Greenhaven Associates

Q4 2023 13F · by Edgar Wachenheim, founder

As of: Dec 31, 2023
Filed: Jan 9, 2024
US stock: $9.4B · prev $7.7B
Positions: 27 · 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%

Moves23 since the prior filing

+2.8 pp in · −2.8 pp out

New 1 +0.11 pp
Added 16 +2.70 pp
Trimmed 3 +0.21 pp
Exited 3 −3.00 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 10% a year, about 9.8 years per position

Low
Moderate
High

Top 5 positions50% of US stock

LEN Lennar Corporation Class A added+1.30 pp added+1.3014.4%
GS Goldman Sachs Group Inc. trimmed−0.20 pp trimmed−0.209.6%
C Citigroup Inc. added+1.82 pp added+1.828.8%
GM General Motors Company added−0.68 pp added−0.688.8%
JPM JPMorgan Chase & Co. added−0.30 pp added−0.308.6%

Positions27 in this filing · 3 exited


LENLennar Corporation Class A	14.37%	9,042,711	$1.3B	added+1%	+1.30 pp	33 q
GSGoldman Sachs Group Inc.	9.59%	2,330,477	$899M	trimmed−0%	−0.20 pp	39 q
CCitigroup Inc.	8.84%	16,113,305	$829M	added+22%	+1.82 pp	9 q
GMGeneral Motors Company	8.82%	23,038,258	$828M	added+4%	−0.68 pp	24 q
JPMJPMorgan Chase & Co.	8.57%	4,723,504	$803M	added0%	−0.30 pp	37 q
CRHCRH Public Limited Company	8.22%	11,141,937	$771M	added+1%	+0.39 pp	2 q
PHMPultegroup, Inc.	6.30%	5,726,368	$591M	added0%	+0.83 pp	7 q
TOLToll Brothers, Inc.	6.08%	5,544,987	$570M	trimmed−0%	+0.75 pp	32 q
0LW9Westrock Co	5.94%	13,410,621	$557M	trimmed−1%	−0.34 pp	8 q
DHID.R. Horton Inc.	5.75%	3,547,948	$539M	added+1%	+0.85 pp	37 q
IPInternational Paper Co.	3.79%	9,835,395	$356M	added0%	−0.72 pp	9 q
OSKOshkosh Corp.	2.85%	2,469,789	$268M	added0%	−0.19 pp	6 q
LEALear Corporation	2.70%	1,792,860	$253M	added0%	−0.41 pp	15 q
ARWArrow Electronics, Inc.	2.38%	1,826,528	$223M	added+4%	−0.47 pp	4 q
AVTAvnet, Inc.	2.06%	3,834,799	$193M	added+2%	−0.30 pp	6 q
MTHMeritage Homes Corporation	1.54%	826,791	$144M	added+2%	+0.25 pp	7 q
TEXTerex Corporation	0.89%	1,456,700	$84M	added×2.0	+0.35 pp	3 q
LEN.BLennar Corporation Class B	0.81%	569,409	$76M	added0%	+0.06 pp	25 q
NOVNOV Inc.	0.34%	1,590,400	$32M	added+2%	−0.08 pp	2 q
GGenpact Limited	0.11%	302,805	$11M	new	+0.11 pp	new
AAgilent Technologies Inc.	0.02%	10,700	$1M	held	—	43 q
MSMorgan Stanley	0.01%	10,000	$932,500	held	—	16 q
SCHWThe Charles Schwab Corporation	0.01%	20,000	$1M	held	—	15 q
UNPUnion Pacific Corp.	0.01%	2,032	$499,100	held	—	29 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	1,001	$357,017	held	—	15 q
MMM3M Company	0.00%	2,368	$258,870	held	—	43 q
FTITechnipFMC plc	0.00%	15,500	$312,170	held	—	7 q
WHRWhirlpool Corp.	—	−1,585,070	—	exited	−2.75 pp	—
GILGildan Activewear Inc.	—	−561,734	—	exited	−0.20 pp	—
ALVAutoliv, Inc.	—	−40,285	—	exited	−0.05 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 0 unresolved
Accession: 0001213900-24-002203
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 2023-12-31

Search