Greenhaven Associates

Q2 2015 13F · by Edgar Wachenheim, founder

As of: Jun 30, 2015
Filed: Jul 10, 2015
US stock: $5.5B · prev $5.6B
Positions: 24 · prev 25
Options notional: $0
Documents: 1· no amendments

Picture90.4% US stock

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

US stock listed on a US exchange 90.4%
Foreign stock not listed in the US 9.6%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves22 since the prior filing

+8.5 pp in · −8.5 pp out

New 1 +1.20 pp
Added 12 +7.27 pp
Trimmed 7 −2.03 pp
Exited 2 −6.49 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions58% of US stock

FDX FedEx Corporation trimmed+0.47 pp trimmed+0.4714.0%
LOW Lowe's Companies Inc. trimmed−2.05 pp trimmed−2.0512.4%
GS Goldman Sachs Group Inc. added+1.44 pp added+1.4412.0%
JPM JPMorgan Chase & Co. added+1.47 pp added+1.4711.1%
UPS United Parcel Service, Inc. Class B trimmed−0.18 pp trimmed−0.188.5%

Positions24 in this filing · 2 exited


FDXFedEx Corporation	14.02%	4,498,000	$766M	trimmed−1%	+0.47 pp	9 q
LOWLowe's Companies Inc.	12.40%	10,123,919	$678M	trimmed−6%	−2.05 pp	9 q
GSGoldman Sachs Group Inc.	12.03%	3,149,065	$657M	added+1%	+1.44 pp	5 q
JPMJPMorgan Chase & Co.	11.10%	8,955,900	$607M	added+1%	+1.47 pp	3 q
UPSUnited Parcel Service, Inc. Class B	8.53%	4,813,416	$466M	trimmed−3%	−0.18 pp	9 q
EADSYAirbus SE UNSP/	8.36%	28,073,615	$457M	added+16%	+1.31 pp	2 q
WHRWhirlpool Corp.	8.00%	2,526,473	$437M	added+2%	−1.02 pp	9 q
MMM3M Company	5.64%	1,998,869	$308M	added+26%	+0.92 pp	9 q
CCitigroup Inc.	5.26%	5,201,534	$287M	added+23%	+1.35 pp	4 q
unresolvedAirgas Inc	2.94%	1,520,435	$161M	added+11%	+0.31 pp	3 q
OCOwens Corning	2.59%	3,429,689	$141M	added+8%	+0.11 pp	7 q
DHID.R. Horton Inc.	1.87%	3,744,390	$102M	added+66%	+0.71 pp	3 q
PXGBXPraxair Inc	1.67%	763,743	$91M	trimmed−8%	−0.13 pp	9 q
MASMasco Corporation	1.35%	2,762,300	$74M	added+8%	+0.12 pp	4 q
WFCWells Fargo & Co.	1.24%	1,206,300	$68M	trimmed−2%	+0.04 pp	3 q
ELUXYAB Electrolux B S/	1.20%	1,046,610	$66M	new	+1.20 pp	new
BABoeing Company	0.82%	324,195	$45M	trimmed−3%	−0.09 pp	7 q
unresolvedCon-way Inc	0.66%	945,960	$36M	added×3.9	+0.46 pp	2 q
unresolvedU S G Corp	0.25%	494,200	$14M	added+48%	+0.09 pp	3 q
unresolvedAmerican Independence Corp	0.02%	99,012	$985,000	held	—	7 q
AAgilent Technologies Inc.	0.01%	10,700	$413,000	held	—	9 q
unresolvedBaker Hughes Inc.	0.01%	11,165	$689,000	trimmed−87%	−0.09 pp	7 q
unresolvedPall Corp	0.01%	3,500	$435,000	held	—	9 q
AMTTd Ameritrade Holding Corp	0.00%	6,940	$255,000	held	—	9 q
SLBSLB Limited	—	−4,316,083	—	exited	−6.49 pp	—
UNPUnion Pacific Corp.	—	−2,032	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 6 unresolved
Accession: 0000891092-15-006246
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 009279100 not on the Official 13(f) List for 2015-06-30
A security outside the official 13F list — CUSIP 010198208 not on the Official 13(f) List for 2015-06-30

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