Deep value
Third Avenue
Q2 2026 13F: 55 holdings worth about $625.3M; that quarter 4 new, 12 added, 13 trimmed, 2 sold out.
13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.
Why This Giant Is Included
- Rule numbers (Q2 2026): 55 holdings, top 10 = 50%, stocks $0.6B, options 0%; all four rules met
- Source for the value approach: The Aggressive Conservative Approach | Third Avenue Management Philosophy (Third Avenue Management LLC): “one should seek to purchase substantially undervalued securities as defined by a significant discount to a conservative estimate of readily ascertainable net asset value” (checked 2026-10-11)
13F value
$625.3M
previous $616.0M (+1.5%)
Holdings
55
4 new / 2 sold out
Net deploymentest.
−2.6%
est. net buying ÷ last quarter’s portfolio
Top-10 concentration
50%
overlap with the composite 5%
Turnoverest.
6.1%
held 23 quarters on average
I
Trades in Q2 2026
Sorted by position shift: how many percentage points of the portfolio the trade moved.
How to Read This
Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.
II
All Holdings (54 Companies)
Share classes of one company are combined; click a heading to re-sort.
How to Read This
Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.
| Company | Weight (prev.) | Value | This quarter | Quarter-end price | vs cost |
|---|---|---|---|---|---|
| TDWTidewater Inc | 10.0%12.5% | $62.2M | Added +1% | $66.63 | +70% |
| BCCBoise Cascade Co | 7.5%6.9% | $46.7M | Added +7% | $77.63 | −1% |
| VALValaris Ltd | 6.0%8.1% | $37.5M | Added +2% | $72.60 | +70% |
| RHIRobert Half Inc | 5.9%3.7% | $37.1M | Added +34% | $30.70 | +15% |
| HOGHarley-Davidson Inc | 5.8%4.8% | $36.2M | Added +1% | $24.46 | +20% |
| HCCWarrior Met Coal Inc | 3.7%5.5% | $23.2M | Trimmed −22% | $81.16 | +185% |
| FPHFive Point Holdings, LLC | 3.1%3.0% | $19.5M | Trimmed −4% | $5.27 | −49% |
| CBRECBRE Group Inc | 2.9%3.0% | $18.3M | Held | $134.69 | +150% |
| BNBrookfield Corp | 2.7%3.2% | $16.8M | Trimmed −18% | $42.59 | +480% |
| UHAL.BU-Haul Holding Co | 2.6%2.1% | $16.4M | Held | $57.70 | +6% |
| PLDPrologis, Inc | 2.3%2.7% | $14.2M | Trimmed −17% | $135.47 | +50% |
| LENLennar Corp | 2.1%2.0% | $13.3M | Added +5% | $88.71 | +88% |
| PHMPulteGroup Inc | 2.1%1.8% | $13.1M | Held | $137.21 | +29% |
| ECPGEncore Capital Group Inc | 1.9%1.6% | $12.1M | Trimmed −9% | $93.29 | +97% |
| DHID.R. Horton | 1.8%1.6% | $11.3M | Trimmed −6% | $162.88 | +131% |
| UMBFUmb Financial Corp | 1.8%1.4% | $11.2M | Held | $142.76 | +131% |
| SUISun Communities Inc | 1.8%1.9% | $11.0M | Held | $119.91 | −6% |
| ROGRogers Corp | 1.6%2.6% | $10.1M | Trimmed −59% | $163.73 | +120% |
| JLLJones Lang Lasalle Inc | 1.6%1.6% | $9.9M | Trimmed −1% | $309.95 | +104% |
| FNFFidelity National Financial, Inc | 1.5%1.5% | $9.1M | Held | $47.16 | +6% |
| SKYChampion Homes, Inc | 1.4%1.2% | $8.9M | Held | $88.12 | +18% |
