Inside Ed Wachenheim’s Portfolio: Why Greenhaven is Doubling Down on Homebuilders

Ed Wachenheim’s Greenhaven Associates Inc. reported an equity portfolio of approximately $6.07 billion in the latest reported quarter, continuing to reflect a disciplined, low-P/E value approach focused on high-quality companies with significant earnings power that are temporarily misunderstood by the market.

The portfolio is highly concentrated, with a heavy emphasis on homebuilders and automotive cyclicals. Consistent with Wachenheim’s philosophy, Greenhaven focuses on companies with strong balance sheets and dominant market positions, typically avoiding high-growth tech in favor of “old economy” sectors where they see massive valuation gaps.

The latest reported filing shows tactical adjustments within its core clusters, including a significant reduction in its top automotive holding and aggressive accumulation in select financials and industrial names. Compared to other value managers, Greenhaven maintains an extremely high conviction in a narrow group of sectors, effectively betting on the long-term resilience of the U.S. consumer and housing market.

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Portfolio Snapshot

• Total Portfolio Value: ~$6.07B

• Top 10 Weight: 84.25% (highly concentrated)

• Turnover: Moderate — opportunistic rebalancing within established themes

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Top Holdings & Weights

Company	Ticker	Value	Portfolio %
General Motors Co	GM	~$933M	15.37%
Lennar Corp-A	LEN	~$923M	15.21%
Toll Brothers Inc	TOL	~$770M	12.69%
PulteGroup Inc	PHM	~$647M	10.65%
DR Horton Inc	DHI	~$476M	7.84%
Oshkosh Corp	OSK	~$373M	6.14%
Arrow Electronics Inc	ARW	~$272M	4.48%
Avnet Inc	AVT	~$242M	3.98%
Baxter International Inc	BAX	~$240M	3.96%
Schlumberger Ltd	SLB	~$240M	3.95%

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Key Takeaway

The portfolio reinforces Wachenheim’s preference for:

• Homebuilders: Massive concentration in LEN, TOL, PHM, and DHI (representing nearly 50% of the total portfolio).

• Automotive/Industrial Cyclicals: Large bets on GM and specialty vehicle manufacturer OSK.

• Low P/E Tech/Distributors: Exposure to semiconductor and electronics distributors like ARW and AVT.

• Healthcare Turnarounds: A substantial new emphasis on Baxter International.

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Biggest Changes Last Quarter

Notable Adds

• Baxter International (BAX):

  • Shares increased by over 3.6 million (+33.80%).

  • → Signals a major value play in the healthcare sector, likely targeting a recovery in margins.

• ICON PLC (ICLR):

  • Massive percentage increase in shares (+11,412%).

  • → Represents a significant new commitment to the clinical research space.

• Avantor Inc (AVTR):

  • Position increased by over 2 million shares (+10.21%).

  • → Adds to the life sciences and laboratory products theme.

Notable Trims

• General Motors (GM):

  • Significant reduction of 2.65 million shares (-17.48%).

  • → Likely profit-taking or risk management as the position remained the top holding despite the sale.

• Lear Corp (LEA):

  • Position trimmed by ~4.43%.

  • → Minor reduction in automotive components exposure.

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Portfolio Characteristics

• Style: Classic Value, low P/E, contrarian

• Concentration: Extremely High (highly exposed to the U.S. housing cycle)

• Turnover: Selective — focus on “buying right” and holding until the valuation gap closes.

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Summary

Greenhaven Associates’ latest filing highlights Ed Wachenheim’s high-conviction value strategy, which remains one of the boldest bets on the U.S. housing market and domestic industrials in the investment world.

The portfolio is dominated by a “Big Four” in homebuilding and a flagship position in General Motors. Recent activity suggests a rotation toward healthcare and life sciences through aggressive adds in Baxter and ICON PLC, while trimming some gains in the automotive sector. Overall, the filing reflects Wachenheim’s hallmark: ignoring market noise to maintain massive positions in unglamorous, cash-flow-rich cyclicals.