THIRD AVENUE MANAGEMENT LLC
Long book
$616.0M
Q1 2026
Positions
53
Top-10 weight
53%
concentration
Last quarter
+5.4%
SPY +14.8%
Turnover
18%
of book per quarter
Strategy in plain words
auto-generated from filingsTHIRD AVENUE MANAGEMENT LLC is a diversified fundamental manager, running a $616.0M US long book across 53 positions.
The portfolio is concentrated: the top 10 names carry 53% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: TIDEWATER INC, VALARIS LTD, BOISE CASCADE CO, WARRIOR MET COAL INC, HARLEY-DAVIDSON INC.
Over the last 9 quarters its long book ran on average 1.1pp per quarter behind the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-5.1%
Q2 2024
+10.9%
Q3 2024
-8.1%
Q4 2024
-3.2%
Q1 2025
+3.2%
Q2 2025
+12.7%
Q3 2025
+4.0%
Q4 2025
+10.9%
Q1 2026
+5.4%
Sector allocation
Industrials 28%
Real estate 14%
Financials 11%
Energy 11%
Services media 10%
Materials 10%
Consumer discretionary 9%
Healthcare 4%
Long book by quarter
What does THIRD AVENUE own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TDW TIDEWATER INC | Industrials | 921.2K | $77.0M | 12.5% | +5.5% |
| VAL VALARIS LTD | Energy | 508.2K | $49.8M | 8.1% | -13.0% |
| BCC BOISE CASCADE CO | Consumer discretionary | 562.0K | $42.6M | 6.9% | +30.7% |
| HCC WARRIOR MET COAL INC | Materials | 364.0K | $33.9M | 5.5% | -37.6% |
| HOG HARLEY-DAVIDSON INC | Industrials | 1.5M | $29.6M | 4.8% | New |
| RHI ROBERT HALF INC | Services media | 903.9K | $23.0M | 3.7% | New |
| BN BROOKFIELD CORP | Real estate | 481.5K | $19.5M | 3.2% | -12.2% |
| FPH FIVE POINT HOLDINGS LLC-CL A | Real estate | 3.9M | $18.7M | 3.0% | -6.1% |
| CBRE CBRE GROUP INC - A | Real estate | 136.3K | $18.5M | 3.0% | -7.2% |
| ROG ROGERS CORP | Materials | 151.0K | $16.2M | 2.6% | -24.3% |
| UHAL/B U-HAUL HOLDING CO-NON VOTING | Services media | 284.4K | $12.7M | 2.1% | +9.7% |
| LEN/B LENNAR CORP - B SHS | Industrials | 142.8K | $12.0M | 2.0% | -3.5% |
| PHM PULTEGROUP INC | Industrials | 95.1K | $11.2M | 1.8% | -5.5% |
| DHI DR HORTON INC | Industrials | 73.8K | $10.1M | 1.6% | -5.6% |
| ECPG ENCORE CAPITAL GROUP INC | Financials | 142.5K | $10.0M | 1.6% | -16.7% |
| JLL JONES LANG LASALLE INC | Real estate | 32.4K | $9.9M | 1.6% | -5.7% |
| FNF FIDELITY NATIONAL FINANCIAL | Financials | 193.5K | $9.0M | 1.5% | -5.8% |
| UMBF UMB FINANCIAL CORP | Financials | 78.2K | $8.8M | 1.4% | Held |
| MYRG MYR GROUP INC/DELAWARE | Industrials | 28.8K | $8.1M | 1.3% | -18.9% |
| SUPN SUPERNUS PHARMACEUTICALS INC | Healthcare | 152.7K | $7.9M | 1.3% | -19.4% |
| BATRA ATLANTA BRAVES HOLDINGS IN-A | Services media | 164.4K | $7.8M | 1.3% | Held |
| SKY CHAMPION HOMES INC | Other | 100.8K | $7.5M | 1.2% | -5.3% |
| T86 TRI POINTE HOMES INC | — | 155.9K | $7.3M | 1.2% | Held |
| UNF UNIFIRST CORP/MA | Services media | 28.4K | $7.2M | 1.2% | Held |
| FSV FIRSTSERVICE CORP | Real estate | 50.5K | $7.0M | 1.1% | +169.6% |
| PB PROSPERITY BANCSHARES INC | Financials | 102.2K | $6.9M | 1.1% | Held |
| PRA PROASSURANCE CORP | Financials | 260.6K | $6.4M | 1.0% | -11.1% |
| BKD BROOKDALE SENIOR LIVING INC | Healthcare | 463.7K | $6.3M | 1.0% | New |
| PBF PBF ENERGY INC-CLASS A | Energy | 131.1K | $6.2M | 1.0% | Held |
| OSG OCTAVE SPECIALTY GROUP INC | Financials | 1.3M | $6.2M | 1.0% | +71.5% |
| LXU LSB INDUSTRIES INC | Materials | 381.1K | $5.7M | 0.9% | -51.7% |
| ALG ALAMO GROUP INC | Industrials | 34.3K | $5.7M | 0.9% | +43.0% |
| SD SANDRIDGE ENERGY INC | Energy | 330.8K | $5.4M | 0.9% | Held |
| WCC WESCO INTERNATIONAL INC | Consumer discretionary | 19.2K | $5.3M | 0.9% | -5.2% |
| CPRX CATALYST PHARMACEUTICALS INC | Healthcare | 210.2K | $5.2M | 0.8% | New |
| COLL COLLEGIUM PHARMACEUTICAL INC | Healthcare | 155.1K | $5.1M | 0.8% | -23.7% |
| ITIC INVESTORS TITLE CO | Financials | 21.9K | $4.8M | 0.8% | Held |
| ICFI ICF INTERNATIONAL INC | Services media | 71.7K | $4.7M | 0.8% | +35.7% |
| OCFC OCEANFIRST FINANCIAL CORP | Financials | 246.7K | $4.4M | 0.7% | +27.9% |
| FLG FLAGSTAR BANK NA | Financials | 331.2K | $4.4M | 0.7% | +52.4% |
| SBSI SOUTHSIDE BANCSHARES INC | Financials | 116.9K | $3.6M | 0.6% | Held |
| KALU KAISER ALUMINUM CORP | Industrials | 29.9K | $3.6M | 0.6% | -65.0% |
| BXC BLUELINX HOLDINGS INC | Consumer discretionary | 64.4K | $3.5M | 0.6% | 0.0% |
| QLYS QUALYS INC | Technology | 39.1K | $3.4M | 0.6% | New |
| FRPH FRP HOLDINGS INC | Real estate | 107.2K | $2.3M | 0.4% | -0.3% |
| COMP COMPASS INC - CLASS A | Real estate | 187.5K | $1.4M | 0.2% | New |
| BATRK ATLANTA BRAVES HOLDINGS IN-C | Services media | 26.1K | $1.1M | 0.2% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 53 | $616.0M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 51 | $550.2M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 50 | $532.7M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 52 | $484.9M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 61 | $498.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 59 | $516.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 59 | $611.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 59 | $583.0M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 58 | $626.7M | canonical | SEC ↗ |
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