Third Avenue Management

In Q2 2026, Third Avenue Management held 54 US-listed stocks worth $625m. Its biggest move was adding to Tidewater (1% more shares, now 9.9%), followed by adding to Robert Half (34% more shares, now 5.9%). It started 4 new positions and sold out of 2. Its largest holding is Tidewater at 9.9%.

Source: SEC Form 13F for Q2 2026, filed 12 Aug 2026, and the funds’ Form N-PORT filings. How we use them

Latest 13F

Q2 2026

Filed 12 Aug 2026

Fund assets

$1.2bn

2 US-registered funds

Q3 2026 13F due

26 days

Expected Fri 13 Nov

What changed in Q2 2026

New positions

Taylor Morrison Home1.0% of the portfolio
Maximus0.6% of the portfolio
Hongkong Land Holdings0.6% of the portfolio
Cra International0.5% of the portfolio

Added to

Robert Half+34% shares, now 5.9%
Harley-Davidson+1.2% shares, now 5.8%
Boise Cascade+7.1% shares, now 7.5%
ICF International+38% shares, now 1.1%
Octave Specialty Group0.0% shares, now 1.3%

Trimmed

Warrior Met Coal-22% shares, now 3.7%
Rogers-59% shares, now 1.6%
Brookfield-18% shares, now 2.7%
Prologis-17% shares, now 2.3%
UniFirst-27% shares, now 0.9%

Sold out

Tri Pointe Homeswas 1.2%
Proassurancewas 1.1%

Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.

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65% of the $1.1bn of shares held in Third Avenue Management’s 2 US-registered funds, by value, are not in its 13F. Those holdings are marked with a gold dot below.

US holdings from the 13F

Q2 2026, filed 12 Aug 2026 (filing): 4 new, 13 added to, 22 trimmed, 2 sold out. Select a row to see it over time. How this works

Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.

