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 |
Ford
F
|
+$3.16M |
| 2 |
Quanta Services
PWR
|
+$2.18M |
| 3 |
Citigroup
C
|
+$1.69M |
| 4 |
Lennar Class A
LEN
|
+$1.05M |
| 5 |
Toll Brothers
TOL
|
+$633K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$14.1M |
| 2 |
Goldman Sachs
GS
|
+$9.11M |
| 3 |
FedEx
FDX
|
+$4.28M |
| 4 |
3M
MMM
|
+$505K |
| 5 |
PX
Praxair Inc
PX
|
+$394K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 34.54% |
| 2 | Consumer Discretionary | 30.52% |
| 3 | Industrials | 12.67% |
| 4 | Materials | 0.05% |
| 5 | Healthcare | 0.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Citigroup
C
$221B
| $886M | 13.72% |
12,349,821
+23,965
| +0.2% | +$1.69M |
|
|
2
Goldman Sachs
GS
$303B
| $756M | 11.7% |
3,369,449
-39,183
| -1% | -$9.11M |
|
|
3
FedEx
FDX
$76.9B
| $668M | 10.34% |
2,772,727
-17,665
| -0.6% | -$4.28M |
|
|
4
JPMorgan Chase
JPM
$935B
| $588M | 9.11% |
5,212,384
-124,316
| -2% | -$14.1M |
|
|
5
Lennar Class A
LEN
$21B
| $433M | 6.71% |
9,590,846
+20,941
| +0.2% | +$1.05M |
|
6
D.R. Horton
DHI
$41.5B
| $368M | 5.7% |
8,729,321
+7,400
| +0.1% | +$320K |
|
7
Whirlpool
WHR
$2.63B
| $342M | 5.29% |
2,878,932
-1,700
| -0.1% | -$225K |
|
|
8
Ford
F
$57.5B
| $306M | 4.73% |
33,038,548
+316,000
| +1% | +$3.16M |
|
9
Pultegroup
PHM
$24.6B
| $173M | 2.68% |
6,985,895
-1,700
| -0% | -$48.2K |
|
|
10
Toll Brothers
TOL
$13.7B
| $136M | 2.1% |
4,106,475
+17,500
| +0.4% | +$633K |
|
|
11
Quanta Services
PWR
$96.1B
| $86.1M | 1.33% |
2,578,300
+64,200
| +3% | +$2.18M |
|
12
Adient
ADNT
$1.54B
| $74M | 1.15% |
1,883,548
-3,100
| -0.2% | -$140K |
|
|
TPH
13
DELISTED
Tri Pointe Homes
TPH
| $62.6M | 0.97% |
5,047,999
-10,700
| -0.2% | -$158K |
|
14
Aecom
ACM
$8.34B
| $53.4M | 0.83% |
1,636,089
+3,400
| +0.2% | +$112K |
|
|
TMHC
15
DELISTED
Taylor Morrison
TMHC
| $51.3M | 0.8% |
2,846,138
+5,700
| +0.2% | +$113K |
|
|
16
Lennar Class B
LEN.B
$20.6B
| $22M | 0.34% |
599,839
-369
| -0.1% | -$14.9K |
|
|
17
3M
MMM
$92.3B
| $10.5M | 0.16% |
59,800
-2,934
| -5% | -$505K |
|
|
PX
18
DELISTED
Praxair Inc
PX
| $3.21M | 0.05% |
20,000
-2,451
| -11% | -$394K |
|
19
Meritage Homes
MTH
$4.67B
| $2.95M | 0.05% |
147,650
+14,130
| +11% | +$308K |
|
20
Agilent Technologies
A
$44.9B
| $755K | 0.01% |
10,700
| – | – |
|
|
AMTD
21
DELISTED
TD Ameritrade Holding Corp
AMTD
| $379K | 0.01% |
7,170
| – | – |
|
22
Union Pacific
UNP
$183B
| $331K | 0.01% |
2,032
| – | – |
|
Similar funds
Edgar Wachenheim's Q3 2018 Portfolio in Review
As of Q3 2018, Edgar Wachenheim held 24 positions worth $6.46B, down 3.3% from $6.68B the previous quarter. Its ten largest holdings account for 90% of the portfolio.
Trading was light in Q3 2018: portfolio turnover was 0%. Edgar Wachenheim opened no new positions and made no exits, leaving the 24-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 35% of assets, up from 32% a quarter earlier, followed by Consumer Discretionary and Industrials.
- Edgar Wachenheim added most to Ford in Q3 2018, an estimated $3.16M increase.
- Edgar Wachenheim's biggest Q3 2018 reduction was JPMorgan Chase, cutting an estimated $14.1M.
- Edgar Wachenheim's ten largest holdings make up 90% of its $6.46B portfolio in Q3 2018.
- Edgar Wachenheim opened 0 new positions and closed 0 in Q3 2018.
- Edgar Wachenheim's portfolio value fell 3.3% quarter-over-quarter to $6.46B.
Based on Greenhaven Associates's 13F filing for Q3 2018, filed 17 Oct 2018.