Marty Whitman's Third Avenue Management Q1 2026 Portfolio Shifts: Key Energy and Real Estate Activity
Third Avenue Management's portfolio saw significant changes in Q1 2026, with notable increases in Harley Davidson and Robert Half, alongside substantial reductions in Energy sector holdings like Valaris Ltd.
Third Avenue Management, helmed by veteran investor Marty Whitman, saw its portfolio value reach $616 million as of March 31, 2026. Analysis of the top holdings reveals a dynamic quarter marked by both strategic additions and significant reductions.
Among the most pronounced changes, Marty Whitman & Third Avenue Management initiated new positions in two companies. The fund acquired a substantial stake in Harley-Davidson Inc. (HOG), adding 1,462,670 shares, representing a 100% increase from the previous quarter. Similarly, a new position in Robert Half, Inc. (RHI) was established, with the fund acquiring 903,905 shares, also marking a 100% increase for the quarter.
Conversely, the investor significantly reduced exposure in certain sectors. Valaris Ltd. (VAL) experienced a sharp decline, with the fund reducing its position by 13.04% (selling 76,187 shares). This was mirrored in the Energy sector broadly, with Tidewater Inc. (TDW) also seeing a reduction, albeit a smaller one at 5.51%.
The Basic Materials sector also saw a notable decrease, with Boise Cascade Company (BCC) witnessing only a slight increase of 30.7% and Warrior Met Coal Inc. (HCC) facing a substantial reduction of 37.6%. In the Real Estate sector, Five Point Holdings LLC - CL A (FPH) and several REITs (CBRE, FPH, PLD) all saw reductions, with FPH, CBRE, and PLD all reporting over 6% decreases in their respective positions.
Other holdings remained relatively stable during the quarter. Brookfield Corp. (BN) and Harley Davidson (HOG) saw slight reductions, while FPH, CBRE, and PLD all decreased but by less than 7%. No positions were identified as having been fully exited during this period.
For a more detailed look at Marty Whitman's investment strategies and Third Avenue Management's performance, visit Third Avenue Management's profile. You can explore the specific companies involved, such as Harley Davidson (HOG), Robert Half (RHI), Valaris (VAL), and others, by visiting their respective profiles on Insiderset.