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Greenhaven Associates’ Top Value Picks for Q2 and Beyond

#3 Goldman Sachs Group Inc (NYSE:GS)

 – Shares Owned by Greenhaven Associates (as of March 31): 3.54 Million

 – Value of Holding (as of March 31): $555.76 Million

Moving on to Greenhaven’s other big bet in the financial sector, Goldman Sachs Group Inc (NYSE:GS), the holding received a 5% boost during the first three months of this year, to 3.54 million shares. Another fund bullish on the company during the same period was Richard S. Pzena‘s Pzena Investment Management, which hiked its stake in the investment bank by 20% to 1.84 million shares. Shares of Goldman Sachs have depreciated by 10.4% so far this year amid the challenging conditions in the financial sector. Goldman Sachs Group Inc (NYSE:GS) had just three trading days with more than $100 million in revenue during the first quarter, a far cry from what has typically resulted on more than half of all trading days. Those results led to a recent 10% reduction in Goldman Sachs’ fixed-income trading workforce.

#2 Lowe’s Companies, Inc. (NYSE:LOW)

 – Shares Owned by Greenhaven Associates (as of March 31): 8.85 Million

 – Value of Holding (as of March 31): $670.15 Million

The $69 billion home improvement retailer dropped to the second spot in Greenhaven’s equity portfolio after the fund cut its stake in the company by 6% during the March quarter, with the holding representing about 12.8% of its portfolio’s value. Lowe’s Companies, Inc. (NYSE:LOW)’s stock price is up by a modest 1.2% so far this year, but the company has been taking measures to spur growth, including its acquisition of Canadian hardware chain Rona and its recently launched e-commerce platform for contractors. Iridian Asset Management, which is led by David Cohen and Harold Levy is upbeat about Lowe’s Companies, Inc. (NYSE:LOW)’s future prospects, having increased its ownership by 2% during the first quarter to 7.25 million shares.

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#1 FedEx Corporation (NYSE:FDX)

 – Shares Owned by Greenhaven Associates (as of March 31): 4.91 Million

 – Value of Holding (as of March 31): $799.75 Million

Following an 8% boost to its holding during the first three months of the 2016, Greenhaven’s position in FedEx Corporation (NYSE:FDX) accounted for about 1.83% of the company’s float. Barclays recently upgraded the company to ‘Overweight’ from ‘Equalweight’ and hiked its price target on it by 17% to $205, which suggests upside potential of more than 25%. China’s Ministry of Commerce recently approved FedEx’s $4.8 billion acquisition of Holland-based TNT Express, which was the last regulatory hurdle standing in the way of the merger. Columbus Circle Investors, which is managed by Clifford G. Fox, initiated a stake in FedEx Corporation (NYSE:FDX) during the first quarter consisting of about 346,800 shares.

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Disclosure: None

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