Greenhaven Associates

Q4 2018 13F · by Edgar Wachenheim, founder

Picture89.4% US stock

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

+3.9 pp in · −3.9 pp out

Concentrated · behaves like 11 equal-sized positions

Low turnover · 1.6% a year, more than 30 years per position


GMGeneral Motors Company	13.15%	20,391,537	$682M	added+1%	+2.58 pp	4 q
CCitigroup Inc.	12.28%	12,231,251	$637M	trimmed−1%	−1.44 pp	18 q
GSGoldman Sachs Group Inc.	10.80%	3,352,927	$560M	trimmed−0%	−0.90 pp	19 q
EADSYAirbus SE UNSP/	10.60%	23,129,156	$550M	trimmed−4%	−1.04 pp	16 q
JPMJPMorgan Chase & Co.	9.51%	5,052,884	$493M	trimmed−3%	+0.40 pp	17 q
FDXFedEx Corporation	8.49%	2,729,517	$440M	trimmed−2%	−1.85 pp	23 q
LENLennar Corporation Class A	7.06%	9,351,491	$366M	added+1%	+0.35 pp	13 q
WHRWhirlpool Corp.	5.84%	2,833,882	$303M	trimmed−2%	+0.55 pp	23 q
DHID.R. Horton Inc.	5.76%	8,618,221	$299M	trimmed−1%	+0.06 pp	17 q
FFord Motor Company	4.84%	32,790,648	$251M	trimmed−1%	+0.11 pp	5 q
PHMPultegroup, Inc.	3.46%	6,896,895	$179M	trimmed−1%	+0.78 pp	13 q
TOLToll Brothers, Inc.	2.78%	4,375,225	$144M	added+7%	+0.68 pp	12 q
PWRQuanta Services, Inc.	1.58%	2,730,550	$82M	added+6%	+0.25 pp	4 q
TPHTri Pointe Homes, Inc.	1.04%	4,920,299	$54M	trimmed−3%	+0.07 pp	13 q
TMHCTaylor Morrison Home Corporation	0.86%	2,798,238	$44M	trimmed−2%	+0.06 pp	8 q
ACMAecom	0.84%	1,644,689	$44M	added+1%	+0.01 pp	11 q
ADNTAdient plc	0.52%	1,792,648	$27M	trimmed−5%	−0.63 pp	7 q
LEN.BLennar Corporation Class B	0.35%	574,989	$18M	added+1%	+0.01 pp	5 q
MMM3M Company	0.18%	50,000	$10M	held	—	23 q
MTHMeritage Homes Corporation	0.05%	73,325	$3M	trimmed−1%	0.00 pp	3 q
AAgilent Technologies Inc.	0.01%	10,700	$722,000	held	—	23 q
AMTTd Ameritrade Holding Corp	0.01%	7,170	$351,000	held	—	10 q
UNPUnion Pacific Corp.	0.01%	2,032	$281,000	held	—	9 q
PXGBXPraxair Inc	—	−20,000	—	exited	−0.05 pp	—