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 |
Oshkosh
OSK
|
+$141M |
| 2 |
Avnet
AVT
|
+$57.8M |
| 3 |
Pultegroup
PHM
|
+$44.7M |
| 4 |
WRK
WestRock Company
WRK
|
+$44.1M |
| 5 |
CRH
CRH
|
+$37.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Goldman Sachs
GS
|
+$2.28M |
| 2 |
D.R. Horton
DHI
|
+$1.71M |
| 3 |
International Paper
IP
|
+$474K |
| 4 |
Lennar Class B
LEN.B
|
+$310K |
| 5 |
Whirlpool
WHR
|
+$244K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 51.84% |
| 2 | Financials | 30.6% |
| 3 | Industrials | 4.69% |
| 4 | Materials | 1.22% |
| 5 | Technology | 1.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Lennar Class A
LEN
$21B
| $695M | 14.62% |
9,627,330
-1,022
| -0% | -$79.4K |
|
|
2
Goldman Sachs
GS
$303B
| $647M | 13.62% |
2,208,989
-7,022
| -0.3% | -$2.28M |
|
3
JPMorgan Chase
JPM
$935B
| $504M | 10.6% |
4,820,984
+287,128
| +6% | +$33M |
|
|
4
Whirlpool
WHR
$2.63B
| $382M | 8.03% |
2,831,979
-1,530
| -0.1% | -$244K |
|
|
WRK
5
DELISTED
WestRock Company
WRK
| $307M | 6.46% |
9,946,624
+1,117,520
| +13% | +$44.1M |
|
6
Citigroup
C
$221B
| $301M | 6.33% |
7,225,570
+661,950
| +10% | +$32.7M |
|
|
7
D.R. Horton
DHI
$41.5B
| $255M | 5.36% |
3,780,303
-23,229
| -0.6% | -$1.71M |
|
8
Toll Brothers
TOL
$13.7B
| $225M | 4.74% |
5,359,803
+1,900
| +0% | +$88.1K |
|
|
9
Pultegroup
PHM
$24.6B
| $199M | 4.19% |
5,305,310
+1,062,570
| +25% | +$44.7M |
|
|
10
International Paper
IP
$22B
| $158M | 3.32% |
4,982,725
-11,600
| -0.2% | -$474K |
|
|
11
Oshkosh
OSK
$9.7B
| $122M | 2.57% |
+1,739,974
| New | +$141M |
|
12
Lear
LEA
$8.56B
| $119M | 2.5% |
992,204
+221,994
| +29% | +$30.7M |
|
13
Stanley Black & Decker
SWK
$15.1B
| $99.8M | 2.1% |
1,326,357
+5,355
| +0.4% | +$515K |
|
|
14
CRH
CRH
$63.2B
| $57.9M | 1.22% |
1,794,955
+1,042,510
| +139% | +$37.9M |
|
15
Meritage Homes
MTH
$4.67B
| $55.7M | 1.17% |
1,585,970
+116,852
| +8% | +$4.73M |
|
|
16
Avnet
AVT
$7.27B
| $48.5M | 1.02% |
+1,342,470
| New | +$57.8M |
|
|
17
Lennar Class B
LEN.B
$20.6B
| $33.9M | 0.71% |
599,763
-5,099
| -0.8% | -$310K |
|
18
Gildan
GIL
$10.4B
| $26.8M | 0.56% |
+946,400
| New | +$28.3M |
|
19
ProShares Short QQQ
PSQ
$620M
| $15M | 0.32% |
201,000
| – | – |
|
20
ProShares Short S&P500
SH
$862M
| $12M | 0.25% |
173,750
| – | – |
|
21
Autoliv
ALV
$9.18B
| $5.75M | 0.12% |
86,290
+32,960
| +62% | +$2.55M |
|
|
MDC
22
DELISTED
M.D.C. Holdings, Inc.
MDC
| $2.8M | 0.06% |
102,100
-1,110
| -1% | -$36.7K |
|
|
SCHW
23
Charles Schwab
SCHW
$194B
| $1.44M | 0.03% |
20,000
| – | – |
|
24
Agilent Technologies
A
$44.9B
| $1.3M | 0.03% |
10,700
| – | – |
|
25
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.8B
| $1.09M | 0.02% |
+11,910
| New | +$1.09M |
|
Similar funds
Edgar Wachenheim's Q3 2022 Portfolio in Review
As of Q3 2022, Edgar Wachenheim held 31 positions worth $4.75B, up 2.6% from $4.63B the previous quarter. Its ten largest holdings account for 84% of the portfolio.
Edgar Wachenheim deployed $465M of net new capital in Q3 2022, opening 4 new positions and adding to 11 existing holdings. Its largest new stake was Oshkosh: 1,739,974 shares worth $122M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 52% of assets, down from 54% a quarter earlier, followed by Financials and Industrials.
On the sell side, the largest reduction was Goldman Sachs, an estimated $2.28M trimmed.
- Edgar Wachenheim's largest Q3 2022 buy was Oshkosh: 1,739,974 shares worth $122M.
- Edgar Wachenheim added most to Pultegroup in Q3 2022, an estimated $44.7M increase.
- Edgar Wachenheim's biggest Q3 2022 reduction was Goldman Sachs, cutting an estimated $2.28M.
- Edgar Wachenheim's ten largest holdings make up 84% of its $4.75B portfolio in Q3 2022.
- Edgar Wachenheim opened 4 new positions and closed 0 in Q3 2022.
- Edgar Wachenheim's portfolio value rose 2.6% quarter-over-quarter to $4.75B.
Based on Greenhaven Associates's 13F filing for Q3 2022, filed 5 Oct 2022.