Greenhaven Associates

Q4 2019 13F · by Edgar Wachenheim, founder

Picture100.0% US stock

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

0.0 pp in · −0.1 pp out

Very concentrated · behaves like 7 equal-sized positions

Low turnover · 0.0% a year, more than 30 years per position


CCitigroup Inc.	21.23%	11,914,989	$952M	trimmed−2%	+4.33 pp	22 q
GSGoldman Sachs Group Inc.	16.88%	3,290,616	$757M	trimmed−2%	+2.86 pp	23 q
GMGeneral Motors Company	16.31%	19,981,145	$731M	trimmed−1%	+1.03 pp	8 q
LENLennar Corporation Class A	11.32%	9,097,972	$508M	trimmed−3%	+0.77 pp	17 q
DHID.R. Horton Inc.	9.55%	8,113,813	$428M	trimmed−3%	+0.65 pp	21 q
WHRWhirlpool Corp.	9.08%	2,758,402	$407M	trimmed−2%	+0.06 pp	27 q
FFord Motor Company	7.09%	34,190,726	$318M	trimmed−1%	+0.67 pp	9 q
TOLToll Brothers, Inc.	3.28%	3,720,350	$147M	trimmed−1%	+0.17 pp	16 q
PWRQuanta Services, Inc.	1.59%	1,754,249	$71M	trimmed−29%	−0.29 pp	8 q
PHMPultegroup, Inc.	1.33%	1,537,489	$60M	trimmed−58%	−1.38 pp	17 q
ADNTAdient plc	0.85%	1,791,001	$38M	added+1%	+0.02 pp	11 q
LEN.BLennar Corporation Class B	0.57%	573,014	$26M	trimmed−0%	+0.06 pp	9 q
TPHTri Pointe Homes, Inc.	0.42%	1,221,742	$19M	trimmed−45%	−0.26 pp	17 q
TMHCTaylor Morrison Home Corporation	0.22%	453,555	$10M	trimmed−48%	−0.24 pp	12 q
FDXFedEx Corporation	0.12%	35,200	$5M	trimmed−97%	−3.21 pp	27 q
MMM3M Company	0.10%	25,000	$4M	held	—	27 q
AAgilent Technologies Inc.	0.02%	10,700	$913,000	held	—	27 q
JPMJPMorgan Chase & Co.	0.02%	5,000	$697,000	trimmed−100%	−4.92 pp	21 q
AMTTd Ameritrade Holding Corp	0.01%	5,170	$257,000	trimmed−28%	0.00 pp	14 q
UNPUnion Pacific Corp.	0.01%	2,032	$367,000	held	—	13 q
MSMorgan Stanley	—	−273,500	—	exited	−0.24 pp	—
RSPInvesco S&P 500 Equal Weight ETF	—	−57,500	—	exited	−0.13 pp	—