Stock-Real Estate | 0.76% | -0.33% | -22.64% | |
| 43 | ICFI | Icf International INC | Stock-Other | 0.76% | — | +35.70% | |
| 44 | OCFC | Oceanfirst Financial CORP | Stock-Other | 0.72% | +0.09% | +27.93% | |
| 45 | FLG | Flagstar Bank NA | Stock-Financials | 0.71% | +0.21% | +52.43% | |
| 46 | WY | Weyerhaeuser Co | Stock-Real Estate | 0.64% | — | -5.36% | |
| 47 | SBSI | Southside Bancshares INC | Stock-Other | 0.59% | — | — | |
| 48 | KALU | Kaiser Aluminum CORP | Stock-Other | 0.58% | -1.20% | -65.00% | |
| 49 | BXC | Bluelinx Holdings INC | Stock-Other | 0.57% | -0.15% | +0.05% | |
| 50 | QLYS | Qualys INC | Stock-Tech | 0.56% | +0.56% | NEW |
Performance for Q3 2026
-0.5%
Performance Last 4 Quarters
+31.6%
Based on 63% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 53 | $616.0M | 41 | |
| 2025-12-31 | 51 | $550.2M | 21 | |
| 2025-09-30 | 50 | $532.7M | 46 | |
| 2025-06-30 | 52 | $484.9M | 0 | |
| 2025-03-31 | 61 | $498.7M | 100 | |
| 2024-12-31 | 59 | $516.8M | 0 | |
| 2024-09-30 | 59 | $611.6M | 0 | |
| 2024-06-30 | 59 | $583.0M | 0 | |
| 2024-03-31 | 58 | $626.7M | 0 | |
| 2023-12-31 | 59 | $609.3M | 0 | |
| 2023-09-30 | 59 | $596.5M | 0 | |
| 2023-06-30 | 58 | $606.0M | 0 | |
| 2023-03-31 | 54 | $585.2M | 0 | |
| 2022-12-31 | 55 | $574.9M | 0 | |
| 2022-09-30 | 53 | $508.3M | 0 | |
| 2022-06-30 | 56 | $561.8M | 0 | |
| 2022-03-31 | 58 | $733.9M | 0 | |
| 2021-12-31 | 59 | $760.4M | 0 | |
| 2021-09-30 | 59 | $743.1M | 0 | |
| 2021-06-30 | 60 | $755.7M | 100 | |
| 2021-03-31 | 61 | $756.2M | 22 | |
| 2020-12-31 | 64 | $712.7M | 27 | |
| 2020-09-30 | 64 | $719.5M | 17 | |
| 2020-06-30 | 65 | $713.6M | 23 | |
| 2020-03-31 | 67 | $676.3M | 71 | |
| 2019-12-31 | 57 | $1.0B | 18 | |
| 2019-09-30 | 57 | $1.1B | 16 | |
| 2019-06-30 | 58 | $1.2B | 14 | |
| 2019-03-31 | 59 | $1.3B | 22 | |
| 2018-12-31 | 61 | $1.2B | 47 | |
| 2018-09-30 | 73 | $1.8B | 22 | |
| 2018-06-30 | 76 | $2.0B | 22 | |
| 2018-03-31 | 78 | $2.0B | 28 | |
| 2017-12-31 | 92 | $2.1B | 23 | |
| 2017-09-30 | 110 | $2.2B | 16 | |
| 2017-06-30 | 116 | $2.2B | 14 | |
| 2017-03-31 | 112 | $2.2B | 18 | |
| 2016-12-31 | 114 | $2.2B | 23 | |
| 2016-09-30 | 110 | $2.2B | 16 | |
| 2016-06-30 | 114 | $2.2B | 26 | |
| 2016-03-31 | 114 | $2.6B | 42 | |
| 2015-12-31 | 135 | $3.1B | 22 | |
| 2015-09-30 | 171 | $3.7B | 19 | |
| 2015-06-30 | 173 | $4.0B | 16 | |
| 2015-03-31 | 166 | $4.0B | 15 | |
| 2014-12-31 | 171 | $4.0B | 40 | |
| 2014-09-30 | 173 | $4.8B | 32 | |
| 2014-06-30 | 179 | $5.2B | 19 | |
| 2014-03-31 | 184 | $5.2B | 25 | |
| 2013-12-31 | 196 | $5.5B | 22 | |
| 2013-09-30 | 189 | $5.2B | 27 | |
| 2013-06-30 | 171 | $5.1B | — |
Third Avenue Management LLC's most significant position changes for 2026-03-31: New buy: Harley-davidson INC (HOG); New buy: Robert Half INC (RHI); Sold out: Deutsche Bank Aktiengesellschaft (DB); New buy: Brookdale Senior Living INC (BKD); New buy: Catalyst Pharmaceuticals INC (CPRX).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TDW | Tidewater INC | +4.5% | +5.51% | Add |
| 2 | VAL | Valaris Limited | +2.7% | -13.04% | Trim |
| 3 | BCC | Boise Cascade Co | +1.2% | +30.70% | Add |
| 4 | FSV | Firstservice CORP | +0.6% | +169.59% | Add |
| 5 | PBF | Pbf Energy Inc-class A | +0.4% | — | Unchanged |
| 6 | T86 | Tri Pointe Homes INC | +0.3% | — | Unchanged |
| 7 | FLG | Flagstar Bank NA | +0.2% | +52.43% | Add |
| 8 | ALG | Alamo Group INC | +0.2% | +43.00% | Add |
| 9 | UNF | Unifirst Corp/ma | +0.2% | — | Unchanged |
| 10 | OCFC | Oceanfirst Financial CORP | +0.1% | +27.93% | Add |