13F holdings with change from the previous quarter

TidewaterTDW	$62.2m	934,121	9.9%$62.2m	Added +1.4%	12.5%
Boise CascadeBCC	$46.7m	602,086	7.5%$46.7m	Added +7.1%	6.9%
ValarisVAL	$37.5m	516,313	6.0%$37.5m	Added +1.6%	8.1%
Robert HalfRHI	$37.1m	1,208,336	5.9%$37.1m	Added +34%	3.7%
Harley-DavidsonHOG	$36.2m	1,480,880	5.8%$36.2m	Added +1.2%	4.8%
Warrior Met CoalHCC	$23.2m	285,398	3.7%$23.2m	Trimmed -22%	5.5%
Five Point HoldingsFPH	$19.5m	3,696,155	3.1%$19.5m	Trimmed -4.3%	3.0%
CBRE GroupCBRE	$18.3m	135,896	2.9%$18.3m	Trimmed -0.3%	3.0%
BrookfieldBN	$16.8m	394,929	2.7%$16.8m	Trimmed -18%	3.2%
U Haul Holding CompanyUHAL	$16.4m	283,872	2.6%$16.4m	Trimmed -0.2%	2.1%
PrologisPLD	$14.2m	104,823	2.3%$14.2m	Trimmed -17%	2.7%
LennarLEN	$13.3m	149,658	2.1%$13.3m	Added +4.8%	1.9%
PulteGroupPHM	$13.1m	95,111	2.1%$13.1m	Trimmed 0.0%	1.8%
Encore Capital GroupECPG	$12.1m	129,717	1.9%$12.1m	Trimmed -9.0%	1.6%
D.R. HortonDHI	$11.3m	69,205	1.8%$11.3m	Trimmed -6.3%	1.6%
UMB FinancialUMBF	$11.2m	78,245	1.8%$11.2m	Unchanged	1.4%
Sun CommunitiesSUI	$11.0m	91,454	1.8%$11.0m	Trimmed 0.0%	1.9%
RogersROG	$10.1m	61,584	1.6%$10.1m	Trimmed -59%	2.6%
Jones Lang LaSalleJLL	$9.9m	32,053	1.6%$9.9m	Trimmed -1.1%	1.6%
Fidelity National FinancialFNF	$9.1m	193,119	1.5%$9.1m	Trimmed -0.2%	1.5%
Champion HomesSKY	$8.9m	100,576	1.4%$8.9m	Trimmed -0.2%	1.2%
FirstServiceFSV	$8.8m	61,951	1.4%$8.8m	Added +23%	1.1%
American Homes 4 RentAMH	$8.8m	262,058	1.4%$8.8m	Trimmed -0.2%	1.2%
Octave Specialty GroupOSG	$8.4m	1,341,879	1.3%$8.4m	Added 0.0%	1.0%
Brookdale Senior LivingBKD	$8.0m	494,826	1.3%$8.0m	Added +6.7%	1.0%
Atlanta Braves HoldingsBATRK	$7.7m	137,907	1.2%$7.7m	Trimmed -28%	1.4%
Prosperity BancsharesPB	$7.5m	102,168	1.2%$7.5m	Unchanged	1.1%
ICF InternationalICFI	$7.2m	98,893	1.1%$7.2m	Added +38%	0.8%
Supernus PharmaceuticalsSUPN	$7.1m	152,724	1.1%$7.1m	Unchanged	1.3%
Alamo GroupALG	$7.0m	42,265	1.1%$7.0m	Added +23%	0.9%
Collegium PharmaceuticalCOLL	$6.6m	182,645	1.1%$6.6m	Added +18%	0.8%
Catalyst PharmaceuticalsCPRX	$6.6m	210,161	1.1%$6.6m	Unchanged	0.8%
MYR GroupMYRG	$6.5m	13,066	1.1%$6.5m	Trimmed -55%	1.3%
Taylor Morrison HomeTMHC	$6.2m	85,941	1.0%$6.2m	New	–
Investors TitleITIC	$6.0m	21,894	1.0%$6.0m	Unchanged	0.8%
PBF EnergyPBF	$6.0m	131,050	0.9%$6.0m	Unchanged	1.0%
WESCO InternationalWCC	$5.9m	16,963	0.9%$5.9m	Trimmed -12%	0.8%
Kaiser AluminumKALU	$5.8m	29,848	0.9%$5.8m	Trimmed -0.1%	0.6%
UniFirstUNF	$5.5m	20,802	0.9%$5.5m	Trimmed -27%	1.2%
QualysQLYS	$5.4m	39,120	0.9%$5.4m	Unchanged	0.6%
Central SecuritiesCET	$5.3m	101,812	0.8%$5.3m	Unchanged	0.8%
Flagstar FinancialFLG	$4.9m	331,241	0.8%$4.9m	Unchanged	0.7%
SandRidge EnergySD	$4.8m	352,558	0.8%$4.8m	Added +6.6%	0.9%
OceanFirst FinancialOCFC	$4.8m	246,662	0.8%$4.8m	Unchanged	0.7%
First Industrial Realty TrustFR	$4.8m	77,498	0.8%$4.8m	Trimmed -4.3%	0.8%
LSB IndustriesLXU	$4.1m	381,096	0.7%$4.1m	Unchanged	0.9%
Southside BancsharesSBSI	$4.1m	116,879	0.7%$4.1m	Unchanged	0.6%
BlueLinx HoldingsBXC	$4.0m	64,369	0.6%$4.0m	Unchanged	0.6%
MaximusMMS	$4.0m	74,085	0.6%$4.0m	New	–
Hongkong Land HoldingsHKHGF	$3.9m	550,300	0.6%$3.9m	New	–
WeyerhaeuserWY	$3.9m	162,097	0.6%$3.9m	Trimmed -0.2%	0.6%
Cra InternationalCRAI	$3.0m	20,819	0.5%$3.0m	New	–
FRP HoldingsFRPH	$2.7m	107,160	0.4%$2.7m	Unchanged	0.4%
CompassCOMP	$2.3m	187,469	0.4%$2.3m	Unchanged	0.2%
Tri Pointe HomesT86	–	–	–	Sold out	1.2%
ProassurancePRA	–	–	–	Sold out	1.1%

Download the Q2 2026 holdings: CSV · JSON · Markdown

How the portfolio has changed

Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works

Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.

