Third Avenue Management LLC Q3 2022 vs. Q4 2022: A Deep Dive into the Fund's Holdings and Changes

Investing in the stock market can be daunting, but with the right fund manager, investors can rest easy knowing their money is being expertly managed. One such fund manager is Third Avenue Management LLC, which recently released its Q3 2022 vs. Q4 2022 13F holdings comparison report. In this article, we'll take a closer look at the changes in Third Avenue Management's holdings, the reasons behind these changes, and what they could mean for investors.

Before we dive into the specifics of Third Avenue Management's holdings, let's first clarify what 13F filings are. According to the U.S. Securities and Exchange Commission (SEC), institutional investment managers with assets under management of $100 million or more are required to file a Form 13F with the SEC on a quarterly basis. These filings disclose the fund manager's holdings of certain publicly traded securities, including stocks, options, and convertible debt.

Now, turning our attention to Third Avenue Management's Q3 2022 vs. Q4 2022 holdings, we can see some significant changes in the fund's top holdings. Let's take a closer look at some of the most notable changes.

Sell-Offs and Reducing Holdings

One major change in Third Avenue Management's portfolio is the sell-off of UHAL, Amerco's shares. In Q3 2022, Third Avenue held 37,095 shares of UHAL, worth $18,890. However, in Q4 2022, the fund completely divested those shares, holding only 1,508 shares worth just $90. This represents a significant decrease in the fund's stake in the company.

Third Avenue Management also reduced its holdings of companies such as Lowe's Companies Inc. (LOW), Retail Opportunity Investments Corp. (ROIC), and UniFirst Corporation (UNF) in Q4 2022. While the fund held 75,766 shares of LOW worth $14,230 in Q3 2022, it only held 62,159 shares worth $12,384 in Q4 2022. Similarly, Third Avenue went from holding 75,000 shares of ROIC worth $1,032 in Q3 2022 to just 75,000 shares worth $1,127 in Q4 2022. Lastly, the fund's holdings of UNF decreased from 14,942 shares worth $2,514 in Q3 2022 to just 14,942 shares worth $2,883 in Q4 2022.

New Holdings

While Third Avenue Management reduced its holdings of some companies in Q4 2022, it also acquired new holdings in several other companies. For example, the fund purchased 2,888,365 shares of Deutsche Bank AG-Registered (DBK.DE), worth $32,638, which could indicate confidence in the company's financials. Additionally, Third Avenue Management bought 520,642 shares of Brookfield Corp (BN.TO), worth $16,379, and 1,195,311 shares of Encoure Capital Group Inc. (ECPG), worth $5,730, signaling a potential bullish outlook on those companies.

Notable Increases

Third Avenue Management also significantly increased its holdings of several companies in Q4 2022. For example, the fund added 462,250 shares of Warrior Met Coal Inc. (HCC), increasing its stake in the company by 13.1%. Similarly, Third Avenue went from holding 303,559 shares of Comerica Inc. (CMA) worth $21,584 in Q3 2022 to 303,446 shares worth just $20,285. However, in Q4 2022, the fund increased its holdings to 303,446 shares worth $20,285, increasing its stake in the company by 6%.

Lastly, Third Avenue Management also increased its holdings of UMB Financial Corporation (UMBF), Lennar Corp - Class B (LEN-B), and CBRE Group, Inc. (CBRE) by 0.9%, 4.8%, and 14%, respectively.

In conclusion, Third Avenue Management LLC's Q3 2022 vs. Q4 2022 13F holdings comparison shows some significant changes in the fund's holdings. The fund's sell-off of UHAL, Amerco's shares and reductions in holdings of LOW, ROIC, and UNF could indicate a bearish outlook on those companies. However, the increased holdings of DBK.DE, BN.TO, and ECPG, as well as the notable increases in holdings of HCC, CMA, UMBF, LEN-B, and CBRE, could signal bullish confidence in those companies. Investors should pay close attention to further announcements from Third Avenue Management, as these changes could impact the fund's performance and provide valuable insights into the current stock market conditions.