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GREENHAVEN ASSOCIATES INC

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PURCHASE NY Investment Advisor Hedge Fund
13F Summary

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Greenhaven Associates is based out of Purchase. Greenhaven Associates is a large advisory firm with 134 clients and discretionary assets under management (AUM) of $10,914,315,136 (Form ADV from 2025-01-03). Their last reported 13F filing for Q2 2025 included $6,721,573,525 in managed 13F securities and a top 10 holdings concentration of 93.17%. Greenhaven Associates's largest holding is Citigroup, Inc with shares held of 16,175,563. Whalewisdom has at least 101 13F filings, and 18 13G filings
Business Description
Greenhaven manages discrete investment portfolios for clients on a discretionary basis, primarily focusing on purchasing and holding undervalued common stocks. The underlying companies of the stocks they own might be of any size, in any type of business, or domiciled in any country. While they primarily own common stocks, they might purchase warrants, convertible or other debt securities, or other types of securities that might serve as a proxy for common stocks. In addition, if an account is less than fully invested in common stocks, they might purchase U.S. Treasury Bills or Notes, or other “cash equivalents”. Greenhaven has three “investment managers”: Ed Wachenheim, Chris Wachenheim, and Josh Sandbulte. Many of Greenhaven’s accounts are managed by a single manager and many are co-managed by Josh Sandbulte and Ed Wachenheim. In practice, Josh Sandbulte makes most of the daily decisions for the co-managed accounts, while Ed Wachenheim serves as the regulatory supervisor of the accounts and is available to make investment decisions at times when Josh Sandbulte is unavailable to make decisions. Each account is managed on a discretionary basis, meaning that Greenhaven’s managers make buy and sell decisions without the prior approval of clients.
Investment Strategy
Greenhaven's investment strategy centers on purchasing undervalued securities with the intention of selling them once they reach their full or overvalued potential. Their appraisal of a security's value typically looks two to four years into the future, a longer time horizon than many other investors. This allows them to identify and capitalize on opportunities where short-term performance may be unattractive, but long-term potential remains strong. By de-emphasizing short-term performance, Greenhaven believes they can access out-of-favor securities that are undervalued. This approach allows them to operate in a less competitive space, increasing the likelihood of finding profitable investments. They are willing to hold securities that other investors might shun due to short-term concerns, focusing instead on the long-term value and potential appreciation.
Owners
  • DAVIDOFF, ELIHU - VICE PRESIDENT
  • SANDBULTE, JOSHUA, BERNARD - CHIEF INVESTMENT OFFICER
  • WACHENHEIM, EDGAR - CHAIRMAN, CHIEF FINANCIAL OFFICER & CHIEF COMPLIANCE OFFICER
  • WACHENHEIM, CHRIS, ANDREW - PRESIDENT
  • WACHENHEIM, LANCE, ROBERT - SHAREHOLDER
  • WAGMAN, KIM, WACHENHEIM - SHAREHOLDER
  • MCCAFFERY, AMY, WACHENHEIM - SHAREHOLDER
  • Click on the Ownership/Private Fund Data tab for more details.
Other Contact Information
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2025-06-30

Top Buys (13F)

Name % Change
OSK Oshkosh Corp 0.5%
TOL Toll Brothers, Inc 0.18%
ICLR Icon Plc 0.04%
STLA Stellantis NV 0%
NOV Nov Inc -0.07%

2025-06-30

Top Sells (13F)

2025-06-30

13F Holdings Summary

Name $ Change
C Citigroup, Inc 20.48%
GM General Motors Compa 17.32%
LEN Lennar Corp. Class A 15.62%
TOL Toll Brothers, Inc 9.51%
PHM Pultegroup Inc 8.76%

2025-06-30

13F Activity

Market Value $6.72b, Prior: $6.29b
Inflows (Outflows) as % of Total MV (-0.4076)%
New Purchases 1 stocks
Added To 7 stocks
Sold out of 2 stocks
Reduced holdings in 9 stocks
Top 10 Holdings % 93.17%
Turnover %[1] 11.11%
Turnover Alt %[2] 0.43%
Time Held Top 20 16.15 quarters
Time Held Top 10 16.4 quarters
Time Held All 20.88 quarters

[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.

[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.

2025-06-30

13F Sector Allocation Over Time

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2025-06-30

Analysis

Top 20 equal-weighted holdings. Performance numbers calculated through 2025-06-30

Portfolio Performance