2013

2015

2017

2019

2021

2023

Q4 ’24

Q2 ’25

Q4 ’25

Q2 ’26

TDWBNHCCLENWYFPHEverything else

Q2 2026

Q4 2013Q2 2026

Third Avenue Value Fund

1 year+39.2%

3 yearsa year+15.8%

5 yearsa year+17.0%

Yearly costs1.06%

Total returns after fees for the TAVZX, Z Class share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 31 Jul 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. Costs are the expense ratio in the half-year report to 30 Apr 2026, about $118 a year on $10,000. Past returns don’t predict future ones.

Full portfolio at 31 Jul 2026, from the fund’s N-PORT filing. Net assets $999m. Cash, bonds and other assets make up 7.4%. Changes are against 30 Apr 2026: 1 new, 13 added to, 3 trimmed, 3 sold out. The 13F is at 30 Jun 2026, so a gold dot can also mean the fund bought the shares after that date.

Third Avenue Value Fund holdings with change from the previous filing

TidewaterTDW	United States	5.1%	Unchanged	6.2%
EasyjetEZJ London	United Kingdom	4.4%	Added +11%	2.3%
Ultrapar ParticipacoesUGPA3 São Paulo	Brazil	4.3%	Unchanged	4.1%
Ck Hutchison Holdings1 Hong Kong	Cayman Islands	3.9%	Unchanged	3.6%
Bayerische Motoren WerkeBMW Xetra	Germany	3.8%	Added +32%	3.9%
Subaru7270 Tokyo	Japan	3.8%	Added +9.0%	3.1%
Lundin MiningLUN Toronto	Canada	3.8%	Unchanged	4.0%
Jeol6951 Tokyo	Japan	3.6%	Unchanged	2.9%
Boise Cascade CompanyBCC	United States	3.5%	Added +9.1%	3.4%
Capstone CopperCS Toronto	Canada	3.4%	Unchanged	3.0%
ValarisVAL	Bermuda	3.3%	Unchanged	4.3%
Subsea 7SUBC Zurich	Luxembourg	3.3%	Unchanged	3.6%
Robert HalfRHI	United States	3.3%	Added +5.9%	2.2%
BuzziBZU Milan	Italy	3.3%	Added +22%	3.1%
Bank of Ireland GroupBIRG Dublin	Ireland	3.2%	Unchanged	3.0%
Horiba6856 Tokyo	Japan	2.8%	Trimmed -11%	2.9%
thyssenkruppTKA Xetra	Germany	2.8%	New	–
Harbour EnergyHBR London	United Kingdom	2.7%	Added +4.8%	3.2%
Harley-DavidsonHOG	United States	2.5%	Unchanged	2.5%
Close Brothers GroupCBG London	United Kingdom	2.5%	Added +9.5%	2.4%
Taiheiyo Cement5233 Tokyo	Japan	2.4%	Unchanged	2.2%
Jardine Cycle & CarriageJCNC Singapore	Singapore	2.3%	Unchanged	2.7%
Conduit HoldingsCRE London	Bermuda	2.2%	Added +2.2%	2.3%
Genting SingaporeGENS Singapore	Singapore	2.2%	Added +28%	1.9%
S4 CapitalSFOR London	United Kingdom	2.1%	Unchanged	2.5%
Warrior Met CoalHCC	United States	1.8%	Trimmed -7.7%	2.3%
Misto Holdings081660 Seoul	South Korea	1.6%	Unchanged	1.5%
QuinencoQUINENC Santiago	Chile	1.6%	Unchanged	1.6%
Osaka Titanium Technologies Company5726 Tokyo	Japan	1.6%	Added +11%	1.4%
Bolsa Mexicana de ValoresBOLSAA Mexico City	Mexico	1.6%	Added +45%	1.1%
T.s. Lines2510 Hong Kong	Hong Kong	1.5%	Unchanged	1.4%
InterforIFP Toronto	Canada	1.3%	Added +16%	1.0%
RogersROG	United States	0.2%	Trimmed -77%	0.9%
		–	Sold out	1.7%
		–	Sold out	1.6%
		–	Sold out	0.7%

