Greenhaven Associates Portfolio in 2026: Top Holdings & Recent Changes
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Edgar Wachenheim, the veteran fund manager behind Greenhaven Associates' storied track record, showcases his disciplined value approach in the latest 13F filing. The firm's $6.2B Q4 2025 portfolio highlights a heavy tilt toward homebuilders amid market rotations, with significant trims in top holdings like GM and bold additions in healthcare and industrials, signaling adaptive conviction in cyclical recovery plays.
Portfolio Overview: Extreme Concentration with Cyclical Precision
Portfolio Highlights (Q4’2025): - Market Value: $6,170.1M - Top 10 Holdings: 86.7% - Portfolio Size: 30 +3 - Average Holding Period: 18 quarters - Turnover: 16.7%
Greenhaven Associates maintains its hallmark of ultra-concentrated investing, with the top 10 holdings commanding a staggering 86.7% of the portfolio. This structure underscores Edgar Wachenheim's philosophy of betting big on a handful of deeply researched ideas, particularly in cyclical sectors like homebuilding and autos, where he sees mispriced recovery potential. The addition of three new positions brings the total to 30, but the core remains laser-focused, reflecting confidence in long-term holdings despite quarterly adjustments.
The 18-quarter average holding period speaks to patience, far outpacing most active managers, while 16.7% turnover indicates measured activity—enough to capitalize on opportunities without chasing noise. In Q4 2025, this manifested in aggressive trims to overweight positions and selective adds to emerging value plays, as visible in the Greenhaven portfolio breakdown. This balance of conviction and adaptability has defined the firm's outperformance over decades.
Such concentration demands intimate business knowledge, a trait Wachenheim has honed since founding Greenhaven in 1980. Investors tracking this $6.2B portfolio can glean lessons in sector rotation, especially as housing stocks dominate amid interest rate easing expectations.
Top Holdings Breakdown: Homebuilders Dominate Amid Bold Shifts
Greenhaven's portfolio leads with General Motors (GM) at 20.0%, though significantly reduced by 34.19%, suggesting profit-taking after a strong run. Homebuilders take center stage next, with Lennar (LEN) at 16.8% after a 4.57% add, Toll Brothers (TOL) at 12.3% via a modest 0.40% increase, and PulteGroup (PHM) at 10.5% following a slight 0.64% reduction.
The cyclical theme continues with D.R. Horton (DHI) at 8.1% (reduced 4.22%), Oshkosh (OSK) at 5.1% (trimmed 0.21%), and Avantor (AVTR) at 3.8% boosted by 11.95%. Further diversification appears in Arrow Electronics (ARW) at 3.4% (added 0.08%), Baxter International (BAX) at 3.3% with a massive 70.05% increase signaling new conviction in healthcare, and Lear (LEA) at 3.3% (reduced 1.10%). These moves across autos, housing, industrials, distribution, and medtech illustrate a portfolio rotating toward undervalued cyclicals while pruning winners.
What the Portfolio Reveals: Cyclical Bet with Value Discipline
Greenhaven's Q4 moves paint a clear picture of value investing in cyclicals: heavy homebuilder exposure (LEN, TOL, PHM, DHI totaling over 47%) bets on housing rebound as rates fall, balanced by trims in autos like GM to lock in gains. This sector focus—primarily U.S.-centric industrials and consumer durables—highlights geographic conviction in American manufacturing recovery.
Risk management shines through diversification into healthcare (BAX's big add) and electronics (ARW), reducing reliance on pure housing plays. No overt dividend chase, but steady earners like these support cash flow stability. Overall, it reveals a strategy prioritizing quality cyclicals at attractive valuations, with turnover reflecting opportunistic rebalancing rather than panic.
