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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
+17.71%
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
$8.53B
AUM Growth
+$917M
Cap. Flow
-$229M
Cap. Flow %
-2.69%
Top 10 Hldgs %
93.12%
Holding
25
New
–
Increased
13
Reduced
6
Closed
1

Top Buys

Rank Stock Value
1
LEN icon
Lennar Class A
LEN
+$19.8M
2
C icon
Citigroup
C
+$15M
3
NOV icon
NOV
NOV
+$4.2M
4
CRH icon
CRH
CRH
+$2.96M
5
PHM icon
Pultegroup
PHM
+$2.14M

Top Sells

Rank Stock Value
1
IP icon
International Paper
IP
+$250M
2
GS icon
Goldman Sachs
GS
+$23.6M
3
LEN.B icon
Lennar Class B
LEN.B
+$19M
4
MTH icon
Meritage Homes
MTH
+$5.25M
5
TOL icon
Toll Brothers
TOL
+$3.21M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 52.52%
2 Financials 12.49%
3 Materials 12.13%
4 Technology 6.01%
5 Industrials 3.92%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LEN icon
1
Lennar Class A
LEN
$21B
$1.7B 19.98%
9,387,063
+118,437
+1% +$19.8M
C icon
2
Citigroup
C
$221B
$1.06B 12.39%
16,883,391
+242,545
+1% +$15M
CRH icon
3
CRH
CRH
$63.2B
$1.03B 12.13%
11,155,273
+35,209
+0.3% +$2.96M
TOL icon
4
Toll Brothers
TOL
$13.7B
$856M 10.04%
5,542,130
-23,657
-0.4% -$3.21M
PHM icon
5
Pultegroup
PHM
$24.6B
$803M 9.41%
5,593,179
+16,871
+0.3% +$2.14M
DHI icon
6
D.R. Horton
DHI
$41.5B
$700M 8.21%
3,671,505
+1,612
+0% +$283K
OSK icon
7
Oshkosh
OSK
$9.7B
$254M 2.98%
2,536,484
+19,442
+0.8% +$2.03M
ARW icon
8
Arrow Electronics
ARW
$10.7B
$250M 2.94%
1,884,373
+1,493
+0.1% +$189K
AVT icon
9
Avnet
AVT
$7.27B
$213M 2.5%
3,924,652
+2,314
+0.1% +$122K
LEA icon
10
Lear
LEA
$8.56B
$199M 2.33%
1,819,646
+2,766
+0.2% +$314K
MTH icon
11
Meritage Homes
MTH
$4.67B
$153M 1.79%
1,488,726
-55,580
-4% -$5.25M
TEX icon
12
Terex
TEX
$7.6B
$79.4M 0.93%
1,499,843
+172
+0% +$9.51K
LEN.B icon
13
Lennar Class B
LEN.B
$20.6B
$63M 0.74%
383,276
-124,577
-25% -$19M
G icon
14
Genpact
G
$6.24B
$48.8M 0.57%
1,243,813
+3,038
+0.2% +$110K
NOV icon
15
NOV
NOV
$7.28B
$32.5M 0.38%
2,035,376
+236,400
+13% +$4.2M
GS icon
16
Goldman Sachs
GS
$303B
$4.48M 0.05%
9,040
-48,219
-84% -$23.6M
IP icon
17
International Paper
IP
$22B
$1.72M 0.02%
35,288
-5,368,597
-99% -$250M
A icon
18
Agilent Technologies
A
$44.9B
$1.59M 0.02%
10,700
– –
SCHW
19
Charles Schwab
SCHW
$194B
$1.3M 0.02%
20,000
– –
JPM icon
20
JPMorgan Chase
JPM
$935B
$1.05M 0.01%
5,000
-2,500
-33% -$527K
MS icon
21
Morgan Stanley
MS
$336B
$1.04M 0.01%
10,000
– –
UNP icon
22
Union Pacific
UNP
$183B
$501K 0.01%
2,032
– –
BRK.B icon
23
Berkshire Hathaway Class B
BRK.B
$1.06T
$461K 0.01%
1,001
– –
MMM icon
24
3M
MMM
$92.3B
– –
-2,368
Closed -$242K

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Edgar Wachenheim's Q3 2024 Portfolio in Review

As of Q3 2024, Edgar Wachenheim held 25 positions worth $8.53B, up 12% from $7.61B the previous quarter. Its ten largest holdings account for 93% of the portfolio.

Trading was light in Q3 2024: portfolio turnover was 4%. Edgar Wachenheim opened no new positions and exited 1, leaving the 25-position portfolio largely intact.

By sector, the portfolio is most concentrated in Consumer Discretionary at 53% of assets, up from 49% a quarter earlier, followed by Financials and Materials.

  • Edgar Wachenheim added most to Lennar Class A in Q3 2024, an estimated $19.8M increase.
  • Edgar Wachenheim's biggest Q3 2024 reduction was International Paper, cutting an estimated $250M.
  • Edgar Wachenheim fully exited 3M in Q3 2024, selling an estimated $242K.
  • Edgar Wachenheim's ten largest holdings make up 93% of its $8.53B portfolio in Q3 2024.
  • Edgar Wachenheim opened 0 new positions and closed 1 in Q3 2024.
  • Edgar Wachenheim's portfolio value rose 12% quarter-over-quarter to $8.53B.

Based on Greenhaven Associates's 13F filing for Q3 2024, filed 2 Oct 2024.