Letters by company
Lennar CORP /new/
14 letters discussing LEN. Everything written about it on this site is on its ticker page.
- GDS Investments Client Update, June 2026: Valuation Risk and Opportunity GDS Investments is adding to housing-related Lennar, Floor & Decor and Trex, arguing that higher rates have obscured durable advantages, industry consolidation and long-term demand. It also backs Zoetis as an animal-health leader trading below its business quality, while viewing Rivian’s software, partnerships and leadership as important to its investment case. June 2026 FND $5.3BLEN $21BRIVN $20B
- Third Avenue Management Real Estate Value Fund The Real Estate Value Fund increased Brookdale Senior Living, Lennar and Savills, arguing that operational improvements, land-light homebuilding and the Eastdil Secured combination could narrow valuation discounts. It also expects a revised Prologis offer for Segro and sees mortgage-finance reform as a potential catalyst for Fannie Mae and Freddie Mac. quarter ended June 30, 2026 0IKZ 0IL0 BKD $2.2B
- Third Avenue Management Real Estate Value Fund Q226 Third Avenue Real Estate Value Fund added to Brookdale Senior Living, Lennar and Savills, arguing that operational improvements, a land-light homebuilding model and Savills’ Eastdil Secured combination could narrow valuation discounts. The fund also expects a revised Prologis offer for Segro and favors global real estate platforms with conservative balance sheets over concentrated, expensive U.S. REIT benchmarks. quarter ended June 30, 2026 0IKZ 0IL0 BKD $2.2B
- GoodHaven Capital Management 2026 Semi-Annual Letter to Shareholders GoodHaven added to Builders FirstSource, Lennar and Asbury Automotive, arguing that housing supply constraints, dealership consolidation and resilient service businesses support longer-term value. It exited Vitesse Energy over management’s strategic and capital-allocation inconsistencies while retaining conviction in Berkshire Hathaway, Arrow Electronics, Alphabet and TerraVest. 2026 Semi-Annual ABG $3.7BARW $10BBLDR $6.7B
- GoodHaven Capital Management 2023 Annual Letter to Shareholders GoodHaven added materially to Bank of America, Devon, Berkshire Hathaway, Goldman Sachs and Occidental Petroleum warrants, while opening a position in Camden Property Trust after weakness in financials, energy and real estate. It sold Alibaba after concluding its thesis was flawed, and argues that Builders FirstSource, Lennar, KKR and TerraVest retain durable earnings and capital-allocation advantages. fiscal year 2023 BAC $350BBLDR $6.7BBRK.A $1.3T
- Sound Shore Management June 30, 2023 Sound Shore Fund credited Oracle, Applied Materials, Lennar and Cardinal Health for gains, arguing that cloud investment, semiconductor-equipment demand, housing scarcity and operational turnarounds support further value creation. It retained healthcare holdings despite inventory normalization and backed Organon and Conagra Brands on cash generation, pricing and longer-term growth drivers. second quarter 2023 AMAT $314BCAG $7.1BCAH $64B
- Sound Shore Management June 30, 2022 Sound Shore added to SVB Financial and Lennar after valuation-driven selloffs, arguing that resilient deposits, loan quality, housing scarcity and stronger balance sheets support longer-term earnings power. The portfolio also favored Merck’s Keytruda-led growth and Perrigo’s private-label drug franchise while maintaining a contrarian focus on durable businesses at discounted valuations. second quarter 2022 LEN $21BMS $298B
- GoodHaven Capital Management The Best Hedge Is Being Right GoodHaven concentrated the portfolio in Berkshire Hathaway, Alphabet, Barrick Gold, Jefferies Financial and Builders FirstSource after deploying liquidity during the spring selloff. The fund added PG&E and Chubb, maintained energy exposure through WPX Energy and Birchcliff Energy, and sold Stolt-Nielsen to fund newer ideas. fiscal year ended November 30, 2020 BIREY $1.9BBLDR $6.7BBRK.A $1.3T
- GoodHaven Capital Management Annual Report GoodHaven Fund added to Spectrum Brands and initiated positions in Mohawk Industries, Lennar and Delta Air Lines as cash was deployed into discounted businesses. It argued that Barrick Gold’s Randgold merger, WPX Energy’s acreage and Jefferies’ discount to tangible book value created large gaps between market prices and intrinsic value. 2018 AAL $9.3BBIREY $1.9BBRK.A $1.3T
- GDS Investments Client Update, May 2026: Let's speak plainly. GDS Investments argues that erratic tariffs, geopolitical strain and politicized economic policy are freezing corporate hiring and capital decisions. It is avoiding frothier momentum areas while favoring high-quality value companies, and sees Rivian’s long-term, software-centric EV strategy as more credible than legacy automakers’ pivots back toward gasoline and hybrids. May 2026 RIVN $20BF $49BGM $75B
- GoodHaven Capital Management 2025 Annual Letter to Shareholders GoodHaven reduced Alphabet after its gains widened the range of outcomes for digital advertising, while retaining it as a material holding. The fund added to Chubb and Lennar, established Toll Brothers, and argues that volatility can create opportunities to buy strong businesses with a margin of safety. 2025 BLDR $6.7BBRK.A $1.3TCB $141B
- Smead Capital Management 3Q25 U.S. Value Strategy Newsletter: Tortoise and the Hare Circa 2025 Smead Capital Management argues that the AI investment boom resembles earlier technology manias and may leave speculative capital spending without adequate returns. The portfolio remains focused on durable businesses in energy, healthcare and homebuilding, where it expects investor capital to rotate as AI enthusiasm fades. 3Q25 EBAY $54B
- Sound Shore Management December 31, 2021 Sound Shore Management maintained full exposure to Pfizer, added to Perrigo after supply-chain pressure weakened the shares, and argued that both companies retain earnings-improvement catalysts. The portfolio favored inexpensive businesses with company-specific growth drivers, including financials, Lennar, EOG Resources and Vistra’s transition toward lower-carbon power generation. 2021 PFE $168BPRGO $2.3B
- GoodHaven Capital Management Annual Report GoodHaven Fund completed its advisory-firm reorganization, leaving Larry Pitkowsky as sole controlling owner and portfolio manager. The portfolio retained major positions in Barrick Gold, Alphabet, Berkshire Hathaway, Jefferies and WPX Energy, while trimming Barrick, adding Fannie Mae common and favoring undervalued businesses with a margin of safety. fiscal 2019 AAL $9.3BBLDR $6.7BBRK.A $1.3T
