13F filing recap · Q3 2025

What did Greenhaven Associates buy in Q3 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$6.58B

Positions

Estimated turnover

33.9%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Greenhaven Associates opened new positions in Avantor, Baxter International, and Vanguard Group, and exited Morgan Stanley entirely. The firm also substantially trimmed Millrose Properties, Citigroup, and Goldman Sachs, while moderately reducing Schwab Charles and JPMorgan Chase. Among its other moves, it added to Nov Inc. and made slight trims across several homebuilders and industrial names, including General Motors, Lennar, Toll Brothers, Pultegroup, D.R. Horton, and Oshkosh.

New positions

AVTRAvantor, Inc.$228.53Mreported value+18.31M shares BAXBaxter International Inc$143.19Mreported value+6.29M shares VBILVanguard Group Inc.$37.81Mreported value+500.0K shares

Increased positions

LENLennar Corp /new/$1.22Breported value+159.8K shares+1.7%NOVNov Inc.$76.16Mreported value+765.2K shares+15.4%

Reduced positions

GMGeneral Motors Company$1.41Breported value-590.0K shares-2.5%TOLToll Brothers, Inc.$770.96Mreported value-20.9K shares-0.4%PHMPultegroup, Inc.$735.94Mreported value-10.6K shares-0.2%DHID.r. Horton, Inc.$616.49Mreported value-43.3K shares

Exited positions

MSMorgan Stanley$1.41Mprior reported value-10.0K shares-100.0%