Third Avenue Management Portfolio

Third Avenue Management portfolio overview: top five stock investments reflecting a focused investment strategy in value-oriented, cyclical and resource-linked stocks. This selection highlights direct holdings within the investor’s portfolio of public stocks.
1) Tidewater Inc. (Ordinary Shares) — A shipping/logistics investment tied to global energy transportation demand, offering exposure to freight rate cycles and market recovery potential.
2) Valaris Ltd — Investment in offshore drilling services with leveraged sensitivity to oilfield activity levels, capex trends, and utilization rates; typically positioned for upcycles in energy markets.
3) Boise Cascade Co — Market-facing building products investment aligned with housing/industrial construction cycles, including lumber-related pricing dynamics and operating leverage as demand changes.
4) Harley-Davidson, Inc. — Consumer-focused investment within motorcycles and related aftermarket revenues, influenced by discretionary spending trends, product cycle strength, and brand-driven pricing power.
5) Warrior Met Coal Inc — Energy supply chain investment exposed to coal demand fundamentals, contract renewals, and production/cost discipline that can drive performance through commodity-cycle shifts.
Overall, this snapshot emphasizes diversified industrial, transportation, energy, and consumer exposure—consistent with an active approach using selected stocks rather than broad index replication.