Ed Wachenheim $8.66 Billion Portfolio, Top 10 Positions

Ed Wachenheim reported an equity portfolio valued at approximately $8.66 billion in the latest reported quarter, continuing the highly concentrated, classic value investing approach that has long defined Greenhaven Associates.

Rather than diversifying across hundreds of names, Wachenheim focuses capital on a selectivity-driven portfolio of homebuilders, automotive manufacturers, healthcare equipment providers, and technology distributors where he sees a significant mispricing relative to normalized long-term earnings.

The latest filing highlights the firm’s strong conviction. The top ten holdings account for 79.12% of total reported assets, with nearly one-third of the portfolio concentrated in just the top three positions. While core stakes in housing and auto remain the primary pillars, the quarter also featured major new additions and significant adjustments.

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Portfolio Snapshot

• Total Portfolio Value: ~$8.66B

• Top 10 Weight: 79.12%

• Turnover: Moderate

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Top Holdings & Weights

• Lennar Corp Class A (LEN) — 11.82%

• General Motors Co (GM) — 11.46%

• Toll Brothers Inc (TOL) — 10.71%

• Becton Dickinson and Co (BDX) — 9.93%

• PulteGroup Inc (PHM) — 8.64%

• DR Horton Inc (DHI) — 6.59%

• ICON PLC (ICLR) — 6.22%

• Accenture PLC (ACN) — 4.86%

• Oshkosh Corp (OSK) — 4.53%

• Arrow Electronics Inc (ARW) — 4.35%

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Key Takeaways

Lennar Corp remains Wachenheim’s largest reported investment, standing at nearly 12% of the total portfolio. Greenhaven’s massive commitment to the homebuilding sector remains evident, with Lennar, Toll Brothers, PulteGroup, and DR Horton collectively comprising nearly 38% of reported assets, underscoring strong conviction in structural housing demand and long-term land value.

Automotive exposure remains a core focus through General Motors, representing Greenhaven’s second-largest position at 11.46%. Together with homebuilders, these highly cyclical, cash-generative businesses form the bedrock of Greenhaven’s portfolio strategy.

Healthcare and Life Sciences form another key leg of the strategy. A major brand-new stake in Becton Dickinson instantly leaped into the top four holdings, while additions to ICON PLC reinforce Greenhaven’s expanding footprint across healthcare supplies, research, and medical technologies.

Overall, the latest filing reflects Wachenheim’s signature high-conviction value mandate, directing substantial capital into established market leaders trading at attractive valuations relative to their underlying earnings potential.

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Biggest Changes Last Quarter

Becton Dickinson and Co (BDX)

Shares increased by 5,681,708 (+100.00%)

Wachenheim initiated a massive new position in Becton Dickinson during the quarter, immediately vaulting it into the portfolio’s top four holdings at nearly 10% of reported assets.

Accenture PLC (ACN)

Shares increased by 3,384,681 (+100.00%)

Greenhaven established another sizeable new stake in IT services giant Accenture, making it a top-ten allocation at 4.86% of reported assets.

ICON PLC (ICLR)

Shares increased by 1,098,204 (+54.84%)

Wachenheim aggressively expanded his position in the clinical research organization, lifting ICON PLC to a 6.22% portfolio weight.

IQVIA Holdings Inc (IQV)

Shares increased by 768,045 (+100.00%)

Greenhaven initiated a third healthcare-focused new position during the quarter, adding $148.4M worth of IQVIA shares.