GoodHaven Capital Management

Investor Summary

Larry Pitkowsky serves as Managing Partner and Portfolio Manager of GoodHaven Capital Management, bringing over 30 years of experience in the investment industry. He started as an accounting student who transitioned to stockbroker and became a self-taught security analyst, later joining Fairholme Capital Management before launching GoodHaven in 2011 with backing from Tom Gayner and Markel Corporation. Pitkowsky assumed majority control and became sole portfolio manager in December 2019, marking the beginning of GoodHaven 2.0. He has the majority of his net worth invested in the GoodHaven Fund, aligning his interests with investors. The firm operates with approximately five employees, with key personnel including David Gresser, Lynn Iacona, and Linda Baxter.

Fund Strategy

At GoodHaven, we believe successful value investing is owning quality businesses run by exceptional leadership that can be purchased at a price significantly below intrinsic value. The firm employs a concentrated, long-biased investment strategy with the objective of compounding capital at high rates of return over a long period of time. The primary investment strategy involves using fundamental research to identify securities issued by attractive businesses managed by sensible and talented owners, where those securities are selling at a reasonable price. The approach is characterized by a long-term investment horizon with relatively low portfolio turnover, focusing on above-average businesses run by above-average people with a material margin of safety.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
7.71%	-	-1.37%

Executive Summary

GoodHaven Capital Management operates a concentrated value strategy managing $395 million, with portfolio manager Larry Pitkowsky having the majority of his net worth invested alongside clients. The fund returned -1.37% YTD through June 30, 2026, versus the S&P 500's 10.21%, though it has delivered 10.92% annualized over five years. The portfolio holds 18 positions with 69.1% concentrated in the top 10, trading at 17.6x forward earnings versus 23.7x for the S&P 500. Core holdings include Berkshire Hathaway (16.8%), Alphabet (10.2%), and positions in financials, housing, and energy. Following a 2020 portfolio upgrade termed "GoodHaven 2.0," the manager refocused on quality businesses with margin of safety rather than statistically cheap securities. Key themes include financials trading at discounts with strong balance sheets, housing benefiting from demographic tailwinds and capital-light models, oil & gas with disciplined capital allocation, and digital advertising with network effects. The strategy employs a private equity holding period of 2-3+ years with an owner's mentality.

