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Greenhaven Associates

Q1 2018 13F · by Edgar Wachenheim, founder

As of
Mar 31, 2018
Filed
May 7, 2018
US stock
$6.4B · prev $6.6B
Positions
23 · prev 23
Options notional
$0
Documents
1· no amendments

Picture87.3% US stock

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

  • US stock listed on a US exchange 87.3%
  • Foreign stock not listed in the US 12.7%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves20 since the prior filing

The book

Concentrated · behaves like 10 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Moderate turnover · 30% a year, about 3.4 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions62% of US stock

  1. GS Goldman Sachs Group Inc. trimmed−0.02 pp trimmed−0.0214.2%
  2. C Citigroup Inc. added−0.24 pp added−0.2412.8%
  3. EADSY Airbus SE UNSP/ trimmed−0.63 pp trimmed−0.6312.7%
  4. JPM JPMorgan Chase & Co. trimmed+0.47 pp trimmed+0.4711.5%
  5. FDX FedEx Corporation trimmed−0.22 pp trimmed−0.2211.0%

Positions23 in this filing · 2 exited

GSGoldman Sachs Group Inc.14.20%3,583,552$903Mtrimmed−3%−0.02 pp16 q
CCitigroup Inc.12.80%12,050,590$813Madded+4%−0.24 pp15 q
EADSYAirbus SE UNSP/12.69%27,963,124$806Mtrimmed−21%−0.63 pp13 q
JPMJPMorgan Chase & Co.11.54%6,670,020$734Mtrimmed−3%+0.47 pp14 q
FDXFedEx Corporation10.97%2,904,515$697Mtrimmed−2%−0.22 pp20 q
LENLennar Corporation Class A8.06%8,690,739$512Madded+60%+2.86 pp10 q
WHRWhirlpool Corp.6.98%2,897,032$444Madded+1%−0.34 pp20 q
DHID.R. Horton Inc.5.63%8,164,329$358Mtrimmed−0%−0.68 pp14 q
PHMPultegroup, Inc.3.03%6,522,895$192Madded+13%+0.14 pp10 q
TOLToll Brothers, Inc.2.75%4,047,305$175Madded+3%−0.11 pp9 q
FFord Motor Company2.55%14,608,503$162Madded+11%+0.07 pp2 q
GMGeneral Motors Company2.34%4,086,500$149Mnew+2.34 ppnew
ADNTAdient plc1.79%1,901,848$114Madded+1%−0.45 pp4 q
TPHTri Pointe Homes, Inc.1.33%5,146,999$85Mtrimmed−0%−0.06 pp10 q
TMHCTaylor Morrison Home Corporation1.06%2,901,638$68Madded+8%+0.06 pp5 q
ACMAecom0.92%1,642,749$59Madded+3%+0.02 pp8 q
PWRQuanta Services, Inc.0.68%1,260,700$43Mnew+0.68 ppnew
LEN.BLennar Corporation Class B0.43%573,727$27Madded+21%+0.06 pp2 q
MMM3M Company0.17%50,000$11Mheld—20 q
PXGBXPraxair Inc0.05%22,451$3Mheld—20 q
AAgilent Technologies Inc.0.01%10,700$716,000held—20 q
AMTTd Ameritrade Holding Corp0.01%7,170$425,000held—7 q
UNPUnion Pacific Corp.0.00%2,032$273,000held—6 q
unresolvedCalatlantic Group Inc—−3,071,013—exited−2.61 pp—
unresolvedU S G Corp—−2,318,853—exited−1.35 pp—

Source

Form
13F-HR
Reading
3 defects · 0 unresolved
Accession
0000891092-18-004185
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet
  • A row was set aside — invalid CUSIP 35045V100
  • A security outside the official 13F list — CUSIP 009279100 not on the Official 13(f) List for 2018-03-31
  • A security outside the official 13F list — CUSIP 35045V100 not on the Official 13(f) List for 2018-03-31