Diversified Portfolio with Energy and Basic Materials Dominance

Marty Whitman from Third Avenue Management presents a diversified investment portfolio as of 2025-09-30, highlighting significant allocations to Energy, Basic Materials, Financial Services, Real Estate, and Consumer Cyclical sectors. The portfolio shows notable changes in key holdings, with increased exposure to BCC and decreased positions in FPH and CBRE.

By AI Generated.Nov 30, 2025, 2:54 AM
BNTDWHCCCBREVALFPHThird Avenue Management
Diversified Portfolio with Energy and Basic Materials Dominance

Diversified Portfolio Analysis

As of 2025-09-30, Marty Whitman's portfolio demonstrates a strategic allocation across various sectors, with Energy leading at 9.0% followed by Basic Materials at 7.94%. The portfolio also shows significant investments in Financial Services (4.82%) and Real Estate (4.73%). Notable changes include a 100% increase in BCC shares, indicating a substantial buyback, while FPH and CBRE saw decreases of approximately 5.69% and 6.09%, respectively.

  • Energy Sector: TDW (Tidewater Inc.) holds a portfolio allocation of 9.0%, the highest among all sectors, reflecting a strong focus on Energy.
  • Basic Materials: VAL (Valaris Ltd.) and BN (Brookfield Corp.) contribute 5.63% and 4.82% respectively, showcasing diversification within Basic Materials.
  • Financial Services: BN maintains a stable allocation at 4.82%, indicating reliance on this sector.
  • Real Estate: FPH (Five Point Holdings LLC - CL A) and CBRE (CBRE Group, Inc.) hold significant allocations of 4.73% and 4.55%.
  • Consumer Cyclical: BCC (Boise Cascade Company) shows a notable increase in shares by 273,705 units, reflecting a strategic shift.
  • Mixed Performance: TDW and HCC experienced slight increases despite share changes, while VAL saw minimal impact. LEN-B exhibited stability with no significant shifts.

This portfolio strategy emphasizes diversification across sectors to mitigate risk, with Energy and Basic Materials forming the core allocations. The inclusion of FPH and CBRE suggests a cautious approach in Real Estate, while BCC's performance highlights a potential focus on cyclical growth areas.

Overall, the portfolio reflects a balanced investment approach, balancing growth opportunities with stability across different sectors.