Greenhaven's Focus: Consumer Cyclicals and GM Dominance
Edgar Wachenheim III of Greenhaven Associates maintains a portfolio heavily concentrated in Consumer Cyclical stocks, with General Motors leading at 20.01% allocation, as of December 31, 2025.
Introduction
Edgar Wachenheim III, managing director at Greenhaven Associates, oversees a portfolio as of December 31, 2025, characterized by significant concentration in specific sectors and holdings. The analysis below details the top holdings, sector allocations, and recent changes in the portfolio.
Top Holdings by Value
The portfolio's largest position is General Motors Co (GM), holding approximately 20.01% of the total value. Other significant holdings include Lennar Corporation (LEN) at 16.82%, Toll Brothers (TOL) at 12.28%, PulteGroup (PHM) at 10.52%, and D R Horton (DHI) at 8.13%. These top five holdings account for a substantial portion of the portfolio's allocation.
Portfolio Sector Allocation
The portfolio exhibits a strong bias towards the Consumer Cyclical sector. Holdings in this sector include Lennar (LEN), Toll Brothers (TOL), PulteGroup (PHM), and D R Horton (DHI), collectively representing a significant allocation. Outside of Consumer Cyclicals, the portfolio includes Oshkosh Corp (OSK) in Industrials, Avantor Inc (AVTR) and Baxter International Inc (BAX) in Healthcare, and Arrow Electronics Inc (ARW) in Technology. Lear Corporation (LEA) is also allocated in Consumer Cyclicals.
Recent Changes in Holdings
Several holdings show notable changes from the previous period. General Motors saw a decrease in shares (-34.19%), while Avantor Inc experienced a significant increase (+11.95%). Lennar Corporation also increased its share count (+4.57%). Conversely, D R Horton (-4.22%) and PulteGroup (-0.64%) saw slight decreases, while Baxter International Inc showed a substantial increase in shares (+70.05%).
Portfolio Strategy Analysis
The portfolio's strategy appears focused on companies within the Consumer Cyclical sector, particularly those in the homebuilding industry (Lennar, Toll Brothers, PulteGroup, D R Horton). This sector allocation suggests an investor positioning that may benefit from economic recovery or growth in housing demand. The significant allocation to General Motors indicates a core position in the automotive sector. The inclusion of companies from other sectors like Healthcare (Avantor, Baxter) and Technology (Arrow Electronics) diversifies the portfolio but to a lesser extent. The strategy also involves active management, evidenced by the changes in share counts for several holdings.