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Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| General Motors Co (GM) | $1,234.4M | 20.0% | Reduce 34.19% |
| Lennar Corporation - A (LEN) | $1,037.7M | 16.8% | Add 4.57% |
| Toll Brothers, Inc. (TOL) | $757.7M | 12.3% | Add 0.40% |
| PulteGroup Inc. (PHM) | $649.0M | 10.5% | Reduce 0.64% |
| D R Horton, Inc. (DHI) | $501.8M | 8.1% | Reduce 4.22% |
| Oshkosh Corp (OSK) | $316.8M | 5.1% | Reduce 0.21% |
| Avantor Inc (AVTR) | $234.9M | 3.8% | Add 11.95% |
| Arrow Electronics Inc (ARW) | $209.3M | 3.4% | Add 0.08% |
| Baxter International Inc (BAX) | $204.3M | 3.3% | Add 70.05% |
| Lear Corporation (LEA) | $203.5M | 3.3% | Reduce 1.10% |
This table underscores Greenhaven's extreme concentration, with the top four holdings alone exceeding 59%—dominated by homebuilders amid portfolio trims elsewhere. The massive 34.19% reduction in GM, still the largest position, shows disciplined profit-taking, while BAX's 70.05% add introduces healthcare exposure at a meaningful 3.3% weight. Such sizing reflects high conviction: adds to cyclicals like LEN and TOL signal housing optimism, while reductions manage risk in overweights.
This structure amplifies returns in bull markets for these sectors but demands steel nerves; the 86.7% top-10 dominance is rare, betting on Wachenheim's edge in undervalued industrials.
Investment Lessons from Edgar Wachenheim's Greenhaven Approach
- Concentrate ruthlessly in your circle of competence: 86.7% in top 10, focused on cyclicals like homebuilders where deep research uncovers mispricings others miss.
- Trim winners, add to value: Bold GM cut 34% and BAX ramp-up 70% show active position sizing over set-it-and-forget-it holding.
- Patience pays—hold for 18 quarters average: Long horizons capture full cycles, avoiding short-term noise.
- Cyclicals demand timing discipline: Homebuilder adds amid rate cuts exemplify buying fear in beaten-down sectors.
- Diversify thoughtfully within themes: Housing core balanced by industrials and healthcare prevents single-sector blowups.
Looking Ahead: What Comes Next?
With portfolio size expanding to 30 +3 and 16.7% turnover, Greenhaven has room to deploy into new cyclicals if housing momentum builds. Cash from GM trims positions the firm for opportunistic buys in autos or related supply chains, especially if economic softening creates entry points. Current heavy homebuilder weighting sets up well for 2026 rate cuts boosting demand, while BAX and AVTR adds hedge into healthcare/defensives.
Watch for further housing consolidation or industrials rotation; in a soft-landing scenario, this setup could outperform broader markets.
FAQ about Greenhaven Associates Portfolio
Q: Why the massive trim in GM despite it remaining the top holding?
A: The 34.19% reduction in GM (still 20%) likely locks in gains after autos rallied, freeing capital for adds like BAX. It exemplifies Wachenheim's rebalancing to avoid overconcentration.
Q: What does 86.7% top-10 concentration say about Greenhaven's strategy?
A: It screams high-conviction value investing—betting big on 10 ideas like homebuilders (LEN, TOL, etc.) where research edges out the market. Paired with 18-quarter holds, it's for patient investors comfortable with volatility.
Q: Why the aggressive adds to BAX and AVTR?
A: Baxter (70.05% add) and Avantor 11.95% diversify into healthcare and life sciences, potentially undervalued amid sector rotations away from pure cyclicals.
Q: How housing-heavy is the portfolio, and is it a bet on rates?
A: Over 47% in LEN, TOL, PHM, DHI—a clear play on lower rates sparking demand, with modest adds/tweaks showing conviction.
Q: How can I track Greenhaven's moves like this?
A: Follow 13F filings (45-day lag) via ValueSense's superinvestor tracker at Greenhaven's page. Get real-time alerts, intrinsic values, and analysis to mimic or learn from pros without the wait.
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