Yahoo Finance Third Avenue Management Boosts Stake in Lazard Inc, Highlighting Strategic Portfolio Adjustments
Insight into the First Quarter Moves of 2024 by Third Avenue Management (Trades, Portfolio)
Founded by the legendary value investor Martin Whitman, Third Avenue Management (Trades, Portfolio) is renowned for its disciplined investment approach, focusing on deep value and distressed assets. Since its inception, the firm has expanded its expertise across various strategies including Value, Small-Cap, Real Estate, and International Real Estate. Partnering with Affiliated Managers Group since 2002, Third Avenue has enhanced its governance structure, ensuring long-term stability and alignment with investors' interests. The firm's latest 13F filing for the first quarter of 2024 reveals significant portfolio adjustments, underscoring its strategic investment decisions.
Summary of New Buys
Third Avenue Management (Trades, Portfolio) introduced a new position in the first quarter of 2024, focusing on:
Lazard Inc (NYSE:LAZ), purchasing 550,472 shares. This addition makes up 3.68% of the portfolio, with a total value of $23.05 million.
Key Position Increases
The firm also strategically increased its stakes in several companies, notably:
Sun Communities Inc (NYSE:SUI), adding 36,544 shares, bringing the total to 87,178 shares. This represents a 72.17% increase in share count and a 0.75% impact on the current portfolio, valued at $11.21 million.
LSB Industries Inc (NYSE:LXU), with an additional 314,695 shares, increasing the total to 787,909. This adjustment marks a 66.5% increase in share count, with a total value of $6.92 million.
Summary of Sold Out Positions
During this quarter, Third Avenue Management (Trades, Portfolio) exited positions in:
Comfort Systems USA Inc (NYSE:FIX), selling all 19,434 shares, impacting the portfolio by -0.66%.
Sphere Entertainment Co (NYSE:SPHR), liquidating all 105,583 shares, resulting in a -0.59% portfolio impact.
Key Position Reductions
The firm reduced holdings in several stocks, with significant changes in:
Tidewater Inc (NYSE:TDW), reducing by 191,411 shares, a -27.2% decrease, impacting the portfolio by -2.27%. The stock traded at an average price of $74.59 during the quarter and has seen a 52.11% return over the past three months and 43.16% year-to-date.
Warrior Met Coal Inc (NYSE:HCC), cutting down by 203,881 shares, a -21.06% reduction, with a -2.04% impact on the portfolio. The stock's average trading price was $60.58 this quarter, with an 8.36% return over the past three months and 5.86% year-to-date.
Portfolio Overview
As of the first quarter of 2024, Third Avenue Management (Trades, Portfolio)'s portfolio comprises 58 stocks. The top holdings include 7.52% in Tidewater Inc (NYSE:TDW), 7.4% in Warrior Met Coal Inc (NYSE:HCC), 6.25% in Deutsche Bank AG (NYSE:DB), 5.04% in Valaris Ltd (NYSE:VAL), and 4.18% in Comerica Inc (NYSE:CMA). The investments are predominantly concentrated in eight industries: Financial Services, Real Estate, Energy, Consumer Cyclical, Industrials, Basic Materials, Healthcare, and Communication Services.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
This article first appeared on GuruFocus.
