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 |
Bank of America
BAC
|
+$43.2M |
| 2 |
International Paper
IP
|
+$38M |
| 3 |
Citigroup
C
|
+$20.7M |
| 4 |
Pultegroup
PHM
|
+$13.4M |
| 5 |
Lear
LEA
|
+$5.68M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Whirlpool
WHR
|
+$17.5M |
| 2 |
Goldman Sachs
GS
|
+$9.79M |
| 3 |
Lennar Class A
LEN
|
+$4.64M |
| 4 |
JPMorgan Chase
JPM
|
+$3.19M |
| 5 |
Stanley Black & Decker
SWK
|
+$2.86M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 51.95% |
| 2 | Financials | 31.67% |
| 3 | Industrials | 4.45% |
| 4 | Materials | 1.28% |
| 5 | Technology | 0.99% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Lennar Class A
LEN
$21B
| $838M | 14.88% |
9,569,986
-57,344
| -0.6% | -$4.64M |
|
|
2
Goldman Sachs
GS
$303B
| $749M | 13.29% |
2,180,876
-28,113
| -1% | -$9.79M |
|
|
3
JPMorgan Chase
JPM
$935B
| $643M | 11.42% |
4,795,784
-25,200
| -0.5% | -$3.19M |
|
|
4
Whirlpool
WHR
$2.63B
| $383M | 6.8% |
2,708,575
-123,404
| -4% | -$17.5M |
|
|
WRK
5
DELISTED
WestRock Company
WRK
| $349M | 6.2% |
9,934,524
-12,100
| -0.1% | -$422K |
|
|
6
Citigroup
C
$221B
| $347M | 6.17% |
7,682,300
+456,730
| +6% | +$20.7M |
|
7
D.R. Horton
DHI
$41.5B
| $335M | 5.95% |
3,762,023
-18,280
| -0.5% | -$1.47M |
|
8
Toll Brothers
TOL
$13.7B
| $267M | 4.75% |
5,354,869
-4,934
| -0.1% | -$227K |
|
|
9
Pultegroup
PHM
$24.6B
| $256M | 4.55% |
5,623,990
+318,680
| +6% | +$13.4M |
|
|
10
International Paper
IP
$22B
| $211M | 3.74% |
6,081,825
+1,099,100
| +22% | +$38M |
|
11
Oshkosh
OSK
$9.7B
| $153M | 2.72% |
1,737,674
-2,300
| -0.1% | -$197K |
|
|
12
Lear
LEA
$8.56B
| $128M | 2.28% |
1,035,050
+42,846
| +4% | +$5.68M |
|
|
13
Stanley Black & Decker
SWK
$15.1B
| $96.9M | 1.72% |
1,289,757
-36,600
| -3% | -$2.86M |
|
14
Meritage Homes
MTH
$4.67B
| $75.6M | 1.34% |
1,639,502
+53,532
| +3% | +$2.16M |
|
15
CRH
CRH
$63.2B
| $71.9M | 1.28% |
1,808,045
+13,090
| +0.7% | +$490K |
|
16
Avnet
AVT
$7.27B
| $55.7M | 0.99% |
1,340,170
-2,300
| -0.2% | -$95.6K |
|
|
17
Lennar Class B
LEN.B
$20.6B
| $43.3M | 0.77% |
609,596
+9,833
| +2% | +$638K |
|
|
18
Bank of America
BAC
$431B
| $41.5M | 0.74% |
+1,254,500
| New | +$43.2M |
|
19
Gildan
GIL
$10.4B
| $30.8M | 0.55% |
1,123,600
+177,200
| +19% | +$5.15M |
|
20
ProShares Short QQQ
PSQ
$620M
| $14.8M | 0.26% |
201,000
| – | – |
|
21
ProShares Short S&P500
SH
$862M
| $11.1M | 0.2% |
173,750
| – | – |
|
22
Autoliv
ALV
$9.18B
| $5.98M | 0.11% |
78,040
-8,250
| -10% | -$660K |
|
|
MDC
23
DELISTED
M.D.C. Holdings, Inc.
MDC
| $2.1M | 0.04% |
66,559
-35,541
| -35% | -$1.1M |
|
|
SCHW
24
Charles Schwab
SCHW
$194B
| $1.67M | 0.03% |
20,000
| – | – |
|
25
Agilent Technologies
A
$44.9B
| $1.6M | 0.03% |
10,700
| – | – |
|
Similar funds
Edgar Wachenheim's Q4 2022 Portfolio in Review
As of Q4 2022, Edgar Wachenheim held 32 positions worth $5.63B, up 19% from $4.75B the previous quarter. Its ten largest holdings account for 83% of the portfolio.
Trading was light in Q4 2022: portfolio turnover was 3.1%. Edgar Wachenheim opened 1 new position and made no exits, leaving the 32-position portfolio largely intact.
By sector, the portfolio is most concentrated in Consumer Discretionary at 52% of assets, up from 52% a quarter earlier, followed by Financials and Industrials.
- Edgar Wachenheim's largest Q4 2022 buy was Bank of America: 1,254,500 shares worth $41.5M.
- Edgar Wachenheim added most to International Paper in Q4 2022, an estimated $38M increase.
- Edgar Wachenheim's biggest Q4 2022 reduction was Whirlpool, cutting an estimated $17.5M.
- Edgar Wachenheim's ten largest holdings make up 83% of its $5.63B portfolio in Q4 2022.
- Edgar Wachenheim opened 1 new position and closed 0 in Q4 2022.
- Edgar Wachenheim's portfolio value rose 19% quarter-over-quarter to $5.63B.
Based on Greenhaven Associates's 13F filing for Q4 2022, filed 10 Jan 2023.