Martin Whitman's Third Avenue Value Fund's Top Five Year-End Stocks


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Martin Whitman , the chairman of the board at Third Avenue Asset Management, made a relatively early release of his fund's third quarter portfolio this week. While Whitman no longer manages the funds at Third Avenue, he continues to write the shareholder letter each quarter. Third Avenue focuses on valuing its stocks from the bottom up, focusing on the "creditworthiness," the ability for the "issuer to grow net asset value ( NAV )" and the stock's price in relation to its NAV.

Over the duration of the fourth quarter the portfolio managers at Third Avenue bought two new stocks bringing the fund's total to 37 stocks valued at $2.3 billion.

The following five companies represent the stocks that Third Avenue holds the largest stake in:

Wheelock and Co. ( HKSE:00020 )

Third Avenue's largest holding is in the Hong Kong-based Wheelock and Co. The fund holds on to 29,148,000 shares of the company's stock. Their position in Wheelock represents 1.43% of the company's shares outstanding and 6.5% of the fund's total portfolio.

During the third quarter Whitman cut his position -4.49% by selling a total of 1,370,500 shares. He sold these shares in the fourth quarter price range of HK35.05 to HK41.15. Since this sell, the price per share has increased a slight 0.77%.

Third Avenue's holding history as of the third quarter:


The analysis on Wheelock and Co. reports that the revenue has been in decline over the past year, the price is nearing a 10-year high and the dividend yield is at a five-year high.

The Peter Lynch Chart suggests that the company is currently undervalued :

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This article appears in: Investing , Stocks
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