Marty Whitman's Q1 2026 Portfolio: Focus on Energy, New Consumer Positions

Third Avenue Management, led by Marty Whitman, held a portfolio valued at approximately $616 million as of March 31, 2026. The portfolio was heavily concentrated in the Energy and Real Estate sectors, with Energy accounting for 26.99% (12.49% + 8.09% + 6.92% + 5.5% = 26.99%) and Real Estate representing 9.03% (3.03% + 3.0% + 2.7% = 9.03%) of the total value.

The Energy sector holdings showed mixed trends during the quarter. Tidewater Inc. (TDW) saw an increase in shares held by Whitman, with a 5.51% increase in shares and a corresponding rise in its portfolio allocation to 12.49%. Conversely, Valaris Ltd. (VAL) experienced a significant decrease, with a 13.04% reduction in shares and its portfolio weight dropping to 8.09%. Boise Cascade Company (BCC) in the Basic Materials sector also showed strong growth, with a 30.7% increase in shares and a portfolio allocation of 6.92%. However, Warrior Met Coal Inc. (HCC) suffered a notable decline, with a 37.6% decrease in shares and its allocation falling to 5.5%.

In the Consumer Cyclical and Industrials sectors, Marty Whitman established new positions during the quarter. Harley-Davidson Inc. (HOG) and Robert Half, Inc. (RHI) both entered the portfolio with a 100% increase in shares from the previous quarter, allocating 4.8% and 3.73% respectively. This suggests a strategic shift or addition to the portfolio.

The Financial Services sector saw a slight decrease in Brookfield Corp. (BN), with a 12.16% reduction in shares and its allocation remaining at 3.16%. In Real Estate, Five Point Holdings LLC - CL A (FPH) and CBRE Group, Inc. (CBRE) both decreased their holdings, with FPH seeing an 6.14% drop in shares and CBRE a 7.15% reduction, though CBRE's position remained unchanged in terms of portfolio allocation percentage at 3.0%.

Prologis Inc. (PLD) also decreased its position, with a 13.41% reduction in shares and its allocation dropping to 2.7%. Overall, the portfolio maintained its focus on established sectors while incorporating new positions and showing varied reactions to quarterly movements in existing holdings.