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Third Avenue

Dec 2024 → Sep 2026 · Publishes quarterly · 8 funds

Our archive holds 28 letters from Third Avenue, behind 64 investment theses and positions in 122 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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28
Letters
122
Companies
81
Moves
64
Theses

8 strategies

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

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 81 moves

  • New positionVersigent PLC
    September 2026
    “During the quarter, the Fund initiated positions in two new holdings, Champion Homes and Versigent PLC.”
    Read the letter
  • ExitedBlueLinx Holdings
    September 2026
    “Finally, the fund also exited its position in BlueLinx Holdings.”
    Read the letter
  • ExitedRogers Corporation
    September 2026
    “The fund also completed its gradual disposition of Rogers Corporation and exited its position in Paltac Corp through a tender offer by Paltac’s controlling shareholder, Medipal, which ultimately led to a full takeover of the company.”
    Read the letter
  • ExitedPaltac Corporation
    September 2026
    “The fund also completed its gradual disposition of Rogers Corporation and exited its position in Paltac Corp through a tender offer by Paltac’s controlling shareholder, Medipal, which ultimately led to a full takeover of the company.”
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  • ExitedDeutsche Bank AG
    September 2026
    “In response, during recent quarters we have exited Deutsche Bank and we have reduced our Bank of Ireland position, notwithstanding the respect we have for both companies and their executives.”
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  • TrimmedBank of Ireland Group plc
    September 2026
    “In response, during recent quarters we have exited Deutsche Bank and we have reduced our Bank of Ireland position, notwithstanding the respect we have for both companies and their executives.”
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  • New positionScentre Group
    September 2026
    “Along these lines, the Fund initiated positions in the common stock of Scentre Group and Home Depot during the quarter.”
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  • New positionHome Depot, Inc.
    September 2026
    “Along these lines, the Fund initiated positions in the common stock of Scentre Group and Home Depot during the quarter.”
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  • ExitedD.R. Horton, Inc.
    September 2026
    “The Fund also trimmed back WESCO and Freddie Mac preferred, exited D.R. Horton, and extended its British Pound and Hong Kong Dollar hedges for portfolio management purposes.”
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  • TrimmedFreddie Mac
    September 2026
    “The Fund also trimmed back WESCO and Freddie Mac preferred, exited D.R. Horton, and extended its British Pound and Hong Kong Dollar hedges for portfolio management purposes.”
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  • ExitedSegro plc
    September 2026
    “The Fund also exited its position in the common stock of Segro (the leading owner and operator of industrial and logistics properties in the U.K. and Western Europe) after it agreed to be acquired by Prologis (a U.S.-REIT that is the largest owner of industrial and logistics properties globally) during the quarter.”
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  • New positionPersimmon plc
    September 2026
    “During the quarter ending September 30, 2026, the Fund initiated a new position in Persimmon plc.”
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  • ExitedUniFirst Corporation
    September 2026
    “The Fund also exited its holding of UniFirst Corporation with the company’s takeover by Cintas Corporation still pending completion.”
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  • TrimmedWESCO International, Inc.
    September 2026
    “The Fund also trimmed back WESCO and Freddie Mac preferred, exited D.R. Horton, and extended its British Pound and Hong Kong Dollar hedges for portfolio management purposes.”
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  • TrimmedAptiv PLC
    September 2026
    “Versigent PLC (“Versigent”) is a recently formed company, new to public markets, following its March 2026 spin-off from Aptiv PLC, a global parts, services and technology supplier to automotive manufacturers.”
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  • New positionChampion Homes
    September 2026
    “During the quarter, the Fund initiated positions in two new holdings, Champion Homes and Versigent PLC.”
    Read the letter
  • 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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  • 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).”
    Read the letter
  • 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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  • 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 positionCRA International
    June 2026
    “During the quarter, the Fund initiated positions in three new holdings, Maximus Incorporated, Taylor Morrison Home Corporation, and CRA International.”
    Read the letter
  • New positionMaximus Incorporated
    June 2026
    “During the quarter, the Fund initiated positions in three new holdings, Maximus Incorporated, Taylor Morrison Home Corporation, and CRA International.”
    Read the letter
  • 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.”
    Read the letter
  • AddedSavills plc
    June 2026
    “With respect to the Fund’s international holdings, Savills plc (“Savills”) was increased during the quarter.”
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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).”
    Read the letter

Showing the 30 most recent of 81 recorded moves.

Companies held · 122

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

Theses · 64

  • PBF Energy Inc.
    September 2026

    PBF Energy benefits from normalized refinery economics, huge cash flows, a deleveraged balance sheet, and a low free-cash-flow multiple.

    Read the full thesis
  • Versigent PLC
    September 2026

    Versigent is a focused auto electrical-architecture spin-off with top-tier market position, aligned management, and secular demand growth.

    Read the full thesis
  • Scentre Group
    September 2026

    Scentre Group owns dominant retail-led destinations in supply-constrained Australian and New Zealand markets, with high occupancy, strong productivity, urban densification potential, and shares trading below NAV.

    Read the full thesis
  • Home Depot
    September 2026

    Home Depot combines a dominant home-improvement franchise with resilient demand, substantial real-estate ownership, strong free cash flow, and distribution expansion that could lift cash flows and NAV.

    Read the full thesis
  • Bank of Ireland
    September 2026

    Bank of Ireland was an interest-rate-normalization and banking consolidation thesis supported by an attractive entry price and improving returns on equity.

    Read the full thesis
  • CK Hutchison Holdings
    September 2026

    CK Hutchison is highlighted for opportunistic capital allocation, especially the sale of European cell towers at attractive pricing.

    Read the full thesis
  • Deutsche Bank
    September 2026

    Deutsche Bank was held as a turnaround/rate-normalization play with improving odds from an extremely challenged environment.

    Read the full thesis
  • Persimmon plc
    September 2026

    Persimmon is a UK housebuilder with a strong landbank, vertical integration, and a discounted valuation despite resilient margins and potential policy support.

    Read the full thesis
  • Champion Homes, Inc.
    September 2026

    Champion Homes is a well-capitalized leading manufactured-home producer with scale, regulatory tailwinds, and operating leverage upside.

    Read the full thesis
  • Lundin Mining Corp.
    June 2026

    Lundin Mining Corp. is seen as owning strategic long-life copper assets with major development optionality amid copper shortages.

    Read the full thesis
  • thyssenkrupp AG
    June 2026

    thyssenkrupp AG is a catalyst-rich restructuring story trading at a deep discount to NAV with upside from spin-offs and standalone value creation.

    Read the full thesis
  • 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.

    Read the full thesis

Showing the 48 most recent of 64 theses. Browse them by company to see the rest.

Letter archive · 28

2026

2025

2024

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