In This Article:
Exploring the Strategic Moves of Third Avenue Value Fund (Trades, Portfolio) in Q1 2025
Third Avenue Value Fund (Trades, Portfolio) recently submitted its N-PORT filing for the first quarter of 2025, shedding light on its strategic investment decisions during this period. Founded by the legendary value investor Martin J. Whitman in 1990, the Third Avenue Value Fund (Trades, Portfolio) is renowned for its flexible investment strategy. The fund adopts a global, all-cap equities approach, allowing for opportunistic investments across the capital structure. It focuses on financial strength, the ability to compound NAV, and investments priced at a significant discount to the fund's conservative NAV estimate. The fund aims to build a differentiated portfolio by investing in contrarian and special-situation opportunities across various sectors, geographies, and security types, seeking long-term capital appreciation.
Summary of New Buy
Third Avenue Value Fund (Trades, Portfolio) added a total of one stock during the first quarter of 2025. The most significant addition was Jeol Ltd (TSE:6951), with 383,000 shares, accounting for 2.23% of the portfolio and a total value of 14,115,690 million.
Key Position Increases
Third Avenue Value Fund (Trades, Portfolio) also increased its stakes in a total of seven stocks. Notably, the fund increased its position in Ultrapar Participacoes SA (BSP:UGPA3) by 2,827,466 shares, bringing the total to 6,151,239 shares. This adjustment represents an 85.07% increase in share count, a 1.26% impact on the current portfolio, and a total value of R$17,440,990. The second-largest increase was in Bayerische Motoren Werke AG (XTER:BMW), with an additional 72,826 shares, bringing the total to 437,450. This adjustment represents a 19.97% increase in share count, with a total value of 35,525,140.
Summary of Sold Out
Third Avenue Value Fund (Trades, Portfolio) completely exited one holding in the first quarter of 2025: Lazard Inc (NYSE:LAZ). The fund sold all 309,443 shares, resulting in a -2.46% impact on the portfolio.
Key Position Reduces
Third Avenue Value Fund (Trades, Portfolio) also reduced its position in eight stocks. The most significant changes include a reduction in Warrior Met Coal Inc (NYSE:HCC) by 177,849 shares, resulting in a -25.61% decrease in shares and a -1.68% impact on the portfolio. The stock traded at an average price of $61.17 during the quarter and has returned -9.69% over the past three months and -9.56% year-to-date. Additionally, the fund reduced its position in Comerica Inc (NYSE:CMA) by 151,964 shares, resulting in a -36.69% reduction in shares and a -1.45% impact on the portfolio. The stock traded at an average price of $65.99 during the quarter and has returned -1.07% over the past three months and -0.16% year-to-date.