TA
Third Avenue Management LLC 13F Portfolio Snapshot & Holdings (Q2 2026)
Third Avenue Management LLCCIK: 0001099281
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$625.3M
Reporting period: 2026-06-30 · Number of holdings: 55
THIRD AVENUE MANAGEMENT LLC disclosed 55 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $625.3M and a quarterly turnover rate of 24.5%.
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Personality snowflake
- Concentration
- 14.86
- Portfolio Stability
- 24.53
- Momentum
- 100
- Sector conviction
- 49.15
- Diversification
- 100
- Sizing Uniformity
- 89.69
Third Avenue Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.037 — mathematically equivalent to about 27 equally-sized positions, well below its 55 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 1.03), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.7 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim TDW
+1.4% -$14.7M
Add RHI
+33.7% $14.1M
Trim VAL
+1.6% -$12.3M
Trim HCC
-21.6% -$10.7M
Sold out T86
Sold out PRA
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TDW | Tidewater Inc | Stock-Energy | 9.95% | -2.54% | +1.40% | |
| 2 | BCC | Boise Cascade Co | Stock-Materials | 7.47% | +0.55% | +7.13% | |
| 3 | VAL | Valaris Limited | Stock-Energy | 5.99% | -2.10% | +1.60% | |
| 4 | RHI | Robert Half Inc | Stock-Industrials | 5.93% | +2.20% | +33.68% | |
| 5 | HOG | Harley-davidson Inc | Stock-Consumer Disc | 5.79% | +0.99% | +1.25% | |
| 6 | HCC | Warrior Met Coal Inc | Stock-Materials | 3.70% | -1.80% | -21.59% | |
| 7 | FPH | Five Point Holdings Llc-cl A | Stock-Other | 3.11% | +0.08% | -4.27% | |
| 8 | CBRE | Cbre Group Inc - A | Stock-Real Estate | 2.93% | -0.07% | -0.32% | |
| 9 | BN | Brookfield CORP | Stock-Financials | 2.69% | -0.47% | -17.98% | |
| 10 | UHAL-B | U-haul Holding Co-non Voting | Stock-Other | 2.62% | +0.56% | -0.18% | |
| 11 | PLD | Prologis Inc | Stock-Real Estate | 2.27% | -0.43% | -16.77% | |
| 12 | LEN-B | Lennar CORP - B Shs | Stock-Other | 2.12% | +0.17% | +4.77% | |
| 13 | PHM | Pultegroup Inc | Stock-Consumer Disc | 2.09% | +0.27% | -0.02% | |
| 14 | ECPG | Encore Capital Group Inc | Stock-Other | 1.94% | +0.32% | -8.98% | |
| 15 | DHI | Dr Horton Inc | Stock-Consumer Disc | 1.80% | +0.16% | -6.27% | |
| 16 | UMBF | Umb Financial CORP | Stock-Financials | 1.79% | +0.36% | — | |
| 17 | SUI | Sun Communities Inc | Stock-Real Estate | 1.75% | -0.12% | -0.00% | |
| 18 | ROG | Rogers CORP | Stock-Other | 1.61% | -1.02% | -59.22% | |
| 19 | JLL | Jones Lang Lasalle Inc | Stock-Real Estate | 1.59% | -0.01% | -1.09% | |
| 20 | FNF | Fidelity National Financial | Stock-Financials | 1.46% | — | -0.17% | |
| 21 | SKY | Champion Homes Inc | Stock-Consumer Disc | 1.42% | +0.20% | -0.18% | |
| 22 | FSV | Firstservice CORP | Stock-Other | 1.41% | +0.27% | +22.79% | |
| 23 | AMH | American Homes 4 Rent- A | Stock-Real Estate | 1.40% | +0.21% | -0.18% | |
| 24 | OSG | Octave Specialty Group Inc | Stock-Other | 1.34% | +0.33% | +0.05% | |
| 25 | BKD | Brookdale Senior Living Inc | Stock-Other | 1.27% | +0.24% | +6.72% | |
| 26 | PB | Prosperity Bancshares Inc | Stock-Financials | 1.19% | +0.08% | — | |
| 27 | ICFI | Icf International Inc | Stock-Other | 1.15% | +0.39% | +37.86% | |
