13F filing recap · Q3 2013

What did Third Avenue Management buy in Q3 2013?

Reported stock-position changes between this filing and the previous one. US-listed stocks across every Third Avenue account, including accounts that belong to no fund below.

Stock value

$5.17B

Positions

163

Estimated turnover

22.3%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

New positions

SKTTanger Inc$45.54Mreported value+1.39M shares HTHersha Hospitality Trust$35.41Mreported value+6.34M shares NSITInsight Enterprises, Inc.$19.53Mreported value+1.03M shares FCNFti Consulting, Inc$14.43Mreported value+381.7K shares BTZBlackrock Credit Allocation Income Trust$5.83Mreported value+447.4K shares 23339M204DWS High Inc Opp Fd Inc$5.00Mreported value+353.3K shares MHYWestern Asset Managed High Income Fund Inc.$3.81Mreported value+669.4K shares XXHYBXXNew America High Income Fund, Inc$3.17Mreported value+333.1K shares NHSNeuberger High Yield Strategies Fund Inc.$2.99Mreported value+229.1K shares FSDFirst Trust High Income Long/short Fund$2.91Mreported value+166.1K shares FHYFirst Trust Strategic High Income Fund II$2.40Mreported value+150.8K shares ANVAllied Nevada Gold Corp$2.38Mreported value+568.2K shares CYEBlackrock Corporate High Yield Fund Iii, Inc.$2.29Mreported value+314.4K shares GHYPgim Global High Yield Fund, Inc.$2.14Mreported value+122.9K shares XEADXAllspring Income Opportunities Fund$2.10Mreported value+232.9K shares HISBlackrock High Income Shares$1.66Mreported value+799.8K shares XCIFXMfs Intermediate High Income Fund$1.33Mreported value+480.6K shares WLTGQWalter Energy, Inc.$1.12Mreported value+80.1K shares HIOWestern Asset High Income Opportunity Fund Inc.$1.07Mreported value+179.4K shares ARPIAmerican Residential Properties, Inc.$1.06Mreported value+60.0K shares TRC.WSTejon Ranch Co$1.03Mreported value+372.1K shares EFFEaton Vance Floating-Rate Income Plus Fund$545.0Kreported value+30.6K shares BPYBrookfield Property Partners L.p.$517.0Kreported value+26.7K shares HYIWestern Asset High Yield Opportunity Fund Inc.$517.0Kreported value+28.9K shares CFFNCapitol Federal Financial, Inc.$175.0Kreported value+14.1K shares

Increased positions

WYWeyerhaeuser Company$235.56Mreported value+429.9K shares+5.5%WTMWhite Mountains Insurance Group, Ltd$153.72Mreported value+3.6K shares+1.3%CVCOCavco Industries, Inc.$114.64Mreported value+1.87M shares+1282.1%APAApa Corporation$94.66Mreported value+17.6K shares

Reduced positions

BNYThe Bank of New York Mellon Corporation$229.95Mreported value-1.30M shares-14.6%DVNDevon Energy Corp/de$214.89Mreported value-163.5K shares-4.2%BAMBrookfield Corporation$206.23Mreported value-69.9K shares-1.3%PKXPosco Holdings Inc.$198.70Mreported value-8.3K shares

Exited positions

AMATApplied Materials Inc /de$132.08Mprior reported value-8.86M shares-100.0%HARHarman International Industries Inc.$41.17Mprior reported value-759.6K shares-100.0%HYHyster-Yale, Inc.$11.69Mprior reported value-186.1K shares-100.0%CQBChiquita Brands International Inc$9.84Mprior reported value