Edgar Wachenheim Greenhaven Associates
Edgar Wachenheim III is the long-time leader of Greenhaven Associates, a concentrated value-oriented investment firm. Greenhaven is known for large positions in a limited number of equities and a multi-year investment horizon. Wachenheim’s approach emphasizes intrinsic value, patience, and a willingness to look different from the index.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Citigroup
C
|
+$201M |
| 2 |
PX
Praxair Inc
PX
|
+$137M |
| 3 |
Goldman Sachs
GS
|
+$88M |
| 4 |
United Parcel Service
UPS
|
+$42.2M |
| 5 |
Masco
MAS
|
+$12.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Air Products & Chemicals
APD
|
+$139M |
| 2 |
TE Connectivity
TEL
|
+$120M |
| 3 |
Southwest Airlines
LUV
|
+$85.5M |
| 4 |
Agilent Technologies
A
|
+$75.5M |
| 5 |
Devon Energy
DVN
|
+$45.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 38.12% |
| 2 | Energy | 24.61% |
| 3 | Consumer Discretionary | 18.35% |
| 4 | Financials | 13.35% |
| 5 | Materials | 4.04% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
FedEx
FDX
$76.9B
| $735M | 14.13% |
4,554,394
-2,186
| -0% | -$332K |
|
2
Lowe's Companies
LOW
$121B
| $598M | 11.49% |
11,295,132
+7,700
| +0.1% | +$389K |
|
|
BHI
3
DELISTED
Baker Hughes
BHI
| $597M | 11.47% |
9,172,957
-180,036
| -2% | -$12.6M |
|
|
4
United Parcel Service
UPS
$86.8B
| $504M | 9.68% |
5,124,239
+424,204
| +9% | +$42.2M |
|
|
5
Goldman Sachs
GS
$303B
| $487M | 9.36% |
2,653,627
+500,847
| +23% | +$88M |
|
6
3M
MMM
$92.3B
| $389M | 7.47% |
3,282,831
+56,601
| +2% | +$6.8M |
|
7
SLB Ltd
SLB
$79.9B
| $375M | 7.2% |
3,683,780
+46,120
| +1% | +$5.03M |
|
8
Whirlpool
WHR
$2.63B
| $357M | 6.86% |
2,449,758
+41,340
| +2% | +$6.11M |
|
|
PX
9
DELISTED
Praxair Inc
PX
| $209M | 4.03% |
1,623,346
+1,047,376
| +182% | +$137M |
|
|
10
Citigroup
C
$221B
| $207M | 3.99% |
+4,002,320
| New | +$201M |
|
|
11
Devon Energy
DVN
$54B
| $162M | 3.11% |
2,370,023
-612,890
| -21% | -$45.6M |
|
12
Boeing
BA
$169B
| $148M | 2.84% |
1,159,378
+2,240
| +0.2% | +$282K |
|
|
SPN
13
DELISTED
Superior Energy Services, Inc.
SPN
| $147M | 2.83% |
447,378
-1,321
| -0.3% | -$458K |
|
|
14
Southwest Airlines
LUV
$19.8B
| $139M | 2.66% |
4,102,965
-2,800,773
| -41% | -$85.5M |
|
15
Microsoft
MSFT
$3.59T
| $75.7M | 1.45% |
1,632,090
-11,585
| -0.7% | -$517K |
|
16
Owens Corning
OC
$11.7B
| $55.1M | 1.06% |
1,736,919
+225,675
| +15% | +$7.97M |
|
|
17
Masco
MAS
$14.5B
| $13.4M | 0.26% |
+637,735
| New | +$12.6M |
|
|
18
Agilent Technologies
A
$44.9B
| $1.1M | 0.02% |
26,981
-1,849,728
| -99% | -$75.5M |
|
|
AMIC
19
DELISTED
AMERICAN INDEPENDENCE CORP
AMIC
| $1.1M | 0.02% |
99,992
| – | – |
|
|
20
Air Products & Chemicals
APD
$67.9B
| $975K | 0.02% |
8,097
-1,135,640
| -99% | -$139M |
|
|
21
TE Connectivity
TEL
$58.9B
| $541K | 0.01% |
9,790
-1,935,401
| -99% | -$120M |
|
22
Plains All American Pipeline
PAA
$17.4B
| $424K | 0.01% |
7,200
| – | – |
|
|
PLL
23
DELISTED
PALL CORP
PLL
| $293K | 0.01% |
3,500
| – | – |
|
|
AMTD
24
DELISTED
TD Ameritrade Holding Corp
AMTD
| $232K | ﹤0.01% |
6,940
| – | – |
|
25
Union Pacific
UNP
$183B
| $217K | ﹤0.01% |
+2,000
| New | +$207K |
|
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Edgar Wachenheim's Q3 2014 Portfolio in Review
As of Q3 2014, Edgar Wachenheim held 29 positions worth $5.2B, down 1.1% from $5.26B the previous quarter. Its ten largest holdings account for 86% of the portfolio.
Edgar Wachenheim's Q3 2014 filing shows 3 new, 9 increased, 10 reduced and 3 closed positions. Its largest new stake was Citigroup: 4,002,320 shares worth $207M. The largest sale was Air Products & Chemicals, an estimated $139M.
By sector, the portfolio is most concentrated in Industrials at 38% of assets, up from 37% a quarter earlier, followed by Energy and Consumer Discretionary.
- Edgar Wachenheim's largest Q3 2014 buy was Citigroup: 4,002,320 shares worth $207M.
- Edgar Wachenheim added most to Praxair Inc in Q3 2014, an estimated $137M increase.
- Edgar Wachenheim's biggest Q3 2014 reduction was Air Products & Chemicals, cutting an estimated $139M.
- Edgar Wachenheim fully exited Avnet in Q3 2014, selling an estimated $32.4M.
- Edgar Wachenheim's ten largest holdings make up 86% of its $5.2B portfolio in Q3 2014.
- Edgar Wachenheim opened 3 new positions and closed 3 in Q3 2014.
- Edgar Wachenheim's portfolio value fell 1.1% quarter-over-quarter to $5.2B.
Based on Greenhaven Associates's 13F filing for Q3 2014, filed 30 Oct 2014.