Third Avenue Value Fund was founded by legendary value
investor Marty Whitman, who has recently retired. The fund is now
managed by his successor Ian Lapey. Ian Lapey is also co-manager
of the Third Avenue Value Fund UCITS for offshore investors. He
joined Third Avenue in 2001. Ian Lapey has put his marks on the
fund quickly. He initiated a few new positions that are mostly
based in the U.S., while Marty Whitman put most of his assets in
Hong Kong real estate companies. He initiated positions in oil
and gas E&P, property & casualty insurance and high tech
companies. In his shareholder letter, Ian Lapey detailed what he
looks for in property & casualty insurance companies:
- 1. Strong financial positions at both the operating
companies and holding company, including AM Best ratings of at
least A-.
- 2. Competent underwriting track records through cycles,
with combined ratios of less than 100%.
- The ability to invest at least a portion of the investment
portfolio in equities (a by-product of the strong financial
position).
- 3. A long-term track record of at least a high single digit
annual percentage growth in net asset value per share.
- 4. A history of buying and selling assets prudently. We are
not interested in investing in market-share driven insurance
companies that write business regardless of the return profile.
- 5. A common stock price trading below tangible book value
per share, ascribing no value to the significant float inherent
in the business.
This is the portfolio chart of Third Avenue Value Fund. You can
click on the legend of the chart to show/hide buys, sells or
holdings. Each ball on the chart represents a position in the
portfolio. You can move your mouse on the balls to see the
details of each position and click to see the details of all guru
trades with this position.
- New Purchases:
DVN
,
CMA
,
Y
,
WTM
,
- Added Positions:
AMAT
,
KEY
,
- Reduced Positions:
CHEUY
,
TRC
,
BAM
,
- Sold Out:
NBR
,
BIP
,
FFCO
,
GOVB
,
COBK
,
For the details of Third Avenue Value Fund's stock buys and
sells, go to
http://www.gurufocus.com/StockBuy.php?GuruName=Martin+Whitman
New Purchase: Devon Energy Corporation (
DVN
)
Third Avenue Value Fund initiated holdings in Devon Energy
Corporation. The impact to his portfolio due to this purchase was
1.4%. His holdings were 518,149 shares as of 04/30/2012. Devon
Energy Corporation is an independent energy company engaged
primarily in oil and gas exploration, development and production,
and in the acquisition of producing properties. Devon Energy
Corporation has a market cap of $23.15 billion; its shares were
traded at around $56.73 with a P/E ratio of 9.8 and P/S ratio of
2. The dividend yield of Devon Energy Corporation stocks is 1.4%.
New Purchase: Comerica Incorporated (
CMA
)
Third Avenue Value Fund initiated holdings in Comerica
Incorporated. The impact to his portfolio due to this purchase
was 0.6%. His holdings were 490,000 shares as of 04/30/2012.
Comerica Inc. is a registered bank holding company. Comerica
Incorporated has a market cap of $6.02 billion; its shares were
traded at around $30.37 with a P/E ratio of 12.6 and P/S ratio of
2.3. The dividend yield of Comerica Incorporated stocks is 2%.
New Purchase: Alleghany Corporation (
Y
)
Third Avenue Value Fund initiated holdings in Alleghany
Corporation. The impact to his portfolio due to this purchase was
0.53%. His holdings were 39,898 shares as of 04/30/2012.
Alleghany Corporation is engaged, through its subsidiaries
Chicago Title and Trust Company (``CT&T``), Chicago Title
Insurance Company (``CTI``), Security Union Title Insurance
Company (``Security Union``) and Ticor Title Insurance Company
(``Ticor Title``) and their subsidiaries, in the sale and
underwriting of title insurance and in other real estate-related
services businesses, and through CT&T's subsidiary, Alleghany
Asset Management, Inc. Alleghany Corporation has a market cap of
$5.78 billion; its shares were traded at around $342.7 with a P/E
ratio of 30.2 and P/S ratio of 5.9. Alleghany Corporation had an
annual average earnings growth of 2.1% over the past 10 years.
New Purchase: White Mountains Insurance Group, Ltd. (
WTM
)
Third Avenue Value Fund initiated holdings in White Mountains
Insurance Group, Ltd.. The impact to his portfolio due to this
purchase was 0.44%. His holdings were 21,628 shares as of
04/30/2012. White Mountains Insurance Group, Ltd. is engaged in
the business of property and casualty insurance and reinsurance.
White Mountains Insurance Group, Ltd. has a market cap of $3.46
billion; its shares were traded at around $520.85 with a P/E
ratio of 16.1 and P/S ratio of 1.6. The dividend yield of White
Mountains Insurance Group, Ltd. stocks is 0.2%.
Here is why the fund likes White Mountain
Insurance
.
Here is the complete portfolio of Third Avenue
Value Fund
. Also check out the
Undervalued Stocks
, Top Growth Companies, and High Yield stocks of Third Avenue
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