Greenhaven Associates

Q1 2019 13F · by Edgar Wachenheim, founder

As of: Mar 31, 2019
Filed: May 2, 2019
US stock: $5.6B · prev $5.2B
Positions: 24 · prev 23
Options notional: $0
Documents: 1· no amendments

Picture94.5% US stock

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

US stock listed on a US exchange 94.5%
Foreign stock not listed in the US 5.5%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves21 since the prior filing

+2.2 pp in · −2.3 pp out

New 1 +0.45 pp
Added 4 +1.79 pp
Trimmed 16 −2.25 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.3% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions56% of US stock

Positions24 in this filing · 0 exited


CCitigroup Inc.	13.44%	12,155,981	$756M	trimmed−1%	+1.16 pp	19 q
GMGeneral Motors Company	13.40%	20,330,837	$754M	trimmed−0%	+0.25 pp	5 q
GSGoldman Sachs Group Inc.	11.40%	3,343,927	$642M	trimmed−0%	+0.60 pp	20 q
JPMJPMorgan Chase & Co.	8.94%	4,970,573	$503M	trimmed−2%	−0.57 pp	18 q
FDXFedEx Corporation	8.86%	2,749,967	$499M	added+1%	+0.37 pp	24 q
LENLennar Corporation Class A	8.16%	9,354,285	$459M	added0%	+1.10 pp	14 q
WHRWhirlpool Corp.	6.69%	2,832,782	$376M	trimmed−0%	+0.85 pp	24 q
DHID.R. Horton Inc.	6.28%	8,544,846	$354M	trimmed−1%	+0.52 pp	18 q
EADSYAirbus SE UNSP/	5.45%	9,270,904	$307M	trimmed−60%	−5.15 pp	17 q
FFord Motor Company	5.06%	32,437,748	$285M	trimmed−1%	+0.22 pp	6 q
PHMPultegroup, Inc.	3.40%	6,838,395	$191M	trimmed−1%	−0.06 pp	14 q
TOLToll Brothers, Inc.	2.79%	4,338,475	$157M	trimmed−1%	+0.01 pp	13 q
PWRQuanta Services, Inc.	1.87%	2,786,550	$105M	added+2%	+0.29 pp	5 q
TPHTri Pointe Homes, Inc.	1.09%	4,840,080	$61M	trimmed−2%	+0.05 pp	14 q
TMHCTaylor Morrison Home Corporation	0.87%	2,753,295	$49M	trimmed−2%	+0.01 pp	9 q
ACMAecom	0.85%	1,613,689	$48M	trimmed−2%	+0.01 pp	12 q
unresolvedFiat Chrysler Automobiles NV s	0.45%	1,717,200	$26M	new	+0.45 pp	new
ADNTAdient plc	0.41%	1,787,748	$23M	trimmed−0%	−0.11 pp	8 q
LEN.BLennar Corporation Class B	0.40%	574,697	$22M	trimmed−0%	+0.05 pp	6 q
MMM3M Company	0.09%	25,000	$5M	trimmed−50%	−0.09 pp	24 q
MTHMeritage Homes Corporation	0.08%	95,825	$4M	added+31%	+0.03 pp	4 q
AAgilent Technologies Inc.	0.02%	10,700	$860,000	held	—	24 q
AMTTd Ameritrade Holding Corp	0.01%	7,170	$358,000	held	—	11 q
UNPUnion Pacific Corp.	0.01%	2,032	$340,000	held	—	10 q