Greenhaven Associates

Q3 2015 13F · by Edgar Wachenheim, founder

Picture90.4% US stock

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

−0.2 pp in · +0.2 pp out

Concentrated · behaves like 11 equal-sized positions

Low turnover · 9.3% a year, about 10.8 years per position


LOWLowe's Companies Inc.	13.55%	9,842,271	$678M	trimmed−3%	+1.15 pp	10 q
FDXFedEx Corporation	13.01%	4,523,445	$651M	added+1%	−1.01 pp	10 q
GSGoldman Sachs Group Inc.	11.53%	3,323,250	$577M	added+6%	−0.50 pp	6 q
JPMJPMorgan Chase & Co.	10.97%	9,004,895	$549M	added+1%	−0.13 pp	4 q
UPSUnited Parcel Service, Inc. Class B	9.12%	4,629,131	$457M	trimmed−4%	+0.59 pp	10 q
EADSYAirbus SE UNSP/	8.39%	28,609,415	$420M	added+2%	+0.03 pp	3 q
WHRWhirlpool Corp.	7.65%	2,599,318	$383M	added+3%	−0.35 pp	10 q
MMM3M Company	6.37%	2,251,149	$319M	added+13%	+0.73 pp	10 q
CCitigroup Inc.	5.65%	5,699,322	$283M	added+10%	+0.39 pp	5 q
unresolvedAirgas Inc	2.98%	1,667,730	$149M	added+10%	+0.04 pp	4 q
OCOwens Corning	2.88%	3,437,349	$144M	added0%	+0.29 pp	8 q
DHID.R. Horton Inc.	2.23%	3,807,390	$112M	added+2%	+0.36 pp	4 q
PXGBXPraxair Inc	1.54%	757,493	$77M	trimmed−1%	−0.13 pp	10 q
MASMasco Corporation	1.39%	2,761,900	$70M	trimmed−0%	+0.04 pp	5 q
WFCWells Fargo & Co.	1.24%	1,205,700	$62M	trimmed−0%	0.00 pp	4 q
ELUXYAB Electrolux B S/	1.18%	1,046,010	$59M	trimmed−0%	−0.02 pp	2 q
unresolvedU S G Corp	0.26%	494,200	$13M	held	—	4 q
BABoeing Company	0.03%	12,400	$2M	trimmed−96%	−0.79 pp	8 q
unresolvedAmerican Independence Corp	0.02%	99,012	$970,000	held	—	8 q
AAgilent Technologies Inc.	0.01%	10,700	$367,000	held	—	10 q
unresolvedBaker Hughes Inc.	0.01%	11,165	$581,000	held	—	8 q
AMTTd Ameritrade Holding Corp	0.00%	6,940	$221,000	held	—	10 q
unresolvedCon-way Inc	—	−945,960	—	exited	−0.66 pp	—
unresolvedPall Corp	—	−3,500	—	exited	−0.01 pp	—

A security outside the official 13F list — CUSIP 009279100 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 010198208 not on the Official 13(f) List for 2015-09-30