Greenhaven Associates

Q2 2017 13F · by Edgar Wachenheim, founder

As of: Jun 30, 2017
Filed: Aug 9, 2017
US stock: $6.6B · prev $6.3B
Positions: 23 · prev 25
Options notional: $0
Documents: 1· no amendments

Picture88.8% US stock

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

US stock listed on a US exchange 88.8%
Foreign stock not listed in the US 11.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves22 since the prior filing

+2.9 pp in · −2.9 pp out

New 1 +1.60 pp
Added 8 +1.34 pp
Trimmed 10 −0.58 pp
Exited 3 −2.36 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.2 years per position

Low
Moderate
High

Top 5 positions55% of US stock

GS Goldman Sachs Group Inc. added−0.77 pp added−0.7712.7%
C Citigroup Inc. added+0.82 pp added+0.8211.6%
EADSY Airbus SE UNSP/ trimmed+0.36 pp trimmed+0.3611.2%
FDX FedEx Corporation trimmed+0.50 pp trimmed+0.509.9%
JPM JPMorgan Chase & Co. trimmed−0.49 pp trimmed−0.499.7%

Positions23 in this filing · 3 exited


GSGoldman Sachs Group Inc.	12.73%	3,793,287	$842M	added+2%	−0.77 pp	13 q
CCitigroup Inc.	11.63%	11,495,187	$769M	added+1%	+0.82 pp	12 q
EADSYAirbus SE UNSP/	11.22%	35,887,788	$742M	trimmed−0%	+0.36 pp	10 q
FDXFedEx Corporation	9.91%	3,015,688	$655M	trimmed−1%	+0.50 pp	17 q
JPMJPMorgan Chase & Co.	9.72%	7,033,846	$643M	trimmed−4%	−0.49 pp	11 q
BABoeing Company	8.39%	2,804,454	$555M	trimmed−1%	+0.44 pp	6 q
LOWLowe's Companies Inc.	8.33%	7,106,121	$551M	trimmed−1%	−1.07 pp	17 q
WHRWhirlpool Corp.	7.93%	2,737,150	$524M	added+1%	+0.53 pp	17 q
LENLennar Corporation Class A	4.37%	5,420,516	$289M	added+1%	0.00 pp	7 q
DHID.R. Horton Inc.	4.27%	8,172,140	$283M	added+7%	+0.23 pp	11 q
TOLToll Brothers, Inc.	2.41%	4,029,966	$159M	trimmed−0%	+0.09 pp	6 q
PHMPultegroup, Inc.	2.14%	5,755,265	$141M	added0%	−0.01 pp	7 q
unresolvedCalatlantic Group Inc	1.63%	3,049,843	$108M	added+19%	+0.11 pp	7 q
ADNTAdient plc	1.60%	1,614,881	$106M	new	+1.60 pp	new
unresolvedU S G Corp	1.14%	2,595,641	$75M	trimmed−5%	−0.24 pp	11 q
TPHTri Pointe Homes, Inc.	1.03%	5,179,006	$68M	trimmed−0%	0.00 pp	7 q
ACMAecom	0.79%	1,612,447	$52M	trimmed−3%	−0.15 pp	5 q
TMHCTaylor Morrison Home Corporation	0.47%	1,296,400	$31M	added×10.2	+0.43 pp	2 q
MMM3M Company	0.16%	50,000	$10M	held	—	17 q
PXGBXPraxair Inc	0.11%	56,761	$8M	trimmed−15%	−0.02 pp	17 q
AAgilent Technologies Inc.	0.01%	10,700	$635,000	held	—	17 q
AMTTd Ameritrade Holding Corp	0.00%	6,270	$270,000	held	—	4 q
UNPUnion Pacific Corp.	0.00%	2,032	$221,000	held	—	3 q
OCOwens Corning	—	−2,395,861	—	exited	−2.33 pp	—
unresolvedCanam Group, Inc. (CNMGF)	—	−225,100	—	exited	−0.02 pp	—
STRLSterling Infrastructure, Inc.	—	−84,623	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0000891092-17-005766
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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