Core Thesis

GoodHaven pursues a concentrated value investing approach focused on owning high-quality businesses trading at significant discounts to intrinsic value, with the manager emphasizing that value and growth are connected rather than distinct. The portfolio targets companies with durable competitive advantages, strong balance sheets, and growth tailwinds across financials, housing, energy, and digital advertising sectors.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 16 2026	2026 Q2	BAC, BLDR, BRK/B, CB, DVN, EXO.MI, GOOG, JEF, LEN/B, TVK.TO	concentrated, financials, Housing, long-term, Oil Gas, Quality, value	-	GoodHaven runs a concentrated 18-position value portfolio trading at 17.6x earnings versus 23.7x for the S&P 500, with 69% in top 10 holdings including Berkshire (16.8%) and Alphabet (10.2%). The manager targets quality businesses at discounts across financials, housing, energy, and digital advertising, emphasizing that value and growth are connected. Following a 2020 upgrade, the fund has delivered 10.92% annualized over five years despite lagging YTD.
Apr 13 2026	2026 Q1	-	concentrated, energy, financials, Housing, Quality, technology, value	-	GoodHaven runs a concentrated 18-position value portfolio targeting quality businesses at discounts to intrinsic value. Core themes include digital advertising secular growth, undervalued financials with strong balance sheets, housing demographic tailwinds, and disciplined energy companies returning cash to shareholders. Portfolio trades at 16.8x forward P/E versus 21.0x for S&P 500.
Jan 13 2026	2025 Q4	BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, LEN.B, TVK.TO, VNOM	concentrated, energy, financials, Housing, Quality, technology, value	MKL	GoodHaven runs a concentrated value strategy in 19 high-quality businesses trading at significant discounts. Key themes include digital advertising, financials with strong balance sheets, demographic-driven homebuilders, and disciplined energy companies. The upgraded portfolio under Larry Pitkowsky has delivered strong performance, ranking top decile over three years with 8.08% annualized returns since inception.
Oct 31 2025	2025 Q3	BAC, BLDR, BRK-B, CB, DVN, EXOR.MI, GOOG, JEF, MKL, PGR, TVK.TO	concentrated, energy, financials, industrials, Quality, technology, value	-	Concentrated value fund targeting quality companies at significant discounts to intrinsic value. Portfolio of 20 positions focused on digital advertising, financials, industrials, and energy with strong competitive advantages. Manager-owned with patient capital approach and demonstrated track record of upgrading portfolio quality while maintaining value discipline.
Jul 7 2025	2025 Q2	ABG, ARW, BAC, BLDR, BRK-B, CB, CPT, EXOR.MI, JEF, KKR, LEN.B, PGR, TOL, TVK.TO	Buybacks, Capital markets, Homebuilders, insurance, Long/Short, Trade Policy, value	TVK BLDR JEF TVK.TO BRK.B	GoodHaven underperformed in the semi-annual period but maintains strong long-term track record since 2019 inception. Portfolio of high-quality businesses trading below market valuations positioned for volatility created by new tariff policies. Key holdings include Builders FirstSource with aggressive buybacks and TerraVest following major acquisition. Manager sees attractive upside potential from current levels.
Mar 31 2025	2025 Q1	BAC, BLDR, BRK-B, CB, DVN, EXOR, GOOG, JEF, LEN.B, TVK.TO	Concentration, energy, financials, Quality, technology, value	-	GoodHaven runs a concentrated value strategy targeting quality businesses at discounts to intrinsic value. The portfolio emphasizes digital advertising, financials, homebuilders, and energy with strong competitive positions. Trading at attractive 18.3x forward P/E with 13.9% growth expectations, the fund focuses on companies with growth tailwinds and capital allocation discipline.
Jan 8 2025	2024 Q4	ARW, BAC, BRK-B, CB, DVN, EXO.MI, FNMA, GIC, JEF, KKR, OXY, TVK.TO	Capital Allocation, Concentration, energy, ETFs, financials, value	-	GoodHaven Fund delivered 32.97% returns in 2024, outperforming since 2019 inception with superior risk-adjusted returns. The concentrated portfolio trades at 18.0x P/E versus 24.6x for S&P 500 with better earnings growth. Strong financial sector exposure led by Jefferies and Berkshire Hathaway drove performance. Manager remains optimistic despite market concentration concerns.
Oct 30 2024	2024 Q3	BAC, BLDR, BRK-B, DVN, EXOR, GOOG, JEF, LEN.B, TVK.TO, VNOM	Concentration, energy, financials, Housing, Quality, technology, value	-	GoodHaven runs a concentrated value strategy with 22 positions focused on quality businesses at discounts to intrinsic value. The portfolio emphasizes digital advertising, financials, homebuilders, and energy with strong competitive advantages and secular tailwinds. Recent performance shows 18.88% YTD returns with the manager maintaining significant personal investment alongside clients.
Jul 3 2024	2024 Q2	ARHS, ARW, ASO, BAC, BAM, BRK-B, CB, EXO.MI, GIC, GOOG, JEF, JPM, KKR, PGC, PGR, TVK.TO, VTS.TO	Concentration, financials, Long Term, mid cap, value	TVIFF GOOGL BAC	GoodHaven Fund outperformed with 18.15% returns through concentrated value investing in undervalued companies. Strong contributors included propane industry player TerraVest and Alphabet following solid earnings. The manager increased financial services exposure, viewing these undervalued sectors as offering attractive long-term opportunities despite macro headwinds including consumer pressure and market concentration risks.
Apr 30 2024	2024 Q1	BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR	concentrated, energy, financials, Housing, Quality, technology, value	-	GoodHaven runs a concentrated value strategy with 23 positions focused on quality companies at discounted valuations. Portfolio themes include digital advertising, financials, housing, and energy. Strong Q1 2024 performance of 10.6% continues top-tier 5-year track record. Manager co-invested with significant personal capital alignment.
Jan 29 2024	2023 Q4	BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR	concentrated, energy, financials, Mid-cap, Quality, technology, value	-	Concentrated value fund targeting quality companies at significant discounts across advertising, financials, industrials, and energy. Top 10 holdings represent 52% of portfolio led by Berkshire Hathaway and Alphabet. Manager upgraded portfolio quality since 2019, focusing on businesses with competitive advantages and growth tailwinds rather than statistically cheap securities.
Sep 30 2023	2023 Q3	BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR	Concentration, energy, financials, Housing, Quality, technology, value	-	GoodHaven runs a concentrated value strategy targeting quality businesses at significant discounts. The 23-position portfolio focuses on digital advertising, financials, homebuilders, and energy with strong competitive advantages. Recent performance has been exceptional with 21.82% YTD returns, ranking top 2% in category over five years through disciplined stock selection and long-term holding periods.
Jan 2 2023	2022 Q4	BRK/B, DVN, GOOG, GS, KKR, PGR	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 16 2026

2026 Q2

BAC, BLDR, BRK/B, CB, DVN, EXO.MI, GOOG, JEF, LEN/B, TVK.TO

concentrated, financials, Housing, long-term, Oil Gas, Quality, value

GoodHaven runs a concentrated 18-position value portfolio trading at 17.6x earnings versus 23.7x for the S&P 500, with 69% in top 10 holdings including Berkshire (16.8%) and Alphabet (10.2%). The manager targets quality businesses at discounts across financials, housing, energy, and digital advertising, emphasizing that value and growth are connected. Following a 2020 upgrade, the fund has delivered 10.92% annualized over five years despite lagging YTD.

Apr 13 2026

2026 Q1

concentrated, energy, financials, Housing, Quality, technology, value

GoodHaven runs a concentrated 18-position value portfolio targeting quality businesses at discounts to intrinsic value. Core themes include digital advertising secular growth, undervalued financials with strong balance sheets, housing demographic tailwinds, and disciplined energy companies returning cash to shareholders. Portfolio trades at 16.8x forward P/E versus 21.0x for S&P 500.

Jan 13 2026

2025 Q4

BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, LEN.B, TVK.TO, VNOM

concentrated, energy, financials, Housing, Quality, technology, value

MKL

GoodHaven runs a concentrated value strategy in 19 high-quality businesses trading at significant discounts. Key themes include digital advertising, financials with strong balance sheets, demographic-driven homebuilders, and disciplined energy companies. The upgraded portfolio under Larry Pitkowsky has delivered strong performance, ranking top decile over three years with 8.08% annualized returns since inception.

