In its latest 13F filing with the U.S. Securities and Exchange Commission, Third Avenue Management, led by Martin Whitman, disclosed its equity portfolio held as of the end of the second quarter of 2014. The market value of the portfolio totaled $5.2 million. Let’s discuss top three holdings from the fund’s portfolio for the second quarter.
Third Avenue Management’s top holdings for the second quarter include Weyerhaeuser Co. (NYSE:WY), The Bank of New York Mellon Corporation (NYSE:BK), and POSCO (ADR) (NYSE:PKX). Over the quarter, the fund upped its stake in Weyerhaeuser Co. (NYSE:WY), while it reduced its positions in other two.
The top holding is Weyerhaeuser Co. (NYSE:WY), in which the fund disclosed ownership of 9.37 million shares, representing more than a 40% increase from 6.54 million shares held previously. The reported market value of the current holding is $310.2 million. Weyerhaeuser Co. (NYSE:WY) is engaged in operating forest products business, and has a market cap of $17.4 billion. Other significant shareholders of Weyerhaeuser Co. (NYSE:WY) include First Eagle Investment Management, run by Jean-Marie Eveillard, and Robert Henry Lynch’s Aristeia Capital, holding 14.45 million shares and 9.38 million shares, respectively.
In The Bank of New York Mellon Corporation (NYSE:BK), Third Avenue Management reported a $188.5 million stake, which contains 5.03 million shares. The position shows a 6% decrease from 5.30 million shares the fund held previously. For the second quarter of 2014, the company reported net income applicable to common shareholders of $554 million, or $0.48 per diluted common share, compared to net income applicable to common shareholders of $831 million, or $0.71 per diluted common share.
Other hedge funds holding big stakes in The Bank of New York Mellon Corporation (NYSE:BK) include Mason Hawkins’ Southeastern Asset Management, which owns 34.55 million shares, and First Eagle Investment Management, led by Jean-Marie Eveillard with 27.2 million shares of the company.
On the third position is POSCO (ADR) (NYSE:PKX), in which Third Avenue Management revealed holding 2.32 million shares, worth $172.8 million. Previously, the fund reported owning 2.57 million shares of the company. Korea-based POSCO (ADR) (NYSE:PKX) manufactures steel products, and has a market cap of $28.3 billion.