Edgar Wachenheim III - Greenhaven Associates Investment Strategy & Portfolio Analysis

As of Mar 31, 2026, Edgar Wachenheim III's Greenhaven Associates portfolio reflects a concentrated approach across 26 reported 13F positions. Portfolio returns are primarily driven by a small set of high-conviction positions such as General Motors, Lennar, and Toll Brothers,, with the top five holdings accounting for approximately 63% of total exposure and General Motors alone contributing ~16%. While the portfolio includes 26 positions, economic outcomes are highly concentrated in a narrow set of consumer cyclical companies and technology 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 unknown. The portfolio exhibits extremely low turnover, reinforcing a patient, conviction-led investment approach. Distinctive traits include Long-Term Holder, Moderately Concentrated, Economically Concentrated.