Third Avenue Management recently filed their 13F report for the third quarter of 2022, which ended on 2022-09-30.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
Founded by legendary value investor Martin Whitman, Third Avenue Management (Trades, Portfolio) manages mutual funds, separate accounts and hedge funds. Since 2002, Third Avenue Management (Trades, Portfolio) has partnered with Affiliated Managers Group, a publicly traded asset manager that has invested in a diverse stable of boutique asset management firms. This partnership allowed Third Avenue to extend ownership rights to its senior professionals, including key members of the investment team, providing a clear and transparent succession plan for the Firm and all of its principals.
Third Avenue Management (Trades, Portfolio) manages assets across four core strategies — Value, Small-Cap, Real Estate and International Real Estate – which are available to investors through 40Act mutual funds, institutional separately managed accounts and a Real Estate Value Fund UCITS for non-U.S. investors.
As of the latest 13F report, the guru’s equity portfolio contained 53 stocks valued at a total of $508.00Mil. The top holdings were TDW(8.96%), HCC(7.68%), and LEN.B(4.61%).
According to GuruFocus data, these were Third Avenue Management (Trades, Portfolio)’s top five trades of the quarter.
Tidewater Inc
Third Avenue Management (Trades, Portfolio) reduced their investment in NYSE:TDW by 117,127 shares. The trade had a 0.78% impact on the equity portfolio. During the quarter, the stock traded for an average price of $33.9.
On 11/14/2022, Tidewater Inc traded for a price of $33.86 per share and a market cap of $1.57Bil. The stock has returned 184.18% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 4 out of 10.
In terms of valuation, Tidewater Inc has a price-book ratio of 1.85, a EV-to-Ebitda ratio of 38.56 and a price-sales ratio of 2.66.
The price-to-GF Value ratio is 2.45, earning the stock a GF Value rank of 1.
Five Point Holdings LLC
Third Avenue Management (Trades, Portfolio) reduced their investment in NYSE:FPH by 592,292 shares. The trade had a 0.27% impact on the equity portfolio. During the quarter, the stock traded for an average price of $2.28.
On 11/14/2022, Five Point Holdings LLC traded for a price of $2.25 per share and a market cap of $155.46Mil. The stock has returned -67.11% over the past year.
GuruFocus gives the company a financial strength rating of 2 out of 10 and a profitability rating of 5 out of 10.
In terms of valuation, Five Point Holdings LLC has a price-book ratio of 0.26, a EV-to-Ebitda ratio of 21.80 and a price-sales ratio of 0.75.
The price-to-GF Value ratio is 0.22, earning the stock a GF Value rank of 2.
Visteon Corp
The guru sold out of their 31,848-share investment in NAS:VC. Previously, the stock had a 0.59% weight in the equity portfolio. Shares traded for an average price of $119.27 during the quarter.
On 11/14/2022, Visteon Corp traded for a price of $144.55 per share and a market cap of $4.07Bil. The stock has returned 16.59% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, Visteon Corp has a price-earnings ratio of 34.02, a price-book ratio of 7.32, a EV-to-Ebitda ratio of 15.09 and a price-sales ratio of 1.19.
The price-to-GF Value ratio is 1.10, earning the stock a GF Value rank of 3.
Lazard Ltd
During the quarter, Third Avenue Management (Trades, Portfolio) bought 60,754 shares of NYSE:LAZ for a total holding of 460,733. The trade had a 0.38% impact on the equity portfolio. During the quarter, the stock traded for an average price of $35.96.
On 11/14/2022, Lazard Ltd traded for a price of $38.33 per share and a market cap of $3.29Bil. The stock has returned -15.84% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Lazard Ltd has a price-earnings ratio of 7.84, a price-book ratio of 6.03, a price-earnings-to-growth (PEG) ratio of 4.90, a EV-to-Ebitda ratio of 4.23 and a price-sales ratio of 1.30.
The price-to-GF Value ratio is 0.84, earning the stock a GF Value rank of 7.
Comerica Inc
Third Avenue Management (Trades, Portfolio) reduced their investment in NYSE:CMA by 27,651 shares. The trade had a 0.36% impact on the equity portfolio. During the quarter, the stock traded for an average price of $78.79.
On 11/14/2022, Comerica Inc traded for a price of $73.63 per share and a market cap of $9.64Bil. The stock has returned -13.98% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, Comerica Inc has a price-earnings ratio of 9.75, a price-book ratio of 2.06, a price-earnings-to-growth (PEG) ratio of 1.74 and a price-sales ratio of 3.00.
The price-to-GF Value ratio is 0.87, earning the stock a GF Value rank of 7.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
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