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Third Avenue Management LLC
Third Avenue Management LLC is an independent investment management firm headquartered in New York, NY. Founded in 1986, the firm focuses on value-driven investment strategies across equity and real estate markets. It is registered as an SEC investment adviser and manages portfolios primarily for institutional clients and mutual funds, adopting a long-term, research-intensive approach. As of 2024, the firm employs approximately 30 professionals.
Investment Strategy
Third Avenue Management LLC is known for its fundamental, value-oriented investment philosophy targeting undervalued securities across equities and real estate. The firm employs deep fundamental research, seeking to identify securities trading at significant discounts to intrinsic value. Their approach emphasizes bottom-up analysis, financial strength, and long-term growth, often investing in misunderstood, distressed, or special situations with a margin of safety.
Latest 13F Filing Activity
Third Avenue Management LLC filed their most recent 13F report on Jun 30, 2025 disclosing 52 equity positions with a total 13F market value of $485M. The fund increased holdings in Tidewater Inc., Cantaloupe, Inc., Champion Homes, Inc. among other positions. Third Avenue Management LLC reduced exposure to Old Republic International Corp., Comerica Inc., Brookfield Asset MGMT. CL A among others.
Top Holdings
Equity Positions (52)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
T TDW | Tidewater Inc. | 8.33% | $40.4M | 875,157 | $34.28 | $46.13 | +$6.2M |
D DB | Deutsche Bank AG | 6.22% | $30.2M | 1,021,558 | $11.47 | $29.28 | -$3.9M |
H HCC | Warrior Met Coal Inc. | 6.06% | $29.4M | 641,684 | $26.74 | $45.83 | +$146.2K |
V VAL | Valaris Ltd. | 5.09% | $24.7M | 585,921 | $42.62 | $42.11 | +$2.3M |
B BN | Brookfield Corp. | 4.82% | $23.4M | 378,249 | $31.46 | $61.85 | +$3.6M |
Industry Allocation
Investment Team (11)
| Name | Role | Location | |
|---|---|---|---|
 | Real Estate Securities Analyst | Austin, TX , United States | |
 | Research Analyst | New York, NY , United States | |
 | Investment Analyst | New York, NY , United States | |
 | Portfolio Manager | New York, NY , United States | |
 | Lead Portfolio Manager | New York, NY , United States | |
 | Portfolio Manager | Austin, TX , United States | |
 | Senior Research Analyst | New York, NY , United States | |
D David Potter | Associate | NY , United States | |
L Larry H. | Research Analyst (Global Value, Generalist) | New York, NY , United States | |
M Michael Warlan | Head of Global Trading | New York, NY , United States |
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