Greenhaven Associates

Q2 2019 13F · by Edgar Wachenheim, founder

As of: Jun 30, 2019
Filed: Aug 7, 2019
US stock: $5.7B · prev $5.6B
Positions: 25 · prev 24
Options notional: $0
Documents: 1· no amendments

Picture96.8% US stock

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

US stock listed on a US exchange 96.8%
Foreign stock not listed in the US 3.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves23 since the prior filing

+2.3 pp in · −2.2 pp out

New 3 +0.85 pp
Added 3 +1.40 pp
Trimmed 15 −0.93 pp
Exited 2 −1.30 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.9% a year, about 25.7 years per position

Low
Moderate
High

Top 5 positions58% of US stock

Positions25 in this filing · 2 exited


CCitigroup Inc.	14.78%	12,089,344	$847M	trimmed−1%	+1.34 pp	20 q
GMGeneral Motors Company	13.61%	20,241,295	$780M	trimmed−0%	+0.21 pp	6 q
GSGoldman Sachs Group Inc.	12.06%	3,378,421	$691M	added+1%	+0.66 pp	21 q
JPMJPMorgan Chase & Co.	9.57%	4,903,076	$548M	trimmed−1%	+0.63 pp	19 q
LENLennar Corporation Class A	7.88%	9,317,715	$452M	trimmed−0%	−0.28 pp	15 q
FDXFedEx Corporation	7.82%	2,727,733	$448M	trimmed−1%	−1.04 pp	25 q
WHRWhirlpool Corp.	7.00%	2,819,360	$401M	trimmed−0%	+0.31 pp	25 q
DHID.R. Horton Inc.	6.40%	8,500,704	$367M	trimmed−1%	+0.12 pp	19 q
FFord Motor Company	5.79%	32,447,050	$332M	added0%	+0.73 pp	7 q
EADSYAirbus SE UNSP/	3.25%	5,262,976	$186M	trimmed−43%	−2.20 pp	18 q
PHMPultegroup, Inc.	3.05%	5,532,709	$175M	trimmed−19%	−0.35 pp	15 q
TOLToll Brothers, Inc.	2.76%	4,324,376	$158M	trimmed−0%	−0.03 pp	14 q
PWRQuanta Services, Inc.	1.85%	2,772,066	$106M	trimmed−1%	−0.02 pp	6 q
TPHTri Pointe Homes, Inc.	1.00%	4,796,632	$57M	trimmed−1%	−0.09 pp	15 q
TMHCTaylor Morrison Home Corporation	1.00%	2,730,756	$57M	trimmed−1%	+0.13 pp	10 q
ADNTAdient plc	0.76%	1,785,224	$43M	trimmed−0%	+0.35 pp	9 q
KKRKKR & Co. Inc.	0.64%	1,452,230	$37M	new	+0.64 pp	new
LEN.BLennar Corporation Class B	0.39%	573,448	$22M	trimmed−0%	−0.01 pp	7 q
RSPInvesco S&P 500 Equal Weight ETF	0.15%	77,500	$8M	new	+0.15 pp	new
MTHMeritage Homes Corporation	0.09%	96,717	$5M	added+1%	+0.01 pp	5 q
MMM3M Company	0.08%	25,000	$4M	held	—	25 q
DXCDXC Technology Company	0.06%	62,500	$3M	new	+0.06 pp	new
AAgilent Technologies Inc.	0.01%	10,700	$799,000	held	—	25 q
AMTTd Ameritrade Holding Corp	0.01%	7,170	$358,000	held	—	12 q
UNPUnion Pacific Corp.	0.01%	2,032	$344,000	held	—	11 q
ACMAecom	—	−1,613,689	—	exited	−0.85 pp	—
unresolvedFiat Chrysler Automobiles NV s	—	−1,717,200	—	exited	−0.45 pp	—