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Third Avenue

Dec 2024 → Jun 2026 · Publishes quarterly · 8 funds

Our archive holds 25 letters from Third Avenue, behind 63 investment theses and positions in 93 companies. Every quote below is copied verbatim from the letter it came from.

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Third Avenue’s own letters page
25
Letters
93
Companies
48
Moves
63
Theses

8 strategies

Third Avenue publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

What they bought and sold · 48 moves

  • TrimmedD.R. Horton, Inc.
    June 2026
    “the Fund reduced various positions within the North American (D.R. Horton and WESCO International) and Asia Pacific (CK Asset Holdings and Wharf Holdings) regions”
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  • New positionthyssenkrupp AG
    June 2026
    “During the quarter ending June 30, 2026, the Fund initiated a new position in thyssenkrupp AG.”
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  • ExitedCompania Sud Americana de Vapores S.A.
    June 2026
    “the Fund also exited its position in Ayala Corp. and its long-held position in Compania Sud Americana de Vapores S.A.”
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  • ExitedAyala Corp.
    June 2026
    “the Fund also exited its position in Ayala Corp. and its long-held position in Compania Sud Americana de Vapores S.A.”
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  • TrimmedWESCO International, Inc.
    June 2026
    “the Fund reduced various positions within the North American (D.R. Horton and WESCO International) and Asia Pacific (CK Asset Holdings and Wharf Holdings) regions”
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  • AddedHang Lung Group Limited
    June 2026
    “The Fund also added to other holdings where the price-to-value gap broadened during the period (FirstService Corp. and Hang Lung Group).”
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  • AddedBrookdale Senior Living Inc.
    June 2026
    “As far as real estate operating companies, the Fund increased its position in Brookdale Senior Living (“Brookdale”) during the period.”
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  • AddedLennar Corporation
    June 2026
    “In terms of residential-related businesses, the Fund increased its position in the B shares of Lennar Corp. (“Lennar”) during the quarter.”
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  • TrimmedWharf Holdings Limited
    June 2026
    “the Fund reduced various positions within the North American (D.R. Horton and WESCO International) and Asia Pacific (CK Asset Holdings and Wharf Holdings) regions”
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  • AddedFirstService Corporation
    June 2026
    “The Fund also added to other holdings where the price-to-value gap broadened during the period (FirstService Corp. and Hang Lung Group).”
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  • TrimmedCK Asset Holdings Limited
    June 2026
    “the Fund reduced various positions within the North American (D.R. Horton and WESCO International) and Asia Pacific (CK Asset Holdings and Wharf Holdings) regions”
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  • New positionNeinor Homes S.A.
    June 2026
    “A new investment in leading Spanish homebuilder Neinor Homes S.A. (“Neinor”) deepens the Fund’s exposure to a high conviction structural theme: residential real estate markets that are chronically and structurally undersupplied.”
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  • ExitedAEDAS Homes
    June 2026
    “Following Neinor’s acquisition of AEDAS Homes last year, which was previously owned by the Fund, the company has become Spain’s largest homebuilder, mainly focused on major cities like Madrid.”
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  • New positionDexus Industria REIT
    June 2026
    “In light of these demand drivers, the Fund initiated an investment in Australia’s Dexus Industria REIT (“Dexus Industria”), adding a high-quality, e-commerce- and logistics- driven industrial platform to an existing industrial exposure that already includes nearshoring-oriented plays in Central and Eastern Europe (CTP NV and Warehouses De Pauw), Southeast Asia (Amata Corporation), and Mexico (Corp. Inmobiliaria Vesta S.A.B. de CV.), as well as logistics and e- commerce exposure in Brazil (LOG Commercial Properties).”
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  • ExitedProAssurance Corporation
    June 2026
    “The Fund exited two positions during the quarter as the takeovers of Tri Pointe Homes and ProAssurance Corporation were completed, which is typically our preferred method of exit.”
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  • New positionMaximus
    June 2026
    “During the quarter, the Fund initiated positions in three new holdings, Maximus Incorporated, Taylor Morrison Home Corporation, and CRA International.”
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  • New positionCRA International
    June 2026
    “During the quarter, the Fund initiated positions in three new holdings, Maximus Incorporated, Taylor Morrison Home Corporation, and CRA International.”
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  • ExitedTri Pointe Homes
    June 2026
    “The Fund exited two positions during the quarter as the takeovers of Tri Pointe Homes and ProAssurance Corporation were completed, which is typically our preferred method of exit.”
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  • New positionTaylor Morrison Home Corporation
    June 2026
    “During the quarter, the Fund initiated positions in three new holdings, Maximus Incorporated, Taylor Morrison Home Corporation, and CRA International.”
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  • AddedSavills plc
    June 2026
    “With respect to the Fund’s international holdings, Savills plc (“Savills”) was increased during the quarter.”
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  • ExitedMandarin Oriental International Ltd.
    March 2026
    “Proceeds from the successful privatizations of Mandarin Oriental and National Storage Australia REIT, mentioned in our last shareholder letter, were used to initiate two new investments.”
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  • ExitedNational Storage Australia REIT
    March 2026
    “Proceeds from the successful privatizations of Mandarin Oriental and National Storage Australia REIT, mentioned in our last shareholder letter, were used to initiate two new investments.”
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  • TrimmedCK Asset Holdings Limited
    March 2026
    “The Fund also trimmed back CK Asset Holdings, exited several positions following corporate activity (National Storage REIT, F&G Annuities, Rayonier, and Unite Group), and extended the Fund’s Hong Kong Dollar hedge.”
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  • New positionOSAKA Titanium Technologies
    March 2026
    “During the quarter ending March 31, 2026, the Fund initiated new positions in OSAKA Titanium Technologies Co., Ltd, Harley-Davidson, Inc. and Robert Half Inc.”
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  • ExitedUnite Group plc
    March 2026
    “The Fund also trimmed back CK Asset Holdings, exited several positions following corporate activity (National Storage REIT, F&G Annuities, Rayonier, and Unite Group), and extended the Fund’s Hong Kong Dollar hedge.”
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  • New positionBrookdale Senior Living Inc.
    March 2026
    “That said, such a scenario does not seem to be “priced in” with Brookdale trading at a discount to its owned real estate in our estimation—without factoring in any value for its operating platform, third party management business, or deferred tax assets.”
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  • New positionHang Lung Group Limited
    March 2026
    “Both of which seem constructive for the Fund’s recent investment in Hang Lung Group.”
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  • AddedU-Haul Holding Company
    March 2026
    “Of note, the Fund added to several holdings where the price- to-value gap broadened to historically wide levels amid recent volatility, including certain commercial-centric issuers (U-Haul Holdings and FirstService Corp.) and select international companies (Accor SA and Ingenia Communities).”
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  • AddedFirstService Corporation
    March 2026
    “Of note, the Fund added to several holdings where the price- to-value gap broadened to historically wide levels amid recent volatility, including certain commercial-centric issuers (U-Haul Holdings and FirstService Corp.) and select international companies (Accor SA and Ingenia Communities).”
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  • AddedAccor SA
    March 2026
    “Of note, the Fund added to several holdings where the price- to-value gap broadened to historically wide levels amid recent volatility, including certain commercial-centric issuers (U-Haul Holdings and FirstService Corp.) and select international companies (Accor SA and Ingenia Communities).”
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Showing the 30 most recent of 48 recorded moves.

