High Concentration in Consumer Cyclicals: Edgar Wachenheim's Focus on Housing & Autos
Greenhaven Associates' portfolio, as of March 31, 2026, shows a significant tilt towards the Consumer Cyclical sector, with General Motors leading holdings.
Portfolio Overview
Edgar Wachenheim III, managing investments at Greenhaven Associates, maintains a portfolio heavily concentrated in the Consumer Cyclical sector as of March 31, 2026.
Top Holdings Analysis
The portfolio's largest position is General Motors Co (GM), accounting for 15.37% of the total value, followed by Lennar Corporation (LEN) at 15.21%. Other significant holdings include 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.
Notable Changes
Several holdings show significant changes from the previous period. General Motors saw a reduction in its stake, with shares decreasing by 17.48%. Conversely, Baxter International (BAX) experienced a substantial increase, with shares rising by 33.8%. Other notable changes include a slight increase in Oshkosh Corp (OSK) and a decrease in Arrow Electronics (ARW) and Avnet (AVT).
Sector Concentration
The portfolio exhibits a clear bias towards the Consumer Cyclical sector, which includes holdings in the automotive (GM) and homebuilding (LEN, TOL, PHM, DHI) industries. This sector allocation is significantly higher than others represented in the portfolio. Other sectors represented include Industrials (OSK), Technology (ARW, AVT), Healthcare (BAX), and Energy (SLB).
Investment Strategy
The investment strategy appears focused on capitalizing on opportunities within the cyclical consumer goods and services space, particularly in the automotive and residential construction sectors. The significant allocation to these areas suggests confidence in the cyclical nature of these industries and their potential for growth during economic expansion phases. The portfolio also includes diversification into other sectors like Industrials, Technology, Healthcare, and Energy, albeit to a lesser extent.