This article first appeared on GuruFocus.

Exploring the Latest Portfolio Adjustments by Third Avenue Value Fund (Trades, Portfolio)

Warning! GuruFocus has detected 10 Warning Signs with TSX:CS. Is TSX:CS fairly valued? Test your thesis with our free DCF calculator.

Third Avenue Value Fund (Trades, Portfolio) recently submitted its N-PORT filing for the fourth quarter of 2025, revealing strategic investment decisions made 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 employs a global, all-cap equities approach, allowing for opportunistic investments in credit securities across the capital structure. The fund's strategy focuses on financial strength, the ability to compound NAV, and investments priced at a significant discount to the fund's conservative estimate of NAV. By investing in companies with strong financial positions and valuations supported by tangible assets, the fund aims to achieve long-term capital appreciation.

Summary of New Buy

Third Avenue Value Fund (Trades, Portfolio) added a total of two stocks to its portfolio during the fourth quarter of 2025. The most significant addition was Boise Cascade Co (NYSE:BCC), with 271,872 shares, accounting for 2.49% of the portfolio and a total value of $19.16 million. The second largest addition was Deutsche Bank AG (NYSE:DB), consisting of 413,677 shares, representing approximately 1.92% of the portfolio, with a total value of $14.80 million.

Key Position Increases

Third Avenue Value Fund (Trades, Portfolio) also increased its stakes in a total of six stocks. The most notable increase was in Conduit Holdings Ltd (LSE:CRE), with an additional 976,307 shares, bringing the total to 3,474,876 shares. This adjustment represents a significant 39.07% increase in share count, a 0.56% impact on the current portfolio, and a total value of 15.48 million. The second largest increase was in Rogers Corp (NYSE:ROG), with an additional 40,919 shares, bringing the total to 157,394. This adjustment represents a significant 35.13% increase in share count, with a total value of $13.78 million.

Summary of Sold Out

Third Avenue Value Fund (Trades, Portfolio) completely exited three holdings in the fourth quarter of 2025. The most impactful exit was Deutsche Bank AG (XTER:DBK), with the fund selling all 882,569 shares, resulting in a -4.26% impact on the portfolio. Additionally, the fund liquidated all 293,001 shares of Mercedes-Benz Group AG (XTER:MBG), causing a -2.43% impact on the portfolio.

Story Continues

Key Position Reduces

Third Avenue Value Fund (Trades, Portfolio) also reduced its position in three stocks. The most significant change was a reduction in Bayerische Motoren Werke AG (XTER:BMW) by 23,725 shares, resulting in a -5.73% decrease in shares and a -0.33% impact on the portfolio. The stock traded at an average price of 85.12 during the quarter and has returned 12.78% over the past three months and 24.06% year-to-date. Additionally, the fund reduced its position in Capstone Copper Corp (TSX:CS) by 248,135 shares, resulting in a -3.86% reduction in shares and a -0.2% impact on the portfolio. The stock traded at an average price of C$10.62 during the quarter and has returned 29.64% over the past three months and 51.52% year-to-date.

Portfolio Overview

As of the fourth quarter of 2025, Third Avenue Value Fund (Trades, Portfolio)'s portfolio included 33 stocks. The top holdings included 7.17% in Capstone Copper Corp (TSX:CS), 5.55% in Bank of Ireland Group PLC (LSE:BIRG), 4.95% in Warrior Met Coal Inc (NYSE:HCC), 4.72% in Bayerische Motoren Werke AG (XTER:BMW), and 4.69% in Subaru Corp (TSE:7270).

The holdings are mainly concentrated in eight of the eleven industries: Basic Materials, Energy, Financial Services, Consumer Cyclical, Industrials, Technology, Consumer Defensive, and Communication Services.

View Comments