Tidewater Inc. and Valaris Ltd. Dominate Third Avenue Management's Portfolio

As of March 31, 2026, the portfolio managed by Marty Whitman, formerly of Third Avenue Management, exhibits a significant tilt towards the Energy sector. The top five holdings by total stock value represent a substantial 46% allocation of the entire portfolio, highlighting a concentrated investment strategy focused on select large-cap names.

Top Holdings Analysis

The portfolio's largest position is Tidewater Inc. (TDW), accounting for approximately 12.5% of the total value. Valaris Ltd. (VAL) follows closely with an 8.1% allocation. Other significant holdings include Boise Cascade Company (BCC) at 6.9%, Warrior Met Coal Inc. (HCC) at 5.5%, and Harley-Davidson Inc. (HOG) at 4.8%. Notably, Robert Half, Inc. (RHI) and Brookfield Corp. (BN) round out the top ten holdings, representing 3.7% and 3.2% respectively.

Concentration in Energy and Real Estate

The portfolio demonstrates a clear preference for sectors dominated by the largest companies. Energy is the most heavily represented sector, encompassing four of the top five holdings (TDW, VAL, BCC, HCC) and totaling nearly 32% of the portfolio's value. Real Estate follows as the second largest sector, with CBRE Group, Inc. (CBRE) and Prologis Inc. (PLD) each holding around 3% of the portfolio, contributing approximately 6% in total.

Recent Changes in Holdings

Several holdings show significant changes from the previous period. Harley-Davidson Inc. (HOG) and Robert Half, Inc. (RHI) both experienced a 100% increase in shares, indicating substantial new investment during the reporting period. Conversely, Valaris Ltd. (VAL) saw a sharp reduction, with a 13.04% decrease in its portfolio allocation, while Warrior Met Coal Inc. (HCC) decreased by 37.6%. Other notable changes include a 12.16% reduction in Brookfield Corp. (BN) and decreases in several Real Estate holdings.

Strategic Focus

The portfolio's strategy appears to be centered on investing in large-cap companies, particularly within the Energy and Real Estate sectors. The high concentration in these sectors, combined with the significant allocation to specific large-cap names like Tidewater Inc. and Valaris Ltd., suggests a value-oriented approach focused on established players. The recent increase in holdings like Harley-Davidson and Robert Half points to an opportunistic element, adding exposure to cyclical and industrial sectors respectively.