Greenhaven Associates

Q4 2025 13F · by Edgar Wachenheim, founder

As of: Dec 31, 2025
Filed: Jan 7, 2026
US stock: $6.2B · prev $6.6B
Positions: 30 · prev 27
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%

Moves25 since the prior filing

+3.8 pp in · −3.7 pp out

New 4 +3.24 pp
Added 7 +0.57 pp
Trimmed 13 −3.69 pp
Exited 1 −0.01 pp

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 25% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions68% of US stock

GM General Motors Company trimmed−1.38 pp trimmed−1.3820.0%
LEN Lennar Corporation Class A added−1.68 pp added−1.6816.8%
TOL Toll Brothers, Inc. added+0.56 pp added+0.5612.3%
PHM Pultegroup, Inc. trimmed−0.67 pp trimmed−0.6710.5%
DHI D.R. Horton Inc. trimmed−1.25 pp trimmed−1.258.1%

Positions30 in this filing · 1 exited


GMGeneral Motors Company	20.01%	15,178,957	$1.2B	trimmed−34%	−1.38 pp	32 q
LENLennar Corporation Class A	16.82%	10,094,147	$1.0B	added+5%	−1.68 pp	41 q
TOLToll Brothers, Inc.	12.28%	5,603,187	$758M	added0%	+0.56 pp	40 q
PHMPultegroup, Inc.	10.52%	5,534,428	$649M	trimmed−1%	−0.67 pp	15 q
DHID.R. Horton Inc.	8.13%	3,484,146	$502M	trimmed−4%	−1.25 pp	45 q
OSKOshkosh Corp.	5.13%	2,521,296	$317M	trimmed−0%	+0.15 pp	14 q
AVTRAvantor, Inc.	3.81%	20,500,653	$235M	added+12%	+0.33 pp	2 q
ARWArrow Electronics, Inc.	3.39%	1,899,971	$209M	added0%	−0.10 pp	12 q
BAXBaxter International Inc.	3.31%	10,693,223	$204M	added+70%	+1.13 pp	2 q
LEALear Corporation	3.30%	1,776,038	$204M	trimmed−1%	+0.55 pp	23 q
AVTAvnet, Inc.	3.06%	3,928,866	$189M	trimmed0%	−0.06 pp	14 q
SLBSLB Limited	2.90%	4,660,827	$179M	new	+2.90 pp	new
MRPMillrose Properties, Inc.	2.23%	4,596,584	$137M	trimmed−0%	−0.12 pp	4 q
MTHMeritage Homes Corporation	1.56%	1,465,340	$96M	added+1%	−0.04 pp	15 q
NOVNOV Inc.	1.46%	5,745,138	$90M	trimmed−0%	+0.30 pp	10 q
VBILVanguard 0-3 Month Treasury Bill ETF	0.94%	772,725	$58M	added+55%	+0.37 pp	2 q
LEN.BLennar Corporation Class B	0.56%	364,059	$35M	held	—	33 q
TFXTeleflex Incorporated	0.24%	122,079	$15M	new	+0.24 pp	new
CCitigroup Inc.	0.06%	33,260	$4M	trimmed−60%	−0.07 pp	17 q
RHIRobert Half Inc.	0.05%	104,700	$3M	new	+0.05 pp	new
TMHCTaylor Morrison Home Corporation	0.05%	47,500	$3M	new	+0.05 pp	new
ICLRIcon Plc	0.05%	17,394	$3M	trimmed−0%	0.00 pp	3 q
CRHCRH Public Limited Company	0.04%	20,000	$2M	trimmed−20%	−0.01 pp	10 q
AAgilent Technologies Inc.	0.02%	10,700	$1M	held	—	51 q
JPMJPMorgan Chase & Co.	0.02%	4,000	$1M	held	—	45 q
SCHWThe Charles Schwab Corporation	0.02%	12,500	$1M	trimmed−17%	0.00 pp	23 q
TEXTerex Corporation	0.02%	19,422	$1M	trimmed−99%	−1.13 pp	11 q
UNPUnion Pacific Corp.	0.01%	2,032	$470,042	held	—	37 q
GGenpact Limited	0.01%	10,000	$467,800	held	—	9 q
STLAStellantis N.V.	0.01%	36,000	$392,040	held	—	4 q
GSGoldman Sachs Group Inc.	—	−1,000	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 0 unresolved
Accession: 0001213900-26-002117
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
A security outside the official 13F list — CUSIP 35045V100 not on the Official 13(f) List for 2025-12-31

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