Greenhaven Associates

Q3 2019 13F · by Edgar Wachenheim, founder

As of: Sep 30, 2019
Filed: Nov 8, 2019
US stock: $4.9B · prev $5.7B
Positions: 22 · prev 25
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves22 since the prior filing

+5.7 pp in · −5.7 pp out

New 1 +0.24 pp
Added 3 +5.42 pp
Trimmed 14 −1.62 pp
Exited 4 −4.04 pp

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.8% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions66% of US stock

C Citigroup Inc. added+2.12 pp added+2.1216.9%
GM General Motors Company trimmed+1.67 pp trimmed+1.6715.3%
GS Goldman Sachs Group Inc. trimmed+1.96 pp trimmed+1.9614.0%
LEN Lennar Corporation Class A added+2.67 pp added+2.6710.6%
WHR Whirlpool Corp. trimmed+2.02 pp trimmed+2.029.0%

Positions22 in this filing · 4 exited


CCitigroup Inc.	16.90%	12,103,531	$836M	added0%	+2.12 pp	21 q
GMGeneral Motors Company	15.28%	20,160,745	$756M	trimmed−0%	+1.67 pp	7 q
GSGoldman Sachs Group Inc.	14.02%	3,346,831	$694M	trimmed−1%	+1.96 pp	22 q
LENLennar Corporation Class A	10.55%	9,344,099	$522M	added0%	+2.67 pp	16 q
WHRWhirlpool Corp.	9.02%	2,817,170	$446M	trimmed−0%	+2.02 pp	26 q
DHID.R. Horton Inc.	8.90%	8,350,534	$440M	trimmed−2%	+2.50 pp	20 q
FFord Motor Company	6.42%	34,659,420	$317M	added+7%	+0.63 pp	8 q
JPMJPMorgan Chase & Co.	4.94%	2,074,113	$244M	trimmed−58%	−4.63 pp	20 q
FDXFedEx Corporation	3.33%	1,132,065	$165M	trimmed−59%	−4.49 pp	26 q
TOLToll Brothers, Inc.	3.11%	3,741,427	$154M	trimmed−13%	+0.35 pp	15 q
PHMPultegroup, Inc.	2.71%	3,662,694	$134M	trimmed−34%	−0.34 pp	16 q
PWRQuanta Services, Inc.	1.88%	2,461,146	$93M	trimmed−11%	+0.03 pp	7 q
ADNTAdient plc	0.83%	1,781,564	$41M	trimmed−0%	+0.07 pp	10 q
TPHTri Pointe Homes, Inc.	0.68%	2,223,572	$33M	trimmed−54%	−0.32 pp	16 q
LEN.BLennar Corporation Class B	0.51%	573,055	$25M	trimmed−0%	+0.12 pp	8 q
TMHCTaylor Morrison Home Corporation	0.46%	868,555	$23M	trimmed−68%	−0.54 pp	11 q
MSMorgan Stanley	0.24%	273,500	$12M	new	+0.24 pp	new
RSPInvesco S&P 500 Equal Weight ETF	0.13%	57,500	$6M	trimmed−26%	−0.02 pp	2 q
MMM3M Company	0.08%	25,000	$4M	held	—	26 q
AAgilent Technologies Inc.	0.02%	10,700	$820,000	held	—	26 q
AMTTd Ameritrade Holding Corp	0.01%	7,170	$335,000	held	—	13 q
UNPUnion Pacific Corp.	0.01%	2,032	$329,000	held	—	12 q
EADSYAirbus SE UNSP/	—	−5,262,976	—	exited	−3.25 pp	—
KKRKKR & Co. Inc.	—	−1,452,230	—	exited	−0.64 pp	—
MTHMeritage Homes Corporation	—	−96,717	—	exited	−0.09 pp	—
DXCDXC Technology Company	—	−62,500	—	exited	−0.06 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 0 unresolved
Accession: 0000891092-19-012259
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 35045V100 not on the Official 13(f) List for 2019-09-30

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