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PERFORMANCE as of November 30, 2024

1 Yr Ended 11/30/2024

2 Yr Annualized as of 11/30/2024

12/31/19-11/30/24 Annualized as of 11/30/2024

5 Years Annualized as of 11/30/2024

10 Years Annualized as of 11/30/2024

Since Incept.1 Annualized

as of 11/30/2024

MUTF:GOODX

32.97%

26.45%

16.80%

17.60%

8.41%

8.61%

S&P 500 Index2

33.89%

23.43%

15.33%

15.77%

13.35%

13.88%

FT Wilshire 5000 Full Cap Index

33.22%

21.52%

12.96%

13.32%

10.66%

11.16%

CS Hedge Fund Index3

10.64%

7.89%

6.34%

6.56%

4.42%

4.43%

Click on to enlarge

Please click on right here for most up-to-date standardized fund efficiency.

Efficiency information quoted represents previous efficiency; previous efficiency doesn’t assure future outcomes. The funding return and principal worth of an funding will fluctuate in order that an investor’s shares, when redeemed, could also be price kind of than their authentic value. Present efficiency of the Fund could also be decrease or larger than the efficiency quoted. Efficiency information present to the newest month- finish could also be obtained by calling (855) OK-GOODX or (855) 654-6639. The annualized gross expense ratio of the GoodHaven Fund is 1.10%.

Click on to enlarge

“The art of being wise is the art of knowing what to overlook.” — William James

We had what we think about to be very robust outcomes for the fiscal 12 months 2024 (ending November 30, 2024). The GoodHaven Fund was up 32.97%, simply shy of the S&P 500’s rise of 33.89%.

Our outcomes for the reason that begin of GoodHaven 2.0 (12/31/19) by means of 11/30/2024 are a complete return of 114.65% versus the S&P 500’s (SP500,SPX) whole return of 101.67%. Whereas we marvel if there’s a excellent “category” for our distinctive portfolio we be aware that, in response to Morningstar, we ranked (at 11/30/24) within the high 19%, 3% and a pair of% of our class for the trailing one, three, and five-year durations respectively.4

Whereas we’re proud of our latest outcomes, as conveyed by the above numbers, there are a number of different portfolio statistics that go away us much more happy. The beneath desk, which you’ve seen earlier than, reveals the portfolio valuation and progress traits of The GoodHaven Fund. Now we have completed what we have now with a portfolio that’s buying and selling at a a lot decrease valuation than the S&P 500 and in addition has a greater latest earnings progress profile. As , we don’t make the most of any portfolio leverage. As well as, the portfolio has just lately completed these outcomes with the drag of above common ranges of money/money equivalents as we welcomed a fabric variety of new fellow shareholders.

How one achieves returns issues for us, in addition to the returns themselves. Such statistics additionally convey our lengthy – time period optimism for our future returns regardless of an total backdrop of market excesses and hypothesis.

As of 12/31/2024

GoodHaven

S&P 500

Focus

(# of Positions)

23

503

Progress Price (2019 – 2024E)

5 YR EPS Progress Price

21.5%

15.9%

Valuation

2024 P/E Ratio

18.0x

24.6x

Valuation

2025 P/E Ratio

16.8x

21.6x

Click on to enlarge

Previously we articulated how we take into consideration relative and absolute returns – and we reiterate these ideas beneath:

“People sometimes ask if we focus on relative returns (compared to a benchmark) or absolute returns (without regard to a benchmark). Our answer is—both—over the long-term. We won’t be satisfied with mediocre long-term returns (even if they are positive) that trail the index. We also won’t be celebrating a slightly less material decline than the index in a weaker period. However, we remind you that the portfolio is not designed to avoid volatility or periodic drawdowns over the short-term. We are striving for strong, long-term returns on a relative and absolute basis through our ownership of high-quality companies and opportunistic special situations that have outsized return potential, all purchased with a significant margin of safety. Ours is a concentrated portfolio and there will be some periods of underperformance in future periods.”5

We hope you’ll view such weaker durations after they come as alternatives, as we anticipate we’ll. Additionally, regardless of our greatest efforts and alignment as materials fellow shareholders, we’ll make an occasional unsuccessful funding. Having stated that, we like our present portfolio, which we really feel has materials long-term upside. We’re happy (however by no means glad) with our latest outcomes.

The home macro backdrop continues to be certainly one of modest financial progress, a lot decrease inflation versus a number of years in the past, modestly decrease short-term rates of interest and persevering with unhealthy ranges of Federal debt excellent. We be aware that customers on the higher finish are, on a relative foundation, faring higher versus shoppers of extra modest means. We recall the lengthy record of “experts” who not way back vehemently predicted the impossibility of decreasing inflation with out making a severe recession. It’s not that we predicted in another way. It’s that we notice how tough and counterproductive attempting to make such predictions could be to long-term portfolio administration. The newer debate facilities on if the inflation declines have ended and may now be rising.

