GREENHAVEN ASSOCIATES INC

Greenhaven Associates' Q1 2026 filing is a $6.07B, 27-position fund with one of the most extreme homebuilder concentrations in this dataset — the top four holdings are Lennar ($923.3M, 15.2%), Toll Brothers ($770.4M, 12.7%), PulteGroup ($646.5M, 10.6%), and D.R. Horton ($475.7M, 7.8%), for a combined 46.3% of AUM in residential construction alone. The quarter's headline trade is the $301.2M (-24.4% shares) reduction in General Motors — the fund's largest single holding in Q4 2025 at $1.23B (20.0%) — which brings GM down to $933.2M (15.4%) and signals either a partial-profit-take on the auto-pickup cycle or a rotation away from cyclicals. The offset on the industrial and consumer side was a $55.8M increase in Oshkosh Corp ($372.6M), a $42.6M increase in Arrow Electronics ($271.9M) — with a $62.5M apparent value change driven by a share-count discrepancy (current shares down 1,411, prior value up $62.5M, suggesting a prior-period data artifact) — and a $36.0M increase in Baxter International ($240.4M, +33.8% shares), which is the single most informative new addition: a medical-devices-and-pharmaceuticals name that introduces healthcare diversification to a portfolio previously dominated by industrials, homebuilders, and auto. On the homebuilder side, Lennar was increased $114.4M in value but reduced 426,816 shares (-4.0%) — a data-quality signal rather than a genuine reduction, as the value went up while shares went down. Toll Brothers (+$12.8M, +0.8%), PulteGroup (-$2.4M, -0.7%), and D.R. Horton (-$26.1M, -0.8%) were all essentially flat in share terms, with minor value drift driven by price movements. The fund sold Millrose Properties ($137.3M real-estate REIT), Teleflex ($15.0M medical devices), Citigroup ($3.9M), and Robert Half ($2.8M) — a clean rotation out of financial services and staffing into what appears to be a consolidated homebuilder-plus-industrial core with a new healthcare sleeve. At a 78.75 whaleScore (the second-highest in this batch), this is a $6.07B mega-fund whose Q1 activity is best read as a disciplined trimming of its largest cyclical position (GM) and a modest healthcare diversification add, while the homebuilder core — the portfolio's defining characteristic — remained largely unchanged.