Greenhaven Associates
Greenhaven Associates
Greenhaven Associates (Greenhaven Associates) discloses a $6.07B portfolio across 27 US-listed positions in the latest 13F filing (2026Q1, filed Apr 6, 2026). The biggest move of the quarter: added 34% to the BAX share count (position now $240M). Latticework's clone backtest puts this 13F book at -0.1%/yr vs SPY over 12.0 years.
About Greenhaven Associates
Greenhaven Associates, founded by Edgar Wachenheim III, runs a concentrated, long-only equity book with a value tilt and a pronounced sector conviction that is immediately apparent from the 13F. As of the latest filing, homebuilders — LEN, TOL, PHM, DHI, and one additional position representing the largest single weight — account for roughly 62% of a $6.1 billion disclosed portfolio across just 27 names, a level of concentration that reflects genuine high-conviction positioning rather than index-hugging. Wachenheim built his reputation on careful fundamental analysis of undervalued businesses, and the homebuilder thesis has been a defining, multi-year position rather than a tactical rotation. Because Greenhaven operates as a traditional long-only manager with minimal use of derivatives or short positions, the 13F is an unusually reliable window into the actual book — lag and omission distortions are limited. The latticework backtest showing near-zero excess returns versus SPY over twelve years is worth noting: sector concentration of this kind tends to produce long stretches of tracking-error pain punctuated by sharp outperformance, and aggregate annualized figures can obscure that pattern entirely.
2026Q1 brief
Greenhaven Associates ($6.07B, 27 positions) remains one of the most concentrated homebuilder bets in the super-investor universe, with LEN (15.2%), TOL (12.7%), PHM (10.6%), and DHI (7.8%) together comprising over 46% of the portfolio alongside GM (15.4%) — a lineup that is explicitly a macro bet on housing supply and consumer cyclicals. The most striking move this quarter is a near-from-scratch initiation in ICLR (+11,412% delta, arriving at 3.65%), which mirrors Glenn Greenberg's simultaneous new position — two value-oriented managers independently flagging the same CRO dislocation in the same quarter is a notable convergence worth tracking. Greenhaven also added 34% to BAX (Baxter, now 3.96%), reinforcing a value-recovery thesis in medical devices. The exit of MRP (previously 2.2%) is interesting given Greenberg still holds it at nearly 6% — divergent conviction on the same name. Watch whether the homebuilder quartet holds weight or sees trimming if mortgage rates remain elevated into Q2.
AI-generated. Not investment advice.
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Holdings (27) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | 35045V100 | 15.4% | $933M | |||
| 2 | LEN | 15.2% | $923M | |||
| 3 | TOL | 12.7% | $770M | |||
| 4 | PHM | 10.6% | $647M | |||
| 5 | DHI | 7.8% | $476M | |||
| 6 | OSK | 6.1% | $373M | |||
| 7 | ARW | 4.5% | $272M | |||
| 8 | AVT | 4.0% | $242M | |||
| 9 | BAX | 4.0% | $240M | |||
| 10 | SLB | 3.9% | $240M | |||
| 11 | ICLR | 3.6% | $222M | |||
| 12 | LEA | 3.4% | $206M | |||
| 13 | AVTR | 2.9% | $177M | |||
| 14 | NOV | 1.8% | $108M | |||
| 15 | VBIL | 1.5% | $91M | |||
| 16 | MTH | 1.5% | $90M | |||
| 17 | LEN/B | 0.5% | $31M | |||
| 18 | TMHC | 0.3% | $16M | |||
| 19 | DNOW | 0.2% | $10M | |||
| 20 | CRH | <0.1% | $2M | |||