| FSVFirstService Corp | 1.4%1.1% | $8.8M | Added +23% | $142.11 | −8% |
| AMHAmerican Homes 4 Rent | 1.4%1.2% | $8.8M | Held | $33.52 | +19% |
| OSGOctave Specialty Group Inc | 1.3%1.0% | $8.4M | Held | $6.24 | −24% |
| BKDBrookdale Senior Living Inc | 1.3%1.0% | $8.0M | Added +7% | $16.09 | +30% |
| BATRAAtlanta Braves Holdings, Inc | 1.2%1.4% | $7.7M | Trimmed −32% | $56.31 | +44% |
| PBProsperity Bancshares Inc | 1.2%1.1% | $7.5M | Held | $73.03 | +15% |
| ICFIICF International Inc | 1.2%0.8% | $7.2M | Added +38% | $72.86 | +36% |
| SUPNSupernus Pharmaceuticals, Inc | 1.1%1.3% | $7.1M | Held | $46.51 | +52% |
| ALGAlamo Group Inc | 1.1%0.9% | $7.0M | Added +23% | $164.49 | +36% |
| COLLCollegium Pharmaceutical, Inc | 1.1%0.8% | $6.6M | Added +18% | $36.20 | +13% |
| CPRXCatalyst Pharmaceuticals Inc | 1.1%0.8% | $6.6M | Held | $31.43 | +31% |
| MYRGMYR Group Inc/delaware | 1.0%1.3% | $6.5M | Trimmed −55% | $500.40 | +1240% |
| TMHCTaylor Morrison Home Corp | 1.0%— | $6.2M | New | $71.74 | +10% |
| ITICInvestors Title Co | 1.0%0.8% | $6.0M | Held | $273.68 | +83% |
| PBFPBF Energy Inc | 1.0%1.0% | $6.0M | Held | $45.52 | +30% |
| WCCWesco International Inc | 0.9%0.9% | $5.9M | Trimmed −12% | $345.43 | +108% |
| KALUKaiser Aluminum Corp | 0.9%0.6% | $5.8M | Held | $195.63 | +180% |
| UNFUnifirst Corp/ma | 0.9%1.2% | $5.5M | Trimmed −27% | $264.46 | +131% |
| QLYSQualys Inc | 0.9%0.6% | $5.4M | Held | $137.49 | +25% |
| CETCentral Securities Corp | 0.9%0.8% | $5.3M | Held | $52.45 | +103% |
| FLGFlagstar Bank NA | 0.8%0.7% | $4.9M | Held | $14.94 | +21% |
| SDSandridge Energy Inc | 0.8%0.9% | $4.8M | Added +7% | $13.70 | +8% |
| OCFCOceanFirst Financial Corp | 0.8%0.7% | $4.8M | Held | $19.53 | +10% |
| FRFirst Industrial Realty TR | 0.8%0.8% | $4.8M | Trimmed −4% | $61.31 | +354% |
| LXULSB Industries Inc | 0.7%0.9% | $4.1M | Held | $10.81 | +14% |
| SBSISouthside Bancshares Inc | 0.7%0.6% | $4.1M | Held | $35.19 | +20% |
| BXCBlueLinx Holdings Inc | 0.6%0.6% | $4.0M | Held | $61.88 | −15% |
| MMSMaximus Inc | 0.6%— | $4.0M | New | $53.76 | −9% |
| HKHGFHongkong Land Holdings Ltd | 0.6%— | $3.9M | New | $7.12 | 0% |
| WYWeyerhaeuser Co | 0.6%0.6% | $3.9M | Held | $23.94 | −18% |
| CRAICRA International Inc | 0.5%— | $3.0M | New | $142.30 | −6% |
| FRPHFRP Holdings Inc | 0.4%0.4% | $2.7M | Held | $24.99 | −48% |
| COMPCompass, Inc | 0.4%0.2% | $2.3M | Held | $12.33 | +69% |
III
Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost
How to Read This
Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.
above costbelow costwithin 5%
IV
Over Time
From Q4 2004, 87 quarters (this giant’s electronic 13F filings).
13F Value
Holdings
Top-10 Concentration
Turnover (Est.)
Sector Mix
Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)
V
Quarter by Quarter, with the Original Filings
* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.
