GoodHaven Fund
Fund
GOODX
Price as of:
$49.79
+ $0.01
+ 0.02%
Primary Theme
fund company
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
17.5%
1 yr return
27.9%
3 Yr Avg Return
12.2%
5 Yr Avg Return
16.3%
Net Assets
$252 M
Holdings in Top 10
64.1%
52 WEEK LOW AND HIGH
$49.8
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.10%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 13.00%
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$10,000
IRA
$2,500
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
GOODX - Profile
Distributions
- YTD Total Return 17.5%
- 3 Yr Annualized Total Return 12.2%
- 5 Yr Annualized Total Return 16.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.15%
- Dividend Yield 0.7%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameGoodHaven Fund
-
Fund Family NameGoodHaven
-
Inception DateApr 08, 2011
-
Shares Outstanding3155745
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerLarry Pitkowsky
Fund Description
Under normal market conditions, the Fund’s investment advisor, GoodHaven Capital Management, LLC (“GoodHaven” or the “Advisor”) attempts to achieve the Fund’s investment objective by investing primarily in a focused portfolio of equity securities. When selecting such equity investments, the Advisor looks for certain attractive corporate characteristics, such as relatively high free cash flow yields, strong balance sheets, products or services that satisfy basic human needs, potential for long-term growth, and managers that have demonstrated skill in capital allocation and who have a significant ownership interest, although no particular characteristic is required for any specific investment. The Fund at times may hold significant cash holdings and significant fixed income investments. The amount of such holdings
depends on the Advisor’s assessment of the quantity and quality of investment opportunities that exist at any given time. Further, maintaining liquidity in recent periods has allowed the Fund to avoid forced selling of investments to meet redemptions, while retaining the ability to invest opportunistically.
To help identify appropriate fixed-income investments, the Advisor generally looks for security issuers that are the subject of adverse publicity or stressed industry conditions; whose securities have declined in price despite reasonable future financial prospects; as well as issuers undergoing reorganization or bankruptcy where outstanding fixed-income securities may ultimately receive cash, new fixed-income securities, or an equity interest in a reorganized company. In addition, the Advisor may purchase money market mutual funds in lieu of holding large amounts of cash. In recent years, the negligible yield on money-market investments has made such investments unattractive, however short-term yields have risen in the last twelve months, increasing the likelihood that the Fund may employ money-market funds or other high-rated securities in lieu of cash.
The proportion of the Fund’s assets invested in each type of asset class varies from time to time based upon the Advisor’s assessment of the merits of specific security investments as well as general market and economic conditions. Although the Fund’s focus is long-term, the Fund expects to shift from time to time among various asset classes and market sectors based on the Advisor’s judgment. The Fund may also invest in companies of any size market capitalization. At any given time, the Fund may invest up to 100% of its net assets in foreign securities including up to 50% of its net assets in emerging market securities. The Fund is non-diversified, meaning that the Fund invests a greater percentage of its assets in significantly fewer securities than a diversified fund.
The equity securities in which the Fund primarily invests include common and preferred stock (including, but not limited to, convertible preferred stock). However, the Fund may also invest in equity securities such as interests in real estate investment trusts (“REITs”), rights and warrants to subscribe for the purchase of equity securities and American Depositary Receipts (“ADRs”) or similar securities. The fixed-income securities in which the Fund may invest, include U.S. corporate debt securities, non‑U.S. corporate debt securities, bank debt (including bank loans and participations), municipal debt securities, U.S. government and agency debt securities, short-term debt obligations of foreign governments and foreign money-market instruments. The Fund typically invests in fixed-income securities to benefit from prevailing total returns that the Advisor’s fundamental research indicates are higher than warranted, without focusing on the coupon, duration or maturity of a particular issue or credit rating of that issuer.
