Greenhaven Associates Inc 13F holdings and portfolio analysis

Directly following the baseline exposes an investor to a very top-heavy cyclical portfolio. In the baseline strategy artifact, GM is 24.33%, Toll Brothers 14.93%, PulteGroup 12.79%, and D.R. Horton 9.89%, pushing the top 5 concentration to 68.18% and top 10 to 88.68%. Sector weights are dominated by Consumer Discretionary at 68.59%, with much smaller allocations to Health Care at 9.02%, Information Technology at 7.84%, and Energy at 5.31%. That structure delivered 12.64% annualized return, but with beta 1.13 and maxDrawdown -55.89%, so the baseline is effectively a high-conviction housing-and-auto bet rather than a diversified 13F clone.

The recent baseline periods show a mix of strong upside bursts and sharp benchmark-relative setbacks. On the positive side, 2023-12-31 returned 14.19% versus SPY at 4.96% for +9.23% excess, and 2025-03-31 returned 17.67% versus 9.22% for +8.45% excess. On the negative side, 2024-09-30 returned -5.90% while SPY gained 2.76%, a -8.66% excess gap, and 2022-12-31 returned -8.25% versus -0.25%, a -7.99% excess result. Turnover also varied from just 5.59 in 2025-06-30 to 47.70 in 2024-06-30, showing that even with limited names, implementation timing and rebalance periods still create meaningful swings.

A user should inspect three things next: concentration, sector dependence, and lag-driven implementation risk. The baseline artifact itself flags that the top holding exceeds 24% and the top five are near 68%, while the holdings table shows Consumer Discretionary at 68.59% of sector weight. It is also worth checking how many trades and costs the replication needed: the baseline backtest includes 781 trades and totalEstimatedCost of 2.4502. Those details matter because the baseline already has negative alpha of -0.81 and maxDrawdown of -55.89%, so investors should confirm whether they are comfortable owning a concentrated delayed 13F strategy with weak benchmark-relative efficiency.