Third Avenue Management, an investment management company based in New York City, released its “Small-Cap Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 4.16% in the first quarter compared to a 0.66% decline for the Russell 2000 Value Index. The market witnessed extreme volatility in the quarter with a 9.5% increase in the Index in January and an over 15% decline until the last week of March. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Third Avenue Small-Cap Value Fund highlighted stocks like FRP Holdings, Inc. (NASDAQ:FRPH) in the first quarter 2023 investor letter. Headquartered in Jacksonville, Florida, FRP Holdings, Inc. (NASDAQ:FRPH) is a US-based real estate company. On May 9, 2023, FRP Holdings, Inc. (NASDAQ:FRPH) stock closed at $56.24 per share. One-month return of FRP Holdings, Inc. (NASDAQ:FRPH) was -2.90%, and its shares lost 0.95% of their value over the last 52 weeks. FRP Holdings, Inc. (NASDAQ:FRPH) has a market capitalization of $533.435 million.
Third Avenue Small-Cap Value Fund made the following comment about FRP Holdings, Inc. (NASDAQ:FRPH) in its Q1 2023 investor letter:
“Long-term holding, FRP Holdings, Inc. (NASDAQ:FRPH) closed on significant transactions in the first quarter as well. FRP Holdings owns a collection of multi-family and industrial real estate predominantly in the DC metro area as well as a highly attractive aggregates business. Its prime assets are waterfront property in the Capitol Riverfront and Buzzard Point submarkets near the southern entrance to Washington DC. FRP sold a partial interest in two buildings directly across the street from Washington Nationals Park and consolidated waterfront property with two development partners. In exchange, it received cash and access to four adjacent parcels of land. The cash will be used to fund future development. The completed project will comprise 0.25 mile of uninterrupted waterfront property along the Anacostia River including 3,000 residential units and 150,000 sq. ft of retail. This area is one of the hottest real estate markets in the US. FRP also added to its aggregates assets in Florida which was the first mining acquisition in over a decade. With net cash and equivalents equal to roughly 30% of the market capitalization, FRP Holdings has ample capital and seasoned partners to develop assets in the DC metro area and beyond. FRP Holdings rose over 7% in the quarter.
The positive reception from the Westaim and FRP Holdings moves could be a leading indicator for three of the Fund’s other holdings, who also announced significant transactions in the first quarter.”
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FRP Holdings, Inc. (NASDAQ:FRPH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held FRP Holdings, Inc. (NASDAQ:FRPH) at the end of the fourth quarter which was 7 in the previous quarter.
We discussed FRP Holdings, Inc. (NASDAQ:FRPH) in another article and shared Rhizome Partners’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
