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Edgar Wachenheim Greenhaven Associates
AUM
$8.66B
Turnover
22.58%
1-Year Est. Return
17.37%
Edgar Wachenheim III is the long-time leader of Greenhaven Associates, a concentrated value-oriented investment firm. Greenhaven is known for large positions in a limited number of equities and a multi-year investment horizon. Wachenheim’s approach emphasizes intrinsic value, patience, and a willingness to look different from the index.
This Fund
S&P 500
This Quarter Est. Return
+13.02%
1 Year Est. Return
+17.37%
3 Year Est. Return
+57.99%
5 Year Est. Return
+64.45%
10 Year Est. Return
+297.25%
AUM
$8.66B
AUM Growth
+$2.59B
(+43%)
Cap. Flow
+$1.74B
Cap. Flow % of AUM
Cap. Flow %
20.08%
Top 10 Holdings %
Top 10 Hldgs %
79.12%
Holding
31
New
4
Increased
7
Reduced
11
Closed
3
Avg Time Held
4.4
years
Top 10 Avg Time Held
4.1
years
Top 20 Avg Time Held
3.5
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Becton Dickinson
BDX
|
+$850M |
| 2 |
Accenture
ACN
|
+$588M |
| 3 |
Icon
ICLR
|
+$140M |
| 4 |
IQVIA
IQV
|
+$134M |
| 5 |
EPAM Systems
EPAM
|
+$62.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLB Ltd
SLB
|
+$46.2M |
| 2 |
Vanguard 0-3 Month Treasury Bill ETF
VBIL
|
+$40.4M |
| 3 |
Lear
LEA
|
+$32.3M |
| 4 |
Arrow Electronics
ARW
|
+$26.3M |
| 5 |
Taylor Morrison
TMHC
|
+$15.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 41.65% |
| 2 | Healthcare | 24.21% |
| 3 | Technology | 13.62% |
| 4 | Miscellaneous | 12.04% |
| 5 | Industrials | 5.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Lennar Class A
LEN
$18.3B
| $1.02B | 11.82% |
11,316,279
+684,148
| +6% | +$61.2M |
2015 Q4
42 quarters
|
|
2
Toll Brothers
TOL
$12.3B
| $928M | 10.71% |
5,630,109
-15,200
| -0.3% | -$2.16M |
2016 Q1
41 quarters
|
|
|
3
Becton Dickinson
BDX
$52.2B
| $860M | 9.93% |
+5,681,708
| New | +$850M |
2026 Q2
0 quarters
|
|
4
Pultegroup
PHM
$21.6B
| $749M | 8.64% |
5,455,949
-41,160
| -0.7% | -$5M |
2022 Q2
16 quarters
|
|
5
D.R. Horton
DHI
$39B
| $571M | 6.59% |
3,505,800
+38,880
| +1% | +$5.8M |
2014 Q4
46 quarters
|
|
|
6
Icon
ICLR
$13.1B
| $539M | 6.22% |
3,100,615
+1,098,204
| +55% | +$140M |
2025 Q2
4 quarters
|
|
|
7
Accenture
ACN
$141B
| $421M | 4.86% |
+3,384,681
| New | +$588M |
2026 Q2
0 quarters
|
|
8
Oshkosh
OSK
$7.84B
| $393M | 4.53% |
2,558,680
+27,675
| +1% | +$3.9M |
2022 Q3
15 quarters
|
|
|
9
Arrow Electronics
ARW
$10.9B
| $376M | 4.35% |
1,764,153
-131,707
| -7% | -$26.3M |
2023 Q1
13 quarters
|
|
10
Avnet
AVT
$7.4B
| $335M | 3.87% |
3,772,861
-147,651
| -4% | -$12.1M |
2022 Q3
15 quarters
|
|
11
Baxter International
BAX
$13.1B
| $305M | 3.52% |
14,285,228
-22,460
| -0.2% | -$419K |
2025 Q3
3 quarters
|
|
12
Avantor
AVTR
