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 |
Citigroup
C
|
+$131M |
| 2 |
Terex
TEX
|
+$37.9M |
| 3 |
Genpact
G
|
+$10.4M |
| 4 |
Arrow Electronics
ARW
|
+$8.28M |
| 5 |
Lennar Class A
LEN
|
+$7.52M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Whirlpool
WHR
|
+$212M |
| 2 |
Gildan
GIL
|
+$15.7M |
| 3 |
WRK
WestRock Company
WRK
|
+$4.2M |
| 4 |
Autoliv
ALV
|
+$3.89M |
| 5 |
Goldman Sachs
GS
|
+$1.15M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 47.27% |
| 2 | Financials | 27.02% |
| 3 | Materials | 8.22% |
| 4 | Technology | 4.55% |
| 5 | Industrials | 3.76% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Lennar Class A
LEN
$21B
| $1.35B | 14.37% |
9,341,120
+62,456
| +0.7% | +$7.52M |
|
|
2
Goldman Sachs
GS
$303B
| $899M | 9.59% |
2,330,477
-3,460
| -0.1% | -$1.15M |
|
|
3
Citigroup
C
$221B
| $829M | 8.84% |
16,113,305
+2,948,512
| +22% | +$131M |
|
4
JPMorgan Chase
JPM
$935B
| $803M | 8.57% |
4,723,504
+4,500
| +0.1% | +$682K |
|
5
CRH
CRH
$63.2B
| $771M | 8.22% |
11,141,937
+103,510
| +0.9% | +$6.25M |
|
6
Pultegroup
PHM
$24.6B
| $591M | 6.3% |
5,726,368
+24,350
| +0.4% | +$2.07M |
|
7
Toll Brothers
TOL
$13.7B
| $570M | 6.08% |
5,544,987
-8,920
| -0.2% | -$743K |
|
|
WRK
8
DELISTED
WestRock Company
WRK
| $557M | 5.94% |
13,410,621
-109,149
| -0.8% | -$4.2M |
|
9
D.R. Horton
DHI
$41.5B
| $539M | 5.75% |
3,547,948
+34,366
| +1% | +$4.23M |
|
10
International Paper
IP
$22B
| $356M | 3.79% |
9,835,395
+25,640
| +0.3% | +$896K |
|
11
Oshkosh
OSK
$9.7B
| $268M | 2.85% |
2,469,789
+11,100
| +0.5% | +$1.07M |
|
12
Lear
LEA
$8.56B
| $253M | 2.7% |
1,792,860
+3,030
| +0.2% | +$406K |
|
|
13
Arrow Electronics
ARW
$10.7B
| $223M | 2.38% |
1,826,528
+69,400
| +4% | +$8.28M |
|
14
Avnet
AVT
$7.27B
| $193M | 2.06% |
3,834,799
+62,710
| +2% | +$2.98M |
|
15
Meritage Homes
MTH
$4.67B
| $144M | 1.54% |
1,653,582
+25,682
| +2% | +$1.77M |
|
|
16
Terex
TEX
$7.6B
| $83.7M | 0.89% |
1,456,700
+733,690
| +101% | +$37.9M |
|
|
17
Lennar Class B
LEN.B
$20.6B
| $76.3M | 0.81% |
599,018
+405
| +0.1% | +$43.9K |
|
18
NOV
NOV
$7.28B
| $32.3M | 0.34% |
1,590,400
+28,500
| +2% | +$560K |
|
|
19
Genpact
G
$6.24B
| $10.5M | 0.11% |
+302,805
| New | +$10.4M |
|
20
Agilent Technologies
A
$44.9B
| $1.49M | 0.02% |
10,700
| – | – |
|
|
SCHW
21
Charles Schwab
SCHW
$194B
| $1.38M | 0.01% |
20,000
| – | – |
|
22
Morgan Stanley
MS
$336B
| $933K | 0.01% |
10,000
| – | – |
|
23
Union Pacific
UNP
$183B
| $499K | 0.01% |
2,032
| – | – |
|
24
Berkshire Hathaway Class B
BRK.B
$1.06T
| $357K | ﹤0.01% |
1,001
| – | – |
|
25
TechnipFMC
FTI
$30.4B
| $312K | ﹤0.01% |
15,500
| – | – |
|
Similar funds
Edgar Wachenheim's Q4 2023 Portfolio in Review
As of Q4 2023, Edgar Wachenheim held 30 positions worth $9.38B, up 22% from $7.71B the previous quarter. Its ten largest holdings account for 82% of the portfolio.
Edgar Wachenheim's Q4 2023 filing shows 1 new, 16 increased, 3 reduced and 3 closed positions. Its largest new stake was Genpact: 302,805 shares worth $10.5M. The largest sale was Whirlpool, an estimated $212M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 47% of assets, down from 48% a quarter earlier, followed by Financials and Materials.
- Edgar Wachenheim's largest Q4 2023 buy was Genpact: 302,805 shares worth $10.5M.
- Edgar Wachenheim added most to Citigroup in Q4 2023, an estimated $131M increase.
- Edgar Wachenheim's biggest Q4 2023 reduction was WestRock Company, cutting an estimated $4.2M.
- Edgar Wachenheim fully exited Whirlpool in Q4 2023, selling an estimated $212M.
- Edgar Wachenheim's ten largest holdings make up 82% of its $9.38B portfolio in Q4 2023.
- Edgar Wachenheim opened 1 new position and closed 3 in Q4 2023.
- Edgar Wachenheim's portfolio value rose 22% quarter-over-quarter to $9.38B.
Based on Greenhaven Associates's 13F filing for Q4 2023, filed 9 Jan 2024.