Third Avenue Value Fund was founded by legendary value investor Marty Whitman, who has recently retired. The fund is now managed by his successor Ian Lapey. Ian Lapey is also co-manager of the Third Avenue Value Fund UCITS for offshore investors. He joined Third Avenue in 2001. Ian Lapey has put his marks on the fund quickly. He initiated a few new positions that are mostly based in the U.S., while Marty Whitman put most of his assets in Hong Kong real estate companies. He initiated positions in oil and gas E&P, property & casualty insurance and high tech companies. In his shareholder letter, Ian Lapey detailed what he looks for in property & casualty insurance companies:
This is the portfolio chart of Third Avenue Value Fund. You can click on the legend of the chart to show/hide buys, sells or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.
For the details of Third Avenue Value Fund's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Martin+Whitman
New Purchase: Devon Energy Corporation (DVN, Financial)
Third Avenue Value Fund initiated holdings in Devon Energy Corporation. The impact to his portfolio due to this purchase was 1.4%. His holdings were 518,149 shares as of 04/30/2012. Devon Energy Corporation is an independent energy company engaged primarily in oil and gas exploration, development and production, and in the acquisition of producing properties. Devon Energy Corporation has a market cap of $23.15 billion; its shares were traded at around $56.73 with a P/E ratio of 9.8 and P/S ratio of 2. The dividend yield of Devon Energy Corporation stocks is 1.4%.
New Purchase: Comerica Incorporated (CMA, Financial)
Third Avenue Value Fund initiated holdings in Comerica Incorporated. The impact to his portfolio due to this purchase was 0.6%. His holdings were 490,000 shares as of 04/30/2012. Comerica Inc. is a registered bank holding company. Comerica Incorporated has a market cap of $6.02 billion; its shares were traded at around $30.37 with a P/E ratio of 12.6 and P/S ratio of 2.3. The dividend yield of Comerica Incorporated stocks is 2%.
New Purchase: Alleghany Corporation (Y, Financial)
Third Avenue Value Fund initiated holdings in Alleghany Corporation. The impact to his portfolio due to this purchase was 0.53%. His holdings were 39,898 shares as of 04/30/2012.
Alleghany Corporation is engaged, through its subsidiaries Chicago Title and Trust Company (``CT&T``), Chicago Title Insurance Company (``CTI``), Security Union Title Insurance Company (``Security Union``) and Ticor Title Insurance Company (``Ticor Title``) and their subsidiaries, in the sale and underwriting of title insurance and in other real estate-related services businesses, and through CT&T's subsidiary, Alleghany Asset Management, Inc. Alleghany Corporation has a market cap of $5.78 billion; its shares were traded at around $342.7 with a P/E ratio of 30.2 and P/S ratio of 5.9. Alleghany Corporation had an annual average earnings growth of 2.1% over the past 10 years.
New Purchase: White Mountains Insurance Group, Ltd. (WTM, Financial)
Third Avenue Value Fund initiated holdings in White Mountains Insurance Group, Ltd.. The impact to his portfolio due to this purchase was 0.44%. His holdings were 21,628 shares as of 04/30/2012. White Mountains Insurance Group, Ltd. is engaged in the business of property and casualty insurance and reinsurance. White Mountains Insurance Group, Ltd. has a market cap of $3.46 billion; its shares were traded at around $520.85 with a P/E ratio of 16.1 and P/S ratio of 1.6. The dividend yield of White Mountains Insurance Group, Ltd. stocks is 0.2%.
Here is why the fund likes White Mountain Insurance.
Here is the complete portfolio of Third Avenue Value Fund. Also check out the Undervalued Stocks, Top Growth Companies, and High Yield stocks of Third Avenue Value Fund.
- 1. Strong financial positions at both the operating companies and holding company, including AM Best ratings of at least A-.
- 2. Competent underwriting track records through cycles, with combined ratios of less than 100%.
- The ability to invest at least a portion of the investment portfolio in equities (a by-product of the strong financial position).
- 3. A long-term track record of at least a high single digit annual percentage growth in net asset value per share.
- 4. A history of buying and selling assets prudently. We are not interested in investing in market-share driven insurance companies that write business regardless of the return profile.
- 5. A common stock price trading below tangible book value per share, ascribing no value to the significant float inherent in the business.
This is the portfolio chart of Third Avenue Value Fund. You can click on the legend of the chart to show/hide buys, sells or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.
- New Purchases: DVN, CMA, Y, WTM,
- Added Positions: AMAT, KEY,
- Reduced Positions: CHEUY, TRC, BAM,
- Sold Out: NBR, BIP, FFCO, GOVB, COBK,
For the details of Third Avenue Value Fund's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Martin+Whitman
New Purchase: Devon Energy Corporation (DVN, Financial)
Third Avenue Value Fund initiated holdings in Devon Energy Corporation. The impact to his portfolio due to this purchase was 1.4%. His holdings were 518,149 shares as of 04/30/2012. Devon Energy Corporation is an independent energy company engaged primarily in oil and gas exploration, development and production, and in the acquisition of producing properties. Devon Energy Corporation has a market cap of $23.15 billion; its shares were traded at around $56.73 with a P/E ratio of 9.8 and P/S ratio of 2. The dividend yield of Devon Energy Corporation stocks is 1.4%.
New Purchase: Comerica Incorporated (CMA, Financial)
Third Avenue Value Fund initiated holdings in Comerica Incorporated. The impact to his portfolio due to this purchase was 0.6%. His holdings were 490,000 shares as of 04/30/2012. Comerica Inc. is a registered bank holding company. Comerica Incorporated has a market cap of $6.02 billion; its shares were traded at around $30.37 with a P/E ratio of 12.6 and P/S ratio of 2.3. The dividend yield of Comerica Incorporated stocks is 2%.
New Purchase: Alleghany Corporation (Y, Financial)
Third Avenue Value Fund initiated holdings in Alleghany Corporation. The impact to his portfolio due to this purchase was 0.53%. His holdings were 39,898 shares as of 04/30/2012.
Alleghany Corporation is engaged, through its subsidiaries Chicago Title and Trust Company (``CT&T``), Chicago Title Insurance Company (``CTI``), Security Union Title Insurance Company (``Security Union``) and Ticor Title Insurance Company (``Ticor Title``) and their subsidiaries, in the sale and underwriting of title insurance and in other real estate-related services businesses, and through CT&T's subsidiary, Alleghany Asset Management, Inc. Alleghany Corporation has a market cap of $5.78 billion; its shares were traded at around $342.7 with a P/E ratio of 30.2 and P/S ratio of 5.9. Alleghany Corporation had an annual average earnings growth of 2.1% over the past 10 years.
New Purchase: White Mountains Insurance Group, Ltd. (WTM, Financial)
Third Avenue Value Fund initiated holdings in White Mountains Insurance Group, Ltd.. The impact to his portfolio due to this purchase was 0.44%. His holdings were 21,628 shares as of 04/30/2012. White Mountains Insurance Group, Ltd. is engaged in the business of property and casualty insurance and reinsurance. White Mountains Insurance Group, Ltd. has a market cap of $3.46 billion; its shares were traded at around $520.85 with a P/E ratio of 16.1 and P/S ratio of 1.6. The dividend yield of White Mountains Insurance Group, Ltd. stocks is 0.2%.
Here is why the fund likes White Mountain Insurance.
Here is the complete portfolio of Third Avenue Value Fund. Also check out the Undervalued Stocks, Top Growth Companies, and High Yield stocks of Third Avenue Value Fund.