Show 87 Quarters
| Quarter | Holdings | 13F value | SEC |
|---|---|---|---|
| Q2 2026 | 55 | $625.3M | 13F-HR |
| Q1 2026 | 53 | $616.0M | 13F-HR |
| Q4 2025 | 51 | $550.2M | 13F-HR |
| Q3 2025 | 50 | $532.7M | 13F-HR |
| Q2 2025 | 52 | $484.9M | 13F-HR |
| Q1 2025 | 61 | $498.7M | 13F-HR |
| Q4 2024 | 59 | $516.8M | 13F-HR |
| Q3 2024 | 59 | $611.6M | 13F-HR |
| Q2 2024 | 59 | $583.0M | 13F-HR |
| Q1 2024 | 58 | $626.7M | 13F-HR |
| Q4 2023 | 59 | $609.3M | 13F-HR |
| Q3 2023 | 59 | $596.5M | 13F-HR |
| Q2 2023 | 58 | $606.0M | 13F-HR |
| Q1 2023 | 54 | $585.2M | 13F-HR 13F-HR/A |
| Q4 2022 | 55 | $574.9M | 13F-HR |
| Q3 2022 | 53 | $508.3M | 13F-HR |
| Q2 2022 | 56 | $561.8M | 13F-HR |
| Q1 2022 | 58 | $733.9M | 13F-HR |
| Q4 2021 | 59 | $760.4M | 13F-HR |
| Q3 2021 | 59 | $743.1M | 13F-HR |
| Q2 2021 | 60 | $755.7M | 13F-HR |
| Q1 2021 | 61 | $756.2M | 13F-HR |
| Q4 2020 | 64 | $712.7M | 13F-HR |
| Q3 2020 | 64 | $719.5M | 13F-HR |
| Q2 2020 | 65 | $713.6M | 13F-HR |
| Q1 2020 | 67 | $676.3M | 13F-HR |
| Q4 2019 | 57 | $1.0B | 13F-HR |
| Q3 2019 | 57 | $1.1B | 13F-HR |
| Q2 2019 | 58 | $1.2B | 13F-HR |
| Q1 2019 | 59 | $1.3B | 13F-HR |
| Q4 2018 | 61 | $1.2B | 13F-HR |
| Q3 2018 | 73 | $1.8B | 13F-HR |
| Q2 2018 | 76 | $2.0B | 13F-HR |
| Q1 2018 | 78 | $2.0B | 13F-HR |
| Q4 2017 | 92 | $2.1B | 13F-HR |
| Q3 2017 | 110 | $2.2B | 13F-HR |
| Q2 2017 | 115 | $2.2B | 13F-HR 13F-HR/A |
| Q1 2017 | 112 | $2.2B | 13F-HR |
| Q4 2016 | 114 | $2.2B | 13F-HR |
| Q3 2016 | 110 | $2.2B | 13F-HR |
| Q2 2016 | 114 | $2.2B | 13F-HR |
| Q1 2016 | 114 | $2.6B | 13F-HR |
| Q4 2015 | 108 | $3.1B | 13F-HR |
| Q3 2015 | 129 | $3.7B | 13F-HR |
| Q2 2015 * | 129 | $4.0B | 13F-HR |
| Q1 2015 * | 133 | $4.0B | 13F-HR |
| Q4 2014 * | 139 | $4.0B | 13F-HR |
| Q3 2014 * | 146 | $4.8B | 13F-HR |
| Q2 2014 * | 151 | $5.2B | 13F-HR |
| Q1 2014 * | 157 | $5.2B | 13F-HR |
| Q4 2013 * | 170 | $5.5B | 13F-HR 13F-HR/A |
| Q3 2013 * | 163 | $5.2B | 13F-HR |
| Q2 2013 * | 145 | $5.1B | 13F-HR |
| Q1 2013 | 130 | $5.2B | 13F-HR |
| Q4 2012 | 116 | $4.6B | 13F-HR |
| Q3 2012 | 111 | $4.4B | 13F-HR |
| Q2 2012 | 108 | $3.8B | 13F-HR |
| Q1 2012 | 104 | $4.3B | 13F-HR |
| Q4 2011 | 111 | $4.0B | 13F-HR |
| Q3 2011 | 116 | $4.0B | 13F-HR |
| Q2 2011 | 104 | $4.9B | 13F-HR |
| Q1 2011 | 104 | $5.3B | 13F-HR |
| Q4 2010 | 99 | $5.2B | 13F-HR 13F-HR/A |
| Q3 2010 | 96 | $4.8B | 13F-HR |
| Q2 2010 | 94 | $4.4B | 13F-HR |
| Q1 2010 | 91 | $5.4B | 13F-HR 13F-HR/A |
| Q4 2009 | 91 | $5.2B | 13F-HR |
| Q3 2009 | 94 | $5.3B | 13F-HR |
| Q2 2009 | 100 | $4.4B | 13F-HR |
| Q1 2009 | 115 | $3.8B | 13F-HR |
| Q4 2008 | 121 | $4.8B | 13F-HR |
| Q3 2008 | 139 | $8.1B | 13F-HR |
| Q2 2008 * | 152 | $9.7B | 13F-HR |
| Q1 2008 * | 170 | $10.5B | 13F-HR |
| Q4 2007 * | 173 | $11.0B | 13F-HR 13F-HR/A |
| Q3 2007 * | 178 | $12.9B | 13F-HR |
| Q2 2007 * | 177 | $12.4B | 13F-HR |
| Q1 2007 * | 176 | $12.0B | 13F-HR |
| Q4 2006 * | 173 | $11.9B | 13F-HR |
| Q3 2006 * | 177 | $11.4B | 13F-HR |
| Q2 2006 * | 178 | $11.1B | 13F-HR |
| Q1 2006 * | 178 | $10.7B | 13F-HR 13F-HR/A |
| Q4 2005 * | 164 | $9.3B | 13F-HR |
| Q3 2005 * | 169 | $8.9B | 13F-HR 13F-HR/A |
| Q2 2005 * | 171 | $7.6B | 13F-HR |
| Q1 2005 * | 170 | $7.6B | 13F-HR |
| Q4 2004 * | 161 | $5.6B | 13F-HR 13F-HR/A 13F-HR/A |
VI
Large Positions Sold Out
Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.
