Greenhaven Associates

Q3 2017 13F · by Edgar Wachenheim, founder

Picture87.3% US stock

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

+2.6 pp in · −2.6 pp out

Concentrated · behaves like 11 equal-sized positions

Low turnover · 3.8% a year, about 26.5 years per position


GSGoldman Sachs Group Inc.	13.19%	3,705,695	$879M	trimmed−2%	+0.46 pp	14 q
EADSYAirbus SE UNSP/	12.71%	35,756,824	$847M	trimmed−0%	+1.49 pp	11 q
CCitigroup Inc.	12.56%	11,506,304	$837M	added0%	+0.93 pp	13 q
FDXFedEx Corporation	10.09%	2,981,611	$673M	trimmed−1%	+0.18 pp	18 q
JPMJPMorgan Chase & Co.	9.90%	6,906,482	$660M	trimmed−2%	+0.18 pp	12 q
LOWLowe's Companies Inc.	8.44%	7,037,051	$563M	trimmed−1%	+0.11 pp	18 q
WHRWhirlpool Corp.	7.64%	2,759,675	$509M	added+1%	−0.29 pp	18 q
DHID.R. Horton Inc.	4.92%	8,214,782	$328M	added+1%	+0.65 pp	12 q
LENLennar Corporation Class A	4.30%	5,425,123	$286M	added0%	−0.07 pp	8 q
BABoeing Company	3.03%	793,498	$202M	trimmed−72%	−5.36 pp	7 q
TOLToll Brothers, Inc.	2.54%	4,075,852	$169M	added+1%	+0.13 pp	7 q
ADNTAdient plc	2.36%	1,869,315	$157M	added+16%	+0.76 pp	2 q
PHMPultegroup, Inc.	2.35%	5,734,548	$157M	trimmed−0%	+0.21 pp	8 q
unresolvedCalatlantic Group Inc	1.76%	3,198,013	$117M	added+5%	+0.13 pp	8 q
unresolvedU S G Corp	1.15%	2,346,353	$77M	trimmed−10%	+0.01 pp	12 q
TPHTri Pointe Homes, Inc.	1.07%	5,164,668	$71M	trimmed−0%	+0.04 pp	8 q
ACMAecom	0.89%	1,606,379	$59M	trimmed−0%	+0.10 pp	6 q
TMHCTaylor Morrison Home Corporation	0.84%	2,526,244	$56M	added+95%	+0.37 pp	3 q
MMM3M Company	0.16%	50,000	$10M	held	—	18 q
PXGBXPraxair Inc	0.10%	46,051	$6M	trimmed−19%	−0.01 pp	18 q
AAgilent Technologies Inc.	0.01%	10,700	$687,000	held	—	18 q
AMTTd Ameritrade Holding Corp	0.01%	7,170	$350,000	added+14%	+0.01 pp	5 q
UNPUnion Pacific Corp.	0.00%	2,032	$236,000	held	—	4 q