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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
+21.31%
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
$4.43B
AUM Growth
-$885M
Cap. Flow
-$2.07B
Cap. Flow %
-46.69%
Top 10 Hldgs %
92.04%
Holding
29
New
1
Increased
3
Reduced
14
Closed
5

Top Buys

Rank Stock Value
1
SH icon
ProShares Short S&P500
SH
+$10.8M
2
PSQ icon
ProShares Short QQQ
PSQ
+$2.68M
3
WHR icon
Whirlpool
WHR
+$210K
4
LEN.B icon
Lennar Class B
LEN.B
+$8.66K

Top Sells

Rank Stock Value
1
MS icon
Morgan Stanley
MS
+$295M
2
C icon
Citigroup
C
+$287M
3
DE icon
Deere & Co
DE
+$274M
4
DHI icon
D.R. Horton
DHI
+$175M
5
F icon
Ford
F
+$171M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 43.22%
2 Financials 33.28%
3 Industrials 5.56%
4 Materials 2.54%
5 Consumer Staples 1.11%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GS icon
1
Goldman Sachs
GS
$303B
$872M 19.71%
2,666,847
-397,341
-13% -$124M
LEN icon
2
Lennar Class A
LEN
$21B
$711M 16.07%
7,257,054
-535,735
-7% -$45M
WHR icon
3
Whirlpool
WHR
$2.63B
$613M 13.86%
2,783,465
+1,058
+0% +$210K
MS icon
4
Morgan Stanley
MS
$336B
$442M 9.99%
5,694,264
-3,846,281
-40% -$295M
TOL icon
5
Toll Brothers
TOL
$13.7B
$304M 6.87%
5,355,780
-2,327
-0% -$122K
DE icon
6
Deere & Co
DE
$175B
$223M 5.04%
595,557
-834,815
-58% -$274M
CF icon
7
CF Industries
CF
$19.6B
$112M 2.54%
2,474,561
-923,700
-27% -$41.7M
DHI icon
8
D.R. Horton
DHI
$41.5B
$96M 2.17%
1,077,444
-2,238,596
-68% -$175M
LEA icon
9
Lear
LEA
$8.56B
$93M 2.1%
513,221
– –
SCHW
10
Charles Schwab
SCHW
$194B
$81.8M 1.85%
1,254,687
-491,730
-28% -$29.8M
BRK.B icon
11
Berkshire Hathaway Class B
BRK.B
$1.06T
$75.9M 1.72%
297,138
-98,279
-25% -$23.9M
PHM icon
12
Pultegroup
PHM
$24.6B
$52.9M 1.2%
1,008,744
-900,396
-47% -$42M
BG icon
13
Bunge Global
BG
$21.7B
$49.3M 1.11%
621,400
-464,761
-43% -$34.5M
LEN.B icon
14
Lennar Class B
LEN.B
$20.6B
$37.5M 0.85%
479,446
+130
+0% +$8.66K
OC icon
15
Owens Corning
OC
$11.7B
$22.5M 0.51%
243,926
-191,570
-44% -$16.1M
PSQ icon
16
ProShares Short QQQ
PSQ
$620M
$14M 0.32%
201,000
+38,200
+23% +$2.68M
SH icon
17
ProShares Short S&P500
SH
$862M
$10.4M 0.23%
+155,000
New +$10.8M
ALV icon
18
Autoliv
ALV
$9.18B
$2.65M 0.06%
28,500
-41,200
-59% -$3.81M
MDC
19
DELISTED
M.D.C. Holdings, Inc.
MDC
$2.21M 0.05%
37,152
– –
A icon
20
Agilent Technologies
A
$44.9B
$1.36M 0.03%
10,700
– –
JPM icon
21
JPMorgan Chase
JPM
$935B
$761K 0.02%
5,000
– –
MMM icon
22
3M
MMM
$92.3B
$482K 0.01%
2,990
– –
UNP icon
23
Union Pacific
UNP
$183B
$448K 0.01%
2,032
– –
ADNT icon
24
Adient
ADNT
$1.54B
– –
-1,460,196
Closed -$50.8M
C icon
25
Citigroup
C
$221B
– –
-4,649,084
Closed -$287M
1
2

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Edgar Wachenheim's Q1 2021 Portfolio in Review

As of Q1 2021, Edgar Wachenheim held 29 positions worth $4.43B, down 17% from $5.31B the previous quarter. Its ten largest holdings account for 92% of the portfolio.

Edgar Wachenheim withdrew a net $2.07B in Q1 2021, closing 5 positions and reducing 14 holdings. Its most notable exit was Citigroup, an estimated $287M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 43% of assets, up from 37% a quarter earlier, followed by Financials and Industrials.

Against the trend, Edgar Wachenheim opened a new position in ProShares Short S&P500 worth $10.4M.

  • Edgar Wachenheim's largest Q1 2021 buy was ProShares Short S&P500: 155,000 shares worth $10.4M.
  • Edgar Wachenheim added most to ProShares Short QQQ in Q1 2021, an estimated $2.68M increase.
  • Edgar Wachenheim's biggest Q1 2021 reduction was Morgan Stanley, cutting an estimated $295M.
  • Edgar Wachenheim fully exited Citigroup in Q1 2021, selling an estimated $287M.
  • Edgar Wachenheim's ten largest holdings make up 92% of its $4.43B portfolio in Q1 2021.
  • Edgar Wachenheim opened 1 new position and closed 5 in Q1 2021.
  • Edgar Wachenheim's portfolio value fell 17% quarter-over-quarter to $4.43B.

Based on Greenhaven Associates's 13F filing for Q1 2021, filed 13 May 2021.