Oct 31 2025

2025 Q3

BAC, BLDR, BRK-B, CB, DVN, EXOR.MI, GOOG, JEF, MKL, PGR, TVK.TO

concentrated, energy, financials, industrials, Quality, technology, value

Concentrated value fund targeting quality companies at significant discounts to intrinsic value. Portfolio of 20 positions focused on digital advertising, financials, industrials, and energy with strong competitive advantages. Manager-owned with patient capital approach and demonstrated track record of upgrading portfolio quality while maintaining value discipline.

Jul 7 2025

2025 Q2

ABG, ARW, BAC, BLDR, BRK-B, CB, CPT, EXOR.MI, JEF, KKR, LEN.B, PGR, TOL, TVK.TO

Buybacks, Capital markets, Homebuilders, insurance, Long/Short, Trade Policy, value

TVK
BLDR
JEF
TVK.TO
BRK.B

GoodHaven underperformed in the semi-annual period but maintains strong long-term track record since 2019 inception. Portfolio of high-quality businesses trading below market valuations positioned for volatility created by new tariff policies. Key holdings include Builders FirstSource with aggressive buybacks and TerraVest following major acquisition. Manager sees attractive upside potential from current levels.

Mar 31 2025

2025 Q1

BAC, BLDR, BRK-B, CB, DVN, EXOR, GOOG, JEF, LEN.B, TVK.TO

Concentration, energy, financials, Quality, technology, value

GoodHaven runs a concentrated value strategy targeting quality businesses at discounts to intrinsic value. The portfolio emphasizes digital advertising, financials, homebuilders, and energy with strong competitive positions. Trading at attractive 18.3x forward P/E with 13.9% growth expectations, the fund focuses on companies with growth tailwinds and capital allocation discipline.

Jan 8 2025

2024 Q4

ARW, BAC, BRK-B, CB, DVN, EXO.MI, FNMA, GIC, JEF, KKR, OXY, TVK.TO

Capital Allocation, Concentration, energy, ETFs, financials, value

GoodHaven Fund delivered 32.97% returns in 2024, outperforming since 2019 inception with superior risk-adjusted returns. The concentrated portfolio trades at 18.0x P/E versus 24.6x for S&P 500 with better earnings growth. Strong financial sector exposure led by Jefferies and Berkshire Hathaway drove performance. Manager remains optimistic despite market concentration concerns.

Oct 30 2024

2024 Q3

BAC, BLDR, BRK-B, DVN, EXOR, GOOG, JEF, LEN.B, TVK.TO, VNOM

Concentration, energy, financials, Housing, Quality, technology, value

GoodHaven runs a concentrated value strategy with 22 positions focused on quality businesses at discounts to intrinsic value. The portfolio emphasizes digital advertising, financials, homebuilders, and energy with strong competitive advantages and secular tailwinds. Recent performance shows 18.88% YTD returns with the manager maintaining significant personal investment alongside clients.

Jul 3 2024

2024 Q2

ARHS, ARW, ASO, BAC, BAM, BRK-B, CB, EXO.MI, GIC, GOOG, JEF, JPM, KKR, PGC, PGR, TVK.TO, VTS.TO

Concentration, financials, Long Term, mid cap, value

TVIFF
GOOGL
BAC

GoodHaven Fund outperformed with 18.15% returns through concentrated value investing in undervalued companies. Strong contributors included propane industry player TerraVest and Alphabet following solid earnings. The manager increased financial services exposure, viewing these undervalued sectors as offering attractive long-term opportunities despite macro headwinds including consumer pressure and market concentration risks.

Apr 30 2024

2024 Q1

BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR

concentrated, energy, financials, Housing, Quality, technology, value

GoodHaven runs a concentrated value strategy with 23 positions focused on quality companies at discounted valuations. Portfolio themes include digital advertising, financials, housing, and energy. Strong Q1 2024 performance of 10.6% continues top-tier 5-year track record. Manager co-invested with significant personal capital alignment.

Jan 29 2024

2023 Q4

BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR

concentrated, energy, financials, Mid-cap, Quality, technology, value

Concentrated value fund targeting quality companies at significant discounts across advertising, financials, industrials, and energy. Top 10 holdings represent 52% of portfolio led by Berkshire Hathaway and Alphabet. Manager upgraded portfolio quality since 2019, focusing on businesses with competitive advantages and growth tailwinds rather than statistically cheap securities.

Sep 30 2023

2023 Q3

BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR

Concentration, energy, financials, Housing, Quality, technology, value

GoodHaven runs a concentrated value strategy targeting quality businesses at significant discounts. The 23-position portfolio focuses on digital advertising, financials, homebuilders, and energy with strong competitive advantages. Recent performance has been exceptional with 21.82% YTD returns, ranking top 2% in category over five years through disciplined stock selection and long-term holding periods.