Companies held · 93

Every company Third Avenue has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 63

  • Maximus
    June 2026

    Maximus is a government contractor and technology-forward consultant seen as attractively valued, with AI-enabled efficiency gains, resilient contracts, and potential M&A optionality.

    Read the full thesis
  • Taylor Morrison Home Corporation
    June 2026

    Taylor Morrison Home Corporation is a well-regarded homebuilder with strong assets, buybacks, profitability, and asset-light compounding potential.

    Read the full thesis
  • CRA International
    June 2026

    CRA International is a leading consulting firm with strong moat-like credibility, shareholder-aligned management, buybacks, and leverage to M&A activity.

    Read the full thesis
  • Boise Cascade
    June 2026

    Boise Cascade is a deeply depressed building products distribution company with attractive network assets and consolidation optionality.

    Read the full thesis
  • BlueLinx Holdings
    June 2026

    BlueLinx Holdings is a deeply depressed building products distribution company with attractive network assets and consolidation optionality.

    Read the full thesis
  • Horiba, Ltd.
    June 2026

    Horiba, Ltd. is seen as a critical semiconductor equipment supplier benefiting from concentrated industry structure and underappreciated supply-chain importance.

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  • JEOL, Ltd.
    June 2026

    JEOL, Ltd. is viewed as a critical semiconductor capital equipment supplier with concentrated competition and undervalued supply-chain exposure.

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  • easyJet plc
    June 2026

    easyJet plc is valued for its scarce aircraft, airport slots, and net cash balance sheet, with takeover optionality and asset-based downside protection.

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  • Tidewater Inc.
    June 2026

    Tidewater Inc. benefits from long-life offshore energy assets and strengthening energy-security tailwinds supporting offshore services demand.

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  • Valaris Limited
    June 2026

    Valaris Limited is supported by offshore drilling fleet scarcity and a strengthening energy-security thesis.

    Read the full thesis
  • Harbour Energy plc
    June 2026

    Harbour Energy plc is the fund’s direct oil and gas producer exposure, backed by energy security and inventory-rebuild tailwinds.

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  • Subsea 7 S.A.
    June 2026

    Subsea 7 S.A. is highlighted for its hard-to-replicate offshore energy services fleet and strategic tangible assets.

    Read the full thesis

Showing the 48 most recent of 63 theses. Browse them by company to see the rest.

Letter archive · 25

2026

2025

2024

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