Third Avenue Management Portfolio - Dec 31, 2025

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Third Avenue Management, Marty Whitman, has built a diversified portfolio of 51 publicly traded holdings with a total market value of $550.2M as of Dec 31, 2025. This comprehensive analysis examines the latest 13F filing data to understand the investment strategy and recent portfolio adjustments.

The portfolio demonstrates a diversified approach to stock selection, with the top holding representing 9.3% of the total portfolio value. The top 5 holdings account for 33.0% of the overall portfolio allocation.

Recent portfolio activity shows 10 significant position adjustments, indicating active portfolio management and strategic repositioning. These changes reflect the investor's response to market conditions and evolving investment thesis.

Portfolio Statistics

51
Total Holdings
$550.2M
Portfolio Value
Dec 31, 2025
Latest Filing
9.3%
Largest Position

Top Holdings Analysis

The portfolio's top holdings reveal the investor's core investment thesis and sector preferences. The largest position in Warrior Met Coal Inc. (HCC) represents 9.3% of the total portfolio, valued at $51.4M.

Rank Symbol Company Value Portfolio % Change
1 HCC Warrior Met Coal Inc. $51.4M 9.3% -9.1%
2 TDW Tidewater Inc. $44.1M 8.0% -0.2%
3 BCC Boise Cascade Company $31.6M 5.8% +57.1%
4 VAL Valaris Ltd. $29.5M 5.4% -0.2%
5 BN Brookfield Corp. $25.2M 4.6% +44.9%

For a complete analysis of all holdings and detailed portfolio breakdown by sector and market cap, visit our comprehensive holdings page.

Recent Portfolio Activity

Recent portfolio adjustments provide insights into the investor's evolving strategy and market outlook. The following table shows the top 10 most significant position changes from recent reporting periods (out of 131 total transactions), sorted by the magnitude of change.

For a complete history of all portfolio transactions and detailed activity analysis, visit our comprehensive activity page.

Symbol Company Quantity Change Date Action
DB Deutsche Bank +337,193 Dec 31, 2025 BUY
NYCB None +217,305 Dec 31, 2025 BUY
AMBC Ambac Financial Group, Inc. +178,702 Dec 31, 2025 BUY
BN Brookfield Corporation +169,870 Dec 31, 2025 BUY
CMA Comerica Incorporated -156,314 Dec 31, 2025 SELL
BCC Boise Cascade, L.L.C. +156,294 Dec 31, 2025 BUY
SBSI Southside Bancshares, Inc. -92,547 Dec 31, 2025 SELL
AMH American Homes 4 Rent +87,446 Dec 31, 2025 BUY
FNF FNF Group of Fidelity National +86,664 Dec 31, 2025 BUY
FRPH FRP Holdings, Inc. -71,101 Dec 31, 2025 SELL

Investment Strategy Insights

Third Avenue Management's investment approach can be analyzed through several key metrics. The portfolio's concentration in top holdings suggests a diversified investment strategy, with significant positions in companies that align with the investor's long-term thesis.

The largest position in Warrior Met Coal Inc. (HCC) demonstrates strong conviction in this particular investment opportunity. Recent activity shows a decrease of 9.1% in this position, indicating active portfolio management and strategic positioning.

Portfolio turnover can be assessed through recent activity patterns. The 10 most significant transactions shown here (out of 131 total transactions) suggest a highly active approach to portfolio management, with frequent strategic adjustments and position changes.

Additional Analysis

Complete Holdings

View all 51 holdings with detailed analysis

Trading Activity

Track all portfolio transactions and position changes

Performance Metrics

Analyze profit, winning trades, and investment returns

Sector Allocation

Analyze portfolio breakdown by sector and industry

Third Avenue Management's portfolio as of Dec 31, 2025 reflects a strategic approach to equity investing with 51 holdings valued at $550.2M. The concentrated position in Warrior Met Coal Inc. and other top holdings demonstrates the investor's confidence in specific investment themes and long-term value creation opportunities. Recent activity indicates ongoing portfolio optimization and strategic repositioning.

For the most current portfolio data and detailed analysis, refer to the latest SEC 13F filings and our comprehensive holdings and activity pages, which are updated regularly with the latest filing information.

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