Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, GoodHaven Capital Management. This analysis is provided for institutional research purposes only and is not investment advice.
"The GoodHaven Fund experienced short-term underperformance in the first half of 2025, declining 5.90%, but the manager remains highly constructive on key holdings and is actively capitalizing on volatility to reposition the portfolio for long-term gains."
In the semi-annual period ending May 31, 2025, The GoodHaven Fund underperformed the market, declining 5.90% versus a 1.35% decline for the S&P 500 Index. The underperformance was primarily driven by its largest detractor, Builders FirstSource, and second-largest detractor, Jefferies. Despite the short-term drop, the manager maintains high conviction in both businesses due to Builders' massive share buybacks and insider buying, and Jefferies' low valuation. Performance was aided by positive contributors like TerraVest, which completed its largest-ever acquisition of EnTrans International, and Berkshire Hathaway, which confirmed Greg Abel's future CEO transition. The manager added to several positions (Arrow Electronics, Chubb, Lennar B, Asbury Automotive) and initiated a new stake in Toll Brothers, while fully exiting positions like Academy Sports, Camden Property, Fannie Mae (common), and Global Industrial. The manager remains concerned about the macro landscape, specifically rising US tariffs (averaging 18%) and the ballooning federal deficit, but expects these volatile conditions to ultimately generate attractive long-term investment bargains.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.
Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The GoodHaven Fund experienced short-term underperformance in the first half of 2025, declining 5.90%, but the manager remains highly constructive on key holdings and is actively c...
Growth Outlook
Market outlook remains moderate conviction: The GoodHaven Fund experienced short-term underperformance in the first half of 2025, declining 5.90%, but the manager remains highly constructive on key holdings and is actively c...
Risk Appetite
Risk appetite posture is above average conviction: The GoodHaven Fund experienced short-term underperformance in the first half of 2025, declining 5.90%, but the manager remains highly constructive on key holdings and is actively c...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The GoodHaven Fund experienced short-term underperformance in the first half of 2025, declining 5.90%, but the manager remains highly constructive on key holdings and is actively c...
Forward Guidance
Forward guidance signal: The GoodHaven Fund experienced short-term underperformance in the first half of 2025, declining 5.90%, but the manager remains highly constructive on key holdings and is actively c...
Language Signal
Tone analysis indicates above average conviction language: The GoodHaven Fund experienced short-term underperformance in the first half of 2025, declining 5.90%, but the manager remains highly constructive on key holdings and is actively c...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The GoodHaven Fund experienced short-term underperformance in the first half of 2025, declining 5.90%, but the manager remains highly constructive on key holdings and is actively c...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The GoodHaven Fund experienced short-term underperformance in the first half of 2025, declining 5.90%, but the manager remains highly constructive on key holdings and is actively c...
Time Horizon
Investment time horizon reflects a high conviction orientation. The GoodHaven Fund experienced short-term underperformance in the first half of 2025, declining 5.90%, but the manager remains highly constructive on key holdings and is actively c...