Third Avenue Small-Cap Value Fund

1 year+36.3%

3 yearsa year+15.2%

5 yearsa year+12.9%

Yearly costs1.06%

Total returns after fees for the TASZX, Z Class share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 31 Jul 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. Costs are the expense ratio in the half-year report to 30 Apr 2026, about $109 a year on $10,000. Past returns don’t predict future ones.

Full portfolio at 31 Jul 2026, from the fund’s N-PORT filing. Net assets $217m. Cash, bonds and other assets make up 10.8%. Changes are against 30 Apr 2026: 2 new, 17 added to, 1 trimmed, 4 sold out. The 13F is at 30 Jun 2026, so a gold dot can also mean the fund bought the shares after that date.

Third Avenue Small-Cap Value Fund holdings with change from the previous filing

Encore Capital GroupECPG	United States	5.6%	Unchanged	5.3%
Umb FinancialUMBF	United States	5.2%	Unchanged	4.9%
PBF EnergyPBF	United States	4.5%	Added +2.7%	2.8%
Icf InternationalICFI	United States	3.8%	Added +15%	3.2%
TidewaterTDW	United States	3.6%	Added +3.0%	4.5%
Prosperity BancsharesPB	United States	3.5%	Unchanged	3.5%
Octave Specialty GroupOSG	United States	3.3%	Unchanged	3.0%
Collegium PharmaceuticalCOLL	United States	3.3%	Added +12%	3.1%
Supernus PharmaceuticalsSUPN	United States	3.2%	Added +2.9%	3.6%
Alamo GroupALG	United States	3.2%	Added +27%	3.0%
Investors TitleITIC	United States	3.0%	Added +3.5%	2.6%
Atlanta Braves HoldingsBATRA	United States	2.8%	Unchanged	3.0%
UnifirstUNF	United States	2.8%	Unchanged	2.6%
MaximusMMS	United States	2.8%	Added +66%	2.0%
QualysQLYS	United States	2.7%	Added +3.4%	1.7%
Sandridge EnergySD	United States	2.6%	Added +22%	2.6%
Robert HalfRHI	United States	2.6%	Added +4.5%	1.9%
Central SecuritiesCET	United States	2.5%	Unchanged	2.7%
Five Point HoldingsFPH	United States	2.5%	Added +8.8%	2.4%
Harley-DavidsonHOG	United States	2.5%	Added +4.0%	2.5%
Oceanfirst FinancialOCFC	United States	2.3%	Added +4.5%	2.3%
Flagstar Bank NaFLG	United States	2.3%	Added +4.4%	2.3%
Lsb IndustriesLXU	United States	2.2%	Added +16%	2.8%
Kaiser AluminumKALU	United States	2.2%	Unchanged	2.5%
Boise Cascade CompanyBCC	United States	2.1%	Added +18%	2.0%
Myr GroupMYRG	United States	1.9%	Trimmed -20%	3.1%
Cra InternationalCRAI	United States	1.8%	New	–
Southside BancsharesSBSI	United States	1.8%	Unchanged	1.9%
Champion HomesSKY	United States	1.5%	New	–
RogersROG	United States	1.4%	Unchanged	1.7%
Frp HoldingsFRPH	United States	1.1%	Unchanged	1.1%
CompassCOMP	United States	1.0%	Unchanged	0.7%
Atlanta Braves HoldingsBATRK	United States	0.6%	Unchanged	0.6%
		–	Sold out	3.6%
		–	Sold out	3.2%
		–	Sold out	2.9%
		–	Sold out	1.7%

Look-through earnings

Third Avenue Management’s share of the profits of the US companies it holds. How this works

For each holding, the fraction of the company it owns times the company’s net income. Look-through earnings explained.

