Form NPORT-P THIRD AVENUE VARIABLE For: Mar 31

  
    NPORT-P
    false
    
      
      
        
          0001089107
          XXXXXXXX
        
      
      
      
      
        S000001468
        C000003889
      
      
    
  
  
    
      Third Avenue Variable Series Trust
      811-09395
      0001089107
      549300CUSZHRA7Y8VH78
      622 Third Avenue
      New York
      
      10017
      800-443-1021
      Third Avenue Value Portfolio
      S000001468
      549300HJBD8SQVSY7B69
      2022-12-31
      2022-03-31
      N
    
    
      78210101.42
      857629.74
      77352471.68
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      8392484.09000000
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Interfor Corp
        549300P4G5UZ3AMJE056
        
        45868C109
        
          
          
          
        
        92369.00000000
        NS
        
        2569027.82000000
        3.321196807553
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        CK Asset Holdings Ltd
        5299006GJZSGP78B8S35
        
        000000000
        
          
          
          
        
        136843.00000000
        NS
        
        935380.86000000
        1.209244953244
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Fila Holdings Corp
        N/A
        
        000000000
        
          
          
          
        
        42027.00000000
        NS
        
        1081333.88000000
        1.397930611026
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Capstone Copper Corp
        549300JWFL5E2LAFKV86
        
        14071L108
        
          
          
          
        
        769185.00000000
        NS
        
        4349988.36000000
        5.623593229180
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Boskalis Westminster
        724500W1FESNTNY5DL70
        
        000000000
        
          
          
          
        
        74144.00000000
        NS
        
        2654961.76000000
        3.432290788306
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Deutsche Bank AG
        7LTWFZYICNSX8D621K86
        
        000000000
        
          
          
          
        
        281340.00000000
        NS
        
        3543250.49000000
        4.580655812341
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Quinenco SA
        2549000T5LJBJNWU8390
        
        000000000
        
          
          
          
        
        378602.00000000
        NS
        
        1150049.29000000
        1.486764760094
        Long
        EC
        CORP
        CL
        N
        
        1
        
          N
          N
          N
        
      
      
        Genting Singapore Ltd
        254900Y2N3AK93K1O866
        
        000000000
        
          
          
          
        
        1442800.00000000
        NS
        
        862344.85000000
        1.114825203734
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Drilling Co of 1972 A/S/The
        549300Q6RULS8O2KBM54
        
        000000000
        
          
          
          
        
        16433.00000000
        NS
        
        898403.08000000
        1.161440688949
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Bank of Ireland Group PLC
        635400C8EK6DRI12LJ39
        
        000000000
        
          
          
          
        
        796761.00000000
        NS
        
        5066696.11000000
        6.550141191299
        Long
        EC
        CORP
        IE
        N
        
        2
        
          N
          N
          N
        
      
      
        Subsea 7 SA
        222100AIF0CBCY80AH62
        
        000000000
        
          
          
          
        
        299852.00000000
        NS
        
        2785867.26000000
        3.601523260335
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Bayerische Motoren Werke AG
        YEH5ZCD6E441RHVHD759
        
        000000000
        
          
          
          
        
        33327.00000000
        NS
        
        2880038.93000000
        3.723266842609
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Old Republic International Cor
        549300IV6O2YY2A1KH37
        
        680223104
        
          
          
        
        84505.00000000
        NS
        USD
        2186144.35000000
        2.826211370522
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GOLDMAN SACHS & CO. LLC
        FOR8UP27PHTHYVLBNG30
        
        000000000
        
          
          
        
        455.00000000
        NC
        USD
        823285.74000000
        1.064330230332
        N/A
        DE
        CORP
        US
        N
        
        2
        
          
            
              GOLDMAN SACHS & CO. LLC
              FOR8UP27PHTHYVLBNG30
            
            Put
            Purchased
            
              
                SPDR S&P 500 ETF Trust
                SPDR S&P 500 ETF Trust
                
                  
                  
                  
                
              
            
            100.00000000
            440.00000000
            USD
            2022-08-19
            XXXX
            115760.74000000
          
        
        
          N
          N
          N
        
      
      
        Comerica Inc
        I9Q57JVPWHHZ3ZGBW498
        
        200340107
        
          
          
        
        31396.00000000
        NS
        USD
        2839140.28000000
        3.670393742226
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cia Sud Americana de Vapores S
        549300F26ZOE5LM26551
        
        000000000
        
          
          
          
        
