13F filing recap · Q1 2016

What did Third Avenue Management buy in Q1 2016?

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

$2.60B

Positions

114

Estimated turnover

40.0%

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

FCE.AForest City Realty Trust, Inc.$119.41Mreported value+5.66M shares LENLennar Corp /new/$54.31Mreported value+1.12M shares FNFFidelity National Financial, Inc.$26.78Mreported value+790.1K shares HHCHoward Hughes Holdings Inc.$24.95Mreported value+235.6K shares HARHarman International Industries Inc.$24.86Mreported value+279.2K shares RLRalph Lauren Corporation$22.03Mreported value+228.9K shares CSWCsw Industrials, Inc.$4.74Mreported value+150.3K shares CBMCambrex Corporation$3.37Mreported value+76.7K shares TILEInterface Inc$1.54Mreported value+83.2K shares CRZOCarrizo Oil & Gas Inc$1.45Mreported value+46.9K shares SEBSeaboard Corporation$57.0Kreported value+19 shares TPHSTrinity Place Holdings Inc.$42.0Kreported value+6.0K shares FCE.BForest City Realty Trust, Inc.$15.0Kreported value+702 shares

Increased positions

BAMBrookfield Corporation$164.81Mreported value+413.5K shares+9.6%PNCThe Pnc Financial Services Group, Inc.$60.25Mreported value+8.3K shares+1.2%KWKennedy-Wilson Holdings Inc$31.57Mreported value+898.6K shares+165.6%VCVisteon Corporation$10.29Mreported value+5.7K shares

Reduced positions

WYWeyerhaeuser Company$227.61Mreported value-1.80M shares-19.7%MACMacerich Co$109.14Mreported value-428.5K shares-23.7%RYNRayonier Inc.$101.09Mreported value-1.06M shares-20.6%FRFirst Industrial Realty Trust, Inc.$100.66Mreported value-2.00M shares

Exited positions

FCE.AForest City Enterprises, Inc.$153.38Mprior reported value-6.99M shares-100.0%LLoews Corp$26.95Mprior reported value-701.7K shares-100.0%PKXPosco Holdings Inc.$23.05Mprior reported value-651.9K shares-100.0%BMCHBmc Stock Holdings Inc$3.50Mprior reported value-209.2K shares