Greenhaven Associates

Q2 2014 13F · by Edgar Wachenheim, founder

As of: Jun 30, 2014
Filed: Aug 13, 2014
US stock: $5.3B · prev $4.9B
Positions: 26 · prev 24
Options notional: $0
Documents: 1· no amendments

Picture99.9% US stock

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

US stock listed on a US exchange 99.9%
Foreign stock not listed in the US 0.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves25 since the prior filing

+6.9 pp in · −6.9 pp out

New 3 +6.87 pp
Added 11 −0.01 pp
Trimmed 10 −6.77 pp
Exited 1 −0.09 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions54% of US stock

unresolved Baker Hughes Inc. trimmed+0.69 pp trimmed+0.6913.2%
FDX FedEx Corporation added+0.83 pp added+0.8313.1%
LOW Lowe's Companies Inc. added−0.99 pp added−0.9910.3%
UPS United Parcel Service, Inc. Class B added−0.16 pp added−0.169.2%
SLB SLB Limited added+1.03 pp added+1.038.2%

Positions26 in this filing · 1 exited


unresolvedBaker Hughes Inc.	13.24%	9,352,993	$696M	trimmed−1%	+0.69 pp	3 q
FDXFedEx Corporation	13.12%	4,556,580	$690M	added+1%	+0.83 pp	5 q
LOWLowe's Companies Inc.	10.30%	11,287,432	$542M	added0%	−0.99 pp	5 q
UPSUnited Parcel Service, Inc. Class B	9.18%	4,700,035	$483M	added+1%	−0.16 pp	5 q
SLBSLB Limited	8.16%	3,637,660	$429M	added+2%	+1.03 pp	2 q
MMM3M Company	7.35%	2,697,517	$386M	added+1%	−0.05 pp	5 q
GSGoldman Sachs Group Inc.	6.86%	2,152,780	$360M	new	+6.86 pp	new
WHRWhirlpool Corp.	6.38%	2,408,418	$335M	added+2%	−0.89 pp	5 q
DVNDevon Energy Corporation	4.50%	2,982,913	$237M	trimmed−1%	+0.35 pp	5 q
LUVSouthwest Airlines Co.	3.53%	6,903,738	$185M	trimmed−38%	−1.90 pp	5 q
unresolvedSuperior Energy Services Inc	3.08%	4,486,985	$162M	added0%	+0.25 pp	4 q
BABoeing Company	2.80%	1,157,138	$147M	trimmed−3%	−0.28 pp	3 q
APDAir Products & Chemicals, Inc.	2.59%	1,058,036	$136M	trimmed−61%	−4.10 pp	3 q
0VQJLTe Connectivity Ltd	2.29%	1,945,191	$120M	trimmed−31%	−1.21 pp	5 q
AAgilent Technologies Inc.	1.47%	1,342,424	$77M	trimmed−3%	−0.11 pp	5 q
PXGBXPraxair Inc	1.46%	575,970	$77M	added0%	−0.09 pp	5 q
MSFTMicrosoft Corp	1.30%	1,643,675	$69M	trimmed−5%	−0.16 pp	4 q
OCOwens Corning	1.11%	1,511,244	$58M	added+31%	+0.09 pp	3 q
AVTAvnet, Inc.	0.62%	731,810	$32M	added+12%	0.00 pp	3 q
ARWArrow Electronics, Inc.	0.49%	425,105	$26M	added0%	−0.03 pp	3 q
unresolvedRHJ International (RHJI)	0.14%	1,568,640	$8M	trimmed−15%	−0.05 pp	3 q
unresolvedAmerican Independence Corp	0.02%	99,992	$1M	trimmed−3%	0.00 pp	3 q
unresolvedPall Corp	0.01%	3,500	$298,000	held	—	5 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	0.01%	7,200	$432,000	new	+0.01 pp	new
STTState Street Corporation	0.00%	3,800	$255,000	new	0.00 pp	new
AMTTd Ameritrade Holding Corp	0.00%	6,940	$217,000	held	—	5 q
WFCWells Fargo & Co.	—	−92,000	—	exited	−0.09 pp	—