Greenhaven Associates

Q1 2016 13F · by Edgar Wachenheim, founder

As of: Mar 31, 2016
Filed: May 5, 2016
US stock: $5.2B · prev $5.3B
Positions: 24 · prev 24
Options notional: $0
Documents: 1· no amendments

Picture88.9% US stock

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

US stock listed on a US exchange 88.9%
Foreign stock not listed in the US 11.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves23 since the prior filing

+9.5 pp in · −9.6 pp out

New 2 +4.01 pp
Added 11 +5.51 pp
Trimmed 8 −5.81 pp
Exited 2 −3.76 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 37% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions59% of US stock

FDX FedEx Corporation added+2.47 pp added+2.4715.3%
LOW Lowe's Companies Inc. trimmed−0.93 pp trimmed−0.9312.8%
GS Goldman Sachs Group Inc. added−0.89 pp added−0.8910.6%
JPM JPMorgan Chase & Co. trimmed−1.14 pp trimmed−1.1410.3%
EADSY Airbus SE UNSP/ added+0.09 pp added+0.0910.0%

Positions24 in this filing · 2 exited


FDXFedEx Corporation	15.29%	4,914,882	$800M	added+9%	+2.47 pp	12 q
LOWLowe's Companies Inc.	12.81%	8,846,886	$670M	trimmed−7%	−0.93 pp	12 q
GSGoldman Sachs Group Inc.	10.63%	3,540,321	$556M	added+5%	−0.89 pp	8 q
JPMJPMorgan Chase & Co.	10.25%	9,051,053	$536M	trimmed−0%	−1.14 pp	6 q
EADSYAirbus SE UNSP/	10.03%	31,681,564	$524M	added+2%	+0.09 pp	5 q
WHRWhirlpool Corp.	9.07%	2,630,271	$474M	added+1%	+1.76 pp	12 q
CCitigroup Inc.	6.21%	7,781,578	$325M	added+21%	−0.12 pp	7 q
LENLennar Corporation Class A	4.44%	4,806,982	$232M	added+18%	+0.64 pp	2 q
DHID.R. Horton Inc.	3.88%	6,719,617	$203M	added+7%	+0.04 pp	6 q
OCOwens Corning	3.08%	3,402,236	$161M	trimmed−1%	+0.01 pp	10 q
BABoeing Company	3.07%	1,263,250	$160M	new	+3.07 pp	new
unresolvedU S G Corp	1.72%	3,633,048	$90M	added+6%	+0.14 pp	6 q
MMM3M Company	1.60%	502,855	$84M	trimmed−73%	−3.71 pp	12 q
MASMasco Corporation	1.58%	2,632,970	$83M	trimmed−4%	+0.11 pp	7 q
PHMPultegroup, Inc.	1.55%	4,335,168	$81M	added×2.7	+1.00 pp	2 q
TPHTri Pointe Homes, Inc.	1.12%	4,975,019	$59M	added+11%	+0.04 pp	2 q
WFCWells Fargo & Co.	1.08%	1,166,104	$56M	trimmed−3%	−0.17 pp	6 q
ELUXYAB Electrolux B S/	1.03%	1,030,406	$54M	trimmed−1%	+0.08 pp	4 q
TOLToll Brothers, Inc.	0.94%	1,663,433	$49M	new	+0.94 pp	new
unresolvedCalatlantic Group Inc	0.40%	633,700	$21M	added×7.5	+0.34 pp	2 q
PXGBXPraxair Inc	0.15%	66,441	$8M	held	—	12 q
unresolvedAirgas Inc	0.05%	19,200	$3M	trimmed−52%	−0.06 pp	6 q
AAgilent Technologies Inc.	0.01%	10,700	$425,000	held	—	12 q
AMTTd Ameritrade Holding Corp	0.00%	6,940	$219,000	held	—	12 q
UPSUnited Parcel Service, Inc. Class B	—	−2,044,758	—	exited	−3.74 pp	—
unresolvedAmerican Independence Corp	—	−99,012	—	exited	−0.02 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 3 unresolved
Accession: 0000891092-16-014688
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 2016-03-31
A security outside the official 13F list — CUSIP 010198208 not on the Official 13(f) List for 2016-03-31

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