| 28 | SUPN | Supernus Pharmaceuticals Inc | Stock-Healthcare | 1.14% | -0.14% | — | |
| 29 | ALG | Alamo Group Inc | Stock-Other | 1.11% | +0.19% | +23.11% | |
| 30 | COLL | Collegium Pharmaceutical Inc | Stock-Other | 1.06% | +0.23% | +17.73% | |
| 31 | CPRX | Catalyst Pharmaceuticals Inc | Stock-Healthcare | 1.06% | +0.22% | — | |
| 32 | MYRG | Myr Group Inc/delaware | Stock-Industrials | 1.05% | -0.27% | -54.66% | |
| 33 | BATRA | Atlanta Braves Holdings In-a | Stock-Other | 1.01% | -0.25% | -31.96% | |
| 34 | TMHC | Taylor Morrison Home CORP | Stock-Consumer Disc | 0.99% | +0.99% | NEW | |
| 35 | ITIC | Investors Title Co | Stock-Other | 0.96% | +0.19% | — | |
| 36 | PBF | Pbf Energy Inc-class A | Stock-Energy | 0.95% | -0.06% | — | |
| 37 | WCC | Wesco International Inc | Stock-Industrials | 0.94% | +0.09% | -11.85% | |
| 38 | KALU | Kaiser Aluminum CORP | Stock-Other | 0.93% | +0.35% | -0.11% | |
| 39 | UNF | Unifirst Corp/ma | Stock-Other | 0.88% | -0.28% | -26.84% | |
| 40 | QLYS | Qualys Inc | Stock-Tech | 0.86% | +0.30% | — | |
| 41 | CET | Central Securities CORP | Stock-Other | 0.85% | +0.03% | — | |
| 42 | FLG | Flagstar Bank NA | Stock-Financials | 0.79% | +0.08% | — | |
| 43 | SD | Sandridge Energy Inc | Stock-Other | 0.77% | -0.11% | +6.57% | |
| 44 | OCFC | Oceanfirst Financial CORP | Stock-Other | 0.77% | +0.05% | — | |
| 45 | FR | First Industrial Realty Tr | Stock-Real Estate | 0.76% | — | -4.34% | |
| 46 | LXU | Lsb Industries Inc | Stock-Other | 0.66% | -0.26% | — | |
| 47 | SBSI | Southside Bancshares Inc | Stock-Other | 0.66% | +0.07% | — | |
| 48 | BXC | Bluelinx Holdings Inc | Stock-Other | 0.64% | +0.07% | — | |
| 49 | MMS | Maximus Inc | Stock-Industrials | 0.64% | +0.64% | NEW | |
| 50 | ✓ | Hongkong Land Holdings Ltd | Stock-Other | 0.63% | +0.63% | NEW |
1–50 of 55
Portfolio Performance
Performance for Q3 2026
+9.9%
Performance Last 4 Quarters
+31.5%
- Stdev
- +18%
- Beta
- +0.69
- Alpha
- +10.2%
- Max Drawdown
- -11.3%
- Annualized Perf
- +24.9%
- Batting Avg vs S&P
- +47.2%
- Sortino
- +2.89
- Stutzer
- +0.39
- Treynor
- +0.35
- Sterling
- +1.47
- Calmar
- +2.21
- Information Ratio
- +0.25
- Tracking Error
- +16.2%
- Stdev Down
- +8.3%
- Winning Months %
- +61.1%
- Losing Months %
- +38.9%
- Best 12 Months
- +57%
- Worst 12 Months
- -2.5%
- Efficiency Ratio
- +0.57
- Sharpe
- +1.33
- Stdev Sectors
- +7%
- Skewness
- +0.05
- Kurtosis
- -1.11
- Upside Potential
- +4.78
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 55 | $625.3M | 25 | ||
| 2026 Q1 | 53 | $616.0M | 41 | ||
| 2025 Q4 | 51 | $550.2M | 21 | ||
| 2025 Q3 | 50 | $532.7M | 46 | ||
| 2025 Q2 | 52 | $484.9M | 0 | ||
| 2025 Q1 | 61 | $498.7M | 100 | ||
| 2024 Q4 | 59 | $516.8M | 0 | ||
| 2024 Q3 | 59 | $611.6M | 0 | ||
| 2024 Q2 | 59 | $583.0M | 0 | ||
| 2024 Q1 | 58 | $626.7M | 0 | ||
| 2023 Q4 | 59 | $609.3M | 0 | ||
| 2023 Q3 | 59 | $596.5M | 0 | ||
| 2023 Q2 | 58 | $606.0M | 0 | ||
| 2023 Q1 | 54 | $585.2M | 0 | ||
| 2022 Q4 | 55 | $574.9M | 0 | ||
| 2022 Q3 | 53 | $508.3M | 0 | ||
| 2022 Q2 | 56 | $561.8M | 0 | ||
| 2022 Q1 | 58 | $733.9M | 0 | ||
| 2021 Q4 | 59 | $760.4M | 0 | ||
| 2021 Q3 | 59 | $743.1M | 0 | ||
| 2021 Q2 | 60 | $755.7M | 100 | ||
