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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | Third Avenue Real Estate Value Fund | 6.8% | 6.4% | AMH, BAM, BN, CBRE, DHI, FMCC, FNMA, FPH, FR, GRI.L, JLL, JM.SI, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WCC, WY | GSEs, Industrial, Manufacturing, Onshoring, real estate, REITs, Residential, value | Supply chain disruptions from Covid-19 have accelerated efforts to reshore critical industries including defense, pharmaceuticals, semiconductors, and materials. U.S. manufacturing investment has increased three-fold over five years to $230 billion annually, with nearly $2 trillion of reshoring initiatives announced since 2023. | J36.SI SKY WCC PLD JAR LN SKY WCC PLD |
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| 2024 Q1 | May 10, 2024 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | AER, AMGN, BGC, BKRIF, BLKB, EAF, EXPI, FPH, HCC, NVDA, QCOM, ROKU, WBD | activism, Aviation, materials, small cap, technology, trading, value | NVDA represents almost 15% of the portfolio as the top holding. The manager sold NVDA call options that expire in June and are deep in the money, planning to deploy cash from covered calls over time as opportunities arise. | BGC AER EAF |
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| 2025 Q1 | Apr 25, 2025 | O’Keefe Stevens Advisory, Inc | - | - | BGC, BKRIF, BMWKY, CMP, DFIN, FPH, MBGYY, NVDA, QCOM, ROKU | Autos, Buybacks, earnings, risk management, value, volatility | The manager extensively discusses heightened market volatility, noting that earnings reactions have significantly exceeded historical norms. Stocks beating expectations outperformed by 248bps vs historical 148bps, while misses underperformed by 362bps vs historical 245bps. The implied versus realized volatility relationship has reversed since Q1 2021, with realized volatility occasionally surpassing implied volatility. | CMP MBGYY BMWKY FPH DFIN |
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| 2026 Q1 | Apr 14, 2026 | Black Bear Value Partners | 13.2% | 13.2% | BLDR, FLG, FPH, PSK.TO, TDW | commodities, energy, Housing, Long/Short, private credit, Regional Banks, value | TDW PSK.TO FLG FPH BLDR TDW PSK.TO FPH |
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| 2024 Q4 | Dec 31, 2024 | Third Avenue Real Estate Value Fund | 0.4% | 14.1% | 1113.HK, AC.PA, AMH, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FPH, FR, JLL, LEN, PLD, RYN, SGRO.L, SUI, UHAL, WCC, WY | Commercial, Homebuilders, NAV, rates, real estate, REITs, Uk, value | Fund maintains significant exposure to commercial real estate through REITs and operating companies focused on industrial, logistics, self-storage, and real estate services. Holdings include platforms like Big Yellow self-storage, Prologis industrial, and CBRE services that benefit from structural demand drivers and limited maintenance capex requirements. | AC.PA BYG.L BKG.L |
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| 2024 Q4 | Dec 31, 2024 | Third Avenue Small-Cap Value Fund | -4.4% | 3.3% | AMBC, BATRA, COLL, CTAS, ECPG, FPH, FRPH, ICFI, ITIC, IVT, KALU, LXU, MYRG, OCFC, PB, PBF, PRAA, SEB, SSKN, SUPN, TPH, UMBF, UNF | Buybacks, private equity, Regional Banks, Resource Conversion, small caps, value | The portfolio trades at a historically large discount to estimated net asset value, with Fund Management believing considerable potential exists for attractive absolute returns. The fund focuses on underpriced assets trading below intrinsic value. | FPH AMBC OCFC |
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| 2025 Q3 | Oct 21, 2025 | Third Avenue Real Estate Value Fund | 6.7% | - | AC.PA, AMH, BKG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FR, JLL, LEN, PHM, PLD, RYN, SUI, SVS.L, UHAL, UTG.L, WY | Commercial, global, Homebuilders, Mortgage, real estate, REITs, Residential, value | Fund holds 27.5% in North American commercial real estate companies including CBRE Group, JLL, Brookfield Corp, Prologis, First Industrial, Wesco, and U-Haul Holdings. These represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate that favor long-term investors with structural demand drivers, limited maintenance capex, and prospects to self-finance accretive reinvestment. Commercial banks are estimated to be lending significantly less to commercial real estate, with current pace at less than half of the previous 10-year average. | UTG CHMP ACCOR UTG CHMP AC ROG BOISE DBK OR HBR LUN CS |