Jan 2 2023

2022 Q4

BRK/B, DVN, GOOG, GS, KKR, PGR

QUARTER	THEMES	TAGS
2026 Q2	Financials Manager emphasizes financials trading at significant discounts to intrinsic value with strong balance sheets and capital levels indicating enduring competitive advantages. Positions include Bank of America, Chubb, and Jefferies. Manager views these as attractive businesses to take advantage of recovery cycles.	Banks Insurance Capital Markets Balance Sheets Recovery
	Housing Manager highlights accelerating demographic changes in the US producing strong underlying housing growth. Emphasizes more capital-light business models that minimize boom-bust cycles and increase returns on invested capital. Broader pricing strength is supportive of suppliers. Holdings include Lennar and Builders FirstSource.	Homebuilders Building Materials Demographics Pricing Power
	Oil Manager notes industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players. Devon Energy is a core holding held for 12.8 years.	Oil Energy Capital Allocation Consolidation Cash Returns
	Advertising Manager identifies secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages with high barriers-to-entry. Alphabet is a top holding at 10.2% of portfolio, held for 14.9 years.	Digital Network Effects Barriers To Entry Social Media
	Value Manager explicitly states value investing is consistent with owning quality companies and that value and growth are connected, not distinct. The key is having a margin of safety, not just owning the statistically cheapest securities. This represents the core investment philosophy following the 2020 portfolio upgrade.	Quality Margin Of Safety Growth Intrinsic Value
2026 Q1	Advertising Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.	Digital Network Effects Barriers
	Financials Companies trading at significant discount to intrinsic value. Strong balance sheets and capital levels indicate enduring competitive advantages. Attractive businesses to take advantage of recovery cycles.	Value Balance Sheets Recovery
	Homebuilders Accelerating demographic changes in the US producing strong underlying housing growth. More capital light business models minimize big boom and busts, and increase returns on invested capital.	Demographics Housing Growth Capital Light
	Oil Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players.	Capital Allocation Cash Distributions Consolidation
2025 Q4	Defense Spending The entire world is rapidly rearming off an extremely low base of defense spending. Global armaments exposure materially outperformed for the year with top contributors including Rheinmetall, Palantir Technologies, and RTX.	Armaments Defense Geopolitical Spending Security
	Gold Gold is positioned as the premier form of commodity money with unique physical properties and reliable scarcity. The manager created a leveraged gold exposure called 'Gresham's Wrath' that materially outperformed both equity and bond benchmarks.	Commodity Money Inflation Central Banks Store of Value
	Precious Metal Royalty Royalty and streaming companies provide diversified exposure to precious metals by benefiting from both price appreciation and production growth without operational mining risks. These exposures materially outperformed the world equity benchmark for the year.	Royalties Streaming Mining Cash Flow Diversification
	Capital Markets Capital markets exchanges are essential high-margin toll roads for the economy with immense operating leverage and natural inflation hedging. Both Nasdaq and Chicago Board of Options Exchange materially outperformed for the year.	Exchanges Trading Technology Data Fees
	Japan Despite long-term bullish views, the manager exited unhedged Japanese exposure due to currency headwinds from a weakening Yen. They rotated into a dynamically hedged Japanese exposure that filters for better shareholder treatment.	Currency Hedging Governance Yen Rotation
	Crypto Despite long-term bullish views on Bitcoin, the manager completely exited the position in mid-November using a risk management framework. They are pleased with the exit timing as Bitcoin continued falling while US Large Cap equities increased.	Bitcoin Risk Management Volatility Digital Assets
2025 Q3	Advertising Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.	Digital Network Effects Barriers Social Media
	Financials Companies trading at significant discount to intrinsic value. Strong balance sheets and capital levels indicate enduring competitive advantages. Attractive businesses to take advantage of recovery cycles.	Value Balance Sheets Recovery Capital
	Industrials Accelerating demographic changes in the US producing strong underlying housing growth. More capital light business models minimize big boom and busts, and increase returns on invested capital. Broader pricing strength supportive of suppliers.	Demographics Housing Capital Light Pricing
	Oil Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players.	Capital Allocation Cash Distributions Consolidation Supply
2025 Q2	Trade Policy The White House announced materially higher tariffs for many countries, followed by counter measures and economic volatility. Current average tariff is 18% compared to 3% during 2018 trade war. Material tariffs increase risk of higher inflation and potentially hinder economic growth.	Tariffs Trade Inflation Economic
	Buybacks Builders FirstSource has repurchased 48.1% of total shares outstanding since August 2021 at average price of $80.90 per share for total cost of $8.0 billion. Exor announced a reverse tender for share repurchases. Companies continue opportunistic share reduction programs.	Share Repurchase Capital Return Opportunistic
	Capital Markets Jefferies experienced abrupt and material slowdown in capital markets activity partially offset by increased trading volumes. The capital markets overall climate has been challenging but Jefferies has done well with things they can control.	Investment Banking Trading Activity
2025 Q1	Advertising Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.	Digital Network Effects Barriers Social Media
	Financials Companies trading at significant discount to intrinsic value. Strong balance sheets and capital levels indicate enduring competitive advantages. Attractive businesses to take advantage of recovery cycles.	Banks Insurance Recovery Balance Sheets Discount
	Homebuilders Accelerating demographic changes in the US producing strong underlying housing growth. More capital light business models minimize big boom and busts, and increase returns on invested capital. Broader pricing strength supportive of suppliers.	Demographics Housing Capital Light Pricing
	Oil Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players.	Capital Allocation Cash Distribution Consolidation Supply
2024 Q4	Capital Markets The fund has significant exposure to investment banking through Jefferies, which gained market share and ranked as the world's 6th largest investment bank. Jefferies executed a successful capital allocation strategy with $6.4 billion returned to shareholders over seven years while strengthening its market position.	Investment Banking Market Share Capital Allocation M&A ECM
	P&C Insurance The manager notes consistently elevated industry claims and natural catastrophe losses exceeding $100 billion for five consecutive years. This trend supports better pricing power for property and casualty insurers, with the fund holding positions in this sector.	Natural Catastrophes Claims Pricing Power Insurance Rates Climate Risk
	Oil Devon Energy was the largest detractor despite solid operating results and a sensible acquisition. The stock trades at less than 8x forward free cash flow, prompting opportunistic additions to the position amid increased share repurchase activity.	Free Cash Flow Valuation Share Repurchases Acquisitions Energy
	ETFs The manager discusses how passive investing through ETFs has contributed to higher asset-price volatility, reduced liquidity, and market concentration. This shift from active to passive strategies has led to reduced price elasticity and amplified price movements in markets.	Passive Investing Market Concentration Volatility Liquidity Price Elasticity
2024 Q3	Advertising Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry. Companies trading at significant discount to intrinsic value.	Digital Advertising Network Effects Barriers to Entry Alphabet Social Media
	Financials Strong balance sheets and capital levels indicate enduring competitive advantages. Attractive businesses to take advantage of recovery cycles. Companies trading at significant discount to intrinsic value.	Balance Sheets Capital Levels Recovery Cycles Bank of America Jefferies
	Homebuilders Accelerating demographic changes in the US producing strong underlying housing growth. More capital light business models minimize big boom and busts, and increase returns on invested capital. Broader pricing strength supportive of suppliers.	Demographics Housing Growth Capital Light Returns on Capital Pricing Strength
	Oil Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players.	Capital Allocation Cash Distributions Consolidation Devon Energy Vitesse Energy
2024 Q2	Capital Markets The fund has material exposure to financial companies including commercial banking, investment banking, asset management, and insurance. These sectors have remained undervalued over recent years due to various investor concerns but the manager sees potentially more positive tailwinds today than when first investing in this space.	Banking Insurance Asset Management Investment Banking Financial Services
	Propane TerraVest Industries operates in the propane industry and was the fund's top contributor during the period. The company reported strong earnings and announced another acquisition of Advance Engineered Products, a leading Canadian manufacturer in the tank trailer industry, at what the manager believes was an attractive price.	Energy Storage Industrial Equipment Acquisitions Canada Manufacturing
2024 Q1	Advertising Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.	Digital Networks Barriers
	Financials Companies trading at significant discount to intrinsic value. Strong balance sheets and capital levels indicate enduring competitive advantages.	Banks Insurance Discount Balance Sheets
	Homebuilders Accelerating demographic changes in the US producing strong underlying housing growth. More capital light business models minimize big boom and busts, and increase returns on invested capital.	Demographics Housing Capital Light
	Oil Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players.	Capital Allocation Consolidation Cash Returns
2023 Q4	Advertising Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.	Digital Networks Barriers
	Value Focus on owning high quality companies that are trading at significant discounts to intrinsic value, with a bias towards businesses with growth tailwinds and competitive advantages. Companies trading at significant discount to intrinsic value.	Quality Discount Intrinsic
	Oil Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players.	Consolidation Distributions Discipline
2023 Q3	Advertising Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.	Digital Networks Barriers
	Financials Companies trading at significant discount to intrinsic value. Strong balance sheets and capital levels indicate enduring competitive advantages. Attractive businesses to take advantage of recovery cycles.	Discount Balance Sheets Recovery
	Homebuilders Accelerating demographic changes in the US producing strong underlying housing growth. More capital light business models minimize big boom and busts, and increase returns on invested capital. Broader pricing strength supportive of suppliers.	Demographics Housing Capital Light
	Oil Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players.	Capital Allocation Consolidation Cash Distributions