For a historic perspective on inflation here’s a helpful chart from The New York Occasions:6

As , we observe, respect, and monitor the macro. We then return to turning over rocks searching for new investments that match our mandate, circle of competence, and could be bought with what we consider is a margin of security. We after all at all times carefully observe present and sure future enterprise traits for our current holdings.

Now we have recurrently commented on maybe the 2 largest monetary market subjects of latest instances: the dominance of a small variety of tech corporations (now referred to as the Magnificent Seven) on the outcomes of the S&P 500, and the rise of non-fundamental buying and selling (of all kinds) as a share of total market exercise. A latest white paper from Apollo makes some considerate observations, summed up beneath:

“The rise of passive investing has had a significant impact on financial markets in the last three decades, especially on its contribution to higher asset-price volatility, reduced liquidity, and possible contribution to heightened market concentration. By analyzing the substantial shift of assets from active to passive strategies—particularly through the growth of Exchange Traded Funds (ETFs) and retirement-savings plans, such as 401(k)—this paper illustrates how passive investors, who primarily track major indices, have contributed to reduced price elasticity and market responsiveness, which, in turn, have led to amplified price movements, decreased liquidity, potential macroeconomic inefficiencies, and a disproportionate concentration of market influence in a few dominant stocks, such as the so-called “Magnificent Seven.”7

We’re open-minded and never dogmatic about sectors and corporations to spend money on. We have to have a margin of security, and actual confidence in what the corporate and business will appear to be down the street. Nevertheless, these distortions are essential to concentrate on. Now we have been in a position to materially outperform the S&P 500 at GoodHaven 2.0 with out proudly owning many of the index’s largest latest winners. We aren’t emphatic about the place we discover concepts and we additionally gained’t write pages of excuses once we periodically lag the index. We’ll try to proceed to make use of market volatility to assist us set up, improve or exit our holdings opportunistically. We proceed to indicate our outcomes versus some extra indices which we expect are related.

TABLE OF TOP 5 CONTRIBUTORS & DETRACTORS ($) FOR THE FISCAL YEAR

Our largest greenback detractor within the interval was a decline in our long-time holding Devon Vitality (DVN). In the course of the interval Devon closed on its wise acquisition of Grayson Mill Vitality and delivered strong working outcomes. At Devon’s latest share worth, the inventory is buying and selling for lower than 8x ahead free money circulate. We really feel loads of upside exists, and we have now opportunistically added to our holdings within the interval and be aware the corporate’s elevated latest share repurchase tempo.

Not too long ago, Devon CEO Rick Muncrief introduced his upcoming retirement, with COO Clay Gaspar entering into the position. Rick astutely navigated its predecessor WPX Vitality by means of some tough seas earlier than thoughtfully merging WPX with Devon and exhibiting the business how disciplined capital allocation is completed. Now we have been invested alongside Rick for a very long time and recognize the worth he has created for us all and sit up for what Clay will do within the large chair.

Occidental Petroleum (OXY) Warrants had been the following largest detractor within the interval.

Our largest gainer within the interval was Jefferies (JEF). Not so way back, Jefferies CEO Wealthy Handler articulated a imaginative and prescient to deal with gaining market share in funding banking, exit opportunistically its legacy service provider banking investments, and IF the share worth remained enticing, embark on a fabric share repurchase program.

We had been within the minority in our view that this might be accomplished. Wealthy’s (and President Brian Friedman’s) 2024 letter excerpt and the statistics that observe sum up nicely the accomplishments:

“Since 2017, we have repurchased 159 million shares at an average price of $24.03 per share. At the same time, we increased our annual dividend in seven of the last eight years (including today) and have paid out $1.5 billion in cash dividends to our shareholders, as well as distributed a further nearly $1 billion from our Spectrum Brands share dividend in 2019 and our spin-off of Vitesse in January 2023, the performance of which has been outstanding. In aggregate, during the past seven years, we have returned to our shareholders $6.4 billion (or 83% of our tangible equity at the beginning of the period), have had our credit ratings upgraded by all three rating agencies, and find Jefferies in its strongest financial and human-capital position in our history.”8

As well as, Jefferies continues to make important market share features in funding banking. As additionally they stated within the 2024 letter:

“Our market share across M&A, ECM and Leveraged Finance established us as the world’s 6th largest investment bank, according to Dealogic, a record for our firm. We are also proud to have ranked 5th globally in M&A (a record), 6th globally in ECM (tied with our record result in 2023) and 3rd in global Financial Sponsor M&A (a record). Many of the senior investment bankers who have joined us over the past few years are only now beginning to deliver full results, giving us confidence in our ability to drive continued revenue and market share growth over the coming years.”8

Our subsequent largest gainer was Berkshire Hathaway – which we remind you turned a high holding in 2020.

