Third Avenue Management LLC 13F holdings and portfolio analysis
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Baseline
Analysis messagesPre-generated Q&A about this fund. Use as reference context for your own analysis.
The baseline is a direct read-through of the disclosed fund portfolio. It is led by TDW (Tidewater Inc.) 23.10%, VAL (Valaris Limited) 14.95%, and HOG (Harley-Davidson, Inc.) 8.88%, with sector exposure of Energy 39.92%, Real Estate 22.46%, and Consumer Discretionary 15.28%. The baseline metrics show return 7.71%, alpha -0.81%, beta 0.65, Sharpe 0.57, Sortino 0.73, and max drawdown -38.20%, so this should be treated as an equity exposure with its own concentration and timing risk rather than a neutral benchmark clone.
Concentration is the first item to inspect: top 5 59.36%, top 10 77.18%, top 20 97.03%. The largest names are TDW (Tidewater Inc.) 23.10%, VAL (Valaris Limited) 14.95%, HOG (Harley-Davidson, Inc.) 8.88%, RHI (Robert Half Inc.) 6.89%, and CBRE 5.54%, and the largest sector exposures are Energy 39.92%, Real Estate 22.46%, and Consumer Discretionary 15.28%. If those exposures reverse, baseline performance can diverge sharply from a broad index.
The strongest recent period was 2025-09-30 (9.19% strategy return, 1.46% benchmark, 7.73% excess, 8.63% turnover), while the weakest was 2024-06-30 (0.71% strategy return, 9.83% benchmark, -9.12% excess, 10.57% turnover). Those periods should be read alongside baseline metrics of return 7.71%, alpha -0.81%, beta 0.65, Sharpe 0.57, Sortino 0.73, and max drawdown -38.20% to judge whether returns came from persistent exposure or a narrow timing window.