Greenhaven Associates

Q2 2025 13F · by Edgar Wachenheim, founder

As of: Jun 30, 2025
Filed: Jul 8, 2025
US stock: $6.7B · prev $6.3B
Positions: 25 · prev 26
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves19 since the prior filing

−1.4 pp in · +1.5 pp out

New 1 +0.04 pp
Added 7 −1.49 pp
Trimmed 9 +1.51 pp
Exited 2 −0.01 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.7% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions72% of US stock

Positions25 in this filing · 2 exited


CCitigroup Inc.	20.48%	16,175,563	$1.4B	trimmed−3%	+1.68 pp	15 q
GMGeneral Motors Company	17.32%	23,654,358	$1.2B	trimmed−1%	−0.45 pp	30 q
LENLennar Corporation Class A	15.62%	9,493,585	$1.1B	added+1%	−1.60 pp	39 q
TOLToll Brothers, Inc.	9.51%	5,601,916	$639M	added+1%	+0.18 pp	38 q
PHMPultegroup, Inc.	8.76%	5,580,428	$589M	trimmed−0%	−0.37 pp	13 q
DHID.R. Horton Inc.	7.06%	3,681,063	$475M	added0%	−0.36 pp	43 q
OSKOshkosh Corp.	4.31%	2,554,406	$290M	added0%	+0.49 pp	12 q
ARWArrow Electronics, Inc.	3.63%	1,912,699	$244M	trimmed−0%	+0.47 pp	10 q
MRPMillrose Properties, Inc.	3.35%	7,887,516	$225M	trimmed−0%	+0.03 pp	2 q
AVTAvnet, Inc.	3.13%	3,962,937	$210M	trimmed−0%	+0.10 pp	12 q
LEALear Corporation	2.60%	1,841,647	$175M	trimmed−0%	+0.02 pp	21 q
MTHMeritage Homes Corporation	1.49%	1,491,955	$100M	added+4%	−0.13 pp	13 q
TEXTerex Corporation	1.04%	1,499,933	$70M	trimmed−0%	+0.14 pp	9 q
NOVNOV Inc.	0.92%	4,982,516	$62M	added+21%	−0.07 pp	8 q
LEN.BLennar Corporation Class B	0.57%	364,059	$38M	held	—	31 q
CRHCRH Public Limited Company	0.04%	26,937	$2M	held	—	8 q
ICLRIcon Plc	0.04%	17,633	$3M	new	+0.04 pp	new
GSGoldman Sachs Group Inc.	0.03%	2,500	$2M	held	—	45 q
SCHWThe Charles Schwab Corporation	0.03%	20,000	$2M	held	—	21 q
AAgilent Technologies Inc.	0.02%	10,700	$1M	held	—	49 q
JPMJPMorgan Chase & Co.	0.02%	5,000	$1M	held	—	43 q
MSMorgan Stanley	0.02%	10,000	$1M	held	—	22 q
UNPUnion Pacific Corp.	0.01%	2,032	$467,523	held	—	35 q
GGenpact Limited	0.01%	11,018	$484,902	trimmed−92%	−0.11 pp	7 q
STLAStellantis N.V.	0.01%	36,000	$361,080	added+20%	0.00 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	—	−1,001	—	exited	−0.01 pp	—
RHIRobert Half Inc.	—	−3,800	—	exited	0.00 pp	—