Third Avenue Management Reduces Stake in Deutsche Bank AG by 29.43%

Exploring the Strategic Moves of Third Avenue Management (Trades, Portfolio) in Q2 2025

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Third Avenue Management (Trades, Portfolio) recently submitted its 13F filing for the second quarter of 2025, offering a glimpse into its strategic investment decisions during this period. Founded by the legendary value investor Martin Whitman, Third Avenue Management (Trades, Portfolio) is renowned for its deep value and distressed investing approach. The firm manages a diverse range of assets, including mutual funds, separate accounts, and hedge funds. Since 2002, Third Avenue has partnered with Affiliated Managers Group, enhancing its ability to extend ownership rights to senior professionals and ensuring a transparent succession plan. The firm focuses on high-conviction ideas across its core strategies: Value, Small-Cap, Real Estate, and International Real Estate, available through various investment vehicles.Third Avenue Management Reduces Stake in Deutsche Bank AG by 29.43%

Summary of New Buy

Third Avenue Management (Trades, Portfolio) added a total of three stocks to its portfolio this quarter. The most significant addition was Cantaloupe Inc (NASDAQ:CTLP), with 370,013 shares, accounting for 0.84% of the portfolio and a total value of $4.07 million. The second largest addition was Champion Homes Inc (NYSE:SKY), consisting of 59,865 shares, representing approximately 0.77% of the portfolio, with a total value of $3.75 million. The third largest addition was Visteon Corp (NASDAQ:VC), with 10,298 shares, accounting for 0.2% of the portfolio and a total value of $960,800.

Key Position Increases

Third Avenue Management (Trades, Portfolio) also increased its stakes in a total of 13 stocks. The most notable increase was in PulteGroup Inc (NYSE:PHM), with an additional 33,131 shares, bringing the total to 96,931 shares. This adjustment represents a significant 51.93% increase in share count, a 0.72% impact on the current portfolio, and a total value of $10,222,340. The second largest increase was in Tidewater Inc (NYSE:TDW), with an additional 65,899 shares, bringing the total to 875,157. This adjustment represents an 8.14% increase in share count, with a total value of $40,370,990.

Summary of Sold Out

Third Avenue Management (Trades, Portfolio) completely exited 12 holdings in the second quarter of 2025. Notable exits include Brookfield Asset Management Ltd (NYSE:BAM), where all 132,103 shares were sold, resulting in a -1.28% impact on the portfolio. Additionally, Elme Communities (NYSE:ELME) was liquidated with all 93,000 shares sold, causing a -0.32% impact on the portfolio.

Story Continues

Key Position Reduces

Third Avenue Management (Trades, Portfolio) reduced its position in 19 stocks, with significant changes including a reduction in Deutsche Bank AG (NYSE:DB) by 426,012 shares. This resulted in a -29.43% decrease in shares and a -2.01% impact on the portfolio. The stock traded at an average price of $26.37 during the quarter and has returned 35.11% over the past three months and 117.99% year-to-date. Another notable reduction was in Old Republic International Corp (NYSE:ORI), with a decrease of 237,853 shares, resulting in a -70.71% reduction in shares and a -1.87% impact on the portfolio.

Portfolio Overview

As of the second quarter of 2025, Third Avenue Management (Trades, Portfolio)'s portfolio included 52 stocks. The top holdings were 8.33% in Tidewater Inc (NYSE:TDW), 6.22% in Deutsche Bank AG (NYSE:DB), 6.06% in Warrior Met Coal Inc (NYSE:HCC), 5.09% in Valaris Ltd (NYSE:VAL), and 4.82% in Brookfield Corp (NYSE:BN).Third Avenue Management Reduces Stake in Deutsche Bank AG by 29.43%

The holdings are mainly concentrated in nine of the eleven industries: Financial Services, Real Estate, Energy, Consumer Cyclical, Industrials, Basic Materials, Healthcare, Communication Services, and Technology.

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.

This article first appeared on GuruFocus.

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