Will Depressed Valuation And Cash Give PBF Energy (PBF) Asymmetric Returns?
Third Avenue Management, an investment management company based in New York City, released its “Third Avenue Small-Cap Value Fund” third quarter 2024 investor letter.
Third Avenue Management, a New York City-based asset manager, employs a disciplined, value-oriented, and asset-based approach to investing in publicly traded securities. The firm adheres to founder Marty Whitman's time-tested philosophy, evaluating commercial enterprises and their securities through a value lens.
Martin J. Whitman, known for his "safe and cheap" value-investing strategy, founded Third Avenue Management. Named Morningstar’s mutual fund manager of the year in 1990, Whitman was renowned for "The Whitman Way" – a deep-value investing approach focusing on unappreciated names with strong balance sheets and good long-term potential. From 1990 to 2012, he managed the Third Avenue Value Fund, achieving an average annual total return of 11.1 percent, compared to 9 percent for the S&P 500 Index, according to Lipper data. Whitman also taught at Syracuse University’s Whitman School of Management, named in his honor, and was a distinguished Management Fellow at the Yale School of Management for over 30 years. Additionally, he served as an adjunct professor at Columbia University Business School.
As of March 2024, Third Avenue Management manages $25.07 million in discretionary assets for 23 clients. Their Q1 2024 13F filing reported $626.69 million in managed securities, with a top 10 holdings concentration of 48.7%. The firm's largest holding is Tidewater Inc., with 512,220 shares.