As we stated again in our Might 31, 2021 report when discussing our exposures to “financial companies” we stated:

“Our portfolio in aggregate has a material exposure to businesses that are in many ways “financial companies.” Holdings which are immediately/not directly concerned in business banking, funding banking/buying and selling, asset administration, insurance coverage, and conglomerates with investments in these sectors, embrace: Jefferies, Financial institution of America, JP Morgan, Berkshire, Brookfield Asset Administration, Alleghany, Progressive, KKR, Exor, Chubb, and Guild Holdings. Many of those sectors have remained undervalued over the previous few years, beset by completely different investor worries similar to 1) low rates of interest/spreads won’t ever enhance, and will worsen, ala “Japanification,” 2) newer “fintech” rivals will take materials market share from current gamers, 3) buying and selling and mortgage losses will overwhelm capital in a downturn, ala the worldwide monetary disaster, and 4) local weather change will improve insurance coverage dangers and extra. These are good issues, and we really feel we have now good solutions, and so we have now discovered these areas to be a fertile class for brand spanking new and bigger investments. We’re happy with our publicity and outcomes from this eclectic group.”9

This was a non-consensus perspective on the time.

If we’re responsible of harboring any macro pondering, it’s that maybe risk-free rates of interest don’t return to their unusually low ranges of some years in the past and that the ahead yield curve construction permits for higher rate of interest spreads for monetary corporations. Because it pertains to Property & Casualty Insurance coverage charges and traits, it’s exhausting to not discover the constantly elevated degree of business claims and think about their affect. Because the FT just lately stated:

“This is the fifth consecutive year that natural catastrophe losses have passed $100bn, prompting calls for more investment in measures to tackle the root causes of severe weather.”10

Our subsequent largest greenback gainer was our long-time holding TerraVest (OTCPK:TRRVF, TVK:CA). Whereas some desire an all-nighter in Las Vegas, I just lately had an exhilarating journey to go to the TerraVest subsidiary Granby’s oil tank plant in Cowansville, Quebec. Charles Pellerin’s (Govt Chairman) capital allocation knowledge and TerraVest’s strong working outcomes haven’t gone unnoticed, with the shares having greater than doubled within the interval. We nonetheless really feel loads of long-term upside stays.

On the particular state of affairs entrance, our mixture of holdings within the frequent and most popular shares of Fannie Mae (OTCQB:FNMA) had been notable gainers given the modest dimension of the publicity. We articulated our thesis again in our 2021 Semi-Annual Report and we proceed to love the potential for these holdings whereas conscious of the unsure and sophisticated nature of such a thesis.

Our largest additions of capital within the interval had been new or elevated holdings in: Berkshire (BRK.A, BRK.B), Chubb (CB), Arrow Electronics (ARW), and Exor (OTCPK:EXXRF).

Generally inventory costs underperform the companies they signify and generally the alternative is true. Recently for a lot of the market the latter has been the case – the enjoyable chart beneath conveys a lot:

We don’t personal “the market” and we conveyed some essential, and we really feel compelling, statistics about our holdings earlier on this letter. We additionally be aware that our largest holding, Berkshire Hathaway, now holds a file $300 billion plus in money/equivalents, giving it extra draw back safety.

Nevertheless, we too have benefited from a few of our holdings now buying and selling at larger earnings multiples than earlier. We attempt to concurrently take into consideration each the upside and the draw back of each the underlying worth of our holdings and their market costs in relation to such worth. We’ll usually not promote a pretty long-term holding simply because its market worth is not as low-cost because it was or is pretty valued. Chopping the flowers and watering the weeds is usually a very counterproductive train over time to compound returns, to not point out being tax inefficient. Nevertheless, we can even search to keep away from holding one thing we like if we really feel the market worth has borrowed an excessive amount of from future efficiency.

Whereas we’re at all times striving to be extra fully-invested, we level out that whereas we wait, the return on money/equivalents is extra aggressive than traditionally versus the earnings yield on main indexes.

Lastly – you’ll discover that we now distribute this letter as a separate doc and that the brand new regulatory format for what was the Semi-Annual and Annual report is now the Type TSR (Tailor-made Shareholder Report) that may be considered right here.

Now we have been lucky to have some current shareholders refer different top quality new shareholders to the Fund. We recognize you all persevering with to maintain us in thoughts.

As of November 30, 2024, my household and I and the crew right here at GoodHaven Capital Administration, LLC, the funding advisor to the GoodHaven Fund, owned roughly 127,504 shares of the Fund. It’s administration’s intention to reveal such holdings (within the mixture) on this part of the Fund’s Annual and Semi-Annual shareholder letters on an ongoing foundation.

