Greenhaven Associates

Q4 2016 13F · by Edgar Wachenheim, founder

Picture90.1% US stock

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

+3.9 pp in · −3.6 pp out

Concentrated · behaves like 11 equal-sized positions

Low turnover · 20% a year, about 5.1 years per position


GSGoldman Sachs Group Inc.	15.11%	3,740,329	$896M	trimmed−0%	+3.59 pp	11 q
CCitigroup Inc.	11.38%	11,354,747	$675M	added+1%	+1.23 pp	10 q
JPMJPMorgan Chase & Co.	10.99%	7,551,944	$652M	trimmed−3%	+1.10 pp	9 q
EADSYAirbus SE UNSP/	9.85%	35,550,421	$584M	added+3%	−0.08 pp	8 q
FDXFedEx Corporation	9.58%	3,049,497	$568M	trimmed−32%	−5.44 pp	15 q
LOWLowe's Companies Inc.	8.72%	7,271,286	$517M	trimmed−5%	−1.78 pp	15 q
WHRWhirlpool Corp.	8.18%	2,668,615	$485M	added+2%	+0.09 pp	15 q
BABoeing Company	7.46%	2,839,900	$442M	added+64%	+3.12 pp	4 q
LENLennar Corporation Class A	3.91%	5,394,007	$232M	added+7%	−0.18 pp	5 q
DHID.R. Horton Inc.	3.41%	7,399,792	$202M	added+9%	−0.50 pp	9 q
OCOwens Corning	2.40%	2,757,349	$142M	trimmed−15%	−0.89 pp	13 q
TOLToll Brothers, Inc.	2.04%	3,900,701	$121M	added+16%	+0.13 pp	4 q
PHMPultegroup, Inc.	1.77%	5,718,265	$105M	added+3%	−0.35 pp	5 q
unresolvedU S G Corp	1.60%	3,292,065	$95M	trimmed−7%	−0.15 pp	9 q
unresolvedCalatlantic Group Inc	1.23%	2,138,620	$73M	added+74%	+0.45 pp	5 q
ACMAecom	1.04%	1,694,347	$62M	trimmed−10%	−0.03 pp	3 q
TPHTri Pointe Homes, Inc.	1.00%	5,157,807	$59M	held	—	5 q
MMM3M Company	0.15%	50,000	$9M	held	—	15 q
PXGBXPraxair Inc	0.13%	66,441	$8M	held	—	15 q
unresolvedCanam Group, Inc. (CNMGF)	0.02%	204,100	$1M	new	+0.02 pp	new
AAgilent Technologies Inc.	0.01%	10,700	$487,000	held	—	15 q
STRLSterling Infrastructure, Inc.	0.01%	84,623	$716,000	held	—	3 q
AMTTd Ameritrade Holding Corp	0.01%	6,840	$298,000	held	—	2 q
UNPUnion Pacific Corp.	0.00%	2,032	$211,000	new	0.00 pp	new

A security outside the official 13F list — CUSIP 009279100 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 13710C107 not on the Official 13(f) List for 2016-12-31