Edgar Wachenheim's Portfolio: High Concentration in Consumer Cyclicals
Greenhaven Associates' portfolio, as of March 31, 2026, shows a significant concentration in Consumer Cyclical stocks, with General Motors leading holdings.
Portfolio Overview
Edgar Wachenheim III, managing investments at Greenhaven Associates, holds a portfolio valued at $5.98 billion as of March 31, 2026. The portfolio is characterized by a notable concentration in specific sectors, with holdings heavily weighted towards Consumer Cyclical stocks.
Top Holdings by Value
The largest position in the portfolio is General Motors Co (GM), accounting for 15.37% of the total value. Other significant holdings include Lennar Corporation (LEN) at 15.21%, Toll Brothers (TOL) at 12.69%, PulteGroup (PHM) at 10.65%, and D R Horton (DHI) at 7.84%. These top five holdings alone represent a substantial portion of the portfolio, highlighting its concentrated nature.
Concentration in Consumer Cyclical Sector
The portfolio demonstrates a strong bias towards the Consumer Cyclical sector. This sector includes General Motors (Automotive), Lennar, Toll Brothers, PulteGroup, and D R Horton (all Homebuilders), making up a significant portion of the portfolio's value and diversification. Beyond these, the portfolio also includes holdings in Industrials (Oshkosh Corp), Technology (Arrow Electronics, Avnet), Healthcare (Baxter International), and Energy (SLB LTD).
Recent Changes in Holdings
Several holdings show significant changes compared to the previous period. General Motors saw a reduction in its share count by 17.48%. Conversely, Baxter International experienced a substantial increase in its share count by 33.8%. Other notable changes include a slight increase in Oshkosh Corp (0.39%) and minor adjustments in Arrow Electronics (-0.22%) and Avnet (-0.21%).
Investment Strategy Analysis
The investment strategy appears focused on capitalizing on opportunities within the Consumer Cyclical sector, particularly in the automotive and homebuilding industries, as evidenced by the top holdings. The portfolio also includes exposure to other sectors like Industrials, Technology, Healthcare, and Energy, suggesting a degree of diversification beyond its primary focus. However, the significant allocation to Consumer Cyclicals and the top holdings indicate a core emphasis on these areas.