Greenhaven Associates

Q4 2015 13F · by Edgar Wachenheim, founder

As of: Dec 31, 2015
Filed: Feb 4, 2016
US stock: $5.3B · prev $5.0B
Positions: 24 · prev 22
Options notional: $0
Documents: 1· no amendments

Picture89.1% US stock

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

US stock listed on a US exchange 89.1%
Foreign stock not listed in the US 10.9%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves23 since the prior filing

+10.5 pp in · −10.5 pp out

New 4 +5.49 pp
Added 9 +5.05 pp
Trimmed 8 −10.49 pp
Exited 2 −0.04 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 40% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions59% of US stock

LOW Lowe's Companies Inc. trimmed+0.19 pp trimmed+0.1913.7%
FDX FedEx Corporation added−0.19 pp added−0.1912.8%
GS Goldman Sachs Group Inc. added−0.01 pp added−0.0111.5%
JPM JPMorgan Chase & Co. added+0.42 pp added+0.4211.4%
EADSY Airbus SE UNSP/ added+1.55 pp added+1.559.9%

Positions24 in this filing · 2 exited


LOWLowe's Companies Inc.	13.74%	9,498,819	$722M	trimmed−3%	+0.19 pp	11 q
FDXFedEx Corporation	12.82%	4,525,104	$674M	added0%	−0.19 pp	11 q
GSGoldman Sachs Group Inc.	11.52%	3,360,493	$606M	added+1%	−0.01 pp	7 q
JPMJPMorgan Chase & Co.	11.39%	9,065,935	$599M	added+1%	+0.42 pp	5 q
EADSYAirbus SE UNSP/	9.94%	31,041,937	$523M	added+9%	+1.55 pp	4 q
WHRWhirlpool Corp.	7.31%	2,615,096	$384M	added+1%	−0.34 pp	11 q
CCitigroup Inc.	6.33%	6,427,149	$333M	added+13%	+0.68 pp	6 q
MMM3M Company	5.31%	1,853,735	$279M	trimmed−18%	−1.06 pp	11 q
DHID.R. Horton Inc.	3.84%	6,298,245	$202M	added+65%	+1.61 pp	5 q
LENLennar Corporation Class A	3.80%	4,086,652	$200M	new	+3.80 pp	new
UPSUnited Parcel Service, Inc. Class B	3.74%	2,044,758	$197M	trimmed−56%	−5.38 pp	11 q
OCOwens Corning	3.07%	3,427,436	$161M	trimmed−0%	+0.19 pp	9 q
unresolvedU S G Corp	1.58%	3,418,778	$83M	added×6.9	+1.32 pp	5 q
MASMasco Corporation	1.47%	2,739,970	$78M	trimmed−1%	+0.08 pp	6 q
WFCWells Fargo & Co.	1.25%	1,206,904	$66M	added0%	+0.01 pp	5 q
TPHTri Pointe Homes, Inc.	1.08%	4,462,399	$57M	new	+1.08 pp	new
ELUXYAB Electrolux B S/	0.95%	1,038,106	$50M	trimmed−1%	−0.23 pp	3 q
PHMPultegroup, Inc.	0.55%	1,623,368	$29M	new	+0.55 pp	new
PXGBXPraxair Inc	0.13%	66,441	$7M	trimmed−91%	−1.41 pp	11 q
unresolvedAirgas Inc	0.11%	40,200	$6M	trimmed−98%	−2.87 pp	5 q
unresolvedCalatlantic Group Inc	0.06%	84,700	$3M	new	+0.06 pp	new
unresolvedAmerican Independence Corp	0.02%	99,012	$849,000	held	—	9 q
AAgilent Technologies Inc.	0.01%	10,700	$447,000	held	—	11 q
AMTTd Ameritrade Holding Corp	0.00%	6,940	$241,000	held	—	11 q
BABoeing Company	—	−12,400	—	exited	−0.03 pp	—
unresolvedBaker Hughes Inc.	—	−11,165	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 4 unresolved
Accession: 0000891092-16-012050
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 2015-12-31
A security outside the official 13F list — CUSIP 010198208 not on the Official 13(f) List for 2015-12-31

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