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 |
Boeing
BA
|
+$157M |
| 2 |
Citigroup
C
|
+$56.6M |
| 3 |
FedEx
FDX
|
+$54.2M |
| 4 |
Toll Brothers
TOL
|
+$46.5M |
| 5 |
Pultegroup
PHM
|
+$46.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
3M
MMM
|
+$208M |
| 2 |
United Parcel Service
UPS
|
+$197M |
| 3 |
Lowe's Companies
LOW
|
+$46M |
| 4 |
ARG
Airgas Inc
ARG
|
+$2.95M |
| 5 |
Masco
MAS
|
+$2.95M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 34.23% |
| 2 | Financials | 28.17% |
| 3 | Industrials | 24.67% |
| 4 | Materials | 1.87% |
| 5 | Healthcare | 0.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
FedEx
FDX
$76.9B
| $800M | 15.29% |
4,914,882
+389,778
| +9% | +$54.2M |
|
|
2
Lowe's Companies
LOW
$121B
| $670M | 12.81% |
8,846,886
-651,933
| -7% | -$46M |
|
3
Goldman Sachs
GS
$303B
| $556M | 10.63% |
3,540,321
+179,828
| +5% | +$27.8M |
|
4
JPMorgan Chase
JPM
$935B
| $536M | 10.25% |
9,051,053
-14,882
| -0.2% | -$869K |
|
5
Whirlpool
WHR
$2.63B
| $474M | 9.07% |
2,630,271
+15,175
| +0.6% | +$2.26M |
|
|
6
Citigroup
C
$221B
| $325M | 6.21% |
7,781,578
+1,354,429
| +21% | +$56.6M |
|
7
Lennar Class A
LEN
$21B
| $232M | 4.44% |
5,050,028
+756,751
| +18% | +$31M |
|
8
D.R. Horton
DHI
$41.5B
| $203M | 3.88% |
6,719,617
+421,372
| +7% | +$11.6M |
|
9
Owens Corning
OC
$11.7B
| $161M | 3.08% |
3,402,236
-25,200
| -0.7% | -$1.12M |
|
|
10
Boeing
BA
$169B
| $160M | 3.07% |
+1,263,250
| New | +$157M |
|
|
USG
11
DELISTED
Usg
USG
| $90.1M | 1.72% |
3,633,048
+214,270
| +6% | +$4.45M |
|
|
12
3M
MMM
$92.3B
| $83.8M | 1.6% |
601,415
-1,615,652
| -73% | -$208M |
|
|
13
Masco
MAS
$14.5B
| $82.8M | 1.58% |
2,632,970
-107,000
| -4% | -$2.95M |
|
|
14
Pultegroup
PHM
$24.6B
| $81.1M | 1.55% |
4,335,168
+2,711,800
| +167% | +$46.2M |
|
|
TPH
15
DELISTED
Tri Pointe Homes
TPH
| $58.6M | 1.12% |
4,975,019
+512,620
| +11% | +$5.41M |
|
16
Wells Fargo
WFC
$254B
| $56.4M | 1.08% |
1,166,104
-40,800
| -3% | -$2M |
|
|
ELUX
17
DELISTED
AKTIEB. ELECTROLUX B ADR SPNSD
ELUX
| $53.9M | 1.03% |
1,030,406
-7,700
| -0.7% | -$403K |
|
|
18
Toll Brothers
TOL
$13.7B
| $49.1M | 0.94% |
+1,663,433
| New | +$46.5M |
|
|
CAA
19
DELISTED
CalAtlantic Group, Inc.
CAA
| $21.2M | 0.4% |
633,700
+549,000
| +648% | +$17.2M |
|
|
PX
20
DELISTED
Praxair Inc
PX
| $7.6M | 0.15% |
66,441
| – | – |
|
|
ARG
21
DELISTED
Airgas Inc
ARG
| $2.72M | 0.05% |
19,200
-21,000
| -52% | -$2.95M |
|
22
Agilent Technologies
A
$44.9B
| $425K | 0.01% |
10,700
| – | – |
|
|
AMTD
23
DELISTED
TD Ameritrade Holding Corp
AMTD
| $219K | ﹤0.01% |
6,940
| – | – |
|
|
24
United Parcel Service
UPS
$86.8B
| – | – |
-2,044,758
| Closed | -$197M |
|
|
AMIC
25
DELISTED
AMERICAN INDEPENDENCE CORP
AMIC
| – | – |
-99,012
| Closed | -$849K |
|
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Edgar Wachenheim's Q1 2016 Portfolio in Review
As of Q1 2016, Edgar Wachenheim held 26 positions worth $5.23B, down 0.53% from $5.26B the previous quarter. Its ten largest holdings account for 86% of the portfolio.
Edgar Wachenheim's Q1 2016 filing shows 2 new, 11 increased, 8 reduced and 2 closed positions. Its largest new stake was Boeing: 1,263,250 shares worth $160M. The largest sale was 3M, an estimated $208M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 34% of assets, up from 30% a quarter earlier, followed by Financials and Industrials.
- Edgar Wachenheim's largest Q1 2016 buy was Boeing: 1,263,250 shares worth $160M.
- Edgar Wachenheim added most to Citigroup in Q1 2016, an estimated $56.6M increase.
- Edgar Wachenheim's biggest Q1 2016 reduction was 3M, cutting an estimated $208M.
- Edgar Wachenheim fully exited United Parcel Service in Q1 2016, selling an estimated $197M.
- Edgar Wachenheim's ten largest holdings make up 86% of its $5.23B portfolio in Q1 2016.
- Edgar Wachenheim opened 2 new positions and closed 2 in Q1 2016.
- Edgar Wachenheim's portfolio value fell 0.53% quarter-over-quarter to $5.23B.
Based on Greenhaven Associates's 13F filing for Q1 2016, filed 6 May 2016.