13F filing recap · Q4 2018

What did Third Avenue Management buy in Q4 2018?

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

$1.24B

Positions

Estimated turnover

30.9%

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

DWDPDowdupont Inc$13.43Mreported value+251.2K shares RIGTransocean Ltd.$10.48Mreported value+1.51M shares CUBICustomers Bancorp, Inc.$9.45Mreported value+519.1K shares SPYSPDR S&P 500 ETF Trust$2.81Mreported value+11.2K shares WLHWilliam Lyon Homes$476.0Kreported value+44.5K shares

Increased positions

WYWeyerhaeuser Company$105.14Mreported value+124.0K shares+2.6%FPHFive Point Holdings, LLC$79.44Mreported value+1.23M shares+12.0%TDWTidewater Inc$46.08Mreported value+170.5K shares+7.6%LEN.BLennar Corp /new/$38.93Mreported value+66.7K shares

Reduced positions

BAMBrookfield Corporation$104.08Mreported value-1.26M shares-31.8%LENLennar Corp /new/$99.86Mreported value-78.5K shares-3.0%MACMacerich Co$65.95Mreported value-61.6K shares-3.9%RYNRayonier Inc.$63.16Mreported value-91.8K shares

Exited positions

PNC.WSThe Pnc Financial Services Group, Inc.$61.84Mprior reported value-896.3K shares-100.0%BNYThe Bank of New York Mellon Corporation$33.20Mprior reported value-651.1K shares-100.0%ORIGOcean Rig Udw Inc.$32.43Mprior reported value-936.6K shares-100.0%ZIONZions Bancorporation, National Association$28.27Mprior reported value