Greenhaven Associates

Q2 2016 13F · by Edgar Wachenheim, founder

As of: Jun 30, 2016
Filed: Aug 3, 2016
US stock: $10.2B · prev $5.2B
Positions: 22 · prev 24
Options notional: $0
Documents: 2· 1 amendment

Picture90.5% US stock

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

US stock listed on a US exchange 90.5%
Foreign stock not listed in the US 9.5%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves26 since the prior filing

+3.0 pp in · −3.0 pp out

New 2 +0.94 pp
Added 19 +2.07 pp
Trimmed 1 −0.83 pp
Exited 4 −2.16 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.8% a year, about 20.8 years per position

Low
Moderate
High

Top 5 positions57% of US stock

FDX FedEx Corporation added−1.09 pp added−1.0914.2%
LOW Lowe's Companies Inc. added+0.10 pp added+0.1012.9%
GS Goldman Sachs Group Inc. added+0.29 pp added+0.2910.9%
JPM JPMorgan Chase & Co. added−0.36 pp added−0.369.9%
EADSY Airbus SE UNSP/ added−0.50 pp added−0.509.5%

Revealed late, restated

revealed late 1 name revealed after the original — carried back to this quarter, never shown as a new buy 13F-HR/A · Aug 3, 2016 ↗

Positions22 in this filing · 4 exited


FDXFedEx Corporation	14.20%	9,543,122	$1.4B	added+94%	−1.09 pp	13 q
LOWLowe's Companies Inc.	12.91%	16,626,382	$1.3B	added+88%	+0.10 pp	13 q
GSGoldman Sachs Group Inc.	10.92%	7,495,346	$1.1B	added×2.1	+0.29 pp	9 q
JPMJPMorgan Chase & Co.	9.89%	16,362,538	$1.0B	added+81%	−0.36 pp	7 q
EADSYAirbus SE UNSP/	9.53%	67,388,278	$972M	added×2.1	−0.50 pp	6 q
CCitigroup Inc.	8.84%	21,277,768	$902M	added×2.7	+2.63 pp	8 q
WHRWhirlpool Corp.	8.58%	5,250,476	$875M	added+100%	−0.49 pp	13 q
LENLennar Corporation Class A	4.34%	9,594,344	$442M	added+100%	−0.10 pp	3 q
DHID.R. Horton Inc.	4.12%	13,335,830	$420M	added+98%	+0.24 pp	7 q
BABoeing Company	3.36%	2,635,174	$342M	added×2.1	+0.29 pp	2 q
OCOwens Corning	3.32%	6,572,812	$339M	added+93%	+0.24 pp	11 q
unresolvedU S G Corp	1.89%	7,158,096	$193M	added+97%	+0.17 pp	7 q
PHMPultegroup, Inc.	1.82%	9,502,162	$185M	added×2.2	+0.27 pp	3 q
TOLToll Brothers, Inc.	1.40%	5,309,866	$143M	added×3.2	+0.46 pp	2 q
TPHTri Pointe Homes, Inc.	1.16%	10,019,038	$118M	added×2.0	+0.04 pp	3 q
MASMasco Corporation	1.15%	3,783,136	$117M	added+44%	−0.43 pp	8 q
ACMAecom	0.94%	3,017,830	$96M	new	+0.94 pp	new
MMM3M Company	0.77%	449,058	$79M	trimmed−11%	−0.83 pp	13 q
unresolvedCalatlantic Group Inc	0.71%	1,967,066	$72M	added×3.1	+0.31 pp	3 q
PXGBXPraxair Inc	0.15%	132,882	$15M	added×2.0	0.00 pp	13 q
AAgilent Technologies Inc.	0.01%	21,400	$950,000	added×2.0	0.00 pp	13 q
STRLSterling Infrastructure, Inc.	0.00%	79,086	$388,000	new	0.00 pp	new
WFCWells Fargo & Co.	—	−1,166,104	—	exited	−1.08 pp	—
ELUXYAB Electrolux B S/	—	−1,030,406	—	exited	−1.03 pp	—
unresolvedAirgas Inc	—	−19,200	—	exited	−0.05 pp	—
AMTTd Ameritrade Holding Corp	—	−6,940	—	exited	0.00 pp	—

Source

Forms: 13F-HR · 13F-HR/A
Reading: 2 defects · 2 unresolved
Accession: 0000891092-16-016537
: 0000891092-16-016555
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 2016-06-30
A security outside the official 13F list — CUSIP 009279100 not on the Official 13(f) List for 2016-06-30

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