| 2021 Q1 | 61 | $756.2M | 22 | ||
| 2020 Q4 | 64 | $712.7M | 27 | ||
| 2020 Q3 | 64 | $719.5M | 17 | ||
| 2020 Q2 | 65 | $713.6M | 23 | ||
| 2020 Q1 | 67 | $676.3M | 71 | ||
| 2019 Q4 | 57 | $1.0B | 18 | ||
| 2019 Q3 | 57 | $1.1B | 16 | ||
| 2019 Q2 | 58 | $1.2B | 14 | ||
| 2019 Q1 | 59 | $1.3B | 22 | ||
| 2018 Q4 | 61 | $1.2B | 47 | ||
| 2018 Q3 | 73 | $1.8B | 22 | ||
| 2018 Q2 | 76 | $2.0B | 22 | ||
| 2018 Q1 | 78 | $2.0B | 28 | ||
| 2017 Q4 | 92 | $2.1B | 23 | ||
| 2017 Q3 | 110 | $2.2B | 16 | ||
| 2017 Q2 | 116 | $2.2B | 14 | ||
| 2017 Q1 | 112 | $2.2B | 18 | ||
| 2016 Q4 | 114 | $2.2B | 23 | ||
| 2016 Q3 | 110 | $2.2B | 16 | ||
| 2016 Q2 | 114 | $2.2B | 26 | ||
| 2016 Q1 | 114 | $2.6B | 42 | ||
| 2015 Q4 | 135 | $3.1B | 22 | ||
| 2015 Q3 | 171 | $3.7B | 19 | ||
| 2015 Q2 | 173 | $4.0B | 16 | ||
| 2015 Q1 | 166 | $4.0B | 15 | ||
| 2014 Q4 | 171 | $4.0B | 40 | ||
| 2014 Q3 | 173 | $4.8B | 32 | ||
| 2014 Q2 | 179 | $5.2B | 19 | ||
| 2014 Q1 | 184 | $5.2B | 25 | ||
| 2013 Q4 | 196 | $5.5B | 22 | ||
| 2013 Q3 | 189 | $5.2B | 27 | ||
| 2013 Q2 | 171 | $5.1B | — |
Holding changes this quarter
Third Avenue Management LLC's most significant position changes for 2026-06-30: Sold out: Tri Pointe Homes Inc (T86); Sold out: Proassurance CORP (PRA); New buy: Taylor Morrison Home CORP (TMHC); New buy: Maximus Inc (MMS); New buy: Hongkong Land Holdings Ltd.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | RHI | Robert Half Inc | +2.2% | +33.68% | Add |
| 2 | HOG | Harley-davidson Inc | +1% | +1.25% | Add |
| 3 | TMHC | Taylor Morrison Home CORP | +1% | NEW | New buy |
| 4 | MMS | Maximus Inc | +0.6% | NEW | New buy |
| 5 | ✓ | Hongkong Land Holdings Ltd | +0.6% | NEW | New buy |
| 6 | UHAL-B | U-haul Holding Co-non Voting | +0.6% | -0.18% | Trim |
| 7 | BCC | Boise Cascade Co | +0.6% | +7.13% | Add |
| 8 | CRAI | Cra International Inc | +0.5% | NEW | New buy |
| 9 | ICFI | Icf International Inc | +0.4% | +37.86% | Add |
| 10 | UMBF | Umb Financial CORP | +0.4% | — | Unchanged |
| 11 | KALU | Kaiser Aluminum CORP | +0.4% | -0.11% | Trim |
| 12 | OSG | Octave Specialty Group Inc | +0.3% | +0.05% | Add |
| 13 | ECPG | Encore Capital Group Inc | +0.3% | -8.98% | Trim |
| 14 | QLYS | Qualys Inc | +0.3% | — | Unchanged |
| 15 | PHM | Pultegroup Inc | +0.3% | -0.02% | Trim |
| 16 | FSV | Firstservice CORP | +0.3% | +22.79% | Add |
| 17 | BKD | Brookdale Senior Living Inc | +0.2% | +6.72% | Add |
| 18 | COLL | Collegium Pharmaceutical Inc | +0.2% | +17.73% | Add |
| 19 | CPRX | Catalyst Pharmaceuticals Inc | +0.2% | — | Unchanged |
| 20 | AMH | American Homes 4 Rent- A | +0.2% | -0.18% | Trim |
| 21 | SKY | Champion Homes Inc | +0.2% | -0.18% | Trim |
| 22 | ALG | Alamo Group Inc | +0.2% | +23.11% | Add |
| 23 | ITIC | Investors Title Co | +0.2% | — | Unchanged |
| 24 | LEN-B | Lennar CORP - B Shs | +0.2% | +4.77% | Add |
| 25 | DHI | Dr Horton Inc | +0.2% | -6.27% | Trim |
| 26 | COMP | Compass Inc - Class A | +0.2% | — | Unchanged |
| 27 | WCC | Wesco International Inc | +0.1% | -11.85% | Trim |
| 28 | FPH | Five Point Holdings Llc-cl A | +0.1% | -4.27% | Trim |
| 29 | PB | Prosperity Bancshares Inc | +0.1% | — | Unchanged |
| 30 | FLG | Flagstar Bank NA | +0.1% | — | Unchanged |