        15925978.00000000
        NS
        
        1720118.98000000
        2.223741456014
        Long
        EC
        CORP
        CL
        N
        
        1
        
          N
          N
          N
        
      
      
        Five Point Holdings LLC
        N/A
        
        33833Q106
        
          
          
        
        288407.00000000
        NS
        USD
        1762166.77000000
        2.278100145642
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jardine Cycle & Carriage Ltd
        254900WEP6OCEXFWML09
        
        000000000
        
          
          
          
        
        105500.00000000
        NS
        
        1941637.61000000
        2.510117088478
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Valaris Ltd
        N/A
        
        000000000
        
          
          
          
        
        32403.00000000
        NS
        USD
        1683983.91000000
        2.177026633313
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lazard Ltd
        254900RIBCDJSUFG1A11
        
        000000000
        
          
          
          
        
        36453.00000000
        NS
        USD
        1257628.50000000
        1.625841389015
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Buzzi Unicem SpA
        5299003DX5YLKSVJ6K59
        
        000000000
        
          
          
          
        
        98851.00000000
        NS
        
        1829253.98000000
        2.364829384596
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Hawaiian Holdings Inc
        529900TQUS2JVPSSPP86
        
        419879101
        
          
          
        
        122107.00000000
        NS
        USD
        2405507.90000000
        3.109800951094
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hutchison Port Holdings Trust
        529900E8LS83XV4W6889
        
        000000000
        
          
          
          
        
        5012700.00000000
        NS
        USD
        1221925.83000000
        1.579685565905
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Dassault Aviation SA
        969500CVFTUT88V8QN95
        
        000000000
        
          
          
          
        
        18077.00000000
        NS
        
        2854666.40000000
        3.690465654167
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Mercedes-Benz Group AG
        529900R27DL06UVNT076
        
        000000000
        
          
          
          
        
        24343.00000000
        NS
        
        1708624.49000000
        2.208881568863
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Tidewater Inc
        2549000JA5GRUPLMUH98
        
        88642R109
        
          
          
        
        159175.00000000
        NS
        USD
        3460464.50000000
        4.473631449445
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CK Hutchison Holdings Ltd
        254900Z8HM1VEPOQ2G79
        
        000000000
        
          
          
          
        
        394415.00000000
        NS
        
        2884124.28000000
        3.728548315729
        Long
        EC
        CORP
        HK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Seven & i Holdings Co Ltd
        52990037G8JRM3TWGY86
        
        000000000
        
          
          
          
        
        35700.00000000
        NS
        
        1702076.22000000
        2.200416073375
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Daimler Truck Holding AG
        529900PW78JIYOUBSR24
        
        000000000
        
          
          
          
        
        29419.00000000
        NS
        
        815935.76000000
        1.054828297375
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Warrior Met Coal Inc
        549300152B1S9YKBYV79
        
        93627C101
        
          
          
        
        128091.00000000
        NS
        USD
        4753457.01000000
        6.145190847507
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lundin Mining Corp
        549300FQDIM6C8HTN269
        
        550372106
        
          
          
          
        
        298199.00000000
        NS
        
        3022182.40000000
        3.907027576962
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-05-20
      Third Avenue Variable Series Trust
      T. Richard Keyes
      T. Richard Keyes
      Treasurer and Chief Financial Officer
    
  
  XXXX

Third Avenue Variable Series Trust

 

Third Avenue Value Portfolio (Formerly, FFI Strategies Portfolio)

Portfolio of Investments

at March 31, 2022 (Unaudited)

 

 

See accompanying notes to the Portfolio of Investments.

 

1

---

Third Avenue Variable Series Trust

 

Third Avenue Value Portfolio (Formerly, FFI Strategies Portfolio)

Portfolio of Investments (continued)

at March 31, 2022 (Unaudited)

 

 

Purchased Options

 

Description

Counterparty

Number of Contracts

Notional Amount

Exercise Price

Expiration Date

Value

SPDR S&P 500 ETF Trust, Put

Goldman Sachs & Co.

455

$20,549,620

440.00 USD

08/19/22

$

823,286

Total Purchased Options (Cost $707,525)

$

823,286

ETF: Exchange Traded Fund.

 

See accompanying notes to the Portfolio of Investments.

