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 |
Toll Brothers
TOL
|
+$8.63M |
| 2 |
Quanta Services
PWR
|
+$4.92M |
| 3 |
Lennar Class A
LEN
|
+$2.82M |
| 4 |
Aecom
ACM
|
+$262K |
| 5 |
Lennar Class B
LEN.B
|
+$166K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$17M |
| 2 |
FedEx
FDX
|
+$9.14M |
| 3 |
Citigroup
C
|
+$7.51M |
| 4 |
Whirlpool
WHR
|
+$5.11M |
| 5 |
D.R. Horton
DHI
|
+$4.05M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 32.59% |
| 2 | Consumer Discretionary | 32.54% |
| 3 | Industrials | 11.1% |
| 4 | Healthcare | 0.01% |
| 5 | Materials | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Citigroup
C
$221B
| $637M | 12.28% |
12,231,251
-118,570
| -1% | -$7.51M |
|
2
Goldman Sachs
GS
$303B
| $560M | 10.8% |
3,352,927
-16,522
| -0.5% | -$3.33M |
|
|
3
JPMorgan Chase
JPM
$935B
| $493M | 9.51% |
5,052,884
-159,500
| -3% | -$17M |
|
|
4
FedEx
FDX
$76.9B
| $440M | 8.49% |
2,729,517
-43,210
| -2% | -$9.14M |
|
|
5
Lennar Class A
LEN
$21B
| $366M | 7.06% |
9,660,090
+69,244
| +0.7% | +$2.82M |
|
|
6
Whirlpool
WHR
$2.63B
| $303M | 5.84% |
2,833,882
-45,050
| -2% | -$5.11M |
|
|
7
D.R. Horton
DHI
$41.5B
| $299M | 5.76% |
8,618,221
-111,100
| -1% | -$4.05M |
|
8
Ford
F
$57.5B
| $251M | 4.84% |
32,790,648
-247,900
| -0.8% | -$2.21M |
|
9
Pultegroup
PHM
$24.6B
| $179M | 3.46% |
6,896,895
-89,000
| -1% | -$2.2M |
|
|
10
Toll Brothers
TOL
$13.7B
| $144M | 2.78% |
4,375,225
+268,750
| +7% | +$8.63M |
|
|
11
Quanta Services
PWR
$96.1B
| $82.2M | 1.58% |
2,730,550
+152,250
| +6% | +$4.92M |
|
|
TPH
12
DELISTED
Tri Pointe Homes
TPH
| $53.8M | 1.04% |
4,920,299
-127,700
| -3% | -$1.51M |
|
|
TMHC
13
DELISTED
Taylor Morrison
TMHC
| $44.5M | 0.86% |
2,798,238
-47,900
| -2% | -$782K |
|
|
14
Aecom
ACM
$8.34B
| $43.6M | 0.84% |
1,644,689
+8,600
| +0.5% | +$262K |
|
15
Adient
ADNT
$1.54B
| $27M | 0.52% |
1,792,648
-90,900
| -5% | -$2.35M |
|
|
16
Lennar Class B
LEN.B
$20.6B
| $18M | 0.35% |
604,888
+5,049
| +0.8% | +$166K |
|
17
3M
MMM
$92.3B
| $9.53M | 0.18% |
59,800
| – | – |
|
18
Meritage Homes
MTH
$4.67B
| $2.69M | 0.05% |
146,650
-1,000
| -0.7% | -$18.5K |
|
19
Agilent Technologies
A
$44.9B
| $722K | 0.01% |
10,700
| – | – |
|
|
AMTD
20
DELISTED
TD Ameritrade Holding Corp
AMTD
| $351K | 0.01% |
7,170
| – | – |
|
21
Union Pacific
UNP
$183B
| $281K | 0.01% |
2,032
| – | – |
|
|
PX
22
DELISTED
Praxair Inc
PX
| – | – |
-20,000
| Closed | -$3.21M |
|
Similar funds
Edgar Wachenheim's Q4 2018 Portfolio in Review
As of Q4 2018, Edgar Wachenheim held 24 positions worth $5.19B, down 20% from $6.46B the previous quarter. Its ten largest holdings account for 88% of the portfolio.
Trading was light in Q4 2018: portfolio turnover was 4.2%. Edgar Wachenheim opened no new positions and exited 1, leaving the 24-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 33% of assets, down from 35% a quarter earlier, followed by Consumer Discretionary and Industrials.
- Edgar Wachenheim added most to Toll Brothers in Q4 2018, an estimated $8.63M increase.
- Edgar Wachenheim's biggest Q4 2018 reduction was JPMorgan Chase, cutting an estimated $17M.
- Edgar Wachenheim fully exited Praxair Inc in Q4 2018, selling an estimated $3.21M.
- Edgar Wachenheim's ten largest holdings make up 88% of its $5.19B portfolio in Q4 2018.
- Edgar Wachenheim opened 0 new positions and closed 1 in Q4 2018.
- Edgar Wachenheim's portfolio value fell 20% quarter-over-quarter to $5.19B.
Based on Greenhaven Associates's 13F filing for Q4 2018, filed 14 Jan 2019.