, 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 (
)" 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. (
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
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