In the grand theatre of finance, where fortunes are won and lost with the elegance of a poorly rehearsed farce, Greenhaven Associates has taken to the stage with a new role in Baxter International, acquiring 6,288,349 shares for $143.19 million. One might call it a bold move-or a desperate one. The quarterly average pricing, a figure as precise as a poet’s soul, suggests a gamble as calculated as it is theatrical.
What happened
On Nov. 4, 2025, the SEC was regaled with Greenhaven’s latest intrigue: a fresh position in Baxter, now comprising 2.77% of its $5.17 billion in reportable equity holdings. A sum, one might note, that could buy a small island or a lifetime supply of optimism-depending on the market’s mood.
What else to know
This new venture, though modest in the grand tapestry of Greenhaven’s portfolio, is a thread worth noting. The fund’s top five holdings-GM, LEN, TOL, PHM, DHI-form a mosaic of industrial ambition, each tile gleaming with its own particular hubris. Yet here, in the shadow of these titans, Baxter lurks, a phoenix attempting to rise from a nest of declining margins and manufacturing mishaps.
Top five holdings post-filing:
- GM: $1.41 billion (27.1% of AUM as of 2025-09-30)
- LEN: $1.22 billion (23.5% of AUM as of 2025-09-30)
- TOL: $770.96 million (14.9% of AUM as of 2025-09-30)
- PHM: $735.94 million (14.2% of AUM as of 2025-09-30)
- DHI: $616.49 million (11.93% of AUM as of 2025-09-30)
Baxter’s share price, at $18.21 as of Nov. 3, 2025, is a number that whispers of decline. A 49.1% drop over the past year, outpaced by the S&P 500 by 67.93 percentage points. One might say the stock has the vitality of a deflated balloon, yet Greenhaven persists, as if convinced the air will return.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $11.02 billion |
| Net Income (TTM) | $-341.00 million |
| Dividend Yield | 3.78% |
| Price (as of market close 2025-11-03) | $18.21 |
Company Snapshot
Baxter, a company whose name evokes both medical necessity and corporate ennui, offers a portfolio as varied as a Victorian parlor’s tea selection. Dialysis therapies, infusion systems, injectable drugs-each product line a testament to humanity’s enduring quest to outlive its folly. With operations spanning 100 countries, one might think the company’s reach is its strength. Alas, even global distribution cannot mask the scent of declining margins and a dividend yield that smells suspiciously of desperation.
Andrew Hider, the company’s new CEO, bears the weight of expectations as gracefully as a man might bear a hat tilted too far back. His vision-a three-times net leverage by 2026 and a dividend cut to save $300 million annually-reads less like a blueprint for success and more like a confession of defeat. Yet in the realm of finance, such confessions are often mistaken for strategy.
Foolish take
Baxter’s stock, a relic of better days, has languished under the yoke of poor management and market indifference. Over five years, its shares have plummeted by 78.14%, while the S&P 500 has danced upward by 91.37%. Such is the cruel poetry of capitalism: the diligent are rewarded, the reckless are merely… richer.
Greenhaven’s $143.19 million investment, however, suggests a glimmer of hope-or perhaps a misplaced faith in redemption. At 9.3 times forward earnings, Baxter’s valuation is a siren song to the optimistic. Retail investors, take heed: the road to recovery is paved with the bones of those who believed in a second act.
Glossary
Stake: A financial interest in a company, often acquired with the hope that it will grow-or at least not decay.
13F reportable assets: Assets so large they must be declared to the SEC, like a peacock showing off its feathers.
Assets under management (AUM): The total value of investments managed, a number that grows with every market hiccup.
Quarterly average pricing: A figure derived from arithmetic and optimism in equal measure.
Position: An investment, held with the confidence of someone who has never seen a market crash.
Dividend yield: A financial ratio that tells you how much a company pays in dividends each year relative to its share price-though one might question if it’s a reward or a consolation prize.
TTM: The 12-month period ending with the most recent quarterly report, a time when hopes are high and results are… less so.
Institutional investor: An entity that wields money like a sword, though it often cuts both ways.
Medical devices: Instruments that heal, but not always the companies that make them.
Distribution channels: The pathways through which products travel, often with the grace of a well-rehearsed ballet… until the music stops.
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2025-11-12 05:46