Marty Whitman - Third Avenue Management Portfolio
| Period Date | Mar 31, 2025 | |
| Filing Date | May 14, 2025 | |
| Total Stocks | 61 | |
| Portfolio Value | $498.71M |
Third Avenue Management Strategy Analysis
Investment Strategy Metrics
Key metrics revealing investment style, risk management, and performance characteristics
| Metric | Value | Category | Description |
|---|---|---|---|
| Holding Period | 2.0 years | Style | Average duration positions are maintained |
| Position Count | 64 | Style | Number of active positions in portfolio |
| Position Size | 1.8% | Risk | Typical allocation per position |
| Win Rate | 51.1% | Performance | Percentage of profitable positions |
| Average Return | 7.3% | Performance | Mean return across positions |
| Sharpe Ratio | 0.10 | Performance | Return per unit of risk taken |
Investment Case Study: Tidewater Inc. (TDW)
9/30/2017 - 8/4/2025
Performance Metrics
Total Return: 146,682.81%
Holding Period: 2865 days
Max Position Size: $66,732,586.00
Position Weight: 5.38%
Key Events
9/30/2017: ENTRY(634,354.00 shares) @ $0.03
12/31/2017: INCREASE(1,041,376.00 shares) @ $0.02
3/31/2018: INCREASE(557,318.00 shares) @ $0.03
6/30/2018: INCREASE(26,106.00 shares) @ $0.03
9/30/2018: DECREASE(-21,069.00 shares) @ $0.03
12/31/2018: INCREASE(170,464.00 shares) @ $0.02
3/31/2019: INCREASE(34,721.00 shares) @ $0.02
6/30/2019: INCREASE(158,043.00 shares) @ $0.02
9/30/2019: INCREASE(136,110.00 shares) @ $0.02
12/31/2019: INCREASE(17,188.00 shares) @ $0.02
3/31/2020: INCREASE(17,141.00 shares) @ $0.01
6/30/2020: INCREASE(2,826.00 shares) @ $0.01
9/30/2020: INCREASE(114,624.00 shares) @ $0.01
12/31/2020: DECREASE(-375,527.00 shares) @ $0.01
3/31/2021: INCREASE(31,100.00 shares) @ $0.01
6/30/2021: DECREASE(-5,802.00 shares) @ $0.01
9/30/2021: DECREASE(-191,461.00 shares) @ $0.01
12/31/2021: DECREASE(-261,807.00 shares) @ $0.01
3/31/2022: INCREASE(20,225.00 shares) @ $0.02
9/30/2022: DECREASE(-8,073.00 shares) @ $0.02
12/31/2022: DECREASE(-286,932.00 shares) @ $36.85
3/31/2023: DECREASE(-416,918.00 shares) @ $44.08
6/30/2023: DECREASE(-295,408.00 shares) @ $55.44
9/30/2023: DECREASE(-289,414.00 shares) @ $72.28
12/31/2023: DECREASE(-105,554.00 shares) @ $72.11
3/31/2024: DECREASE(-191,411.00 shares) @ $92.00
6/30/2024: DECREASE(-2,409.00 shares) @ $95.21
9/30/2024: DECREASE(-28,337.00 shares) @ $71.79
12/31/2024: INCREASE(106,705.00 shares) @ $54.71
3/31/2025: INCREASE(221,079.00 shares) @ $42.27
Investment Thesis
Entry Context: Initial position established based on fundamental analysis
Sector Conditions: Favorable market conditions in the sector
Risk Factors:
- Market volatility
- Sector-specific risks
Key Learnings
- Position sizing is critical for portfolio management
- Important to monitor sector exposure