Greenhaven Associates

Q4 2017 13F · by Edgar Wachenheim, founder

Picture86.7% US stock

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

+4.5 pp in · −4.5 pp out

Concentrated · behaves like 10 equal-sized positions

Low turnover · 13% a year, about 7.4 years per position


GSGoldman Sachs Group Inc.	14.22%	3,698,245	$942M	trimmed−0%	+1.03 pp	15 q
EADSYAirbus SE UNSP/	13.32%	35,605,824	$882M	trimmed−0%	+0.61 pp	12 q
CCitigroup Inc.	13.04%	11,615,610	$864M	added+1%	+0.48 pp	14 q
FDXFedEx Corporation	11.19%	2,971,901	$742M	trimmed−0%	+1.10 pp	19 q
JPMJPMorgan Chase & Co.	11.07%	6,858,192	$733M	trimmed−1%	+1.17 pp	13 q
WHRWhirlpool Corp.	7.32%	2,875,555	$485M	added+4%	−0.32 pp	19 q
DHID.R. Horton Inc.	6.31%	8,189,482	$418M	trimmed−0%	+1.39 pp	13 q
LENLennar Corporation Class A	5.20%	5,447,723	$345M	added0%	+0.90 pp	9 q
PHMPultegroup, Inc.	2.89%	5,749,401	$191M	added0%	+0.54 pp	9 q
TOLToll Brothers, Inc.	2.86%	3,941,601	$189M	trimmed−3%	+0.32 pp	8 q
unresolvedCalatlantic Group Inc	2.61%	3,071,013	$173M	trimmed−4%	+0.85 pp	9 q
FFord Motor Company	2.48%	13,146,048	$164M	new	+2.48 pp	new
ADNTAdient plc	2.24%	1,882,815	$148M	added+1%	−0.12 pp	3 q
TPHTri Pointe Homes, Inc.	1.39%	5,154,668	$92M	trimmed−0%	+0.32 pp	9 q
unresolvedU S G Corp	1.35%	2,318,853	$89M	trimmed−1%	+0.20 pp	13 q
TMHCTaylor Morrison Home Corporation	1.00%	2,695,488	$66M	added+7%	+0.16 pp	4 q
ACMAecom	0.90%	1,599,521	$59M	trimmed−0%	+0.01 pp	7 q
LEN.BLennar Corporation Class B	0.37%	472,480	$24M	new	+0.37 pp	new
MMM3M Company	0.18%	50,000	$12M	held	—	19 q
PXGBXPraxair Inc	0.05%	22,451	$3M	trimmed−51%	−0.05 pp	19 q
AAgilent Technologies Inc.	0.01%	10,700	$717,000	held	—	19 q
AMTTd Ameritrade Holding Corp	0.01%	7,170	$367,000	held	—	6 q
UNPUnion Pacific Corp.	0.00%	2,032	$272,000	held	—	5 q
LOWLowe's Companies Inc.	—	−7,037,051	—	exited	−8.44 pp	—
BABoeing Company	—	−793,498	—	exited	−3.03 pp	—