How to Read This
Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.
| Company | Held | Peak weight | Company since |
|---|---|---|---|
| PRAProassurance Corp | Q4 2020 – Q2 2026 | 3% | — |
| RYNRayonier Inc | Q4 2013 – Q1 2026 | 5% | — |
| DBDeutsche Bank Aktiengesellschaft | Q4 2025 – Q1 2026 | 2% | — |
| CMAComerica Inc | Q2 2012 – Q4 2025 | 5% | Still filing with the SEC |
| DBDeutsche Bank Aktiengesellschaft | Q4 2022 – Q3 2025 | 7% | — |
| ORIOld Republic International Corp | Q1 2020 – Q3 2025 | 4% | — |
| UHALU-Haul Holding Co | Q4 2017 – Q2 2025 | 4% | — |
| IVTInvenTrust Properties Corp | Q4 2021 – Q2 2025 | 4% | — |
| LAZLazard, Inc | Q1 2024 – Q4 2024 | 4% | — |
| TPHSTrinity Place Holdings Inc | Q1 2016 – Q4 2024 | 2% | — |
| LOWLowe’s Cos Inc | Q1 2020 – Q3 2024 | 4% | — |
| HAHawaiian Holdings Inc | Q2 2018 – Q2 2024 | 4% | — |
| LAZLazard, Inc | Q4 2020 – Q4 2023 | 3% | — |
| JBGSJBG Smith Properties | Q3 2017 – Q2 2022 | 6% | — |
| ESSEssex Property Trust Inc | Q1 2020 – Q1 2022 | 3% | — |
| VNOVornado Realty Trust | Q4 2004 – Q4 2021 | 5% | — |
| MHKMohawk Industries Inc | Q1 2019 – Q4 2021 | 3% | — |
| LENLennar Corp | Q1 2016 – Q3 2021 | 8% | — |
| MACMacerich Co | Q1 2015 – Q3 2021 | 5% | — |
| EXPEagle Materials Inc | Q1 2019 – Q3 2021 | 3% | — |
| KFYKorn Ferry | Q3 2020 – Q1 2021 | 2% | — |
| PSAPublic Storage | Q1 2020 – Q3 2020 | 3% | — |
| PNCPNC Financial Services Group, Inc | Q3 2014 – Q1 2020 | 3% | — |
| AKRAcadia Realty Trust | Q1 2018 – Q1 2020 | 3% | — |
| TRCTejon Ranch Co | Q4 2004 – Q4 2019 | 3% | Still filing with the SEC |
| LOWLowe’s Cos Inc | Q2 2011 – Q4 2019 | 3% | — |
| FCE.AForest City Realty Trust | Q1 2016 – Q4 2018 | 8% | Acquired or delisted Dec 21, 2018 |
| BNYBank of New York Mellon Corp | Q3 2007 – Q4 2018 | 7% | — |
| PNC.WSPNC Financial SERVICES-CW18 | Q1 2013 – Q4 2018 | 4% | — |
| WTMWhite Mountains Insurance Group Ltd | Q2 2011 – Q4 2018 | 3% | — |
| ZIONZions Bancorp NA | Q3 2014 – Q4 2018 | 3% | — |
| YAlleghany Corp | Q4 2011 – Q3 2018 | 2% | Acquired or delisted Oct 31, 2022 |
| KEYKeycorp | Q4 2009 – Q2 2018 | 4% | Still filing with the SEC |
| CVCOCavco Industries Inc | Q4 2004 – Q2 2018 | 3% | — |
| —Jefferies Financial Group Inc | Q4 2004 – Q2 2018 | 3% | Still filing with the SEC |
| JCIJohnson Controls International plc | Q3 2016 – Q1 2018 | 2% | — |
| AXEAnixter International Inc | Q3 2014 – Q1 2018 | 2% | Acquired or delisted Jul 23, 2020 |
| DVNDevon Energy Corp | Q1 2012 – Q4 2017 | 4% | — |
| CVAReworld Holding Corp | Q3 2005 – Q4 2017 | 4% | Acquired or delisted Dec 10, 2021 |
| —Paramount Global | Q3 2014 – Q4 2017 | 2% | Acquired or delisted Aug 18, 2025 |