Greenhaven Associates Amends Toll Brothers Stake on Dec 31, 2023

TL;DR

**Greenhaven Associates still owns Toll Brothers stock, signaling continued institutional confidence.**

AI Summary

Greenhaven Associates, Inc. filed an amended SC 13G/A on January 3, 2024, indicating their ownership of Toll Brothers, Inc. Common Stock as of December 31, 2023. This filing updates their previous disclosure, confirming their continued significant, but passive, stake in the homebuilder. For investors, this means a major institutional investor maintains confidence in Toll Brothers, which could signal stability or potential for growth in the stock.

Why It Matters

This filing shows a large institutional investor, Greenhaven Associates, Inc., continues to hold a significant position in Toll Brothers, Inc., signaling their ongoing belief in the company's value.

Risk Assessment

Risk Level: low — This filing is an amendment to a passive ownership report, indicating no immediate change in strategy or significant new risks for the company.

Analyst Insight

Investors should note that a major institutional investor continues to hold a position in Toll Brothers, suggesting ongoing confidence, but this filing itself doesn't indicate any new buying or selling activity.

Key Players & Entities

• Greenhaven Associates, Inc. (company) — the entity filing the SC 13G/A, reporting its ownership in Toll Brothers, Inc.
• Toll Brothers, Inc. (company) — the subject company whose common stock is being reported on
• December 31, 2023 (date) — the date of the event which required the filing of this statement
• January 3, 2024 (date) — the filing date of the SC 13G/A
• 889478103 (number) — the CUSIP number for Toll Brothers, Inc. Common Stock

Forward-Looking Statements

• Greenhaven Associates, Inc. will maintain a significant, passive stake in Toll Brothers, Inc. throughout 2024. (Greenhaven Associates, Inc.) — medium confidence, target: 2024-12-31

FAQ

Filing Documents

• ea191067-13ga1green_tollbro.htm (SC 13G/A) — 63KB
• 0001213900-24-000490.txt ( ) — 65KB

of Schedule 13G. All percentages are to be rounded off to the nearest tenth (one place after decimal point)

Item 4 of Schedule 13G. All percentages are to be rounded off to the nearest tenth (one place after decimal point). (12) Type of Reporting Person - Category Symbol Broker Dealer BD Bank BK Insurance Company IC Investment Company IV Investment Adviser IA Employee Benefit Plan, Pension Fund, or Endowment Fund EP Parent Holding Company/Control Person HC Savings Association SA Church Plan CP Corporation CO Partnership PN Individual IN Other OO Notes: Attach as many copies of the second part of the cover page as are needed, one reporting person per page. Filing persons may, in order to avoid unnecessary duplication, answer items on the schedules (Schedule 13D, 13G or TO) by appropriate cross references to an item or items on the cover page(s). This approach may only be used where the cover page item or items provide all the disclosure required by the schedule item. Moreover, such a use of a cover page item will result in the item becoming a part of the schedule and accordingly being considered as “filed” for purposes of section 18 of the Securities Exchange Act or otherwise subject to the liabilities of that section of the Act. Reporting persons may comply with their cover page filing requirements by filing either completed copies of the blank forms available from the Commission, printed or typed facsimiles, or computer printed facsimiles, provided the documents filed have identical formats to the forms prescribed in the Commission’s regulations and meet existing Securities Exchange Act rules as to such matters as clarity and size (Securities Exchange Act Rule 12b-12). CUSIP No . 889478103 Page 4 of 8 SPECIAL INSTRUCTIONS FOR COMPLYING WITH SCHEDULE 13G Under Sections 13(d), 13(g) and 23 of the Securities Exchange Act of 1934 and the rules and regulations thereunder, the Commission is authorized to solicit the information required to be supplied by this schedule by certain security hol

If this statement is filed pursuant to §§240.13d-1(b)

Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: (a) A broker or dealer registered under section 15 of the Act (15 U.S.C. 78o); (b) A bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c); (c) An insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c); (d) An investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8).; (e) An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E); (f) An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F); (g) A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G); (h) A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) A non-U.S. institution in accordance with § 240.13d–1(b)(1)(ii)(J; and (k) A group, in accordance with §240.13d–1(b)(1)(ii)(K). ). If a member of the group is filing as a non-U.S. institution in accordance with §240.13d–1(b)(1)(ii)(J), please specify the type of institution: CUSIP No . 889478103 Page 6 of 8

Ownership

Item 4. Ownership. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: 5,544,987 (b) Percent of class: 5.3% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote 2,136,187 (ii) Shared power to vote or to direct the vote 3,408,800 (iii) Sole power to dispose or to direct the disposition of 2,136,187 (iv) Shared power to dispose or to direct the disposition of 3,408,800 Instruction . For computations regarding securities which represent a right to acquire an underlying security see §240.13d-3(d)(1).

Ownership of Five Percent or Less of a Class

Item 5. Ownership of Five Percent or Less of a Class Not Applicable

Ownership of More than Five Percent on Behalf

Item 6. Ownership of More than Five Percent on Behalf of Another Person. Greenhaven Associates Inc. (Greenhaven), an Investment Advisory firm, has investment discretion with respect to the securities to which this statement relates. Greenhaven has sole power to vote 2,136,187 common shares of Toll Brothers Incorporated. All other shares are owned by clients of Greenhaven. Clients of Greenhaven have the right to receive and the power to direct the receipt of dividends from, and the proceeds from, the sale of common stock of Toll Brothers Incorporated. No one person’s interest in the common stock is more than five percent of the total outstanding common stock of Toll Brothers Incorporated.

Identification and Classification of the

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company Not applicable

Identification and

Item 8. Identification and Classification of Members of the Group Not applicable CUSIP No . 889478103 Page 7 of 8

Notice of Dissolution

Item 9. Notice of Dissolution of Group Not applicable

Certification

Item 10. Certification (a) The following certification shall be included if the statement is filed pursuant to § 240.13d-1(b): By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. (b) The following certification shall be included if the statement is filed pursuant to § 240.13d-1(b)(1)(ii)(J), or if the statement is filed pursuant to § 240.13d-1(b)(1)(ii)(K) and a member of the group is a non-U.S. institution eligible to file pursuant to § 240.13d-1(b)(1)(ii)(J): By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to [insert particular category of institutional investor] is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D. (c) The following certification shall be included if the statement is filed pursuant to § 240.13d-1(c): By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. CUSIP No . 889478103 Page 8 o