Greenhaven Associates

Q2 2018 13F · by Edgar Wachenheim, founder

Picture89.2% US stock

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

+11.1 pp in · −11.1 pp out

Concentrated · behaves like 12 equal-sized positions

Low turnover · 18% a year, about 5.5 years per position


CCitigroup Inc.	12.35%	12,325,856	$825M	added+2%	−0.45 pp	16 q
GMGeneral Motors Company	11.92%	20,192,887	$796M	added×4.9	+9.58 pp	2 q
GSGoldman Sachs Group Inc.	11.26%	3,408,632	$752M	trimmed−5%	−2.94 pp	17 q
EADSYAirbus SE UNSP/	10.79%	24,754,644	$720M	trimmed−11%	−1.90 pp	14 q
FDXFedEx Corporation	9.49%	2,790,392	$634M	trimmed−4%	−1.48 pp	21 q
JPMJPMorgan Chase & Co.	8.33%	5,336,700	$556M	trimmed−20%	−3.21 pp	15 q
LENLennar Corporation Class A	7.28%	9,264,187	$486M	added+7%	−0.78 pp	11 q
WHRWhirlpool Corp.	6.31%	2,880,632	$421M	trimmed−1%	−0.67 pp	21 q
FFord Motor Company	5.43%	32,722,548	$362M	added×2.2	+2.88 pp	3 q
DHID.R. Horton Inc.	5.36%	8,721,921	$358M	added+7%	−0.27 pp	15 q
PHMPultegroup, Inc.	3.01%	6,987,595	$201M	added+7%	−0.02 pp	11 q
TOLToll Brothers, Inc.	2.27%	4,088,975	$151M	added+1%	−0.48 pp	10 q
ADNTAdient plc	1.39%	1,886,648	$93M	trimmed−1%	−0.40 pp	5 q
PWRQuanta Services, Inc.	1.26%	2,514,100	$84M	added+99%	+0.58 pp	2 q
TPHTri Pointe Homes, Inc.	1.24%	5,058,699	$83M	trimmed−2%	−0.09 pp	11 q
TMHCTaylor Morrison Home Corporation	0.88%	2,840,438	$59M	trimmed−2%	−0.18 pp	6 q
ACMAecom	0.81%	1,632,689	$54M	trimmed−1%	−0.11 pp	9 q
LEN.BLennar Corporation Class B	0.36%	570,540	$24M	trimmed−1%	−0.07 pp	3 q
MMM3M Company	0.15%	52,453	$10M	added+5%	−0.02 pp	21 q
PXGBXPraxair Inc	0.05%	22,451	$4M	held	—	21 q
MTHMeritage Homes Corporation	0.04%	66,760	$3M	new	+0.04 pp	new
AAgilent Technologies Inc.	0.01%	10,700	$662,000	held	—	21 q
AMTTd Ameritrade Holding Corp	0.01%	7,170	$393,000	held	—	8 q
UNPUnion Pacific Corp.	0.00%	2,032	$288,000	held	—	7 q