Greenhaven Associates

Q3 2020 13F · by Edgar Wachenheim, founder

As of: Sep 30, 2020
Filed: Oct 23, 2020
US stock: $4.6B · prev $4.5B
Positions: 28 · prev 34
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%

Moves31 since the prior filing

+10.5 pp in · −10.5 pp out

New 1 +0.18 pp
Added 6 +10.33 pp
Trimmed 17 −5.11 pp
Exited 7 −5.42 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.2 years per position

Low
Moderate
High

Top 5 positions60% of US stock

Positions28 in this filing · 7 exited


LENLennar Corporation Class A	13.62%	7,587,525	$620M	trimmed−20%	+0.72 pp	20 q
GSGoldman Sachs Group Inc.	13.13%	2,974,180	$598M	added+1%	+0.23 pp	26 q
GMGeneral Motors Company	11.85%	18,228,066	$539M	added+30%	+3.97 pp	11 q
WHRWhirlpool Corp.	11.28%	2,791,927	$513M	added0%	+3.31 pp	30 q
DEDeere & Company	9.83%	2,017,850	$447M	trimmed−3%	+2.57 pp	3 q
MSMorgan Stanley	9.78%	9,209,774	$445M	trimmed−3%	−0.37 pp	3 q
DHID.R. Horton Inc.	5.83%	3,506,171	$265M	trimmed−56%	−3.95 pp	24 q
TOLToll Brothers, Inc.	5.66%	5,291,137	$257M	added+4%	+2.00 pp	19 q
FFord Motor Company	2.80%	19,161,910	$128M	trimmed−27%	−0.74 pp	12 q
SCHWThe Charles Schwab Corporation	2.66%	3,344,940	$121M	trimmed−9%	−0.08 pp	2 q
CFCF Industries Holding, Inc.	2.29%	3,400,391	$104M	trimmed−2%	+0.14 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	2.09%	446,647	$95M	trimmed−8%	+0.18 pp	2 q
PHMPultegroup, Inc.	2.08%	2,045,955	$95M	trimmed−61%	−1.88 pp	20 q
CCitigroup Inc.	1.99%	2,100,204	$91M	trimmed−7%	−0.55 pp	25 q
LEALear Corporation	1.23%	514,921	$56M	added+77%	+0.53 pp	2 q
BGBunge Global SA	1.09%	1,090,161	$50M	added+24%	+0.29 pp	2 q
OCOwens Corning	0.69%	457,526	$31M	trimmed−45%	−0.34 pp	3 q
LEN.BLennar Corporation Class B	0.67%	463,481	$30M	trimmed−19%	+0.08 pp	12 q
ADNTAdient plc	0.63%	1,648,786	$29M	trimmed−2%	+0.02 pp	14 q
PWRQuanta Services, Inc.	0.38%	330,020	$17M	trimmed−60%	−0.34 pp	11 q
PSQProShares Short QQQ	0.18%	492,000	$8M	new	+0.18 pp	new
ALVAutoliv, Inc.	0.12%	72,500	$5M	trimmed−3%	+0.01 pp	2 q
MDCM.D.C. Holdings, Inc.	0.04%	34,400	$2M	trimmed−82%	−0.11 pp	2 q
AAgilent Technologies Inc.	0.02%	10,700	$1M	held	—	30 q
MMM3M Company	0.02%	5,000	$801,000	held	—	30 q
JPMJPMorgan Chase & Co.	0.01%	5,000	$481,000	trimmed−98%	−0.47 pp	24 q
UNPUnion Pacific Corp.	0.01%	2,032	$400,000	held	—	16 q
AMTTd Ameritrade Holding Corp	0.00%	5,170	$202,000	held	—	17 q
FDXFedEx Corporation	—	−804,960	—	exited	−2.50 pp	—
MHKMohawk Industries, Inc.	—	−714,874	—	exited	−1.61 pp	—
KBHKB Home	—	−1,809,400	—	exited	−1.23 pp	—
MTHMeritage Homes Corporation	—	−32,700	—	exited	−0.06 pp	—
TMHCTaylor Morrison Home Corporation	—	−39,183	—	exited	−0.02 pp	—
ETRNEquitrans Midstream Corporation	—	−17,809	—	exited	0.00 pp	—
TPHTri Pointe Homes, Inc.	—	−14,700	—	exited	0.00 pp	—