Greenhaven Associates

Q1 2021 13F · by Edgar Wachenheim, founder

As of: Mar 31, 2021
Filed: May 13, 2021
US stock: $4.4B · prev $5.3B
Positions: 24 · prev 28
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%

Moves23 since the prior filing

+5.1 pp in · −5.6 pp out

New 1 +0.23 pp
Added 3 +4.82 pp
Trimmed 14 +4.24 pp
Exited 5 −9.89 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.2% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions73% of US stock

GS Goldman Sachs Group Inc. trimmed+4.49 pp trimmed+4.4919.7%
LEN Lennar Corporation Class A trimmed+5.24 pp trimmed+5.2416.1%
WHR Whirlpool Corp. added+4.40 pp added+4.4013.9%
GM General Motors Company trimmed−0.72 pp trimmed−0.7213.7%
MS Morgan Stanley trimmed−2.32 pp trimmed−2.3210.0%

Positions24 in this filing · 5 exited


GSGoldman Sachs Group Inc.	19.71%	2,666,847	$872M	trimmed−13%	+4.49 pp	28 q
LENLennar Corporation Class A	16.07%	7,025,222	$711M	trimmed−7%	+5.24 pp	22 q
WHRWhirlpool Corp.	13.86%	2,783,465	$613M	added0%	+4.40 pp	32 q
GMGeneral Motors Company	13.70%	10,550,544	$606M	trimmed−43%	−0.72 pp	13 q
MSMorgan Stanley	9.99%	5,694,264	$442M	trimmed−40%	−2.32 pp	5 q
TOLToll Brothers, Inc.	6.87%	5,355,780	$304M	trimmed−0%	+2.48 pp	21 q
DEDeere & Company	5.04%	595,557	$223M	trimmed−58%	−2.21 pp	5 q
CFCF Industries Holding, Inc.	2.54%	2,474,561	$112M	trimmed−27%	+0.06 pp	4 q
DHID.R. Horton Inc.	2.17%	1,077,444	$96M	trimmed−68%	−2.13 pp	26 q
LEALear Corporation	2.10%	513,221	$93M	held	—	4 q
SCHWThe Charles Schwab Corporation	1.85%	1,254,687	$82M	trimmed−28%	+0.11 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	1.72%	297,138	$76M	trimmed−25%	−0.01 pp	4 q
PHMPultegroup, Inc.	1.20%	1,008,744	$53M	trimmed−47%	−0.35 pp	22 q
BGBunge Global SA	1.11%	621,400	$49M	trimmed−43%	−0.23 pp	4 q
LEN.BLennar Corporation Class B	0.85%	455,747	$38M	added0%	+0.32 pp	14 q
OCOwens Corning	0.51%	243,926	$22M	trimmed−44%	−0.11 pp	5 q
PSQProShares Short QQQ	0.32%	1,005,000	$14M	added+23%	+0.10 pp	3 q
SHProShares Short S&P500	0.23%	620,000	$10M	new	+0.23 pp	new
ALVAutoliv, Inc.	0.06%	28,500	$3M	trimmed−59%	−0.06 pp	4 q
MDCM.D.C. Holdings, Inc.	0.05%	37,152	$2M	held	—	4 q
AAgilent Technologies Inc.	0.03%	10,700	$1M	held	—	32 q
JPMJPMorgan Chase & Co.	0.02%	5,000	$761,000	held	—	26 q
MMM3M Company	0.01%	2,500	$482,000	held	—	32 q
UNPUnion Pacific Corp.	0.01%	2,032	$448,000	held	—	18 q
CCitigroup Inc.	—	−4,649,084	—	exited	−5.40 pp	—
FFord Motor Company	—	−19,458,550	—	exited	−3.22 pp	—
ADNTAdient plc	—	−1,460,196	—	exited	−0.96 pp	—
PWRQuanta Services, Inc.	—	−218,595	—	exited	−0.30 pp	—
FDXFedEx Corporation	—	−2,500	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 0 unresolved
Accession: 0000891092-21-004414
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 2021-03-31

Search