Edgar Wachenheim III - Greenhaven Associates Investment Strategy & Portfolio Analysis

According to the SEC 13F filed on Oct 26, 2026, Edgar Wachenheim III's Greenhaven Associates portfolio reflects a concentrated approach across 27 reported 13F positions as of quarter-end Sep 30, 2026. Portfolio returns are primarily driven by a small set of high-conviction positions such as Lennar, Becton, Dickinson and, and General Motors, with the top five holdings accounting for approximately 57% of total exposure and Lennar alone contributing ~13%. While the portfolio includes 27 positions, economic outcomes are highly concentrated in a narrow set of consumer cyclical companies and healthcare names, indicating a meaningful divergence between structural diversification and return concentration. Exposure to high-growth and technology-oriented segments remains limited relative to peers, with performance weighted across consumer discretionary and healthcare. The portfolio exhibits extremely low turnover, reinforcing a patient, conviction-led investment approach. Distinctive traits include Long-Term Holder, Moderately Concentrated, Structurally Diversified.