QUARTER

THEMES

Financials

Manager emphasizes financials trading at significant discounts to intrinsic value with strong balance sheets and capital levels indicating enduring competitive advantages. Positions include Bank of America, Chubb, and Jefferies. Manager views these as attractive businesses to take advantage of recovery cycles.

Banks Insurance Capital Markets Balance Sheets Recovery

Housing

Manager highlights accelerating demographic changes in the US producing strong underlying housing growth. Emphasizes more capital-light business models that minimize boom-bust cycles and increase returns on invested capital. Broader pricing strength is supportive of suppliers. Holdings include Lennar and Builders FirstSource.

Homebuilders Building Materials Demographics Pricing Power

Oil

Manager notes industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players. Devon Energy is a core holding held for 12.8 years.

Oil Energy Capital Allocation Consolidation Cash Returns

Advertising

Manager identifies secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages with high barriers-to-entry. Alphabet is a top holding at 10.2% of portfolio, held for 14.9 years.

Digital Network Effects Barriers To Entry Social Media

Value

Manager explicitly states value investing is consistent with owning quality companies and that value and growth are connected, not distinct. The key is having a margin of safety, not just owning the statistically cheapest securities. This represents the core investment philosophy following the 2020 portfolio upgrade.

Quality Margin Of Safety Growth Intrinsic Value

2026 Q1

Advertising

Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.

Digital Network Effects Barriers

Financials

Companies trading at significant discount to intrinsic value. Strong balance sheets and capital levels indicate enduring competitive advantages. Attractive businesses to take advantage of recovery cycles.