The Fund may also invest in “special situations” which include equity securities or fixed-income securities such as corporate or municipal debt, which may be in a distressed position as a result of economic or issuer specific developments. Fixed-income special situation investments may include high yield fixed-income securities, otherwise known as “junk bonds” (i.e., securities that are rated below investment grade by Standard & Poor’s Ratings Services (“S&P”) or by another nationally recognized statistical rating organization (“NRSRO”) or similar unrated securities) or municipal securities which may be rated below investment grade by S&P or by another NRSRO, or unrated securities. Special situations occur when the securities of a company or other entity are expected to appreciate within a reasonable time due to specific developments of that company or entity rather than from general business conditions or movements of the market as a whole. Such developments and situations include, but are not limited to:
•liquidations | •mergers |
•reorganizations | •management changes |
•recapitalizations | •technological developments |
The Advisor may sell a security for a variety of reasons, including without limitation: (1) a security fails to meet the Advisor’s initial investment criteria; (2) an issuer-specific event, such as a proposed or
completed acquisition or recapitalization changes the fundamental appeal of the company; (3) upon analysis, a new security is judged more attractive than a current holding; (4) a change in view with respect to company, industry or general market conditions; or (5) the need to meet investor redemptions of Fund shares.
GOODX - Performance
Return Ranking - Trailing
| Period | GOODX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 17.5% | 3.9% | 26.2% | 4.40% |
| 1 Yr | 27.9% | 15.7% | 46.7% | 23.35% |
| 3 Yr | 12.2%* | -2.3% | 14.1% | 1.67% |
| 5 Yr | 16.3%* | 0.5% | 17.6% | 0.86% |
| 10 Yr | N/A* | 1.4% | 11.6% | 99.70% |
* Annualized
Return Ranking - Calendar
| Period | GOODX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 32.1% | -11.3% | 33.3% | 0.55% |
| 2022 | -11.8% | -41.6% | 2.3% | 35.65% |
| 2021 | 35.8% | -41.5% | 44.9% | 2.51% |
| 2020 | 5.8% | -29.0% | 22.1% | 13.64% |
| 2019 | 17.5% | -8.1% | 31.2% | 77.42% |
Total Return Ranking - Trailing
| Period | GOODX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 17.5% | 3.9% | 26.2% | 4.40% |
| 1 Yr | 27.9% | 15.7% | 46.7% | 23.35% |
| 3 Yr | 12.2%* | -2.3% | 14.1% | 1.67% |
| 5 Yr | 16.3%* | 0.5% | 17.6% | 0.86% |
| 10 Yr | N/A* | 1.4% | 11.6% | 99.70% |
* Annualized
Total Return Ranking - Calendar
| Period | GOODX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 34.1% | -1.7% | 36.5% | 0.55% |
| 2022 | -11.5% | -35.0% | 2.4% | 83.01% |
| 2021 | 36.0% | 6.2% | 48.3% | 4.75% |
| 2020 | 6.3% | -22.9% | 23.2% | 22.73% |
| 2019 | 19.0% | -3.0% | 35.7% | 93.55% |
NAV & Total Return History
GOODX - Holdings
Concentration Analysis
| GOODX | Category Low | Category High | GOODX % Rank | |
|---|---|---|---|---|
| Net Assets | 252 M | 991 K | 28 B | 76.10% |
| Number of Holdings | 34 | 8 | 2308 | 94.78% |
| Net Assets in Top 10 | 180 M | 319 K | 5.52 B | 54.12% |
| Weighting of Top 10 | 64.12% | 4.6% | 100.3% | 1.65% |
Top 10 Holdings
- Berkshire Hathaway Inc 14.55%
- United States Treasury Bill 7.03%
- United States Treasury Bill 6.75%
- Alphabet Inc 6.25%
- Builders FirstSource Inc 6.16%
- Bank of America Corp 5.22%
- Jefferies Financial Group Inc 5.18%
- EXOR NV 4.88%
- Devon Energy Corp 4.05%
- TerraVest Industries Inc 4.04%
Asset Allocation
| Weighting | Return Low | Return High | GOODX % Rank | |
|---|---|---|---|---|
| Stocks | 75.40% | 56.67% | 103.53% | 99.18% |
| Bonds | 19.09% | 0.00% | 19.09% | 0.27% |
| Cash | 3.58% | 0.00% | 38.75% | 17.58% |
