Greenhaven Associates Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The most striking feature of the Greenhaven profile is the extreme concentration of its holdings. With only 27 stocks in the entire portfolio, the institution operates with a conviction level that is rarely seen in the modern era of "closet indexing." This low number of holdings is the hallmark of a high-conviction investment style. In the world of institutional finance, a portfolio with fewer than 30 names indicates that the manager is not interested in merely tracking a benchmark. Instead, Edgar Wachenheim III is making bold, concentrated bets on specific industrial and consumer themes. Each position is large enough to move the needle for the entire fund, which implies a rigorous due diligence process where only the "best of the best" ideas make the final cut. This diversification—or lack thereof—is a double-edged sword: it allows for massive outperformance when the manager's thesis is correct, but it also exposes the portfolio to significant idiosyncratic risk if a core holding falters.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The most glaring statistic in the sector allocation is the 62.56% weight in Consumer Discretionary. When we calculate the sum of the top three sectors—Consumer Discretionary, Healthcare, and Technology—we find that they represent a staggering 85.42% of the total portfolio. This level of concentration is extraordinary. It indicates a "highly focused" investment philosophy that eschews the traditional wisdom of broad sector diversification. For Greenhaven, the Consumer Discretionary sector is not just a category; it is the primary engine of the portfolio. However, it is important to note that within this sector, the firm is not betting on retail or fast fashion; rather, it is heavily concentrated in the "big-ticket" items of the American Dream: automobiles and, more importantly, homebuilding.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

The investment logic for GM is rooted in its incredibly low valuation relative to its earnings power and its dominant position in the profitable truck and SUV segments. Greenhaven likely views GM as a "cash flow machine" that is being unfairly discounted by the market's obsession with pure-play electric vehicle (EV) companies. By holding such a large stake, Wachenheim is betting that GM's legacy business will fund its transition to EVs and autonomous driving (via Cruise), eventually leading to a significant valuation re-rating. The quarterly reduction of over 2.6 million shares suggests the firm is "trimming the sails" as the stock approaches what they might consider a near-term fair value, while still maintaining it as the portfolio's primary anchor.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The motivation behind this move is likely a " growth acceleration bet " combined with a "valuation trough" play. CROs like ICON are the backbone of the pharmaceutical industry, managing the complex clinical trials required to bring new drugs to market. After a period of post-pandemic normalization, the CRO sector likely hit a valuation floor that Wachenheim found irresistible. By making ICON a core holding, Greenhaven is betting on the long-term outsourcing trend in drug development. This move significantly increases the portfolio's exposure to the healthcare sector, providing a growth engine that is decoupled from the interest-rate-sensitive housing market. It is a classic Greenhaven move: identifying a high-quality, essential service provider and buying aggressively when the market sentiment is lukewarm.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The motivation here is almost certainly strategic rebalancing . Before this reduction, GM likely represented over 20% of the portfolio (as evidenced by the previous weight of 20.01%). For a $6 billion fund, having one-fifth of your assets in a single, highly cyclical automaker is a massive risk exposure. By trimming the position to 15.37%, Wachenheim is practicing "active risk control." It is important to note that this is likely a "profit-taking" move rather than a "stop-loss." GM has been a long-term holding for Greenhaven, and the firm likely still believes in the fundamental thesis, but felt the need to diversify the "concentration risk" as the stock reached a certain valuation milestone.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The logic chain of the quarter is remarkably clear: 1. Harvesting the Giants : The firm sold a significant portion of its General Motors stake and completely exited Millrose Properties. This was not a retreat due to failure, but a tactical harvesting of capital from mature, highly concentrated positions. 2. Building the Second Pillar : That harvested capital was immediately redeployed into a new "Healthcare Cluster," led by a massive, high-conviction entry into ICON Public Limited and a turnaround bet on Baxter International. 3. Refining the Core : Within the housing sector, the firm moved away from secondary real estate plays (Millrose) and legacy industrial suppliers (Terex) to double down on the "best-in-class" builders (Lennar, Taylor Morrison).

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.