Value Balance Sheets Recovery

Homebuilders

Accelerating demographic changes in the US producing strong underlying housing growth. More capital light business models minimize big boom and busts, and increase returns on invested capital.

Demographics Housing Growth Capital Light

Oil

Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players.

Capital Allocation Cash Distributions Consolidation

2025 Q4

Defense Spending

The entire world is rapidly rearming off an extremely low base of defense spending. Global armaments exposure materially outperformed for the year with top contributors including Rheinmetall, Palantir Technologies, and RTX.

Armaments Defense Geopolitical Spending Security

Gold

Gold is positioned as the premier form of commodity money with unique physical properties and reliable scarcity. The manager created a leveraged gold exposure called 'Gresham's Wrath' that materially outperformed both equity and bond benchmarks.

Commodity Money Inflation Central Banks Store of Value

Precious Metal Royalty

Royalty and streaming companies provide diversified exposure to precious metals by benefiting from both price appreciation and production growth without operational mining risks. These exposures materially outperformed the world equity benchmark for the year.

Royalties Streaming Mining Cash Flow Diversification

Capital Markets

Capital markets exchanges are essential high-margin toll roads for the economy with immense operating leverage and natural inflation hedging. Both Nasdaq and Chicago Board of Options Exchange materially outperformed for the year.

Exchanges Trading Technology Data Fees

Japan

Despite long-term bullish views, the manager exited unhedged Japanese exposure due to currency headwinds from a weakening Yen. They rotated into a dynamically hedged Japanese exposure that filters for better shareholder treatment.

Currency Hedging Governance Yen Rotation

Crypto

Despite long-term bullish views on Bitcoin, the manager completely exited the position in mid-November using a risk management framework. They are pleased with the exit timing as Bitcoin continued falling while US Large Cap equities increased.

Bitcoin Risk Management Volatility Digital Assets

2025 Q3

Advertising

Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.

Digital Network Effects Barriers Social Media

Financials

Value Balance Sheets Recovery Capital

Industrials

Accelerating demographic changes in the US producing strong underlying housing growth. More capital light business models minimize big boom and busts, and increase returns on invested capital. Broader pricing strength supportive of suppliers.

Demographics Housing Capital Light Pricing

Oil

Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players.

Capital Allocation Cash Distributions Consolidation Supply

2025 Q2

Trade Policy

The White House announced materially higher tariffs for many countries, followed by counter measures and economic volatility. Current average tariff is 18% compared to 3% during 2018 trade war. Material tariffs increase risk of higher inflation and potentially hinder economic growth.

Tariffs Trade Inflation Economic

Buybacks

Builders FirstSource has repurchased 48.1% of total shares outstanding since August 2021 at average price of $80.90 per share for total cost of $8.0 billion. Exor announced a reverse tender for share repurchases. Companies continue opportunistic share reduction programs.

Share Repurchase Capital Return Opportunistic

Capital Markets

Jefferies experienced abrupt and material slowdown in capital markets activity partially offset by increased trading volumes. The capital markets overall climate has been challenging but Jefferies has done well with things they can control.

Investment Banking Trading Activity

2025 Q1

Advertising

Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.

Digital Network Effects Barriers Social Media

Financials

Banks Insurance Recovery Balance Sheets Discount

Homebuilders

Demographics Housing Capital Light Pricing

Oil

Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players.

Capital Allocation Cash Distribution Consolidation Supply

2024 Q4

Capital Markets

The fund has significant exposure to investment banking through Jefferies, which gained market share and ranked as the world's 6th largest investment bank. Jefferies executed a successful capital allocation strategy with $6.4 billion returned to shareholders over seven years while strengthening its market position.

Investment Banking Market Share Capital Allocation M&A ECM

P&C Insurance

The manager notes consistently elevated industry claims and natural catastrophe losses exceeding $100 billion for five consecutive years. This trend supports better pricing power for property and casualty insurers, with the fund holding positions in this sector.

Natural Catastrophes Claims Pricing Power Insurance Rates Climate Risk

Oil

Devon Energy was the largest detractor despite solid operating results and a sensible acquisition. The stock trades at less than 8x forward free cash flow, prompting opportunistic additions to the position amid increased share repurchase activity.

Free Cash Flow Valuation Share Repurchases Acquisitions Energy

ETFs

The manager discusses how passive investing through ETFs has contributed to higher asset-price volatility, reduced liquidity, and market concentration. This shift from active to passive strategies has led to reduced price elasticity and amplified price movements in markets.

Passive Investing Market Concentration Volatility Liquidity Price Elasticity

2024 Q3

Advertising

Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry. Companies trading at significant discount to intrinsic value.

Digital Advertising Network Effects Barriers to Entry Alphabet Social Media

Financials

Strong balance sheets and capital levels indicate enduring competitive advantages. Attractive businesses to take advantage of recovery cycles. Companies trading at significant discount to intrinsic value.

Balance Sheets Capital Levels Recovery Cycles Bank of America Jefferies

Homebuilders

Demographics Housing Growth Capital Light Returns on Capital Pricing Strength

Oil

Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players.

Capital Allocation Cash Distributions Consolidation Devon Energy Vitesse Energy

2024 Q2

Capital Markets

The fund has material exposure to financial companies including commercial banking, investment banking, asset management, and insurance. These sectors have remained undervalued over recent years due to various investor concerns but the manager sees potentially more positive tailwinds today than when first investing in this space.

