Exploring the Strategic Moves of Third Avenue Value Fund (Trades, Portfolio) in Q1 2025

Warning! GuruFocus has detected 2 Warning Sign with XTER:BMW.

Third Avenue Value Fund (Trades, Portfolio) recently submitted its N-PORT filing for the first quarter of 2025, shedding light on its strategic investment decisions during this period. Founded by the legendary value investor Martin J. Whitman in 1990, the Third Avenue Value Fund (Trades, Portfolio) is renowned for its flexible investment strategy. The fund adopts a global, all-cap equities approach, allowing for opportunistic investments across the capital structure. It focuses on financial strength, the ability to compound NAV, and investments priced at a significant discount to the fund's conservative NAV estimate. The fund aims to build a differentiated portfolio by investing in contrarian and special-situation opportunities across various sectors, geographies, and security types, seeking long-term capital appreciation.Third Avenue Value Fund Exits Lazard Inc, Impacting Portfolio by -2.46%

Summary of New Buy

Third Avenue Value Fund (Trades, Portfolio) added a total of one stock during the first quarter of 2025. The most significant addition was Jeol Ltd (TSE:6951), with 383,000 shares, accounting for 2.23% of the portfolio and a total value of 14,115,690 million.

Key Position Increases

Third Avenue Value Fund (Trades, Portfolio) also increased its stakes in a total of seven stocks. Notably, the fund increased its position in Ultrapar Participacoes SA (BSP:UGPA3) by 2,827,466 shares, bringing the total to 6,151,239 shares. This adjustment represents an 85.07% increase in share count, a 1.26% impact on the current portfolio, and a total value of R$17,440,990. The second-largest increase was in Bayerische Motoren Werke AG (XTER:BMW), with an additional 72,826 shares, bringing the total to 437,450. This adjustment represents a 19.97% increase in share count, with a total value of 35,525,140.

Summary of Sold Out

Third Avenue Value Fund (Trades, Portfolio) completely exited one holding in the first quarter of 2025: Lazard Inc (NYSE:LAZ). The fund sold all 309,443 shares, resulting in a -2.46% impact on the portfolio.

Key Position Reduces

Third Avenue Value Fund (Trades, Portfolio) also reduced its position in eight stocks. The most significant changes include a reduction in Warrior Met Coal Inc (NYSE:HCC) by 177,849 shares, resulting in a -25.61% decrease in shares and a -1.68% impact on the portfolio. The stock traded at an average price of $61.17 during the quarter and has returned -9.69% over the past three months and -9.56% year-to-date. Additionally, the fund reduced its position in Comerica Inc (NYSE:CMA) by 151,964 shares, resulting in a -36.69% reduction in shares and a -1.45% impact on the portfolio. The stock traded at an average price of $65.99 during the quarter and has returned -1.07% over the past three months and -0.16% year-to-date.

Story Continues

Portfolio Overview

As of the first quarter of 2025, Third Avenue Value Fund (Trades, Portfolio)'s portfolio included 31 stocks. The top holdings were 5.6% in Bayerische Motoren Werke AG (XTER:BMW), 5.6% in Deutsche Bank AG (XTER:DBK), 5.55% in Capstone Copper Corp (TSX:CS), 5.29% in Bank of Ireland Group PLC (LSE:BIRG), and 4.96% in Buzzi SpA (MIL:BZU).Third Avenue Value Fund Exits Lazard Inc, Impacting Portfolio by -2.46%

The holdings are mainly concentrated in eight of the eleven industries: Basic Materials, Financial Services, Consumer Cyclical, Energy, Industrials, Technology, Consumer Defensive, and Communication Services.Third Avenue Value Fund Exits Lazard Inc, Impacting Portfolio by -2.46%

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.

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