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 |
TMHC
Taylor Morrison
TMHC
|
+$27.2M |
| 2 |
Adient
ADNT
|
+$18M |
| 3 |
CAA
CalAtlantic Group, Inc.
CAA
|
+$5.27M |
| 4 |
Whirlpool
WHR
|
+$4.03M |
| 5 |
Toll Brothers
TOL
|
+$1.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Boeing
BA
|
+$469M |
| 2 |
Goldman Sachs
GS
|
+$19.8M |
| 3 |
JPMorgan Chase
JPM
|
+$11.7M |
| 4 |
FedEx
FDX
|
+$7.26M |
| 5 |
USG
Usg
USG
|
+$7.19M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 36.21% |
| 2 | Financials | 35.65% |
| 3 | Industrials | 14.17% |
| 4 | Materials | 1.25% |
| 5 | Healthcare | 0.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Goldman Sachs
GS
$303B
| $879M | 13.19% |
3,705,695
-87,592
| -2% | -$19.8M |
|
2
Citigroup
C
$221B
| $837M | 12.56% |
11,506,304
+11,117
| +0.1% | +$759K |
|
|
3
FedEx
FDX
$76.9B
| $673M | 10.09% |
2,981,611
-34,077
| -1% | -$7.26M |
|
|
4
JPMorgan Chase
JPM
$935B
| $660M | 9.9% |
6,906,482
-127,364
| -2% | -$11.7M |
|
5
Lowe's Companies
LOW
$121B
| $563M | 8.44% |
7,037,051
-69,070
| -1% | -$5.29M |
|
|
6
Whirlpool
WHR
$2.63B
| $509M | 7.64% |
2,759,675
+22,525
| +0.8% | +$4.03M |
|
7
D.R. Horton
DHI
$41.5B
| $328M | 4.92% |
8,214,782
+42,642
| +0.5% | +$1.55M |
|
8
Lennar Class A
LEN
$21B
| $286M | 4.3% |
5,699,423
+4,840
| +0.1% | +$241K |
|
|
9
Boeing
BA
$169B
| $202M | 3.03% |
793,498
-2,010,956
| -72% | -$469M |
|
|
10
Toll Brothers
TOL
$13.7B
| $169M | 2.54% |
4,075,852
+45,886
| +1% | +$1.8M |
|
|
11
Adient
ADNT
$1.54B
| $157M | 2.36% |
1,869,315
+254,434
| +16% | +$18M |
|
12
Pultegroup
PHM
$24.6B
| $157M | 2.35% |
5,734,548
-20,717
| -0.4% | -$524K |
|
|
CAA
13
DELISTED
CalAtlantic Group, Inc.
CAA
| $117M | 1.76% |
3,198,013
+148,170
| +5% | +$5.27M |
|
|
USG
14
DELISTED
Usg
USG
| $76.6M | 1.15% |
2,346,353
-249,288
| -10% | -$7.19M |
|
|
TPH
15
DELISTED
Tri Pointe Homes
TPH
| $71.3M | 1.07% |
5,164,668
-14,338
| -0.3% | -$191K |
|
16
Aecom
ACM
$8.34B
| $59.1M | 0.89% |
1,606,379
-6,068
| -0.4% | -$199K |
|
|
TMHC
17
DELISTED
Taylor Morrison
TMHC
| $55.7M | 0.84% |
2,526,244
+1,229,844
| +95% | +$27.2M |
|
18
3M
MMM
$92.3B
| $10.5M | 0.16% |
59,800
| – | – |
|
|
PX
19
DELISTED
Praxair Inc
PX
| $6.43M | 0.1% |
46,051
-10,710
| -19% | -$1.43M |
|
20
Agilent Technologies
A
$44.9B
| $687K | 0.01% |
10,700
| – | – |
|
|
AMTD
21
DELISTED
TD Ameritrade Holding Corp
AMTD
| $350K | 0.01% |
7,170
+900
| +14% | +$40.4K |
|
22
Union Pacific
UNP
$183B
| $236K | ﹤0.01% |
2,032
| – | – |
|
Similar funds
Edgar Wachenheim's Q3 2017 Portfolio in Review
As of Q3 2017, Edgar Wachenheim held 23 positions worth $6.66B, up 0.78% from $6.61B the previous quarter. Its ten largest holdings account for 87% of the portfolio.
Edgar Wachenheim withdrew a net $467M in Q3 2017, reducing 11 holdings. Its largest reduction was Boeing, cutting an estimated $469M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 36% of assets, up from 34% a quarter earlier, followed by Financials and Industrials.
Against the trend, Edgar Wachenheim added an estimated $27.2M to Taylor Morrison.
- Edgar Wachenheim added most to Taylor Morrison in Q3 2017, an estimated $27.2M increase.
- Edgar Wachenheim's biggest Q3 2017 reduction was Boeing, cutting an estimated $469M.
- Edgar Wachenheim's ten largest holdings make up 87% of its $6.66B portfolio in Q3 2017.
- Edgar Wachenheim opened 0 new positions and closed 0 in Q3 2017.
- Edgar Wachenheim's portfolio value rose 0.78% quarter-over-quarter to $6.66B.
Based on Greenhaven Associates's 13F filing for Q3 2017, filed 25 Oct 2017.