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
|
+$162M |
| 2 |
CAA
CalAtlantic Group, Inc.
CAA
|
+$30.1M |
| 3 |
D.R. Horton
DHI
|
+$17.7M |
| 4 |
Toll Brothers
TOL
|
+$16.3M |
| 5 |
Lennar Class A
LEN
|
+$14.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$268M |
| 2 |
Lowe's Companies
LOW
|
+$24.8M |
| 3 |
Owens Corning
OC
|
+$24.5M |
| 4 |
JPMorgan Chase
JPM
|
+$18.1M |
| 5 |
USG
Usg
USG
|
+$7.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 37.49% |
| 2 | Consumer Discretionary | 30.26% |
| 3 | Industrials | 20.64% |
| 4 | Materials | 1.74% |
| 5 | Healthcare | 0.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Goldman Sachs
GS
$303B
| $896M | 15.11% |
3,740,329
-5,455
| -0.1% | -$1.11M |
|
2
Citigroup
C
$221B
| $675M | 11.38% |
11,354,747
+84,839
| +0.8% | +$4.58M |
|
|
3
JPMorgan Chase
JPM
$935B
| $652M | 10.99% |
7,551,944
-236,713
| -3% | -$18.1M |
|
|
4
FedEx
FDX
$76.9B
| $568M | 9.58% |
3,049,497
-1,458,050
| -32% | -$268M |
|
|
5
Lowe's Companies
LOW
$121B
| $517M | 8.72% |
7,271,286
-350,400
| -5% | -$24.8M |
|
6
Whirlpool
WHR
$2.63B
| $485M | 8.18% |
2,668,615
+53,830
| +2% | +$8.91M |
|
|
7
Boeing
BA
$169B
| $442M | 7.46% |
2,839,900
+1,111,605
| +64% | +$162M |
|
|
8
Lennar Class A
LEN
$21B
| $232M | 3.91% |
5,666,733
+351,893
| +7% | +$14.2M |
|
|
9
D.R. Horton
DHI
$41.5B
| $202M | 3.41% |
7,399,792
+620,261
| +9% | +$17.7M |
|
|
10
Owens Corning
OC
$11.7B
| $142M | 2.4% |
2,757,349
-472,708
| -15% | -$24.5M |
|
|
11
Toll Brothers
TOL
$13.7B
| $121M | 2.04% |
3,900,701
+549,040
| +16% | +$16.3M |
|
12
Pultegroup
PHM
$24.6B
| $105M | 1.77% |
5,718,265
+166,400
| +3% | +$3.16M |
|
|
USG
13
DELISTED
Usg
USG
| $95.1M | 1.6% |
3,292,065
-261,906
| -7% | -$7.2M |
|
|
CAA
14
DELISTED
CalAtlantic Group, Inc.
CAA
| $72.7M | 1.23% |
2,138,620
+910,699
| +74% | +$30.1M |
|
15
Aecom
ACM
$8.34B
| $61.6M | 1.04% |
1,694,347
-185,560
| -10% | -$6.16M |
|
|
TPH
16
DELISTED
Tri Pointe Homes
TPH
| $59.2M | 1% |
5,157,807
| – | – |
|
17
3M
MMM
$92.3B
| $8.93M | 0.15% |
59,800
| – | – |
|
|
PX
18
DELISTED
Praxair Inc
PX
| $7.79M | 0.13% |
66,441
| – | – |
|
19
Sterling Infrastructure
STRL
$15.8B
| $716K | 0.01% |
84,623
| – | – |
|
20
Agilent Technologies
A
$44.9B
| $487K | 0.01% |
10,700
| – | – |
|
|
AMTD
21
DELISTED
TD Ameritrade Holding Corp
AMTD
| $298K | 0.01% |
6,840
| – | – |
|
22
Union Pacific
UNP
$183B
| $211K | ﹤0.01% |
+2,032
| New | +$200K |
|
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Edgar Wachenheim's Q4 2016 Portfolio in Review
As of Q4 2016, Edgar Wachenheim held 24 positions worth $5.93B, up 13% from $5.24B the previous quarter. Its ten largest holdings account for 89% of the portfolio.
Edgar Wachenheim's Q4 2016 filing shows 2 new, 9 increased and 7 reduced positions. Its largest new stake was Union Pacific: 2,032 shares worth $211K. The largest sale was FedEx, an estimated $268M.
By sector, the portfolio is most concentrated in Financials at 37% of assets, up from 32% a quarter earlier, followed by Consumer Discretionary and Industrials.
- Edgar Wachenheim's largest Q4 2016 buy was Union Pacific: 2,032 shares worth $211K.
- Edgar Wachenheim added most to Boeing in Q4 2016, an estimated $162M increase.
- Edgar Wachenheim's biggest Q4 2016 reduction was FedEx, cutting an estimated $268M.
- Edgar Wachenheim's ten largest holdings make up 89% of its $5.93B portfolio in Q4 2016.
- Edgar Wachenheim opened 2 new positions and closed 0 in Q4 2016.
- Edgar Wachenheim's portfolio value rose 13% quarter-over-quarter to $5.93B.
Based on Greenhaven Associates's 13F filing for Q4 2016, filed 23 Jan 2017.