Banking Insurance Asset Management Investment Banking Financial Services

Propane

TerraVest Industries operates in the propane industry and was the fund's top contributor during the period. The company reported strong earnings and announced another acquisition of Advance Engineered Products, a leading Canadian manufacturer in the tank trailer industry, at what the manager believes was an attractive price.

Energy Storage Industrial Equipment Acquisitions Canada Manufacturing

2024 Q1

Advertising

Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.

Digital Networks Barriers

Financials

Companies trading at significant discount to intrinsic value. Strong balance sheets and capital levels indicate enduring competitive advantages.

Banks Insurance Discount Balance Sheets

Homebuilders

Accelerating demographic changes in the US producing strong underlying housing growth. More capital light business models minimize big boom and busts, and increase returns on invested capital.

Demographics Housing Capital Light

Oil

Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players.

Capital Allocation Consolidation Cash Returns

2023 Q4

Advertising

Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.

Digital Networks Barriers

Value

Focus on owning high quality companies that are trading at significant discounts to intrinsic value, with a bias towards businesses with growth tailwinds and competitive advantages. Companies trading at significant discount to intrinsic value.

Quality Discount Intrinsic

Oil

Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players.

Consolidation Distributions Discipline

2023 Q3

Advertising

Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.

Digital Networks Barriers

Financials

Discount Balance Sheets Recovery

Homebuilders

Demographics Housing Capital Light

Oil

Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players.

Capital Allocation Consolidation Cash Distributions

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jan 13, 2026	Fund Letters	Larry Pitkowsky	MKL	Markel Group Inc.	Financials	Property & Casualty Insurance	Bull	New York Stock Exchange	Capitalallocation, compounding, Float, Insurance, underwriting	Login
Jul 7, 2025	Fund Letters	Larry Pitkowsky	TVK	TerraVest Industries Inc.	Energy	Oil & Gas Equipment & Services	Bull	TSX	Acquisitions, cashflow, Cyclicals, energy, Equipment	Login
Jul 7, 2025	Fund Letters	GoodHaven Capital Management	BLDR	Builders FirstSource Inc.	Materials	Building Products	Bull	NASDAQ	Building Products, capital allocation, Cyclical, Housing, insider buying, Lumber, materials, Share Buybacks	Login
Jul 7, 2025	Fund Letters	GoodHaven Capital Management	JEF	Jefferies Financial Group Inc.	Financials	Investment Banking & Brokerage	Bull	NYSE	Book Value, Capital markets, Cyclical, financial services, investment banking, Trading, Value	Login
Jul 7, 2025	Fund Letters	GoodHaven Capital Management	TVK.TO	TerraVest Industries Inc.	Industrials	Industrial Machinery	Bull	TSX	Acquisitions, Canada, Cyclical, Free Cash Flow, growth, industrial machinery, LPG Transportation, Tank Trailers	Login
Jul 7, 2025	Fund Letters	GoodHaven Capital Management	BRK.B	Berkshire Hathaway Inc. Class B	Financials	Multi-Sector Holdings	Bull	NYSE	conglomerate, Greg Abel, Insurance, Multi-Sector, Succession Planning, Value, Warren Buffett	Login
Jul 3, 2024	Fund Letters	GoodHaven Capital Management	TVIFF	TerraVest Industries Inc.	Industrials	Industrial Machinery	Bull	TSX	acquisition, Canada, Industrial Equipment, Leverage reduction, manufacturing, Propane, Tank Trailer, Value	Login
Jul 3, 2024	Fund Letters	GoodHaven Capital Management	GOOGL	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI, generative AI, Google Cloud, market share, operating margins, Search, technology, YouTube	Login
Jul 3, 2024	Fund Letters	GoodHaven Capital Management	BAC	Bank of America Corporation	Financials	Banks	Bull	NYSE	banking, Book Value, dividend, Interest rates, investment banking, Merrill Lynch, Value, wealth management	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jan 13, 2026

Fund Letters

Larry Pitkowsky

MKL

Markel Group Inc.

Financials

Property & Casualty Insurance

Bull

New York Stock Exchange

Capitalallocation, compounding, Float, Insurance, underwriting

Jul 7, 2025

Fund Letters

Larry Pitkowsky

TVK

TerraVest Industries Inc.

Energy

Oil & Gas Equipment & Services

Bull

TSX

Acquisitions, cashflow, Cyclicals, energy, Equipment

Jul 7, 2025

Fund Letters

GoodHaven Capital Management

BLDR

Builders FirstSource Inc.

Materials

Building Products

Bull

NASDAQ

Building Products, capital allocation, Cyclical, Housing, insider buying, Lumber, materials, Share Buybacks

Jul 7, 2025

Fund Letters

GoodHaven Capital Management

JEF

Jefferies Financial Group Inc.

Financials

Investment Banking & Brokerage

Bull

NYSE

Book Value, Capital markets, Cyclical, financial services, investment banking, Trading, Value

Jul 7, 2025

Fund Letters

GoodHaven Capital Management

TVK.TO

TerraVest Industries Inc.

