Greenhaven Associates

Q2 2021 13F · by Edgar Wachenheim, founder

Picture100.0% US stock

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

+0.1 pp in · −0.2 pp out

Very concentrated · behaves like 5 equal-sized positions

Low turnover · 0.1% a year, more than 30 years per position


GSGoldman Sachs Group Inc.	29.32%	2,643,577	$1.0B	trimmed−1%	+9.61 pp	29 q
LENLennar Corporation Class A	20.39%	7,022,487	$698M	trimmed−0%	+4.32 pp	23 q
GMGeneral Motors Company	18.01%	10,417,814	$616M	trimmed−1%	+4.31 pp	14 q
WHRWhirlpool Corp.	17.45%	2,738,105	$597M	trimmed−2%	+3.59 pp	33 q
TOLToll Brothers, Inc.	8.69%	5,143,716	$297M	trimmed−4%	+1.82 pp	22 q
DHID.R. Horton Inc.	2.05%	775,945	$70M	trimmed−28%	−0.12 pp	27 q
LEN.BLennar Corporation Class B	1.08%	454,101	$37M	trimmed−0%	+0.23 pp	15 q
LEALear Corporation	0.78%	152,210	$27M	trimmed−70%	−1.32 pp	5 q
MSMorgan Stanley	0.74%	276,290	$25M	trimmed−95%	−9.25 pp	6 q
PSQProShares Short QQQ	0.36%	1,005,000	$12M	held	—	4 q
SHProShares Short S&P500	0.31%	695,000	$11M	added+12%	+0.08 pp	2 q
SCHWThe Charles Schwab Corporation	0.31%	144,227	$11M	trimmed−89%	−1.54 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	0.21%	25,991	$7M	trimmed−91%	−1.51 pp	5 q
BGBunge Global SA	0.09%	40,500	$3M	trimmed−93%	−1.02 pp	5 q
CFCF Industries Holding, Inc.	0.07%	48,500	$2M	trimmed−98%	−2.47 pp	5 q
AAgilent Technologies Inc.	0.05%	10,700	$2M	held	—	33 q
MDCM.D.C. Holdings, Inc.	0.04%	25,000	$1M	trimmed−33%	−0.01 pp	5 q
JPMJPMorgan Chase & Co.	0.02%	5,000	$778,000	held	—	27 q
MMM3M Company	0.01%	2,500	$497,000	held	—	33 q
UNPUnion Pacific Corp.	0.01%	2,032	$447,000	held	—	19 q
DEDeere & Company	—	−595,557	—	exited	−5.04 pp	—
PHMPultegroup, Inc.	—	−1,008,744	—	exited	−1.20 pp	—
OCOwens Corning	—	−243,926	—	exited	−0.51 pp	—
ALVAutoliv, Inc.	—	−28,500	—	exited	−0.06 pp	—