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 |
General Motors
GM
|
+$512M |
| 2 |
Lear
LEA
|
+$25.5M |
| 3 |
Bunge Global
BG
|
+$9.3M |
| 4 |
Toll Brothers
TOL
|
+$8.89M |
| 5 |
ProShares Short QQQ
PSQ
|
+$8.47M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
D.R. Horton
DHI
|
+$304M |
| 2 |
Lennar Class A
LEN
|
+$137M |
| 3 |
Pultegroup
PHM
|
+$137M |
| 4 |
FedEx
FDX
|
+$113M |
| 5 |
Mohawk Industries
MHK
|
+$72.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 55.8% |
| 2 | Financials | 29.68% |
| 3 | Industrials | 10.93% |
| 4 | Materials | 2.29% |
| 5 | Consumer Staples | 1.09% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Lennar Class A
LEN
$21B
| $620M | 13.62% |
7,837,913
-1,934,158
| -20% | -$137M |
|
2
Goldman Sachs
GS
$303B
| $598M | 13.13% |
2,974,180
+26,750
| +0.9% | +$5.44M |
|
|
3
General Motors
GM
$77.2B
| $539M | 11.85% |
+18,228,066
| New | +$512M |
|
4
Whirlpool
WHR
$2.63B
| $513M | 11.28% |
2,791,927
+12,770
| +0.5% | +$2.12M |
|
5
Deere & Co
DE
$175B
| $447M | 9.83% |
2,017,850
-69,060
| -3% | -$13.3M |
|
6
Morgan Stanley
MS
$336B
| $445M | 9.78% |
9,209,774
-285,100
| -3% | -$14.4M |
|
|
7
D.R. Horton
DHI
$41.5B
| $265M | 5.83% |
3,506,171
-4,460,325
| -56% | -$304M |
|
|
8
Toll Brothers
TOL
$13.7B
| $257M | 5.66% |
5,291,137
+219,782
| +4% | +$8.89M |
|
9
Ford
F
$57.5B
| $128M | 2.8% |
19,161,910
-7,142,579
| -27% | -$48.4M |
|
|
SCHW
10
Charles Schwab
SCHW
$194B
| $121M | 2.66% |
3,344,940
-318,728
| -9% | -$11.1M |
|
11
CF Industries
CF
$19.6B
| $104M | 2.29% |
3,400,391
-56,100
| -2% | -$1.79M |
|
12
Berkshire Hathaway Class B
BRK.B
$1.06T
| $95.1M | 2.09% |
446,647
-36,255
| -8% | -$7.42M |
|
|
13
Pultegroup
PHM
$24.6B
| $94.7M | 2.08% |
2,045,955
-3,204,291
| -61% | -$137M |
|
14
Citigroup
C
$221B
| $90.5M | 1.99% |
2,100,204
-146,170
| -7% | -$7.28M |
|
|
15
Lear
LEA
$8.56B
| $56.2M | 1.23% |
514,921
+223,710
| +77% | +$25.5M |
|
|
16
Bunge Global
BG
$21.7B
| $49.8M | 1.09% |
1,090,161
+208,100
| +24% | +$9.3M |
|
17
Owens Corning
OC
$11.7B
| $31.5M | 0.69% |
457,526
-376,790
| -45% | -$24.2M |
|
|
18
Lennar Class B
LEN.B
$20.6B
| $30.4M | 0.67% |
487,582
-117,169
| -19% | -$6.32M |
|
19
Adient
ADNT
$1.54B
| $28.6M | 0.63% |
1,648,786
-37,600
| -2% | -$655K |
|
20
Quanta Services
PWR
$96.1B
| $17.4M | 0.38% |
330,020
-502,991
| -60% | -$23.4M |
|
|
21
ProShares Short QQQ
PSQ
$620M
| $8.14M | 0.18% |
+98,400
| New | +$8.47M |
|
22
Autoliv
ALV
$9.18B
| $5.28M | 0.12% |
72,500
-1,900
| -3% | -$135K |
|
|
MDC
23
DELISTED
M.D.C. Holdings, Inc.
MDC
| $1.62M | 0.04% |
37,152
-166,792
| -82% | -$6.65M |
|
24
Agilent Technologies
A
$44.9B
| $1.08M | 0.02% |
10,700
| – | – |
|
25
3M
MMM
$92.3B
| $801K | 0.02% |
5,980
| – | – |
|
Similar funds
Edgar Wachenheim's Q3 2020 Portfolio in Review
As of Q3 2020, Edgar Wachenheim held 36 positions worth $4.55B, up 0.75% from $4.52B the previous quarter. Its ten largest holdings account for 86% of the portfolio.
Edgar Wachenheim withdrew a net $795M in Q3 2020, closing 8 positions and reducing 17 holdings. Its most notable exit was FedEx, an estimated $113M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 56% of assets, up from 47% a quarter earlier, followed by Financials and Industrials.
Against the trend, Edgar Wachenheim opened a new position in General Motors worth $539M.
- Edgar Wachenheim's largest Q3 2020 buy was General Motors: 18,228,066 shares worth $539M.
- Edgar Wachenheim added most to Lear in Q3 2020, an estimated $25.5M increase.
- Edgar Wachenheim's biggest Q3 2020 reduction was D.R. Horton, cutting an estimated $304M.
- Edgar Wachenheim fully exited FedEx in Q3 2020, selling an estimated $113M.
- Edgar Wachenheim's ten largest holdings make up 86% of its $4.55B portfolio in Q3 2020.
- Edgar Wachenheim opened 2 new positions and closed 8 in Q3 2020.
- Edgar Wachenheim's portfolio value rose 0.75% quarter-over-quarter to $4.55B.
Based on Greenhaven Associates's 13F filing for Q3 2020, filed 23 Oct 2020.