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 |
ProShares Short S&P500
SH
|
+$1.19M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Morgan Stanley
MS
|
+$465M |
| 2 |
Deere & Co
DE
|
+$223M |
| 3 |
CF Industries
CF
|
+$123M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$78.6M |
| 5 |
Berkshire Hathaway Class B
BRK.B
|
+$75.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 50.47% |
| 2 | Financials | 30.6% |
| 3 | Consumer Staples | 0.09% |
| 4 | Materials | 0.07% |
| 5 | Healthcare | 0.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Goldman Sachs
GS
$303B
| $1B | 29.32% |
2,643,577
-23,270
| -0.9% | -$8.33M |
|
2
Lennar Class A
LEN
$21B
| $698M | 20.39% |
7,254,229
-2,825
| -0% | -$273K |
|
3
Whirlpool
WHR
$2.63B
| $597M | 17.45% |
2,738,105
-45,360
| -2% | -$10.6M |
|
4
Toll Brothers
TOL
$13.7B
| $297M | 8.69% |
5,143,716
-212,064
| -4% | -$12.9M |
|
5
D.R. Horton
DHI
$41.5B
| $70.1M | 2.05% |
775,945
-301,499
| -28% | -$28.3M |
|
|
6
Lennar Class B
LEN.B
$20.6B
| $37M | 1.08% |
477,714
-1,732
| -0.4% | -$131K |
|
7
Lear
LEA
$8.56B
| $26.7M | 0.78% |
152,210
-361,011
| -70% | -$66.8M |
|
|
8
Morgan Stanley
MS
$336B
| $25.3M | 0.74% |
276,290
-5,417,974
| -95% | -$465M |
|
9
ProShares Short QQQ
PSQ
$620M
| $12.5M | 0.36% |
201,000
| – | – |
|
|
10
ProShares Short S&P500
SH
$862M
| $10.7M | 0.31% |
173,750
+18,750
| +12% | +$1.19M |
|
|
SCHW
11
Charles Schwab
SCHW
$194B
| $10.5M | 0.31% |
144,227
-1,110,460
| -89% | -$78.6M |
|
|
12
Berkshire Hathaway Class B
BRK.B
$1.06T
| $7.22M | 0.21% |
25,991
-271,147
| -91% | -$75.8M |
|
13
Bunge Global
BG
$21.7B
| $3.17M | 0.09% |
40,500
-580,900
| -93% | -$49M |
|
|
14
CF Industries
CF
$19.6B
| $2.5M | 0.07% |
48,500
-2,426,061
| -98% | -$123M |
|
15
Agilent Technologies
A
$44.9B
| $1.58M | 0.05% |
10,700
| – | – |
|
|
MDC
16
DELISTED
M.D.C. Holdings, Inc.
MDC
| $1.26M | 0.04% |
25,000
-12,152
| -33% | -$696K |
|
17
JPMorgan Chase
JPM
$935B
| $778K | 0.02% |
5,000
| – | – |
|
18
3M
MMM
$92.3B
| $497K | 0.01% |
2,990
| – | – |
|
19
Union Pacific
UNP
$183B
| $447K | 0.01% |
2,032
| – | – |
|
20
Autoliv
ALV
$9.18B
| – | – |
-28,500
| Closed | -$2.65M |
|
|
21
Deere & Co
DE
$175B
| – | – |
-595,557
| Closed | -$223M |
|
22
Owens Corning
OC
$11.7B
| – | – |
-243,926
| Closed | -$22.5M |
|
23
Pultegroup
PHM
$24.6B
| – | – |
-1,008,744
| Closed | -$52.9M |
|
Similar funds
Edgar Wachenheim's Q2 2021 Portfolio in Review
As of Q2 2021, Edgar Wachenheim held 24 positions worth $3.42B, down 23% from $4.43B the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Edgar Wachenheim withdrew a net $1.23B in Q2 2021, closing 4 positions and reducing 14 holdings. Its most notable exit was Deere & Co, an estimated $223M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 50% of assets, up from 43% a quarter earlier, followed by Financials and Consumer Staples.
Against the trend, Edgar Wachenheim added an estimated $1.19M to ProShares Short S&P500.
- Edgar Wachenheim added most to ProShares Short S&P500 in Q2 2021, an estimated $1.19M increase.
- Edgar Wachenheim's biggest Q2 2021 reduction was Morgan Stanley, cutting an estimated $465M.
- Edgar Wachenheim fully exited Deere & Co in Q2 2021, selling an estimated $223M.
- Edgar Wachenheim's ten largest holdings make up 99% of its $3.42B portfolio in Q2 2021.
- Edgar Wachenheim opened 0 new positions and closed 4 in Q2 2021.
- Edgar Wachenheim's portfolio value fell 23% quarter-over-quarter to $3.42B.
Based on Greenhaven Associates's 13F filing for Q2 2021, filed 2 Aug 2021.