I thank all fellow shareholders for his or her continued confidence as GoodHaven 2.0 continues to unfold. I additionally thank our Fund Board of Trustees and our long-time accomplice and investor Markel for his or her assist and smart counsel.

Keep wholesome and protected and ahead we go.

Larry Pitkowsky

Mutual fund investing includes danger. Principal loss is feasible. The Fund is non-diversified, that means it could focus its property in fewer particular person holdings than a diversified fund. Due to this fact, the Fund is extra uncovered to particular person inventory volatility than a diversified fund. The Fund invests in midcap and smaller capitalization corporations, which contain extra dangers similar to restricted liquidity and larger volatility. The Fund could spend money on international securities which contain political, financial and forex dangers, larger volatility and variations in accounting strategies. These dangers are enhanced in rising markets. The Fund could spend money on REITs, that are topic to extra dangers related to direct possession of actual property together with decline in worth, financial circumstances, working bills, and property taxes. Investments in debt securities sometimes lower in worth when rates of interest rise. This danger is normally larger for longer-term debt securities. Investments in lower-rated, non-rated and distressed securities current a larger danger of loss to principal and curiosity than higher-rated securities.

The opinions expressed are these of Larry Pitkowsky by means of the top of the interval for this report, are topic to alter, and usually are not meant to be a forecast of future occasions, a assure of future outcomes, nor funding recommendation. This materials could embrace statements that represent “forward-looking statements” beneath the U.S. securities legal guidelines. Ahead-looking statements embrace, amongst different issues, projections, estimates, and details about attainable or future outcomes associated to the Fund, market or regulatory developments. The views expressed herein usually are not ensures of future efficiency or financial outcomes and contain sure dangers, uncertainties and assumptions that would trigger precise outcomes and outcomes to vary materially from the views expressed herein. The views expressed herein are topic to alter at any time based mostly upon financial, market, or different circumstances and GoodHaven undertakes no obligation to replace the views expressed herein. Whereas we have now gathered this data from sources believed to be dependable, GoodHaven can’t assure the accuracy of the knowledge offered. Any discussions of particular securities or sectors shouldn’t be thought-about a advice to purchase or promote these securities. The views expressed herein (together with any forward-looking assertion) is probably not relied upon as funding recommendation or as a sign of the Fund’s buying and selling intent. Data included herein just isn’t a sign of the Fund’s future portfolio composition.

Fund holdings and sector allocations are topic to alter and usually are not a advice to purchase or promote any safety. Please see the Schedule of Investments for an entire record of Fund holdings.

It’s not attainable to take a position immediately in an index. Should be preceded or accompanied by a prospectus.

The S&P 500 Index is a capitalization weighted index of 500 massive capitalization shares which is designed to measure broad home securities markets.

The FT Wilshire 5000 Full Cap Index is designed to measure the total market capitalization of equities within the US Market. This index changed the Wilshire 5000 Whole Market Index (full-cap) as of Might 31, 2023.

CS Hedge Fund Index is an asset-weighted hedge fund index derived from the TASS database of greater than 5000 funds. The index consists of funds with a minimal of US $10 million beneath administration and a present audited monetary assertion. Funds are separated into main subcategories based mostly on funding fashion. The index in all circumstances represents at the least 85% of the property beneath administration within the universe. The index is rebalanced month-to-month, and funds are reselected on a quarterly foundation. Index NAVs are up to date on the fifteenth of every month.

P/E is worth to earnings ratio which is a option to worth an organization by evaluating the worth of a inventory to its earnings. The S&P 500 P/E ratio is a gauge of how the US inventory market is performing.

Per Morningstar (as of 11/30/2024 within the Massive Cap worth class), the GoodHaven Fund was ranked within the high 19% for 1YR (vs. 1138 funds), high 3% for 3YR (vs. 1063 funds), high 2% for five YR (vs. 1002 funds), and high 65% for 10YR (vs. 786 funds). Rankings signify a fund’s whole return percentile rank relative to all funds in the identical Morningstar Class for a similar time interval. The best (or most favorable) percentile rank is 1%, and the bottom (or least favorable) percentile rank is 100%.

It’s based mostly on Morningstar whole return, which incorporates each revenue and capital features or losses and isn’t adjusted for gross sales costs or redemption charges. Previous efficiency doesn’t assure future outcomes.

References to different mutual funds shouldn’t be interpreted as a suggestion of those securities. Please see the Schedule of Investments for a full record of fund holdings.

The GoodHaven Fund is distributed by Quasar Distributors, LLC

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Editor’s Notice: The abstract bullets for this text had been chosen by Searching for Alpha editors.

Editor’s Notice: This text discusses a number of securities that don’t commerce on a serious U.S. change. Please concentrate on the dangers related to these shares.

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