Greenhaven Associates

Q3 2023 13F · by Edgar Wachenheim, founder

As of: Sep 30, 2023
Filed: Oct 2, 2023
US stock: $7.7B · prev $7.5B
Positions: 29 · prev 29
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%

Moves24 since the prior filing

+7.0 pp in · −7.0 pp out

New 2 +8.25 pp
Added 9 −1.24 pp
Trimmed 11 −5.00 pp
Exited 2 −2.02 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.8 years per position

Low
Moderate
High

Top 5 positions49% of US stock

LEN Lennar Corporation Class A trimmed−2.02 pp trimmed−2.0213.1%
GS Goldman Sachs Group Inc. added+0.04 pp added+0.049.8%
GM General Motors Company added−1.78 pp added−1.789.5%
JPM JPMorgan Chase & Co. trimmed−0.41 pp trimmed−0.418.9%
CRH CRH Public Limited Company new+7.83 pp new+7.837.8%

Positions29 in this filing · 2 exited


LENLennar Corporation Class A	13.07%	8,982,250	$1.0B	trimmed−1%	−2.02 pp	32 q
GSGoldman Sachs Group Inc.	9.79%	2,333,937	$755M	added+3%	+0.04 pp	38 q
GMGeneral Motors Company	9.50%	22,219,988	$733M	added+1%	−1.78 pp	23 q
JPMJPMorgan Chase & Co.	8.87%	4,719,004	$684M	trimmed−2%	−0.41 pp	36 q
CRHCRH Public Limited Company	7.83%	11,038,427	$604M	new	+7.83 pp	new
CCitigroup Inc.	7.02%	13,164,793	$541M	added+20%	+0.31 pp	8 q
0LW9Westrock Co	6.28%	13,519,770	$484M	trimmed−0%	+1.05 pp	7 q
PHMPultegroup, Inc.	5.47%	5,702,018	$422M	trimmed−1%	−0.50 pp	6 q
TOLToll Brothers, Inc.	5.33%	5,553,907	$411M	added0%	−0.48 pp	31 q
DHID.R. Horton Inc.	4.90%	3,513,582	$378M	trimmed−2%	−0.91 pp	36 q
IPInternational Paper Co.	4.51%	9,809,755	$348M	added+8%	+0.66 pp	8 q
LEALear Corporation	3.11%	1,789,830	$240M	trimmed−1%	−0.34 pp	14 q
OSKOshkosh Corp.	3.04%	2,458,689	$235M	added+4%	+0.33 pp	5 q
ARWArrow Electronics, Inc.	2.85%	1,757,128	$220M	added+17%	0.00 pp	3 q
WHRWhirlpool Corp.	2.75%	1,585,070	$212M	trimmed−25%	−1.42 pp	42 q
AVTAvnet, Inc.	2.36%	3,772,089	$182M	added+4%	−0.08 pp	5 q
MTHMeritage Homes Corporation	1.29%	813,950	$100M	added0%	−0.24 pp	6 q
LEN.BLennar Corporation Class B	0.75%	569,024	$58M	trimmed−1%	−0.11 pp	24 q
TEXTerex Corporation	0.54%	723,010	$42M	trimmed−2%	−0.05 pp	2 q
NOVNOV Inc.	0.42%	1,561,900	$33M	new	+0.42 pp	new
GILGildan Activewear Inc.	0.20%	561,734	$16M	trimmed−46%	−0.25 pp	5 q
ALVAutoliv, Inc.	0.05%	40,285	$4M	trimmed−48%	−0.04 pp	6 q
AAgilent Technologies Inc.	0.02%	10,700	$1M	held	—	42 q
MSMorgan Stanley	0.01%	10,000	$816,700	held	—	15 q
SCHWThe Charles Schwab Corporation	0.01%	20,000	$1M	held	—	14 q
UNPUnion Pacific Corp.	0.01%	2,032	$413,776	held	—	28 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	1,001	$350,650	held	—	14 q
MMM3M Company	0.00%	2,368	$221,692	held	—	42 q
FTITechnipFMC plc	0.00%	15,500	$315,270	held	—	6 q
unresolvedCrh PLC	—	−2,090,525	—	exited	−1.55 pp	—
BACBank of America Corporation	—	−1,244,500	—	exited	−0.47 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 0 unresolved
Accession: 0001013762-23-000744
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 2023-09-30

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