With about 4.55 million shares valued at $752.24 million, FedEx Corporation (NYSE:FDX) was Greenhaven’s second-largest holding and represented 13.55% of the fund’s portfolio value. The stock has depreciated by about 1.56% year-to-date, which is still less than the 6.5% decline of the Air Freight & Logistics industry in the same period. In order to capitalize on the growing e-commerce business in Europe, FedEx Corporation (NYSE:FDX) agreed to buy the Dutch package-delivery company TNT Express for $4.8 billion in early April. The deal will provide FedEx with an extensive ground delivery network. Mason Hawkins‘ Southeastern Asset Management and the Bill & Melinda Gates Foundation Trust managed by Bill Larson are two other shareholders of the company.
The fund’s Goldman Sachs Group Inc (NYSE:GS) holding received a boost of 10% over the quarter to 3.13 million shares valued at $588.11 million. The stake constituted 10.59% of the portfolio’s value. The investment bank is currently trading at a twelve month trailing earnings multiple of 10.45, which compares very favorably to the industry’s average of 31.59. Goldman Sachs Group Inc (NYSE:GS) has had a rough experience in the commodities business lately, highlighted by its sale of power plants and an aluminum-storage business. The company is now in talks to sell its coal mines in Colombia, which have been plagued by the declining price of coal, labor protests, and environmental regulations. The stock is up by 2.94% year-to-date nonetheless. Boykin Curry‘s Eagle Capital Management held about 2.87 million shares of Goldman Sachs Group Inc (NYSE:GS), according to its latest filing.
The fund’s stake in JPMorgan Chase & Co. (NYSE:JPM) was given an even larger bump of 18%, with it now accounting for 9.63% of Greenhaven’s portfolio’s value. The fund held a total of 8.83 million shares valued at $534.74 million. Despite the global banking industry sliding by 1.52% year-to-date, JPMorgan Chase & Co. (NYSE:JPM)’s stock has risen by 3.95% in the same period amid solid financial results for the first quarter, which involved an EPS of $1.58 coming in $0.18 higher than estimates. Revenues of $24.8 billion were also $300 million ahead of expectations. Ken Fisher’s Fisher Asset Management and Paul Ruddock and Steve Heinz’s Lansdowne Partners also hold JPMorgan Chase & Co. (NYSE:JPM) in their portfolios.
Lastly, Greenhaven held some 2.47 million shares of Whirlpool Corporation (NYSE:WHR) valued at $500.65 million. The strong U.S dollar led to the company posting disappointing financial results for the first quarter that missed estimates. Whirlpool Corporation (NYSE:WHR) also had to lower its guidance and the stock is down by about 6.8% year-to-date. However, some analysts are more optimistic about the company’s future prospects since they believe that the company has yet to benefit from the synergies of its past acquisitions. David Tepper’s Appaloosa Management LP is another shareholder of Whirlpool Corporation (NYSE:WHR).
Disclosure: None