Look-through earnings, Q2 2026

$27.8m

Last 12 months, holdings with SEC financials

Price paid for those earnings

20.0×

Value of those holdings ÷ their earnings

Earnings per share growth

-2.2%

Same holdings, against a year earlier

Portfolio covered

89%

Of the 13F value

$65.8m2017

$64.1m2018

$33.4m2019

$10.9m2020

$35.4m2021

$23.5m2022

$36.2m2023

$21.3m2024

$25.3m2025

$11.1m2026*

Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.

Holdings behind

Look-through earnings by holding, Q2 2026

Harley-DavidsonHOG	1.4%	$203m	$2.8m	$1.1m	-6.1%
Boise CascadeBCC	1.7%	$106m	$1.8m	$980k	-56.8%
Warrior Met CoalHCC	0.5%	$219m	$1.2m	$472k	+441.1%
TidewaterTDW	1.9%	$246m	$4.6m	$404k	+24.3%
ValarisVAL	0.7%	$936m	$6.9m	$370k	+23.3%
Encore Capital GroupECPG	0.6%	$302m	$1.7m	$364k	–
Robert HalfRHI	1.2%	$115m	$1.4m	$317k	-35.4%
UMB FinancialUMBF	0.1%	$943m	$966k	$284k	+78.1%
PulteGroupPHM	0.05%	$1.9bn	$951k	$236k	-26.8%
D.R. HortonDHI	0.02%	$3.1bn	$747k	$221k	-17.0%
Fidelity National FinancialFNF	0.07%	$772m	$558k	$208k	-26.7%
LennarLEN	0.06%	$1.6bn	$1.0m	$189k	-46.4%
U Haul Holding CompanyUHAL	0.1%	$63.7m	$92k	$178k	-79.7%
Prosperity BancsharesPB	0.1%	$562m	$570k	$171k	–
Investors TitleITIC	1.2%	$40.4m	$467k	$169k	+22.1%
ICF InternationalICFI	0.6%	$89.0m	$487k	$148k	–
Jones Lang LaSalleJLL	0.07%	$999m	$682k	$147k	+82.4%
Alamo GroupALG	0.3%	$101m	$352k	$108k	–
CBRE GroupCBRE	0.05%	$1.3bn	$602k	$94k	+21.9%
Champion HomesSKY	0.2%	$191m	$349k	$90k	-8.3%
American Homes 4 RentAMH	0.07%	$465m	$338k	$83k	+15.9%
Brookdale Senior LivingBKD	0.2%	−$138m	−$281k	$47k	–
RogersROG	0.3%	$31.3m	$107k	$47k	–
MYR GroupMYRG	0.08%	$165m	$137k	$41k	+114.3%
Atlanta Braves HoldingsBATRK	0.2%	−$64.2m	−$136k	−$26k	–
Collegium PharmaceuticalCOLL	0.6%	$47.9m	$270k	−$85k	–
Supernus PharmaceuticalsSUPN	0.3%	−$110m	−$289k	−$154k	–
Octave Specialty GroupOSG	3.0%	−$159m	−$4.7m	−$359k	–
Sun CommunitiesSUI	0.07%	−$881m	−$635k	−$731k	-165.2%
PrologisPLD	0.01%	$3.7bn	$407k	–	-0.7%

Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.

US holdings by sector

Industrials34.7%
Financials13.9%
Real estate12.5%
Energy7.7%
Consumer discretionary7.2%
Materials6.9%
Other6.2%
Insurance3.8%
Health care3.5%
Technology0.9%
Not classified2.7%

Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.

US portfolio value by quarter

$596mQ3 ’23

$609mQ4 ’23

$627mQ1 ’24

$583mQ2 ’24

$612mQ3 ’24

$517mQ4 ’24

$499mQ1 ’25

$485mQ2 ’25

$533mQ3 ’25

$550mQ4 ’25

$616mQ1 ’26

$625mQ2 ’26

From each quarter’s 13F. Changes reflect both trading and share-price moves.