Forest City Enterprises, Inc. (FCE.A), Devon Energy Corporation (DVN): What Stocks Are This Value Investor Buying?

Next up is Brookfield Asset Management Inc. (NYSE:BAM). Third Avenue holds 5,463,358 shares of the company, down by 890,070 units in comparison with the last quarter. Thus, the value of the position decrease by 14.38% to $199.358 million. Brookfield Asset Management Inc. (NYSE:BAM) pays a dividend yield of 1.56%, and while its valuation isn’t extremely attractive, earnings growth is accelerating at a rather impressive rate. Considering that Brookfield Asset Management Inc. (NYSE:BAM)’s bottom line expanded by an average rate of just 4.5% a year between 2007 and 2012, it’s promising that the sell-side predicts 13% annual growth over the next half-decade. A recent spinoff of Brookfield Property Partners LP (NYSE:BPY) gives Brookfield Asset Management Inc. (NYSE:BAM) some added momentum, and as we’ve seen before, the smart money tends to prefer the spinning-off organization, rather than the spun off entity. Either way, we’re paying attention.

KeyCorp (NYSE:KEY) rounds out the top five, with the fund’s holding expanding by 707,720 shares to a total of 19,631,029. The value of the position as of March 31 works out to$195.525 million, 22.71% higher than the prior quarter. The company’s shares trade at a trailing P/E ratio of 11.85 with a diluted trailing EPS of 0.89. KeyCorp (NYSE:KEY), a financial company, has a profit margin of 20.30%, placing it in the upper echelon of profitability in the money center baking industry.

Final thoughts

Third Avenue concentrates around 20% of its 13F equity to these top five positions, a highly diversified group of companies.  KeyCorp (NYSE:KEY), New York The Bank of New York Mellon Corporation (NYSE:BK) and Brookfield Asset Management Inc. (NYSE:BAM) offer solid exposure to the financial sector—with the latter being a spinoff play—and Devon Energy Corporation (NYSE:DVN)’s diversity is worth investing in.The fund’s top holding, Forest City Enterprises, Inc. (NYSE:FCE.A), is in the middle of quite a turnaround, and the future looks even brighter than its prospects have been over the past year.

Disclosure: none