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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"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."
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.
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