 

2

---

Third Avenue Variable Series Trust

 

Third Avenue Value Portfolio (Formerly, FFI Strategies Portfolio)

Notes to Portfolio of Investments

March 31, 2022 (Unaudited)

Security valuation:

The Portfolio’s equity securities listed on an exchange market system will generally be valued at the last sale price. Equity securities traded in the over-the-counter market are valued at their closing sale or official closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Prices for equity securities normally are supplied by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having remaining maturities of 60 days or less are valued at amortized cost, which approximates market value. Any assets held by the Portfolio that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that the Portfolio determines the daily NAV per share. Foreign securities may trade on weekends or other days when the Portfolio does not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of the Portfolio.

Securities that do not have a readily available current market value or that have been subject to a significant event occurring between the time of the last sales price and the close of the New York Stock Exchange (the “Exchange”) are valued in good faith under the direction of the Board of Trustees. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to the Adviser the responsibility for applying the valuation methods. There were no fair value securities for the Portfolio at March 31, 2022. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. On a quarterly basis, the Adviser’s fair valuation determinations will be reviewed by the Trust’s Valuation Committee. The Trust’s policy is intended to result in a calculation of the Portfolio’s NAV that fairly reflects security values as of the time of pricing. However, fair values determined pursuant to the Portfolio’s procedures may not accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of the Exchange, that materially affect the values of the Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, an exchange or market on which a security trades does not open for trading for the entire day and no other market prices are available.

Securities listed on certain non-U.S exchanges that close at a substantially earlier time than the Exchange (such as most European or Asian exchanges) are fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets and are categorized as Level 2, as defined below. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange on which the security is traded. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of the close of regular trading on the Exchange, as provided by an independent pricing service approved by the Board of Trustees.

In addition to utilizing an independent fair value pricing service for securities listed on certain non-U.S. exchanges as described above, the Portfolio may fair value foreign securities if significant events that appear likely to affect the value of those securities occur between the time a foreign exchange closes and the time that the Portfolio prices its shares. Significant events may include: (i) events impacting a single issuer, (ii) governmental actions that affect securities in one sector or country, (iii) natural disasters or armed conflict, or (iv) significant domestic or foreign market fluctuations. The Board of Trustees has delegated to the Adviser the responsibility for monitoring significant events that may materially affect the values of the Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

Fair value measurements:

In accordance with FASB ASC 820-10, Fair Value Measurements and Disclosures, the Portfolio discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. Fair value is defined as the price that the Portfolio would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

•     Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Portfolio has the ability to access at the measurement date;

•     Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and

 

3

---

Third Avenue Variable Series Trust

 

Third Avenue Value Portfolio (Formerly, FFI Strategies Portfolio)

Portfolio of Investments (continued)

March 31, 2022 (Unaudited)

 

•     Level 3 - Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Portfolio. The Portfolio considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

The Portfolio uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

The following is a summary by level of inputs used to value the Portfolio’s investments as of March 31, 2022:

 

Assets		Total Value at 3/31/22				Level 1 Quoted Price				Level 2 Other Significant Observable Inputs^				Level 3 Significant Unobservable Inputs
Common Stocks:
Aerospace & Defense		$	2,854,666			$	—			$	2,854,666			$	—
Automotive			5,404,599				—				5,404,599				—
Banks			11,449,087				2,839,140				8,609,947				—
Building Products			1,829,254				—				1,829,254				—
Consumer Products			1,081,334				—				1,081,334				—
Diversified Holding Companies			5,975,811				1,150,049				4,825,762				—
Engineering & Construction			2,654,962				—				2,654,962				—
Financial Services			1,257,628				1,257,628				—				—
Forest Products & Paper			2,569,028				2,569,028				—				—
Insurance			2,186,144				2,186,144				—				—
Metals & Mining			12,125,628				12,125,628				—				—
Non-U.S. Real Estate Operating Companies			1,797,726				—				1,797,726				—
Oil & Gas Production & Services			8,828,719				5,144,449				3,684,270				—
Retail			1,702,076				—				1,702,076				—
Transportation & Logistics			1,720,119				1,720,119				—				—
Transportation Infrastructure			3,627,434				2,405,508				1,221,926				—
U.S. Real Estate Operating Companies			1,762,167				1,762,167				—				—
Total Common Stocks			68,826,382				33,159,860				35,666,522				—
Purchased Options:			823,286				—				823,286				—
Total Purchased Options			823,286				—				823,286				—
Total Value of Investments		$	69,649,668			$	33,159,860			$	36,489,808			$	—

 

^

Securities categorized as Level 2 include securities listed on certain non-U.S. exchanges that close at a substantially earlier time than the Exchange (such as most European or Asian exchanges) that are fair valued daily by an independent fair value pricing service approved by the Board of Trustees.

 

4

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