Third Avenue Dumps All Of Its CIT Stock, Picks Up KeyCorp

Martin Whitman from Third Avenue

Photo: thirdavenuefunds.com

Third Avenue recently filed its 13F report with the SEC.It seems that as of December 31st, Martin Whitman’s hedge fund no longer had a stake in CIT. The fund had been selling off portions of their holding in CIT Group since at least back in 2008 and finally sold off their last chunk during the 4th quarter of 2009.

Third Avenue’s investment in CIT Group went from a $90 million invested in the 4th quarter of 2007 to $42 million a year later in the 4th quarter 2008, to $377,000 in the 3rd quarter of 2009.

And now as of the 4th quarter in 2009, Third Avenue is done with CIT.

One of the only new stakes Third Aveunue took up this year is KeyCorp, which is also a financial services and banking company. It’s based in Ohio and currently has only one branch in Manhattan.

Third Avenue purchased around $60 million in KeyCorp stock last quarter. Their stock has since rebounded from being down in November and December last year.

Third Ave’s biggest two holdings are in Brookfield Asset Management with almost $500 million invested and Posco $600 million invested in the iron and steel company.

See all of Third Avenue’s holdings listed on their 13F report from last quarter.

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