Greenhaven Associates

Q1 2020 13F · by Edgar Wachenheim, founder

As of: Mar 31, 2020
Filed: May 6, 2020
US stock: $2.7B · prev $4.5B
Positions: 27 · prev 20
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%

Moves25 since the prior filing

+18.2 pp in · −18.2 pp out

New 8 +12.96 pp
Added 8 +5.28 pp
Trimmed 8 −18.12 pp
Exited 1 −0.12 pp

The book

Concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 69% a year, about 1.5 years per position

Low
Moderate
High

Top 5 positions63% of US stock

Positions27 in this filing · 1 exited


GSGoldman Sachs Group Inc.	16.73%	2,907,897	$450M	trimmed−12%	−0.15 pp	24 q
LENLennar Corporation Class A	13.69%	9,630,790	$368M	added+6%	+2.37 pp	18 q
CCitigroup Inc.	13.26%	8,462,940	$356M	trimmed−29%	−7.97 pp	23 q
DHID.R. Horton Inc.	10.36%	8,190,844	$278M	added+1%	+0.81 pp	22 q
WHRWhirlpool Corp.	8.81%	2,760,802	$237M	added0%	−0.27 pp	28 q
GMGeneral Motors Company	7.81%	10,095,386	$210M	trimmed−49%	−8.50 pp	9 q
FFord Motor Company	6.15%	34,245,326	$165M	added0%	−0.94 pp	10 q
DEDeere & Company	5.20%	1,011,572	$140M	new	+5.20 pp	new
MSMorgan Stanley	3.69%	2,915,100	$99M	new	+3.69 pp	new
TOLToll Brothers, Inc.	3.56%	4,970,396	$96M	added+34%	+0.28 pp	17 q
PHMPultegroup, Inc.	2.77%	3,338,743	$75M	added×2.2	+1.44 pp	18 q
AXPAmerican Express Company	1.80%	563,900	$48M	new	+1.80 pp	new
JPMJPMorgan Chase & Co.	1.56%	465,100	$42M	added×93.0	+1.54 pp	22 q
PWRQuanta Services, Inc.	1.00%	850,642	$27M	trimmed−52%	−0.59 pp	9 q
KBHKB Home	0.80%	1,183,300	$21M	new	+0.80 pp	new
LEN.BLennar Corporation Class B	0.62%	576,484	$17M	added+1%	+0.05 pp	10 q
ADNTAdient plc	0.58%	1,716,901	$16M	trimmed−4%	−0.27 pp	12 q
MHKMohawk Industries, Inc.	0.56%	197,296	$15M	new	+0.56 pp	new
LEVILevi Strauss & Co. Class A	0.37%	796,160	$10M	new	+0.37 pp	new
OCOwens Corning	0.28%	192,900	$7M	new	+0.28 pp	new
RLRalph Lauren Corporation	0.26%	105,736	$7M	new	+0.26 pp	new
MMM3M Company	0.07%	12,800	$2M	trimmed−49%	−0.03 pp	28 q
AAgilent Technologies Inc.	0.03%	10,700	$766,000	held	—	28 q
TMHCTaylor Morrison Home Corporation	0.02%	43,983	$484,000	trimmed−90%	−0.20 pp	13 q
AMTTd Ameritrade Holding Corp	0.01%	5,170	$179,000	held	—	15 q
TPHTri Pointe Homes, Inc.	0.01%	16,400	$144,000	trimmed−99%	−0.41 pp	18 q
UNPUnion Pacific Corp.	0.01%	2,032	$287,000	held	—	14 q
FDXFedEx Corporation	—	−35,200	—	exited	−0.12 pp	—