THIRD AVENUE MANAGEMENT LLC — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, THIRD AVENUE MANAGEMENT LLC initiated 6 new positions, increased allocation to 10 existing positions, trimmed 10 positions, and exited 4 positions entirely. The fund's 13F equity book grew from $0.55B to $0.62B (+12.0% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $0.55BPrior quarter
- $0.62BCurrent quarter
- + $0.07BNet delta
- +12.0%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| HARLEY-DAVIDSON INC | HOG | 4.80% | History → |
| ROBERT HALF INC. | RHI | 3.73% | History → |
| BROOKDALE SR LIVING INC | BKD | 1.03% | Holders → |
| CATALYST PHARMACEUTICALS INC | CPRX | 0.84% | Holders → |
| QUALYS | QLYS | 0.56% | Holders → |
| COMPASS INC. | COMP | 0.22% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| FIRSTSERVICE CORP. | FSV | +0.61% | +169.59% | Holders → |
| OCTAVE SPECIALTY GROUP | OSG | +-0.09% | +71.49% | Holders → |
| FLAGSTAR FINANCIAL, INC. | FLG | +0.21% | +52.43% | Holders → |
| ALAMO GROUP, INC. | ALG | +0.19% | +43.00% | Holders → |
| ICF INTERNATIONAL, INC. | ICFI | +-0.06% | +35.70% | Holders → |
| BOISE CASCADE CO DEL | BCC | +1.17% | +30.70% | History → |
| OCEANFIRST FINANCIAL TRUST | OCFC | +0.09% | +27.93% | Holders → |
| U-HAUL HOLDING COMPANY | UHAL/B | +-0.14% | +9.69% | Holders → |
| TIDEWATER INC | TDW | +4.48% | +5.51% | History → |
| BLUELINX HOLDINGS INC. | BXC | +-0.15% | +0.05% | Holders → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| KAISER ALUMINIUM CORPORATION | KALU | -1.20% | -65.00% | Holders → |
| LSB INDS INC | LXU | -0.30% | -51.73% | Holders → |
| WARRIOR MET COAL INC | HCC | -3.84% | -37.60% | History → |
| ROGERS CORP | ROG | -0.69% | -24.29% | Holders → |
| COLLEGIUM PHARMACEUTICAL INC. | COLL | -0.88% | -23.73% | Holders → |
| FIRST INDUSTRIAL REALTY TRUST, INC. | FR | -0.33% | -22.64% | Holders → |
| SUPERNUS PHARMACEUTICALS, INC. | SUPN | -0.43% | -19.40% | Holders → |
| MYR GROUP INC | MYRG | -0.09% | -18.94% | Holders → |
| ENCORE CAPITAL GROUP INC. | ECPG | -0.07% | -16.67% | Holders → |
| PROLOGIS INC. | PLD | -0.67% | -13.41% | History → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| DEUTSCHE BANK AG NAMEN AKT | DB | 2.36% |
| RAYONIER INC | RYN | 0.74% |
| CANTALOUPE INC | CTLP | 0.71% |
| F&G ANNUITIES & LIFE INC | FG | 0.07% |
Methodology & FAQ
How THIRD AVENUE MANAGEMENT LLC Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for THIRD AVENUE MANAGEMENT LLC against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did THIRD AVENUE MANAGEMENT LLC initiate in Q1 2026?
THIRD AVENUE MANAGEMENT LLC established 6 new positions in Q1 2026: HARLEY-DAVIDSON INC (HOG, 4.80%), ROBERT HALF INC. (RHI, 3.73%), BROOKDALE SR LIVING INC (BKD, 1.03%), CATALYST PHARMACEUTICALS INC (CPRX, 0.84%), QUALYS (QLYS, 0.56%), COMPASS INC. (COMP, 0.22%).
Which existing positions saw the largest allocation increases for THIRD AVENUE MANAGEMENT LLC in Q1 2026?
The largest portfolio-weight increases in existing positions were: FIRSTSERVICE CORP. (FSV, +0.61% weight, +169.59% shares), OCTAVE SPECIALTY GROUP (OSG, +-0.09% weight, +71.49% shares), FLAGSTAR FINANCIAL, INC. (FLG, +0.21% weight, +52.43% shares), ALAMO GROUP, INC. (ALG, +0.19% weight, +43.00% shares), ICF INTERNATIONAL, INC. (ICFI, +-0.06% weight, +35.70% shares), BOISE CASCADE CO DEL (BCC, +1.17% weight, +30.70% shares), OCEANFIRST FINANCIAL TRUST (OCFC, +0.09% weight, +27.93% shares), U-HAUL HOLDING COMPANY (UHAL/B, +-0.14% weight, +9.69% shares), TIDEWATER INC (TDW, +4.48% weight, +5.51% shares), BLUELINX HOLDINGS INC. (BXC, +-0.15% weight, +0.05% shares).
Which positions did THIRD AVENUE MANAGEMENT LLC fully exit in Q1 2026?
THIRD AVENUE MANAGEMENT LLC fully exited 4 positions in Q1 2026: DEUTSCHE BANK AG NAMEN AKT (DB, last-reported weight 2.36%), RAYONIER INC (RYN, last-reported weight 0.74%), CANTALOUPE INC (CTLP, last-reported weight 0.71%), F&G ANNUITIES & LIFE INC (FG, last-reported weight 0.07%).
Which existing positions saw the largest allocation reductions for THIRD AVENUE MANAGEMENT LLC in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: KAISER ALUMINIUM CORPORATION (KALU, -1.20% weight, -65.00% shares), LSB INDS INC (LXU, -0.30% weight, -51.73% shares), WARRIOR MET COAL INC (HCC, -3.84% weight, -37.60% shares), ROGERS CORP (ROG, -0.69% weight, -24.29% shares), COLLEGIUM PHARMACEUTICAL INC. (COLL, -0.88% weight, -23.73% shares), FIRST INDUSTRIAL REALTY TRUST, INC. (FR, -0.33% weight, -22.64% shares), SUPERNUS PHARMACEUTICALS, INC. (SUPN, -0.43% weight, -19.40% shares), MYR GROUP INC (MYRG, -0.09% weight, -18.94% shares), ENCORE CAPITAL GROUP INC. (ECPG, -0.07% weight, -16.67% shares), PROLOGIS INC. (PLD, -0.67% weight, -13.41% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.