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
|
+$126M |
| 2 |
Aecom
ACM
|
+$47.7M |
| 3 |
Goldman Sachs
GS
|
+$32.4M |
| 4 |
Toll Brothers
TOL
|
+$27.9M |
| 5 |
CAA
CalAtlantic Group, Inc.
CAA
|
+$12.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Wells Fargo
WFC
|
+$56.4M |
| 2 |
JPMorgan Chase
JPM
|
+$54.3M |
| 3 |
ELUX
AKTIEB. ELECTROLUX B ADR SPNSD
ELUX
|
+$53.9M |
| 4 |
3M
MMM
|
+$46.9M |
| 5 |
Lowe's Companies
LOW
|
+$41.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 35.02% |
| 2 | Financials | 29.66% |
| 3 | Industrials | 23.74% |
| 4 | Materials | 2.04% |
| 5 | Healthcare | 0.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
FedEx
FDX
$76.9B
| $724M | 14.2% |
4,771,561
-143,321
| -3% | -$23.2M |
|
|
2
Lowe's Companies
LOW
$121B
| $658M | 12.91% |
8,313,191
-533,695
| -6% | -$41.3M |
|
|
3
Goldman Sachs
GS
$303B
| $557M | 10.92% |
3,747,673
+207,352
| +6% | +$32.4M |
|
|
4
JPMorgan Chase
JPM
$935B
| $504M | 9.89% |
8,181,269
-869,784
| -10% | -$54.3M |
|
|
5
Citigroup
C
$221B
| $451M | 8.84% |
10,638,884
+2,857,306
| +37% | +$126M |
|
6
Whirlpool
WHR
$2.63B
| $437M | 8.58% |
2,625,238
-5,033
| -0.2% | -$888K |
|
7
Lennar Class A
LEN
$21B
| $221M | 4.34% |
5,039,722
-10,306
| -0.2% | -$451K |
|
8
D.R. Horton
DHI
$41.5B
| $210M | 4.12% |
6,667,915
-51,702
| -0.8% | -$1.58M |
|
9
Boeing
BA
$169B
| $171M | 3.36% |
1,317,587
+54,337
| +4% | +$7.08M |
|
10
Owens Corning
OC
$11.7B
| $169M | 3.32% |
3,286,406
-115,830
| -3% | -$5.77M |
|
|
USG
11
DELISTED
Usg
USG
| $96.5M | 1.89% |
3,579,048
-54,000
| -1% | -$1.47M |
|
12
Pultegroup
PHM
$24.6B
| $92.6M | 1.82% |
4,751,081
+415,913
| +10% | +$7.71M |
|
|
13
Toll Brothers
TOL
$13.7B
| $71.4M | 1.4% |
2,654,933
+991,500
| +60% | +$27.9M |
|
|
TPH
14
DELISTED
Tri Pointe Homes
TPH
| $59.2M | 1.16% |
5,009,519
+34,500
| +0.7% | +$404K |
|
15
Masco
MAS
$14.5B
| $58.5M | 1.15% |
1,891,568
-741,402
| -28% | -$23.4M |
|
|
16
Aecom
ACM
$8.34B
| $47.9M | 0.94% |
+1,508,915
| New | +$47.7M |
|
|
17
3M
MMM
$92.3B
| $39.3M | 0.77% |
268,537
-332,878
| -55% | -$46.9M |
|
|
CAA
18
DELISTED
CalAtlantic Group, Inc.
CAA
| $36.1M | 0.71% |
983,533
+349,833
| +55% | +$12.3M |
|
|
PX
19
DELISTED
Praxair Inc
PX
| $7.47M | 0.15% |
66,441
| – | – |
|
20
Agilent Technologies
A
$44.9B
| $475K | 0.01% |
10,700
| – | – |
|
21
Sterling Infrastructure
STRL
$15.8B
| $388K | 0.01% |
+79,086
| New | +$391K |
|
|
22
Wells Fargo
WFC
$254B
| – | – |
-1,166,104
| Closed | -$56.4M |
|
|
AMTD
23
DELISTED
TD Ameritrade Holding Corp
AMTD
| – | – |
-6,940
| Closed | -$219K |
|
|
ARG
24
DELISTED
Airgas Inc
ARG
| – | – |
-19,200
| Closed | -$2.72M |
|
|
ELUX
25
DELISTED
AKTIEB. ELECTROLUX B ADR SPNSD
ELUX
| – | – |
-1,030,406
| Closed | -$53.9M |
|
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Edgar Wachenheim's Q2 2016 Portfolio in Review
As of Q2 2016, Edgar Wachenheim held 26 positions worth $5.1B, down 2.5% from $5.23B the previous quarter. Its ten largest holdings account for 87% of the portfolio.
Edgar Wachenheim's Q2 2016 filing shows 2 new, 8 increased, 10 reduced and 4 closed positions. Its largest new stake was Aecom: 1,508,915 shares worth $47.9M. The largest sale was Wells Fargo, an estimated $56.4M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 35% of assets, up from 34% a quarter earlier, followed by Financials and Industrials.
- Edgar Wachenheim's largest Q2 2016 buy was Aecom: 1,508,915 shares worth $47.9M.
- Edgar Wachenheim added most to Citigroup in Q2 2016, an estimated $126M increase.
- Edgar Wachenheim's biggest Q2 2016 reduction was JPMorgan Chase, cutting an estimated $54.3M.
- Edgar Wachenheim fully exited Wells Fargo in Q2 2016, selling an estimated $56.4M.
- Edgar Wachenheim's ten largest holdings make up 87% of its $5.1B portfolio in Q2 2016.
- Edgar Wachenheim opened 2 new positions and closed 4 in Q2 2016.
- Edgar Wachenheim's portfolio value fell 2.5% quarter-over-quarter to $5.1B.
Based on Greenhaven Associates's 13F filing for Q2 2016, filed 3 Aug 2016.