| 21 | A | <0.1% | $1M | |||
| 22 | JPM | <0.1% | $1M | |||
| 23 | SCHW | <0.1% | $1M | |||
| 24 | TEX | <0.1% | $645K | |||
| 25 | UNP | <0.1% | $493K | |||
| 26 | G3922B107 | <0.1% | $373K | |||
| 27 | STLA | <0.1% | $262K |
- 135045V100port15.4%val$933MGeneral Motors CO (gm)this Q hold·30q
- 2LENport15.2%val$923MLennar Corp-athis Q hold·40q
- 3TOLport12.7%val$770MToll Brothers Incthis Q hold·40q
- 4PHMport10.6%val$647MPultegroup Incthis Q hold·36q
- 5DHIport7.8%val$476MDR Horton Incthis Q hold·40q
- 6OSKport6.1%val$373MOshkosh Corpthis Q hold·15q
- 7ARWport4.5%val$272MArrow Electronics Incthis Q hold·13q
- 8AVTport4.0%val$242MAvnet Incthis Q hold·15q
- 9BAXport4.0%val$240MBaxter International Incthis Q +34%·3q
- 10SLBport3.9%val$240MSlb Ltdthis Q hold·2q
- 11ICLRport3.6%val$222MIcon Plc (iclr)this Q +11412%·4q
- 12LEAport3.4%val$206MLear Corpthis Q hold·24q
- 13AVTRport2.9%val$177MAvantor Incthis Q hold·3q
- 14NOVport1.8%val$108MNov Incthis Q hold·11q
- 15VBILport1.5%val$91MVanguard 0-3m T-bill Etfthis Q +55%·3q
- 16MTHport1.5%val$90MMeritage Homes Corpthis Q hold·22q
- 17LEN/Bport0.5%val$31MLennar Corp - B Shsthis Q hold·34q
- 18TMHCport0.3%val$16MTaylor Morrison Home Corpthis Q +470%·16q
- 19DNOWport0.2%val$10MDnow Incthis Q New·—1q
- 20CRHport<0.1%val$2MCrh Plc (crh)this Q hold·11q
- 21Aport<0.1%val$1MAgilent Technologies Incthis Q hold·40q
- 22JPMport<0.1%val$1MJpmorgan Chase & COthis Q hold·40q
- 23SCHWport<0.1%val$1MSchwab (charles) Corpthis Q hold·24q
- 24TEXport<0.1%val$645KTerex Corpthis Q -44%·12q
- 25UNPport<0.1%val$493KUnion Pacific Corpthis Q hold·38q
- 26G3922B107port<0.1%val$373KGenpact Ltd (g)this Q hold·10q
- 27STLAport<0.1%val$262KStellantis NV (stla)this Q hold·5q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| BAX | Baxter International Inc | ADD | 4.0% | +34% | $240M |
| ICLR | Icon Plc (iclr) | ADD | 3.6% | +11412% | $222M |
| MRP | Millrose Properties | EXIT | 2.2% | -100% | $0 |
| VBIL | Vanguard 0-3m T-bill Etf | ADD | 1.5% | +55% | $91M |
| TMHC | Taylor Morrison Home Corp | ADD | 0.3% | +470% | $16M |
| TFX | Teleflex Inc | EXIT | 0.2% | -100% | $0 |
| DNOW | Dnow Inc | NEW | 0.2% | +100% | $10M |
| C | Citigroup Inc | EXIT | 0.1% | -100% | $0 |
| RHI | Robert Half Inc | EXIT | <0.1% | -100% | $0 |
| TEX | Terex Corp | TRIM | <0.1% | -44% | $645K |
- ADDBAX4.0%Baxter International IncΔ +34%·$240M
- ADDICLR3.6%Icon Plc (iclr)Δ +11412%·$222M
- EXITMRP2.2%Millrose PropertiesΔ -100%·$0
- ADDVBIL1.5%Vanguard 0-3m T-bill EtfΔ +55%·$91M
- ADDTMHC0.3%Taylor Morrison Home CorpΔ +470%·$16M
- EXITTFX0.2%Teleflex IncΔ -100%·$0
- NEWDNOW0.2%Dnow IncΔ +100%·$10M
- EXITC0.1%Citigroup IncΔ -100%·$0
- EXITRHI<0.1%Robert Half IncΔ -100%·$0
- TRIMTEX<0.1%Terex CorpΔ -44%·$645K
Frequently asked questions
- What stocks does Greenhaven Associates own?
- As of 2026Q1, Greenhaven Associates's 13F discloses 27 positions worth $6.07B. The top five holdings: LEN (15.2%), TOL (12.7%), PHM (10.6%), DHI (7.8%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Greenhaven Associates buy this quarter?
- In 2026Q1, the filing shows 1 new position and 4 additions to existing holdings. The largest positions touched by buying: BAX, ICLR, VBIL, TMHC, DNOW.
- How big is Greenhaven Associates's portfolio?
- $6.07B across 27 positions per the latest 13F (filed Apr 6, 2026). The top five holdings account for 62% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0000846222). Not investment advice.