Greenhaven Associates

Q3 2025 13F · by Edgar Wachenheim, founder

As of: Sep 30, 2025
Filed: Nov 4, 2025
US stock: $6.6B · prev $6.7B
Positions: 27 · prev 25
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%

Moves24 since the prior filing

+9.4 pp in · −9.5 pp out

New 3 +6.23 pp
Added 2 +3.12 pp
Trimmed 18 −9.44 pp
Exited 1 −0.02 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions72% of US stock

GM General Motors Company trimmed+4.07 pp trimmed+4.0721.4%
LEN Lennar Corporation Class A added+2.88 pp added+2.8818.5%
TOL Toll Brothers, Inc. trimmed+2.21 pp trimmed+2.2111.7%
PHM Pultegroup, Inc. trimmed+2.43 pp trimmed+2.4311.2%
DHI D.R. Horton Inc. trimmed+2.32 pp trimmed+2.329.4%

Positions27 in this filing · 1 exited


GMGeneral Motors Company	21.39%	23,064,358	$1.4B	trimmed−2%	+4.07 pp	31 q
LENLennar Corporation Class A	18.50%	9,653,394	$1.2B	added+2%	+2.88 pp	40 q
TOLToll Brothers, Inc.	11.72%	5,580,969	$771M	trimmed−0%	+2.21 pp	39 q
PHMPultegroup, Inc.	11.19%	5,569,828	$736M	trimmed−0%	+2.43 pp	14 q
DHID.R. Horton Inc.	9.38%	3,637,763	$616M	trimmed−1%	+2.32 pp	44 q
OSKOshkosh Corp.	4.98%	2,526,606	$328M	trimmed−1%	+0.67 pp	13 q
ARWArrow Electronics, Inc.	3.49%	1,898,399	$230M	trimmed−1%	−0.14 pp	11 q
AVTRAvantor, Inc.	3.48%	18,311,570	$229M	new	+3.48 pp	new
AVTAvnet, Inc.	3.12%	3,928,937	$205M	trimmed−1%	−0.01 pp	13 q
LEALear Corporation	2.75%	1,795,824	$181M	trimmed−2%	+0.15 pp	22 q
MRPMillrose Properties, Inc.	2.35%	4,601,273	$155M	trimmed−42%	−1.00 pp	3 q
BAXBaxter International Inc.	2.18%	6,288,349	$143M	new	+2.18 pp	new
MTHMeritage Homes Corporation	1.60%	1,452,954	$105M	trimmed−3%	+0.11 pp	14 q
NOVNOV Inc.	1.16%	5,747,682	$76M	added+15%	+0.24 pp	9 q
TEXTerex Corporation	1.15%	1,477,733	$76M	trimmed−1%	+0.11 pp	10 q
LEN.BLennar Corporation Class B	0.66%	364,059	$44M	held	—	32 q
VBILVanguard 0-3 Month Treasury Bill ETF	0.57%	500,000	$38M	new	+0.57 pp	new
CCitigroup Inc.	0.13%	83,273	$8M	trimmed−99%	−20.35 pp	16 q
CRHCRH Public Limited Company	0.05%	25,000	$3M	trimmed−7%	+0.01 pp	9 q
ICLRIcon Plc	0.05%	17,409	$3M	trimmed−1%	+0.01 pp	2 q
AAgilent Technologies Inc.	0.02%	10,700	$1M	held	—	50 q
JPMJPMorgan Chase & Co.	0.02%	4,000	$1M	trimmed−20%	0.00 pp	44 q
SCHWThe Charles Schwab Corporation	0.02%	15,000	$1M	trimmed−25%	−0.01 pp	22 q
GSGoldman Sachs Group Inc.	0.01%	1,000	$796,350	trimmed−60%	−0.02 pp	46 q
UNPUnion Pacific Corp.	0.01%	2,032	$480,304	held	—	36 q
GGenpact Limited	0.01%	10,000	$418,900	trimmed−9%	0.00 pp	8 q
STLAStellantis N.V.	0.01%	36,000	$336,240	held	—	3 q
MSMorgan Stanley	—	−10,000	—	exited	−0.02 pp	—

Source

Form: 13F-HR
Reading: 1 defect · 0 unresolved
Accession: 0001213900-25-105801
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A row was set aside — invalid CUSIP 35045V100

Search