Greenhaven Associates

Q1 2017 13F · by Edgar Wachenheim, founder

As of: Mar 31, 2017
Filed: Apr 25, 2017
US stock: $6.3B · prev $5.9B
Positions: 25 · prev 24
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%

Moves20 since the prior filing

+1.3 pp in · −1.3 pp out

New 1 +0.04 pp
Added 9 +1.27 pp
Trimmed 10 −1.33 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.2% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions55% of US stock

GS Goldman Sachs Group Inc. trimmed−1.61 pp trimmed−1.6113.5%
EADSY Airbus SE UNSP/ added+1.01 pp added+1.0110.9%
C Citigroup Inc. added−0.57 pp added−0.5710.8%
JPM JPMorgan Chase & Co. trimmed−0.78 pp trimmed−0.7810.2%
FDX FedEx Corporation trimmed−0.17 pp trimmed−0.179.4%

Positions25 in this filing · 0 exited


GSGoldman Sachs Group Inc.	13.50%	3,702,087	$850M	trimmed−1%	−1.61 pp	12 q
EADSYAirbus SE UNSP/	10.86%	35,908,268	$684M	added+1%	+1.01 pp	9 q
CCitigroup Inc.	10.81%	11,385,712	$681M	added0%	−0.57 pp	11 q
JPMJPMorgan Chase & Co.	10.21%	7,323,232	$643M	trimmed−3%	−0.78 pp	10 q
FDXFedEx Corporation	9.41%	3,038,728	$593M	trimmed−0%	−0.17 pp	16 q
LOWLowe's Companies Inc.	9.40%	7,206,251	$592M	trimmed−1%	+0.68 pp	16 q
BABoeing Company	7.95%	2,829,899	$500M	trimmed−0%	+0.49 pp	5 q
WHRWhirlpool Corp.	7.40%	2,719,870	$466M	added+2%	−0.78 pp	16 q
LENLennar Corporation Class A	4.37%	5,374,316	$275M	trimmed−0%	+0.46 pp	6 q
DHID.R. Horton Inc.	4.04%	7,639,606	$254M	added+3%	+0.63 pp	10 q
OCOwens Corning	2.33%	2,395,861	$147M	trimmed−13%	−0.07 pp	14 q
TOLToll Brothers, Inc.	2.32%	4,043,304	$146M	added+4%	+0.28 pp	5 q
PHMPultegroup, Inc.	2.15%	5,750,265	$135M	added+1%	+0.38 pp	6 q
unresolvedCalatlantic Group Inc	1.52%	2,558,333	$96M	added+20%	+0.29 pp	6 q
unresolvedU S G Corp	1.38%	2,733,135	$87M	trimmed−17%	−0.22 pp	10 q
TPHTri Pointe Homes, Inc.	1.03%	5,179,606	$65M	added0%	+0.03 pp	6 q
ACMAecom	0.94%	1,670,447	$59M	trimmed−1%	−0.10 pp	4 q
MMM3M Company	0.15%	50,000	$10M	held	—	16 q
PXGBXPraxair Inc	0.13%	66,441	$8M	held	—	16 q
TMHCTaylor Morrison Home Corporation	0.04%	127,700	$3M	new	+0.04 pp	new
unresolvedCanam Group, Inc. (CNMGF)	0.02%	225,100	$1M	added+10%	0.00 pp	2 q
AAgilent Technologies Inc.	0.01%	10,700	$566,000	held	—	16 q
STRLSterling Infrastructure, Inc.	0.01%	84,623	$783,000	held	—	4 q
AMTTd Ameritrade Holding Corp	0.00%	6,270	$244,000	trimmed−8%	−0.01 pp	3 q
UNPUnion Pacific Corp.	0.00%	2,032	$215,000	held	—	2 q

Source

Form: 13F-HR
Reading: 2 defects · 3 unresolved
Accession: 0000891092-17-003512
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 2017-03-31
A security outside the official 13F list — CUSIP 13710C107 not on the Official 13(f) List for 2017-03-31

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