THIRD AVENUE MANAGEMENT LLC

Harley-Davidson, a name that did not appear in Third Avenue Management's December book at all, is suddenly 4.8% of a $616 million portfolio — a $29.6 million opener that lands in the top five overnight. That single initiation, paired with a new $23.0 million Robert Half stake, reframes a quarter that looks quieter if you only scan the energy-services duo at the top. Tidewater (12.5%) and Valaris (8.1%) still dominate the ledger, but the real capital moves were elsewhere: Warrior Met Coal was cut 38% by shares (about $20.4 million of share flow out), while Boise Cascade was the largest share add among existing names (+31%). This is a concentrated, mid-cap value book where a handful of industrial and consumer cyclicals now set the risk profile — and where share-trimming can still produce rising position values when prices run.