THIRD AVENUE MANAGEMENT LLC 13F: Quarter-over-Quarter Portfolio Changes
THIRD AVENUE MANAGEMENT LLC reported a disclosed portfolio value of approximately $616.0 million in its latest SEC Form 13F-HR filing for Q1 2026, up 12.0% quarter on quarter. Over the quarter, the manager initiated 6 new positions, bought more shares in 10 holdings, trimmed 26 holdings, and exited 4 positions.
THIRD AVENUE MANAGEMENT LLC's top buy was a new stake in Harley Davidson INC (HOG) , equal to 4.8% of the disclosed portfolio. Its top sell was Deutsche Bk AG (DB) . The manager exited the position completely after it had accounted for 2.4% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| HARLEY DAVIDSON INC | HOG | 4.8% | History → |
| ROBERT HALF INC. | RHI | 3.7% | History → |
| BROOKDALE SR LIVING INC | BKD | 1.0% | Holders → |
| CATALYST PHARMACEUTICALS INC | CPRX | 0.8% | Holders → |
| QUALYS | QLYS | 0.6% | Holders → |
| COMPASS INC | COMP | 0.2% | Holders → |
Top BuysQ1 2026
The manager's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| FIRSTSERVICE CORP NEW | FSV | +0.6% | +169.6% | Holders → |
| OCTAVE SPECIALTY GROUP INC | OSG | +-0.1% | +71.5% | Holders → |
| FLAGSTAR BANK NATIONAL ASSOC | FLG | +0.2% | +52.4% | Holders → |
| ALAMO GROUP, INC. | ALG | +0.2% | +43.0% | Holders → |
| ICF INTERNATIONAL, INC. | ICFI | +-0.1% | +35.7% | Holders → |
| BOISE CASCADE CO DEL | BCC | +1.2% | +30.7% | History → |
| OCEANFIRST FINL CORP | OCFC | +0.1% | +27.9% | Holders → |
| U-HAUL HOLDING CO | UHAL/B | +-0.1% | +9.7% | — |
| TIDEWATER INC NEW | TDW | +4.5% | +5.5% | History → |
| BLUELINX HLDGS INC | BXC | +-0.2% | +0.0% | Holders → |
Top SellsQ1 2026
Showing the top 10 sells among 26 existing positions where the manager sold shares in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| KAISER ALUMINIUM CORPORATION | KALU | -1.2% | 65.0% | Holders → |
| LSB INDS INC | LXU | -0.3% | 51.7% | Holders → |
| WARRIOR MET COAL INC | HCC | -3.8% | 37.6% | History → |
| ROG | ROG | -0.7% | 24.3% | Holders → |
| COLLEGIUM PHARMACEUTICAL INC. | COLL | -0.9% | 23.7% | Holders → |
| FIRST INDL RLTY TR INC | FR | -0.3% | 22.6% | Holders → |
| SUPERNUS PHARMACEUTICALS, INC. | SUPN | -0.4% | 19.4% | Holders → |
| MYR GROUP INC | MYRG | -0.1% | 18.9% | Holders → |
| ENCORE CAPITAL GROUP INC. | ECPG | -0.1% | 16.7% | Holders → |
| PROLOGIS | PLD | -0.7% | 13.4% | History → |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| DEUTSCHE BK AG | DB | 2.4% |
| RAYONIER INC | RYN | 0.7% |
| CANTALOUPE INC | CTLP | 0.7% |
| F&G ANNUITIES & LIFE INC | FG | 0.1% |
Net Portfolio Value ChangeQ1 2026
- $0.6BPrior quarter
- $0.6BCurrent quarter
- +$0.1BNet delta
- +12.0%% change
Methodology & FAQ
How THIRD AVENUE MANAGEMENT LLC Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for THIRD AVENUE MANAGEMENT LLC: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did THIRD AVENUE MANAGEMENT LLC buy in Q1 2026?
