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EW

Edgar Wachenheim Greenhaven Associates

AUM $8.66B
1-Year Est. Return 17.37%
 

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.

This Fund
S&P 500
This Quarter Est. Return
+14.35%
1 Year Est. Return
+17.37%
3 Year Est. Return
+57.99%
5 Year Est. Return
+64.45%
10 Year Est. Return
+297.25%
AUM
$5.63B
AUM Growth
+$442M
Cap. Flow
-$367M
Cap. Flow %
-6.53%
Top 10 Hldgs %
87.68%
Holding
25
New
2
Increased
4
Reduced
15
Closed
1

Top Buys

Rank Stock Value
1
GM icon
General Motors
GM
+$772M
2
STLA icon
Stellantis
STLA
+$26.4M
3
FDX icon
FedEx
FDX
+$3.61M
4
PWR icon
Quanta Services
PWR
+$1.96M
5
MTH icon
Meritage Homes
MTH
+$963K

Top Sells

Rank Stock Value
1
JPM icon
JPMorgan Chase
JPM
+$8.48M
2
MMM icon
3M
MMM
+$5.03M
3
C icon
Citigroup
C
+$4.67M
4
F icon
Ford
F
+$3.03M
5
DHI icon
D.R. Horton
DHI
+$2.87M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 49.07%
2 Financials 33.79%
3 Industrials 11.68%
4 Healthcare 0.02%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
C icon
1
Citigroup
C
$221B
$756M 13.44%
12,155,981
-75,270
-0.6% -$4.67M
GM icon
2
General Motors
GM
$77.2B
$754M 13.4%
+20,330,837
New +$772M
GS icon
3
Goldman Sachs
GS
$303B
$642M 11.4%
3,343,927
-9,000
-0.3% -$1.74M
JPM icon
4
JPMorgan Chase
JPM
$935B
$503M 8.94%
4,970,573
-82,311
-2% -$8.48M
FDX icon
5
FedEx
FDX
$76.9B
$499M 8.86%
2,749,967
+20,450
+0.7% +$3.61M
LEN icon
6
Lennar Class A
LEN
$21B
$459M 8.16%
9,662,976
+2,886
+0% +$131K
WHR icon
7
Whirlpool
WHR
$2.63B
$376M 6.69%
2,832,782
-1,100
-0% -$145K
DHI icon
8
D.R. Horton
DHI
$41.5B
$354M 6.28%
8,544,846
-73,375
-0.9% -$2.87M
F icon
9
Ford
F
$57.5B
$285M 5.06%
32,437,748
-352,900
-1% -$3.03M
PHM icon
10
Pultegroup
PHM
$24.6B
$191M 3.4%
6,838,395
-58,500
-0.8% -$1.59M
TOL icon
11
Toll Brothers
TOL
$13.7B
$157M 2.79%
4,338,475
-36,750
-0.8% -$1.32M
PWR icon
12
Quanta Services
PWR
$96.1B
$105M 1.87%
2,786,550
+56,000
+2% +$1.96M
TPH
13
DELISTED
Tri Pointe Homes
TPH
$61.2M 1.09%
4,840,080
-80,219
-2% -$1.02M
TMHC
14
DELISTED
Taylor Morrison
TMHC
$48.9M 0.87%
2,753,295
-44,943
-2% -$802K
ACM icon
15
Aecom
ACM
$8.34B
$47.9M 0.85%
1,613,689
-31,000
-2% -$927K
STLA icon
16
Stellantis
STLA
$20.4B
$25.5M 0.45%
+1,717,200
New +$26.4M
ADNT icon
17
Adient
ADNT
$1.54B
$23.2M 0.41%
1,787,748
-4,900
-0.3% -$85.8K
LEN.B icon
18
Lennar Class B
LEN.B
$20.6B
$22.5M 0.4%
604,581
-307
-0.1% -$11K
MMM icon
19
3M
MMM
$92.3B
$5.2M 0.09%
29,900
-29,900
-50% -$5.03M
MTH icon
20
Meritage Homes
MTH
$4.67B
$4.28M 0.08%
191,650
+45,000
+31% +$963K
A icon
21
Agilent Technologies
A
$44.9B
$860K 0.02%
10,700
– –
AMTD
22
DELISTED
TD Ameritrade Holding Corp
AMTD
$358K 0.01%
7,170
– –
UNP icon
23
Union Pacific
UNP
$183B
$340K 0.01%
2,032
– –

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Edgar Wachenheim's Q1 2019 Portfolio in Review

As of Q1 2019, Edgar Wachenheim held 25 positions worth $5.63B, up 8.5% from $5.19B the previous quarter. Its ten largest holdings account for 88% of the portfolio.

Edgar Wachenheim withdrew a net $367M in Q1 2019, closing 1 position and reducing 15 holdings. Its largest reduction was JPMorgan Chase, cutting an estimated $8.48M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 49% of assets, up from 33% a quarter earlier, followed by Financials and Industrials.

Against the trend, Edgar Wachenheim opened a new position in General Motors worth $754M.

  • Edgar Wachenheim's largest Q1 2019 buy was General Motors: 20,330,837 shares worth $754M.
  • Edgar Wachenheim added most to FedEx in Q1 2019, an estimated $3.61M increase.
  • Edgar Wachenheim's biggest Q1 2019 reduction was JPMorgan Chase, cutting an estimated $8.48M.
  • Edgar Wachenheim's ten largest holdings make up 88% of its $5.63B portfolio in Q1 2019.
  • Edgar Wachenheim opened 2 new positions and closed 1 in Q1 2019.
  • Edgar Wachenheim's portfolio value rose 8.5% quarter-over-quarter to $5.63B.

Based on Greenhaven Associates's 13F filing for Q1 2019, filed 3 May 2019.