$11.1B
| $244M | 2.82% |
24,637,310
+2,043,472
| +9% | +$17.6M |
2025 Q3
3 quarters
|
|
|
13
Lear
LEA
$5.92B
| $195M | 2.25% |
1,455,933
-241,436
| -14% | -$32.3M |
2020 Q2
24 quarters
|
|
|
14
SLB Ltd
SLB
$73.5B
| $177M | 2.04% |
3,802,344
-862,233
| -18% | -$46.2M |
2025 Q4
2 quarters
|
|
|
15
IQVIA
IQV
$43.9B
| $148M | 1.71% |
+768,045
| New | +$134M |
2026 Q2
0 quarters
|
|
16
Meritage Homes
MTH
$3.86B
| $109M | 1.26% |
1,297,494
-157,355
| -11% | -$10.7M |
2022 Q2
16 quarters
|
|
17
NOV
NOV
$6.75B
| $104M | 1.2% |
5,620,019
-131,319
| -2% | -$2.62M |
2023 Q3
11 quarters
|
|
18
DNOW Inc
DNOW
$2.83B
| $56.3M | 0.65% |
4,343,617
+3,519,130
| +427% | +$45.7M |
2026 Q1
1 quarter
|
|
|
19
Vanguard 0-3 Month Treasury Bill ETF
VBIL
$11.4B
| $50.1M | 0.58% |
662,000
-534,425
| -45% | -$40.4M |
2025 Q3
3 quarters
|
|
|
20
EPAM Systems
EPAM
$6.3B
| $46.6M | 0.54% |
+587,300
| New | +$62.1M |
2026 Q2
0 quarters
|
|
21
Lennar Class B
LEN.B
$18.2B
| $32.3M | 0.37% |
364,059
| – | – |
2017 Q4
34 quarters
|
|
22
CRH
CRH
$55.6B
| $1.87M | 0.02% |
17,500
| – | – |
2022 Q2
16 quarters
|
|
23
Agilent Technologies
A
$48.8B
| $1.42M | 0.02% |
10,700
| – | – |
2013 Q2
52 quarters
|
|
24
Charles Schwab
SCHW
$159B
| $1.15M | 0.01% |
12,500
| – | – |
2020 Q2
24 quarters
|
|
25
JPMorgan Chase
JPM
$902B
| $818K | 0.01% |
2,500
-1,500
| -38% | -$466K |
2014 Q4
46 quarters
|
|
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Edgar Wachenheim's Q2 2026 Portfolio in Review
As of Q2 2026, Edgar Wachenheim held 31 positions worth $8.66B, up 43% from $6.07B the previous quarter. Its ten largest holdings account for 79% of the portfolio.
Edgar Wachenheim deployed $1.74B of net new capital in Q2 2026, opening 4 new positions and adding to 7 existing holdings. Its largest new stake was Becton Dickinson: 5,681,708 shares worth $860M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 42% of assets, down from 52% a quarter earlier, followed by Healthcare and Technology.
On the sell side, the largest reduction was SLB Ltd, an estimated $46.2M trimmed.
- Edgar Wachenheim's largest Q2 2026 buy was Becton Dickinson: 5,681,708 shares worth $860M.
- Edgar Wachenheim added most to Icon in Q2 2026, an estimated $140M increase.
- Edgar Wachenheim's biggest Q2 2026 reduction was SLB Ltd, cutting an estimated $46.2M.
- Edgar Wachenheim fully exited Taylor Morrison in Q2 2026, selling an estimated $15.8M.
- Edgar Wachenheim's ten largest holdings make up 79% of its $8.66B portfolio in Q2 2026.
- Edgar Wachenheim opened 4 new positions and closed 3 in Q2 2026.
- Edgar Wachenheim's portfolio value rose 43% quarter-over-quarter to $8.66B.
Based on Greenhaven Associates's 13F filing for Q2 2026, filed 28 Jul 2026.