| 31 | BXC | Bluelinx Holdings Inc | +0.1% | — | Unchanged |
| 32 | SBSI | Southside Bancshares Inc | +0.1% | — | Unchanged |
| 33 | OCFC | Oceanfirst Financial CORP | +0.1% | — | Unchanged |
| 34 | FRPH | Frp Holdings Inc | +0.1% | — | Unchanged |
| 35 | BATRK | Atlanta Braves Holdings In-c | 0% | -0.29% | Trim |
| 36 | CET | Central Securities CORP | 0% | — | Unchanged |
| 37 | FNF | Fidelity National Financial | — | -0.17% | Trim |
| 38 | FR | First Industrial Realty Tr | — | -4.34% | Trim |
| 39 | JLL | Jones Lang Lasalle Inc | 0% | -1.09% | Trim |
| 40 | WY | Weyerhaeuser Co | 0% | -0.17% | Trim |
| 41 | PBF | Pbf Energy Inc-class A | -0.1% | — | Unchanged |
| 42 | CBRE | Cbre Group Inc - A | -0.1% | -0.32% | Trim |
| 43 | SD | Sandridge Energy Inc | -0.1% | +6.57% | Add |
| 44 | SUI | Sun Communities Inc | -0.1% | -0.00% | Trim |
| 45 | SUPN | Supernus Pharmaceuticals Inc | -0.1% | — | Unchanged |
| 46 | BATRA | Atlanta Braves Holdings In-a | -0.3% | -31.96% | Trim |
| 47 | LXU | Lsb Industries Inc | -0.3% | — | Unchanged |
| 48 | MYRG | Myr Group Inc/delaware | -0.3% | -54.66% | Trim |
| 49 | UNF | Unifirst Corp/ma | -0.3% | -26.84% | Trim |
| 50 | PLD | Prologis Inc | -0.4% | -16.77% | Trim |
1–50 of 57
Filing History
FAQ
What is Third Avenue Management LLC and what type of investor is it?
Third Avenue Management LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $625.3M, spread across 55 disclosed positions.
What are Third Avenue Management LLC's largest equity positions?
Based on the latest 13F filing, Third Avenue Management LLC's top holdings by market value are:
1. Tidewater Inc (TDW) — $62.2M (9.9%)
2. Boise Cascade Co (BCC) — $46.7M (7.5%)
3. Valaris Limited (VAL) — $37.5M (6.0%)
4. Robert Half Inc (RHI) — $37.1M (5.9%)
5. Harley-davidson Inc (HOG) — $36.2M (5.8%)
What changes did Third Avenue Management LLC make in its most recent portfolio filing?
In the latest reported quarter, Third Avenue Management LLC made 42 notable position adjustments: 4 new positions were initiated, 13 existing holdings were added to, 23 positions were partially reduced, and 2 were completely exited. The largest of these moves: Sold out: Tri Pointe Homes Inc (T86); Sold out: Proassurance CORP (PRA); New buy: Taylor Morrison Home CORP (TMHC); New buy: Maximus Inc (MMS); New buy: Hongkong Land Holdings Ltd
What sectors does Third Avenue Management LLC focus on?
Third Avenue Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Energy: 23.7%
• Consumer Discretionary: 16.9%
• Real Estate: 16.4%
• Materials: 15.7%
• Industrials: 12.0%
• Financials: 11.1%
Investment Profile
Third Avenue Management LLC returned an annualized 24.9% over the trailing 36 months — outperforming the S&P 500 by 10.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.69 (less volatile than the market) and a 47% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active.
Its turnover score has risen from 0 to 25 over the past 4 quarters — a shift toward more active trading.
It has added to its BCC position over the past two quarters (+$15.1M, now $46.7M), while trimming HCC over the same stretch (-$28.3M, still holding $23.2M).
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Developer Access
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