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| 2025 Q4 | Jan 22, 2026 | Third Avenue Small-Cap Value Fund | 4.6% | 14.0% | ALG, BATRK, BXC, COLL, CTAS, ECPG, FPH, ICFI, KALU, LXU, MYRG, NYCB, OCSL, PB, PRA, SEB, SUPN, UMBF, UNF | Aluminum, Governance, Owner-Operator, Pharmaceuticals, Regional Banks, small caps, value | The Fund pursues a decidedly value-oriented investment approach, seeking to underpay for ownership of a business. The managers focus on finding rare nexuses of good people, good assets and good prices. The Fund initiated a new position in Flagstar Bank at a large discount to tangible book value. Flagstar has been undergoing transformation and has a credible path to achieve profitability more typical of a U.S. regional bank. Kaiser Aluminum led fourth quarter performance following strong quarterly financial results and progress on its multi-year investment to upgrade and expand production capacity in aerospace and packaging. Collegium Pharmaceutical generated strong performance contribution after producing record quarterly revenue and disclosing improved operating income guidance and a new share repurchase authorization. | FLG UNF ECPG COLL KALU |
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| 2025 Q4 | Jan 22, 2026 | Third Avenue Real Estate Value Fund | -1.8% | 11.3% | AMH, BKG.L, BRK-A, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WY | Commercial, Homebuilders, real estate, REIT, Residential, value | Fund maintains significant exposure to commercial real estate platforms including real estate services, asset management, industrial and logistics properties, and self-storage facilities. These holdings represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate with structural demand drivers and limited maintenance capital expenditure requirements. Fund holds positions in major U.S. homebuilders including Lennar Corp., D.R. Horton, PulteGroup, and Champion Homes. These companies are supported by near-record low levels of for-sale inventories, near-record high demand for affordable product, and industry dynamics favoring scaled players over time. Fund focuses on well-capitalized enterprises with discounted securities trading at more than a 20% discount to estimated Net Asset Value at year-end. The strategy targets strategic real estate at value prices with prospects to compound capital over time. Multiple portfolio companies engaged in share repurchase activities during the quarter, including Lennar Corp. completing an exchange offer that effectively acted as an accelerated share repurchase program, exchanging Millrose Properties shares for 5% of its outstanding A shares. | DBK GR BIRG ID 2330 TT HBR LN CS CN LUN CN HCC |
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| 2024 Q3 | Sep 30, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | AMH, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, LOW, PLD, RYN, SGRO.L, SUI, SVS.L, UHAL, WCC, WY | Commercial real estate, Homebuilders, Hotels, Housing, real estate, REITs, value | Fund holds major homebuilders like Lennar and D.R. Horton positioned to benefit from persistent housing supply deficits and consolidation trends. Large publicly traded builders have increased market share to 55% from 40% five years ago by focusing on attainable housing and offering rate buydowns through captive mortgage subsidiaries. | WCC AC.PA |
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| 2025 Q1 | Mar 31, 2025 | Distillate Capital Fundamental Stability & Value | -1.0% | -1.0% | BGC, BKRIF, BMWKY, CMP, DFIN, FPH, MBGYY, NVDA, QCOM, ROKU | Autos, Buybacks, earnings, real estate, value, volatility | Market volatility has significantly increased with earnings reactions exceeding historical norms. Stocks beating expectations outperformed by 248bps vs historical 148bps, while misses underperformed by 362bps vs historical 245bps. Realized volatility now occasionally surpasses implied volatility, indicating markets may be underpricing risk. | CMP MBGYY BMWKY FPH DFIN |
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| 2025 Q1 | Mar 31, 2025 | Third Avenue Real Estate Value Fund | -0.5% | -0.5% | 4.HK, AMH, BAM, BN, CBRE, DHI, FMCC, FNF, FNMA, FPH, GRI.L, INA.AX, JLL, LEN, PHM, RYN, SUI, SVS.L, UTG.L, WY | Commercial, demographics, Homebuilders, Mortgage, real estate, Student Housing, value | Fund initiated position in PulteGroup, recognizing demographic tailwinds from millennials entering prime home-buying years. Large-scale builders like Pulte, Lennar, and D.R. Horton have evolved to more defensive business models with land options versus ownership, strengthened balance sheets with net cash positions, and gained significant market share. These companies are positioned to maintain profitability and sustain share repurchases despite near-term headwinds. | UTG.L PHM |
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| 2025 Q1 | Mar 31, 2025 | Third Avenue Small-Cap Value Fund | -4.6% | -4.6% | ABAC, BATRA, BXC, COLL, ECPG, FPH, FRPH, HBB, ICFI, ITIC, MYRG, OCFC, PB, PRAA, SBSI, SEB, SUPN, TDW, UMBF | financials, M&A, small cap, Trade Policy, value, volatility | Fund focuses on securities available at valuations significantly below private market value with low probability of permanent capital impairment. Manager emphasizes buying businesses at significant discounts to estimated values with conservatism baked in. | BXC TIDE |