| Other | 1.48% | -0.10% | 7.30% | 10.99% |
| Preferred Stocks | 0.46% | 0.00% | 1.68% | 6.04% |
| Convertible Bonds | 0.00% | 0.00% | 0.02% | 6.35% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | GOODX % Rank | |
|---|---|---|---|---|
| Financial Services | 46.49% | 0.00% | 60.11% | 0.55% |
| Communication Services | 17.58% | 0.00% | 19.80% | 0.83% |
| Consumer Cyclical | 10.07% | 0.00% | 29.62% | 62.71% |
| Industrials | 9.50% | 0.00% | 29.02% | 87.02% |
| Energy | 8.40% | 0.00% | 29.17% | 30.11% |
| Real Estate | 4.06% | 0.00% | 40.74% | 79.01% |
| Basic Materials | 3.89% | 0.00% | 23.88% | 71.55% |
| Utilities | 0.00% | 0.00% | 24.69% | 90.06% |
| Technology | 0.00% | 0.00% | 30.07% | 98.90% |
| Healthcare | 0.00% | 0.00% | 32.47% | 98.90% |
| Consumer Defense | 0.00% | 0.00% | 33.79% | 98.34% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | GOODX % Rank | |
|---|---|---|---|---|
| US | 66.47% | 56.67% | 103.53% | 98.35% |
| Non US | 8.93% | 0.00% | 33.85% | 3.57% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | GOODX % Rank | |
|---|---|---|---|---|
| Government | 36.92% | 0.00% | 36.92% | 0.31% |
| Corporate | 5.03% | 0.00% | 100.00% | 2.16% |
| Cash & Equivalents | 3.55% | 0.00% | 100.00% | 15.11% |
| Derivative | 1.48% | -0.10% | 1.48% | 0.27% |
| Securitized | 0.00% | 0.00% | 22.78% | 7.10% |
| Municipal | 0.00% | 0.00% | 0.00% | 5.86% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | GOODX % Rank | |
|---|---|---|---|---|
| US | 19.09% | 0.00% | 19.09% | 0.27% |
| Non US | 0.00% | 0.00% | 0.00% | 6.04% |
GOODX - Expenses
Operational Fees
| GOODX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.10% | 0.06% | 16.92% | 43.53% |
| Management Fee | 0.90% | 0.00% | 1.20% | 94.78% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.40% | N/A |
Sales Fees
| GOODX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| GOODX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | 2.00% | 1.00% | 2.00% | 20.00% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| GOODX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 13.00% | 0.00% | 227.00% | 3.31% |
GOODX - Distributions
Dividend Yield Analysis
| GOODX | Category Low | Category High | GOODX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.73% | 0.00% | 22.79% | 59.23% |
Dividend Distribution Analysis
| GOODX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| GOODX | Category Low | Category High | GOODX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.15% | -1.84% | 4.73% | 86.98% |
Capital Gain Distribution Analysis
| GOODX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 08, 2023 | $0.367 | OrdinaryDividend |
| Dec 08, 2023 | $0.242 | CapitalGainLongTerm |
| Dec 09, 2022 | $0.123 | OrdinaryDividend |
| Dec 10, 2021 | $0.048 | OrdinaryDividend |
| Dec 11, 2020 | $0.120 | OrdinaryDividend |
| Dec 13, 2019 | $0.322 | OrdinaryDividend |
| Dec 20, 2018 | $0.275 | OrdinaryDividend |
GOODX - Fund Manager Analysis
Managers
Larry Pitkowsky
Start Date
Tenure
Tenure Rank
Apr 08, 2011
11.15
11.2%
Mr. Pitkowsky is a Managing Partner of GoodHaven Capital Management, LLC and serves as a Portfolio Manager to the Fund. As Portfolio Manager, Mr. Pitkowsky is jointly and primarily responsible for the day-to-day management of the Fund’s portfolio. From July 2008 though June 2010, Mr. Pitkowsky was a research consultant to Fairholme Capital Management, LLC. From mid-year 1999 through 2008, Mr. Pitkowsky was a senior member of the investment team of Fairholme and held various key positions with Fairholme and its affiliated investment company, the Fairholme Fund. At various times, these positions included Analyst and Vice-President. Mr. Pitkowsky has managed the GoodHaven Fund since its inception in 2011.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 35.59 | 8.16 | 10.92 |