Industrials

Industrial Machinery

Bull

TSX

Acquisitions, Canada, Cyclical, Free Cash Flow, growth, industrial machinery, LPG Transportation, Tank Trailers

Jul 7, 2025

Fund Letters

GoodHaven Capital Management

BRK.B

Berkshire Hathaway Inc. Class B

Financials

Multi-Sector Holdings

Bull

NYSE

conglomerate, Greg Abel, Insurance, Multi-Sector, Succession Planning, Value, Warren Buffett

Jul 3, 2024

Fund Letters

GoodHaven Capital Management

TVIFF

TerraVest Industries Inc.

Industrials

Industrial Machinery

Bull

TSX

acquisition, Canada, Industrial Equipment, Leverage reduction, manufacturing, Propane, Tank Trailer, Value

Jul 3, 2024

Fund Letters

GoodHaven Capital Management

GOOGL

Alphabet Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

AI, generative AI, Google Cloud, market share, operating margins, Search, technology, YouTube

Jul 3, 2024

Fund Letters

GoodHaven Capital Management

BAC

Bank of America Corporation

Financials

Banks

Bull

NYSE

banking, Book Value, dividend, Interest rates, investment banking, Merrill Lynch, Value, wealth management

TICKER	COMMENTARY
BRK.B	Berkshire Hathaway, Inc. – Class B is the largest position at 16.8% of the portfolio and has been held for 14.9 years.
GOOG	Alphabet Inc. – Class C represents 10.2% of the portfolio and has been held for 14.9 years. The manager identifies secular tailwinds in the shift towards digital advertising, with the largest firms having significant network effects and competitive advantages with high barriers-to-entry.
TVK.TO	TerraVest Industries, Inc. represents 6.6% of the portfolio and has been held for 6.1 years.
BAC	Bank of America Corp. represents 6.2% of the portfolio and has been held for 5.9 years. The manager views financials as companies trading at significant discount to intrinsic value with strong balance sheets and capital levels indicating enduring competitive advantages.
CB	Chubb Ltd. represents 5.9% of the portfolio and has been held for 1.5 years. The manager views financials as attractive businesses to take advantage of recovery cycles.
DVN	Devon Energy Corp. represents 5.6% of the portfolio and has been held for 12.8 years. The manager notes industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders and favorable demand-supply dynamics after industry consolidation.
EXO.MI	EXOR NV represents 5.3% of the portfolio and has been held for 5.9 years.
LEN.B	Lennar Corp. – Class B represents 4.3% of the portfolio and has been held for 7.2 years. The manager highlights accelerating demographic changes in the US producing strong underlying housing growth, with more capital light business models minimizing big boom and busts and increasing returns on invested capital.
JEF	Jefferies Financial Group, Inc. represents 4.2% of the portfolio and has been held for 14.5 years. The manager views financials as companies trading at significant discount to intrinsic value with strong balance sheets.
BLDR	Builders FirstSource, Inc. represents 4.0% of the portfolio and has been held for 9.0 years. The manager notes broader pricing strength supportive of suppliers in the housing sector.

TICKER

COMMENTARY

BRK.B

Berkshire Hathaway, Inc. – Class B is the largest position at 16.8% of the portfolio and has been held for 14.9 years.

GOOG

Alphabet Inc. – Class C represents 10.2% of the portfolio and has been held for 14.9 years. The manager identifies secular tailwinds in the shift towards digital advertising, with the largest firms having significant network effects and competitive advantages with high barriers-to-entry.

TVK.TO

TerraVest Industries, Inc. represents 6.6% of the portfolio and has been held for 6.1 years.

BAC

Bank of America Corp. represents 6.2% of the portfolio and has been held for 5.9 years. The manager views financials as companies trading at significant discount to intrinsic value with strong balance sheets and capital levels indicating enduring competitive advantages.

Chubb Ltd. represents 5.9% of the portfolio and has been held for 1.5 years. The manager views financials as attractive businesses to take advantage of recovery cycles.

DVN

Devon Energy Corp. represents 5.6% of the portfolio and has been held for 12.8 years. The manager notes industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders and favorable demand-supply dynamics after industry consolidation.

EXO.MI

EXOR NV represents 5.3% of the portfolio and has been held for 5.9 years.

LEN.B

Lennar Corp. – Class B represents 4.3% of the portfolio and has been held for 7.2 years. The manager highlights accelerating demographic changes in the US producing strong underlying housing growth, with more capital light business models minimizing big boom and busts and increasing returns on invested capital.

JEF

Jefferies Financial Group, Inc. represents 4.2% of the portfolio and has been held for 14.5 years. The manager views financials as companies trading at significant discount to intrinsic value with strong balance sheets.

BLDR

Builders FirstSource, Inc. represents 4.0% of the portfolio and has been held for 9.0 years. The manager notes broader pricing strength supportive of suppliers in the housing sector.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Financials

Housing

Oil

Advertising

Value

Advertising

Financials

Homebuilders

Oil

Defense Spending

Gold

Precious Metal Royalty

Capital Markets

Japan

Crypto

Advertising

Financials

Industrials

Oil

Trade Policy

Buybacks

Capital Markets

Advertising

Financials

Homebuilders

Oil

Capital Markets

P&C Insurance

Oil

ETFs

Advertising

Financials

Homebuilders

Oil

Capital Markets

Propane

Advertising

Financials

Homebuilders

Oil

Advertising

Value

Oil

Advertising

Financials

Homebuilders

Oil

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Larry Pitkowsky Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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GoodHaven Capital Management