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| 2023 Q4 | Jan 31, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | 1113.HK, 4.HK, AMH, BAM, BKG.L, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FRT, GRI.L, ING.AX, IVT, JLL, LEN, LOW, NSA, PLD, RYN, SGRO.L, SUI, SVS.L, TPHS, UHAL, WY | Commercial, Homebuilders, interest rates, real estate, REITs, Residential, value | Fund has 33% invested in commercial real estate enterprises focused on secular trends including industrial properties, self-storage, and last-mile fulfillment. Holdings include companies capitalizing on structural demand changes and urban densification. | View | |
| 2024 Q4 | Jan 27, 2025 | O’Keefe Stevens Advisory, Inc | - | - | AER, BGC, BKRIF, BYON, DFIN, EAF, FNMA, FNMAS, FPH, GLW, ICLTF, NVDA, QCOM, WBD | AI, Capital markets, E-Commerce, real estate, small caps, technology, value | Nvidia continues to face strong product demand that significantly outpaces supply, with competitive advantages widening through advanced GPU and data center infrastructure launches. The Blackwell GPU architecture introduced B100 and B200 data center accelerators with substantial performance gains for AI workloads, featuring enhanced tensor cores and memory bandwidth for faster AI model training and inference. | DFIN BYON |
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| 2023 Q4 | Jan 24, 2024 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | AER, AMGN, BGC, DFIN, EAF, FPH, HCC, ICLTF, LAZ, LIVE, LL, NVDA, QCOM, TSLA | AI, commodities, Concentration, Predictions, small caps, technology, value | AI became mainstream in 2023 with Nvidia appreciating over 200% as the fund's largest position. The manager notes AI's significant impact on technology sector performance despite cautious analyst commentaries. | EAF AER FPH |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | O'Keefe Stevens Advisory, Inc | Five Point Holdings | Real Estate | Real Estate Development | Bull | NYSE | cash generation, debt restructuring, Maturity Extension, new management, real estate development, turnaround | View Pitch |
| Apr 23, 2026 | Fund Letters | Black Bear Value Partners | Five Point Holdings | Real Estate - Development | Real Estate Development | Bull | New York Stock Exchange | California, Equity, Housing shortage, Land Monetization, Master-Planned Communities, NAV discount, real estate development | View Pitch |
| Apr 17, 2026 | Fund Letters | Black Bear Value Partners | Five Point Holdings | Real Estate - Development | Real Estate Development | Bull | New York Stock Exchange | California, Equity, Housing shortage, Land Monetization, Master-Planned Communities, NAV discount, real estate development | View Pitch |
| Apr 13, 2026 | Fund Letters | Distillate Capital Fundamental Stability & Value | Five Point Holdings | Real Estate | Real Estate Development | Bull | NYSE | California, Candlestick Park, Free Cash Flow, net cash, property development, real estate development, turnaround, undervalued | View Pitch |
| Apr 13, 2026 | Fund Letters | O'Keefe Stevens Advisory, Inc | Five Point Holdings | Real Estate | Real Estate Development | Bull | NYSE | California, Free Cash Flow, Master-Planned Communities, net cash, real estate development, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Third Avenue Small-Cap Value Fund | Five Point Holdings | Real Estate | Real Estate Development | Bull | NYSE | book value discount, California, Coastal Real Estate, Equity, land development, Mixed-use Communities, real estate development, turnaround | View Pitch |
| Feb 4, 2026 | Twitter / X | @100xCompounding | Five Point Holdings, LLC | Real Estate | Real Estate Operating Companies | Bull | NYSE | AssetLight, buybacks, JointVentures, LandDevelopment, MasterPlannedCommunities, realestate | View Pitch |
| Jan 23, 2026 | Twitter / X | @marginofdanger | Five Point Holdings, LLC | Financials | Real Estate Development | Bull | New York Stock Exchange | Acre, Fph, Homebuilders, Inflect Significantly, Irvine, land, Mortgage, NAV | View Pitch |
| Jan 23, 2026 | Twitter / X | @marginofdanger | Five Point Holdings, LLC | Financials | Real Estate Development & Operations | Bull | New York Stock Exchange | debt, debt reduction, Fph, Homebuilders, process control, real estate development, Reduction, Refinancing | View Pitch |
| Nov 27, 2025 | Value Investors Club | repetek827 | Five Point Holdings LLC | Real Estate | Real Estate Development | Bull | NYSE | Shipyard, Hearthstone, Tetra Tech, California land, Real estate development, Optionality | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||