In Q1 2026, THIRD AVENUE MANAGEMENT LLC initiated 6 new positions (HARLEY DAVIDSON INC (HOG), ROBERT HALF INC. (RHI), BROOKDALE SR LIVING INC (BKD), CATALYST PHARMACEUTICALS INC (CPRX), QUALYS (QLYS), COMPASS INC (COMP)); bought more shares of FIRSTSERVICE CORP NEW (FSV), OCTAVE SPECIALTY GROUP INC (OSG), FLAGSTAR BANK NATIONAL ASSOC (FLG), ALAMO GROUP, INC. (ALG), ICF INTERNATIONAL, INC. (ICFI) — the largest 5 of 10 adds.
What stocks did THIRD AVENUE MANAGEMENT LLC sell in Q1 2026?
In Q1 2026, THIRD AVENUE MANAGEMENT LLC fully sold 4 positions (DEUTSCHE BK AG (DB), RAYONIER INC (RYN), CANTALOUPE INC (CTLP), F&G ANNUITIES & LIFE INC (FG)); reduced holdings in KAISER ALUMINIUM CORPORATION (KALU), LSB INDS INC (LXU), WARRIOR MET COAL INC (HCC), ROG (ROG), COLLEGIUM PHARMACEUTICAL INC. (COLL) — the largest 5 of 26 reductions.
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, 4.8%), ROBERT HALF INC. (RHI, 3.7%), BROOKDALE SR LIVING INC (BKD, 1.0%), CATALYST PHARMACEUTICALS INC (CPRX, 0.8%), QUALYS (QLYS, 0.6%), COMPASS INC (COMP, 0.2%).
Which existing positions saw the largest allocation increases for THIRD AVENUE MANAGEMENT LLC in Q1 2026?
Of 10 existing positions with share-count increases in Q1 2026, the largest were: FIRSTSERVICE CORP NEW (FSV, +0.6% weight, +169.6% shares), OCTAVE SPECIALTY GROUP INC (OSG, +-0.1% weight, +71.5% shares), FLAGSTAR BANK NATIONAL ASSOC (FLG, +0.2% weight, +52.4% shares), ALAMO GROUP, INC. (ALG, +0.2% weight, +43.0% shares), ICF INTERNATIONAL, INC. (ICFI, +-0.1% weight, +35.7% shares), BOISE CASCADE CO DEL (BCC, +1.2% weight, +30.7% shares), OCEANFIRST FINL CORP (OCFC, +0.1% weight, +27.9% shares), U-HAUL HOLDING CO (UHAL/B, +-0.1% weight, +9.7% shares), TIDEWATER INC NEW (TDW, +4.5% weight, +5.5% shares), BLUELINX HLDGS INC (BXC, +-0.2% weight, +0.0% 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 BK AG (DB, last-reported weight 2.4%), RAYONIER INC (RYN, last-reported weight 0.7%), CANTALOUPE INC (CTLP, last-reported weight 0.7%), F&G ANNUITIES & LIFE INC (FG, last-reported weight 0.1%).
Which existing positions saw the largest allocation reductions for THIRD AVENUE MANAGEMENT LLC in Q1 2026?
Of 26 existing positions with share-count reductions in Q1 2026, the largest were: KAISER ALUMINIUM CORPORATION (KALU, -1.2% weight, -65.0% shares), LSB INDS INC (LXU, -0.3% weight, -51.7% shares), WARRIOR MET COAL INC (HCC, -3.8% weight, -37.6% shares), ROG (ROG, -0.7% weight, -24.3% shares), COLLEGIUM PHARMACEUTICAL INC. (COLL, -0.9% weight, -23.7% shares), FIRST INDL RLTY TR INC (FR, -0.3% weight, -22.6% shares), SUPERNUS PHARMACEUTICALS, INC. (SUPN, -0.4% weight, -19.4% shares), MYR GROUP INC (MYRG, -0.1% weight, -18.9% shares), ENCORE CAPITAL GROUP INC. (ECPG, -0.1% weight, -16.7% shares), PROLOGIS (PLD, -0.7% weight, -13.4% 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. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.