Greenhaven Associates

Q1 2014 13F · by Edgar Wachenheim, founder

As of: Mar 31, 2014
Filed: Apr 29, 2014
US stock: $4.9B · prev $4.8B
Positions: 24 · prev 24
Options notional: $0
Documents: 1· no amendments

Picture99.8% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.8%
Foreign stock not listed in the US 0.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves23 since the prior filing

+8.3 pp in · −8.3 pp out

New 2 +7.22 pp
Added 10 +1.10 pp
Trimmed 9 −7.16 pp
Exited 2 −1.13 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 39% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions53% of US stock

unresolved Baker Hughes Inc. added+1.90 pp added+1.9012.6%
FDX FedEx Corporation added−1.20 pp added−1.2012.3%
LOW Lowe's Companies Inc. added−0.28 pp added−0.2811.3%
UPS United Parcel Service, Inc. Class B added−0.07 pp added−0.079.3%
MMM 3M Company added−0.14 pp added−0.147.4%

Positions24 in this filing · 2 exited


unresolvedBaker Hughes Inc.	12.55%	9,403,423	$611M	added+2%	+1.90 pp	2 q
FDXFedEx Corporation	12.29%	4,517,601	$599M	added+1%	−1.20 pp	4 q
LOWLowe's Companies Inc.	11.29%	11,246,303	$550M	added+1%	−0.28 pp	4 q
UPSUnited Parcel Service, Inc. Class B	9.34%	4,671,635	$455M	added+9%	−0.07 pp	4 q
MMM3M Company	7.40%	2,659,869	$361M	added+4%	−0.14 pp	4 q
WHRWhirlpool Corp.	7.27%	2,371,236	$354M	added+3%	−0.27 pp	4 q
SLBSLB Limited	7.13%	3,564,460	$348M	new	+7.13 pp	new
APDAir Products & Chemicals, Inc.	6.69%	2,737,875	$326M	trimmed−26%	−1.99 pp	2 q
LUVSouthwest Airlines Co.	5.43%	11,207,614	$265M	trimmed−1%	+0.95 pp	4 q
DVNDevon Energy Corporation	4.15%	3,022,140	$202M	trimmed−1%	+0.20 pp	4 q
0VQJLTe Connectivity Ltd	3.50%	2,830,832	$170M	trimmed−41%	−2.06 pp	4 q
BABoeing Company	3.08%	1,194,268	$150M	trimmed−23%	−1.35 pp	2 q
unresolvedSuperior Energy Services Inc	2.83%	4,482,885	$138M	added+22%	+0.78 pp	3 q
AAgilent Technologies Inc.	1.58%	1,380,854	$77M	trimmed−63%	−2.83 pp	4 q
PXGBXPraxair Inc	1.55%	575,910	$75M	added+2%	+0.01 pp	4 q
MSFTMicrosoft Corp	1.46%	1,731,375	$71M	trimmed−13%	−0.10 pp	3 q
OCOwens Corning	1.02%	1,150,144	$50M	added+45%	+0.34 pp	2 q
AVTAvnet, Inc.	0.62%	650,710	$30M	added+2%	+0.03 pp	2 q
ARWArrow Electronics, Inc.	0.52%	424,605	$25M	trimmed−3%	+0.03 pp	2 q
unresolvedRHJ International (RHJI)	0.19%	1,856,194	$9M	held	—	2 q
WFCWells Fargo & Co.	0.09%	92,000	$5M	new	+0.09 pp	new
unresolvedAmerican Independence Corp	0.02%	102,798	$1M	held	—	2 q
unresolvedPall Corp	0.01%	3,500	$313,000	held	—	4 q
AMTTd Ameritrade Holding Corp	0.00%	6,940	$236,000	trimmed−58%	−0.01 pp	4 q
RVTYRevvity, Inc.	—	−1,208,635	—	exited	−1.04 pp	—
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	—	−83,000	—	exited	−0.09 pp	—