Third Avenue Management 13F, Q2 2025
Third Avenue Management · quarter ending 30 June 2025 · filed 13 August 2025 · SEC CIK 1099281
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q2 2025
The 25 largest of 52 positions. Weights are against the whole filed book. Changes are in shares held, against the Q1 2025 filing.
| Company | Ticker | Value | % of book | vs Q1 2025 |
|---|---|---|---|---|
| Tidewater Inc. | TDW | $40.37M | 8.3% | +8% shares |
| Deutsche Bank AG | $30.18M | 6.2% | -29% shares | |
| Warrior Met Coal Inc. | HCC | $29.41M | 6.1% | +5% shares |
| Valaris Ltd. | $24.67M | 5.1% | +3% shares | |
| Brookfield Corp. | BN | $23.39M | 4.8% | unchanged |
| CBRE Group, Inc. | CBRE | $23.08M | 4.8% | unchanged |
| Five Point Holdings LLC - CL A | FPH | $22.69M | 4.7% | unchanged |
| Lennar Corp - Class B | LEN/B | $15.58M | 3.2% | unchanged |
| Prologis Inc. | PLD | $15.30M | 3.1% | +13% shares |
| U-Haul Holding Company | UHAL/B | $14.11M | 2.9% | +4% shares |
| Jones Lang Lasalle | JLL | $13.22M | 2.7% | unchanged |
| Sun Communities Inc. | SUI | $12.30M | 2.5% | +7% shares |
| UMB Financial Corporation | UMBF | $10.81M | 2.2% | unchanged |
| PulteGroup Inc. | PHM | $10.22M | 2.1% | +52% shares |
| Comerica Inc. | CMA | $10.21M | 2.1% | -44% shares |
| DR Horton Inc. | DHI | $10.08M | 2.1% | unchanged |
| MYR Group Inc. | MYRG | $9.91M | 2.0% | -25% shares |
| Proassurance Corp. | $8.78M | 1.8% | -32% shares | |
| Atlanta Braves Holdings Inc - A | BATRA | $8.09M | 1.7% | unchanged |
| Investors Title Co. | ITIC | $7.55M | 1.6% | -8% shares |
| Prosperity Bancshares Inc. | PB | $7.18M | 1.5% | unchanged |
| Kaiser Aluminum Corp. | KALU | $7.15M | 1.5% | +12% shares |
| American Homes 4 Rent | AMH | $6.89M | 1.4% | unchanged |
| FNF Group | FNF | $6.65M | 1.4% | unchanged |
| Encore Capital Group Inc. | ECPG | $6.62M | 1.4% | unchanged |
What changed since Q1 2025
Against the Q1 2025 filing, Third Avenue Management opened 3 new positions, added to 12, trimmed 12, left 25 unchanged and exited 12. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001099281-25-000009, filed by THIRD AVENUE MANAGEMENT LLC. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.