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Third Avenue

Dec 2024 → Mar 2026 · Publishes quarterly · 8 funds

Our archive holds 21 letters from Third Avenue, behind 38 investment theses and positions in 58 companies. Every quote below is copied verbatim from the letter it came from.

Third Avenue’s own letters page
21
Letters
58
Companies
28
Moves
38
Theses

What they bought and sold · 28 moves

  • ExitedCantaloupe
    March 2026
    “The Fund exited its position in Cantaloupe Inc, which is in the process of being acquired in a transaction expected to close imminently.”
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  • ExitedDeutsche Bank
    March 2026
    “the Fund trimmed several high-performing positions and completed the disposition of Deutsche Bank.”
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  • New positionSavills Plc
    March 2026
    “This quarter, the Fund also initiated a position in London-listed Savills Plc (“Savills”) for its established credibility, global reach, and attractive valuation.”
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  • ExitedRayonier Inc.
    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 positionCompass
    March 2026
    “During the quarter, the Fund initiated positions in five new holdings, Qualys, Inc., Compass, Inc., Harley-Davidson, Inc., Catalyst Pharmaceuticals, Inc. and Robert Half Inc.”
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  • ExitedUniFirst
    March 2026
    “After an extremely long and contentious courting period, long- time Fund holding Unifirst finally agreed to be acquired by much larger competitor, Cintas.”
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  • New positionHarley-Davidson
    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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  • New positionRobert Half
    March 2026
    “During the quarter, the Fund initiated positions in five new holdings, Qualys, Inc., Compass, Inc., Harley-Davidson, Inc., Catalyst Pharmaceuticals, Inc. and Robert Half Inc.”
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  • New positionCatalyst Pharmaceuticals
    March 2026
    “During the quarter, the Fund initiated positions in five new holdings, Qualys, Inc., Compass, Inc., Harley-Davidson, Inc., Catalyst Pharmaceuticals, Inc. and Robert Half Inc.”
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  • AddedIngenia Communities Group
    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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  • 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 positionQualys
    March 2026
    “During the quarter, the Fund initiated positions in five new holdings, Qualys, Inc., Compass, Inc., Harley-Davidson, Inc., Catalyst Pharmaceuticals, Inc. and Robert Half Inc.”
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  • AddedAlamo Group
    March 2026
    “During 2025, Liberation Day tariff fears led to an investment in auto supply company Visteon and additions to an existing investment in agricultural equipment maker Alamo Group.”
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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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  • AddedTidewater
    March 2026
    “our third energy-related holding Tidewater was only an indirect beneficiary of disruption and higher energy prices during the quarter.”
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  • New positionBoise Cascade
    March 2026
    “The Fund initiated investments in BlueLinx and Boise Cascade in response.”
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  • ExitedNational Storage REIT
    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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  • ExitedF&G Annuities & Life, Inc.
    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 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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  • 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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  • 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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  • AddedOceanFirst Financial
    March 2026
    “Fears of regulatory changes that may result from the 2025 New York City mayoral election led to acute pessimism for banks with loan books exposed to rent-regulated properties, creating the opportunity to initiate a position in Flagstar and for existing holding OceanFirst to grow materially through the acquisition of Flushing Financial.”
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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 positionBlueLinx
    March 2026
    “The Fund initiated investments in BlueLinx and Boise Cascade in response.”
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  • New positionFlagstar
    March 2026
    “Fears of regulatory changes that may result from the 2025 New York City mayoral election led to acute pessimism for banks with loan books exposed to rent-regulated properties, creating the opportunity to initiate a position in Flagstar and for existing holding OceanFirst to grow materially through the acquisition of Flushing Financial.”
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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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Companies held · 58

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

Theses · 38

  • Savills Plc
    March 2026

    Savills Plc is a global real estate services franchise with strong client relationships, an Eastdil acquisition catalyst, and a valuation discount versus U.S. peers.

    Read the full thesis
  • Hang Lung Group
    March 2026

    Hang Lung Group is a premium retail property owner with a strong mall brand, mainland China expansion, and multiple catalysts for value realization at a deeply discounted valuation.

    Read the full thesis
  • Brookdale Senior Living
    March 2026

    Brookdale Senior Living is a leading senior housing operator with resilient assisted-living demand, improving finances, strong growth potential, and an apparently discounted valuation.

    Read the full thesis
  • Hang Lung Group
    March 2026

    Hang Lung Group is a well-capitalized Hong Kong property company with valuable retail assets, improving operating catalysts, and a pronounced double-discount valuation.

    Read the full thesis
  • Big Yellow plc
    March 2026

    Big Yellow plc is the largest UK self-storage owner with a hard-to-replicate portfolio, discounted valuation, and lease-up upside.

    Read the full thesis
  • Savills plc
    March 2026

    Savills plc is a leading real estate services firm with recurring revenues, market-share gains, and limited AI automation risk.

    Read the full thesis
  • Brookfield Corporation
    March 2026

    Brookfield Corporation is an asset-management platform viewed as difficult to reassemble and supported by structural demand drivers and self-financing opportunities.

    Read the full thesis
  • Freddie Mac
    March 2026

    Freddie Mac is a well-capitalized housing finance company positioned to support mortgage-market liquidity and affordability.

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  • Valaris
    March 2026

    Valaris is a well-capitalized offshore drilling company with a hard-to-replicate fleet, a cyclical recovery in offshore demand, and potential long-term benefits from increased energy security spending.

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  • Tidewater
    March 2026

    Tidewater is a deepwater offshore service vessel operator with financial flexibility, an attractive Brazil expansion, and long-term upside from a structural recovery in offshore energy activity.

    Read the full thesis
  • Robert Half Inc.
    March 2026

    Robert Half is a well-financed staffing company with proprietary data, a durable network, free-cash-flow generation, and an attractive valuation during a cyclical downturn.

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  • OSAKA Titanium Technologies Co., Ltd
    March 2026

    OSAKA Titanium is a leading titanium producer with pricing and demand upside from Western supply-chain de-risking, capacity expansion, and a discounted valuation.

    Read the full thesis

Letter archive · 21

2026

2025

2024

Funds · 8

  • Third Avenue International Real Estate Value Fund5
  • Third avenue Value Fund5
  • Third avenue Small Cap Value Fund4
  • Third Avenue Real Estate Value Fund3
  • Third Avenue Management International Real Estate Value Fund1
  • Third Avenue Management Real Estate Value Fund1
  • Third Avenue Management Small-Cap Value Fund1
  • Third Avenue Management Value Fund1

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