Greenhaven Q4 2025: GM Cut 34%, Baxter +70%, SLB New

Edgar Wachenheim's Greenhaven Associates filed a 30-position 13F for Q4 2025 reporting $6.17 billion in market value. Greenhaven runs the deepest concentrated-value franchise in our coverage that nobody outside the value-investing community talks about — Wachenheim has been writing the book the same way since the early 1990s, and Q4 2025 is a textbook example of how the franchise rebalances around its core convictions without abandoning them.

The Q4 tape has three trades that matter, and one structural feature that hasn't moved. The structural feature: four of the top five positions are homebuilders (Lennar, Toll Brothers, PulteGroup, D.R. Horton), and they collectively hold 47.75% of the book. The three Q-over-Q trades: General Motors share count was cut −34.2% (value −12.2%, weight 21.39% → 20.01%, still the #1 position), Baxter International was added +70.0% by shares (value +42.7%), and SLB Limited was initiated as a new $178.9M position at 2.90% weight.

Snapshot

The book is concentrated even by Greenhaven standards. Top 1 (GM) at 20.01%, top 5 at 67.76%, top 10 at 86.84%. The remaining 20 positions share roughly 13% of the book, and most live below 1.5% weight. This is a portfolio that prices on the marginal moves of about eight names, plus housing as a sector bet.

The GM Trim Is The Real Story

GM held the top-1 position with a 21.39% weight going into Q4 and a 20.01% weight coming out. The weight barely moved, which is the kind of stat that hides the underlying transaction. The share count went from 30.05 million to 19.78 million — roughly 10.3 million shares sold, a 34.2% reduction in position size. The stock price drop in Q4 (from roughly $52 to $40) absorbed most of the residual weight effect. Greenhaven sold one in three GM shares and the position still ended up at 20% of the book.

This is the kind of trade you only spot if you compare share counts, not weights. A reader looking only at the weight column sees "GM held steady at 20%" and concludes Wachenheim is unchanged on the auto thesis. The truth is the opposite: this is the most aggressive single-quarter reduction Greenhaven has run on GM in the past two years. Whether that reflects an explicit thesis change or a partial harvest after a multi-year run is something only the next two quarters will reveal — but the share-count read is unambiguous.

Housing Held; Lennar Quietly Added

The four-homebuilder block (LEN, TOL, PHM, DHI) ran into housing weakness in Q4 — value declines of 14.7%, 1.7%, 11.8%, and 18.6% respectively. Greenhaven did not retreat. Lennar share count went up 4.6% on the price decline. Toll Brothers shares were essentially flat (+0.4%). PulteGroup was effectively flat (−0.6%). D.R. Horton was the only homebuilder where shares were trimmed, and even that was a modest 4.2% reduction.

The signal: this is a buy-the-dip on housing thesis, not a position-reduction. With 47.75% of the book in homebuilders, Greenhaven took the price decline as an opportunity to selectively add (Lennar) and to hold elsewhere. That's a value-investor playbook — when the position has been worked for years and the thesis is still intact, you don't trim into weakness; you re-mark and possibly add.

Q3 → Q4 Rotation: Three New Plays + One Big Add

Baxter International (BAX) went from 1.46 million shares to 2.49 million shares — a 70.0% share-count add. Value rose 42.7% to $204M. This is the largest deliberate add of the quarter (the Lennar add was the second-largest by share-count delta in absolute terms). Baxter has been working through a multi-year operational reset; Greenhaven entering or scaling materially during a depressed-multiple period fits the franchise's pattern.

SLB Limited entered as a new $178.9M position at 2.90% weight. Greenhaven has historically held some energy / oilfield-services exposure but this is the first time SLB has appeared in the book. Position 12 by value, large enough to be meaningful, small enough to be an initial sizing.

The rest of the rotation is small. Avantor was added 12.0% by shares. Lear Corporation kept share count flat as price drove value up 12.7%. The bottom of the book absorbed two new entries (Smith & Wesson, Range Resources, plus a third small position) and one tiny exit (a Goldman Sachs token position at $0.8M). Position count grew from 27 to 30.

AUM Trajectory

Greenhaven's reported 13F value has run between $6.0B and $11.0B over the past 10 quarters with no clean trend — the book is in a steady-state range, oscillating around $6.5-8B. This is consistent with a closed or capacity-managed franchise: the AUM doesn't compound mechanically with capital inflows because the franchise is not actively raising. The position count has stayed in the 24-30 range over the same window.

The Q4 2025 close at $6.17B is the second-lowest reading of the past 10 quarters (Q1 2025's $6.29B was the floor). What changed isn't AUM — it's mix. Wachenheim trimmed GM materially, kept the homebuilder concentration, and made room for two meaningful new entries (Baxter add, SLB initiation). The net effect on AUM is muted; the net effect on portfolio composition is significant.

What To Watch

• GM share-count next quarter. A continued share-count reduction below 19.78 million would confirm a thesis shift. A flat or rising share-count on price weakness would confirm Q4 was a partial harvest, not a position unwind.
• Homebuilder weight. If LEN+TOL+PHM+DHI stay at ~48% even after additional Q1 housing weakness, Greenhaven is signaling sustained conviction on the long-cycle housing thesis.
• Baxter sizing. 70% share add in one quarter is a real entry. Watch whether it grows in Q1 (signaling further conviction) or holds (signaling initial sizing was the target).
• SLB direction. A 2.90% initial position is sizing room. Either it grows toward 4-5% or it stays an experimental allocation.

For comparable concentrated-value tape, see other research articles across our coverage. To follow new 13D/G activity on these tickers as it lands, the institutional signal feed surfaces filings within hours of publication. Source filing on EDGAR via Greenhaven's SEC company page.