Greenhaven Associates

Greenhaven's $6.07B book remains a high-conviction homebuilder concentration play — LEN (15.2%), TOL (12.7%), PHM (10.6%), and DHI (7.8%) together consume over 46% of assets, a positioning that reads as a deliberate macro call on housing supply shortages persisting despite rate headwinds. The standout action is the near-total new build in ICLR (Icon PLC) to 3.65%, a +11,412% delta that is effectively a fresh position and mirrors Glenn Greenberg's simultaneous initiation — worth flagging as a consensus super-investor move into CRO names. BAX (Baxter) was added ~34% to 3.96%, reinforcing a medical-devices value thesis alongside the existing book. The exit from MRP (previously 2.2%) is notable given Greenberg still holds it at 5.9%; one of these two concentrated value managers is clearly wrong on the name. GM (15.4%) remains the single largest position and the most exposed to tariff and EV transition risk. Watch for any trimming of homebuilder positions if macro data softens heading into mid-2026.