Marty Whitman's Top Holdings: Strategic Focus on Undervalued Companies

Warrior Met Coal Inc. (HCC) stands as the largest position in Marty Whitman's portfolio at the end of 2025, representing 9.35% of the total value. The fund held 583,320 shares, worth $51.43 million. Compared to the previous period, Whitman reduced his stake by 58,596 shares, a decrease of 9.13%. This reduction could signal a cautious outlook or a rebalancing effort, though the stock remains a core holding.

Tidewater Inc. (TDW) follows as the second-largest holding, accounting for 8.01% of the portfolio. With 873,071 shares valued at $44.10 million, the energy shipping company shows stability. Whitman slightly trimmed his position by 0.18%, reducing the stake by just 1,596 shares, indicating a wait-and-see approach in this sector.

Boise Cascade Company (BCC) is the standout performer in the portfolio, with a 5.75% allocation and a significant increase in shares. Whitman added 57.1% to his stake, acquiring an additional 156,294 shares, pushing the total value to $31.65 million. This aggressive accumulation suggests strong confidence in the company's prospects, likely tied to its paper and packaging business.

Valaris Ltd. (VAL) holds a 5.35% allocation, with 584,373 shares valued at $29.45 million. The energy services company saw a minor reduction in Whitman's position, with a 0.21% decrease in shares, equivalent to 1,229 shares. This slight trim might reflect broader industry dynamics or valuation concerns.

Brookfield Corp. (BN) features prominently in the financial services sector, representing 4.57% of the portfolio. Whitman significantly boosted his stake in this utility holding, adding 44.91% through 169,870 additional shares, bringing the total value to $25.15 million. This indicates a strong, long-term view on the utility stock.

The portfolio includes two real estate investment trusts (REITs): CBRE Group, Inc. (CBRE) and Prologis Inc. (PLD). CBRE, representing 4.29% of the portfolio, saw a sharp reduction of 5.07% in Whitman's stake, amounting to 7,837 fewer shares, valued at $23.61 million. This substantial decrease might indicate a strategic shift or valuation reassessment. Prologis, at 3.37%, showed minimal change, with only a 0.04% increase in shares, suggesting stability in this core holding.

In the technology sector, Rogers Corp. (ROG) holds a 3.32% allocation, with Whitman adding just 0.05% more shares (106 additional shares) to a position valued at $18.27 million. This minimal increase suggests either a long-term hold or a very selective buying approach. Similarly, in consumer cyclical stocks, Lennar Corp. - Class B (LEN-B) at 2.56% allocation saw a tiny increase of 0.11% (165 more shares) to reach $14.08 million in value.

Lastly, Deutsche Bank AG (DB) holds a 2.36% allocation, but Whitman drastically cut his position by 66.99%, shedding 684,365 shares. The remaining stake is valued at $13.00 million. This significant reduction warrants attention, possibly due to banking sector risks or specific issues with Deutsche Bank.

Overall, Whitman's portfolio as of December 31, 2025, demonstrates a focus on undervalued companies, particularly in materials, energy services, and financials. The strategy involves both aggressive accumulation in select positions and strategic reductions in others, reflecting a disciplined approach to value investing. For more details on Marty Whitman's investment style or to explore his holdings, visit Marty Whitman's profile. Detailed information on each stock, including HCC, TDW, BCC, VAL, BN, CBRE, PLD, ROG, LEN-B, and DB, can be found at their respective pages: HCC, TDW, BCC, VAL, BN, CBRE, PLD, ROG, LEN-B, and DB.