Edgar Wachenheim III - Greenhaven Associates Investment Strategy & Portfolio Analysis

As of Jun 30, 2026, Edgar Wachenheim III's Greenhaven Associates portfolio reflects a concentrated approach across 27 reported 13F positions. Portfolio returns are primarily driven by a small set of high-conviction positions such as Lennar, General Motors, and Toll Brothers,, with the top five holdings accounting for approximately 53% of total exposure and Lennar alone contributing ~12%. While the portfolio includes 27 positions, economic outcomes are highly concentrated in a narrow set of consumer cyclical companies and healthcare names. Exposure to high-growth and technology-oriented segments is moderate relative to peers, with performance weighted across consumer discretionary, healthcare, and unknown. The portfolio exhibits low turnover, consistent with a buy-and-hold posture held through multiple reporting cycles. Distinctive traits include Moderate Turnover, Structurally Diversified, Sector-Tilted.