| 11 | SD | Sandridge Energy INC | 0% | — | Unchanged |
| 12 | BATRA | Atlanta Braves Holdings In-a | 0% | — | Unchanged |
| 13 | WCC | Wesco International INC | -0.1% | -5.18% | Trim |
| 14 | ECPG | Encore Capital Group INC | -0.1% | -16.67% | Trim |
| 15 | MYRG | Myr Group Inc/delaware | -0.1% | -18.94% | Trim |
| 16 | UHAL-B | U-haul Holding Co-non Voting | -0.1% | +9.69% | Add |
| 17 | BXC | Bluelinx Holdings INC | -0.2% | +0.05% | Add |
| 18 | PB | Prosperity Bancshares INC | -0.2% | — | Unchanged |
| 19 | UMBF | Umb Financial CORP | -0.2% | — | Unchanged |
| 20 | ITIC | Investors Title Co | -0.2% | — | Unchanged |
| 21 | PRA | Proassurance CORP | -0.2% | -11.05% | Trim |
| 22 | LXU | Lsb Industries INC | -0.3% | -51.73% | Trim |
| 23 | SUI | Sun Communities INC | -0.3% | -5.64% | Trim |
| 24 | FR | First Industrial Realty Tr | -0.3% | -22.64% | Trim |
| 25 | PHM | Pultegroup INC | -0.3% | -5.52% | Trim |
| 26 | SKY | Champion Homes INC | -0.4% | -5.31% | Trim |
| 27 | DHI | Dr Horton INC | -0.4% | -5.57% | Trim |
| 28 | AMH | American Homes 4 Rent- A | -0.4% | -5.74% | Trim |
| 29 | SUPN | Supernus Pharmaceuticals INC | -0.4% | -19.40% | Trim |
| 30 | JLL | Jones Lang Lasalle INC | -0.5% | -5.66% | Trim |
| 31 | FNF | Fidelity National Financial | -0.6% | -5.78% | Trim |
| 32 | LEN-B | Lennar CORP - B Shs | -0.6% | -3.49% | Trim |
| 33 | PLD | Prologis INC | -0.7% | -13.41% | Trim |
| 34 | ROG | Rogers CORP | -0.7% | -24.29% | Trim |
| 35 | COLL | Collegium Pharmaceutical INC | -0.9% | -23.73% | Trim |
| 36 | FPH | Five Point Holdings Llc-cl A | -1.2% | -6.14% | Trim |
| 37 | KALU | Kaiser Aluminum CORP | -1.2% | -65.00% | Trim |
| 38 | CBRE | Cbre Group INC - A | -1.3% | -7.15% | Trim |
| 39 | BN | Brookfield CORP | -1.4% | -12.15% | Trim |
| 40 | HCC | Warrior Met Coal INC | -3.9% | -37.60% | Trim |
| 41 | HOG | Harley-davidson INC | — | NEW | New buy |
| 42 | RHI | Robert Half INC | — | NEW | New buy |
| 43 | DB | Deutsche Bank Aktiengesellschaft | — | EXIT | Sold out |
| 44 | BKD | Brookdale Senior Living INC | — | NEW | New buy |
| 45 | CPRX | Catalyst Pharmaceuticals INC | — | NEW | New buy |
| 46 | RYN | Rayonier INC | — | EXIT | Sold out |
| 47 | UTE0 | Cantaloupe INC | — | EXIT | Sold out |
| 48 | QLYS | Qualys INC | — | NEW | New buy |
| 49 | COMP | Compass INC - Class A | — | NEW | New buy |
| 50 | FG | F&g Annuities & Life INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-13 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-12 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-15 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-16 | Amendment | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-10 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-13 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-13 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-14 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-13 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-09 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-25 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-26 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | Amendment | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-13 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-11 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-12 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-14 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-18 | Amendment | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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