02/08/2024 | Press release | Distributed by Public on 02/08/2024 17:38
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number (811-23127)
GoodHaven Funds Trust
(Exact name of registrant as specified in charter)
374 Millburn Avenue, Suite 306
Millburn, New Jersey 07041
(Address of principal executive offices) (Zip code)
Larry Pitkowsky
374 Millburn Avenue, Suite 306
Millburn, New Jersey 07041
(Name and address of agent for service)
305-677-7650
Registrant's telephone number, including area code
Date of fiscal year end: November 30
Date of reporting period: May 31, 2024
Item 1. Reports to Stockholders.
(a) |
GoodHaven Fund
|
||
GOODX
|
||
Semi-Annual Shareholder Report | May 31, 2024
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
GoodHaven Fund
|
$60
|
1.10%
|
Net Assets
|
$271,579,179
|
Number of Holdings
|
37
|
Portfolio Turnover
|
3%
|
Top Sectors
|
(%)
|
Finance and Insurance
|
31.3%
|
Mining, Quarrying, and Oil and Gas Extraction
|
9.6%
|
Professional, Scientific, and Technical Services
|
6.8%
|
Manufacturing
|
5.9%
|
Financials
|
5.0%
|
Retail Trade
|
3.8%
|
Construction
|
3.5%
|
Industrials
|
3.2%
|
Wholesale Trade
|
2.1%
|
Cash & Other
|
28.8%
|
Top 10 Issuers
|
(%)
|
United States Treasury Bill
|
25.8%
|
Berkshire Hathaway, Inc.
|
12.5%
|
Alphabet, Inc.
|
6.8%
|
Builders FirstSource, Inc.
|
5.9%
|
Bank of America Corp.
|
5.3%
|
EXOR NV
|
5.0%
|
Jefferies Financial Group, Inc.
|
4.2%
|
Devon Energy Corp.
|
4.1%
|
Lennar Corp.
|
3.5%
|
TerraVest Industries, Inc.
|
3.2%
|
Top Industries
|
(%)
|
Diversified Holding Companies
|
12.5%
|
Oil & Gas Exploration & Production
|
8.6%
|
Interactive Media & Services
|
6.8%
|
Capital Markets
|
6.4%
|
Banks-Diversified
|
5.9%
|
General Building Materials
|
5.9%
|
Investment Management
|
5.4%
|
Industrial Conglomerate
|
5.0%
|
Home Builder
|
3.5%
|
Cash & Other
|
40.0%
|
GoodHaven Fund | PAGE 1 | TSR_SAR_38217G103 |
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
(a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
(b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a) |
Page
|
|||
Schedule of Investments
|
1
|
||
Statement of Assets and Liabilities
|
3
|
||
Statement of Operations
|
4
|
||
Statement of Changes in Net Assets
|
5
|
||
Financial Highlights
|
6
|
||
Notes to the Financial Statements
|
7
|
||
ADDITIONAL INFORMATION
|
13
|
||
Back to Table of Contents
Shares
|
Value
|
|||||
COMMON STOCKS - 70.2%
|
||||||
Banks-Diversified - 5.9%
|
||||||
Bank of America Corp.
|
359,500
|
$14,376,405
|
||||
JPMorgan Chase & Co.
|
8,000
|
1,621,040
|
||||
15,997,445
|
||||||
Capital Markets - 6.4%
|
||||||
Jefferies Financial Group,
Inc.
|
242,512
|
11,281,658
|
||||
The Goldman Sachs Group,
Inc.
|
13,600
|
6,208,672
|
||||
17,490,330
|
||||||
Diversified Holding Companies - 12.5%
|
||||||
Berkshire Hathaway, Inc. - Class B(a)
|
81,800
|
33,897,920
|
||||
General Building Materials - 5.9%
|
||||||
Builders FirstSource, Inc.(a)
|
99,400
|
15,982,526
|
||||
Government Agency - 0.1%
|
||||||
Federal National Mortgage Association(a)
|
200,000
|
310,000
|
||||
Home Builder - 3.5%
|
||||||
Lennar Corp. - Class B
|
65,036
|
9,512,166
|
||||
Industrial Conglomerate - 5.0%
|
||||||
EXOR NV
|
121,062
|
13,516,720
|
||||
Insurance - 0.0%(b)
|
||||||
Brookfield Reinsurance
Ltd.(a)
|
252
|
10,952
|
||||
Interactive Media & Services - 6.8%
|
||||||
Alphabet, Inc. - Class C(a)
|
106,200
|
18,474,552
|
||||
Investment Management - 5.4%
|
||||||
Brookfield Asset Management Ltd. - Class A
|
9,201
|
361,047
|
||||
Brookfield Corp.
|
154,548
|
6,721,293
|
||||
KKR & Co., Inc.
|
75,000
|
7,713,000
|
||||
14,795,340
|
||||||
Machinery, Equipment, and Supplies Merchant Wholesalers - 0.6%
|
||||||
Global Industrial Co.
|
47,805
|
1,654,531
|
||||
Mortgage Banking - 0.5%
|
||||||
Guild Holdings Co. - Class A
|
85,011
|
1,235,210
|
||||
Oil & Gas Equipment & Services - 3.2%
|
||||||
TerraVest Industries, Inc.
|
158,300
|
8,630,744
|
||||
Shares
|
Value
|
|||||
Oil & Gas Exploration & Production - 7.1%
|
||||||
Devon Energy Corp.
|
229,161
|
$11,247,222
|
||||
Vitesse Energy, Inc.
|
319,789
|
8,161,015
|
||||
19,408,237
|
||||||
Oil & Gas Infrastructure - 1.0%
|
||||||
Hess Midstream LP - Class A
|
75,667
|
2,629,428
|
||||
Property/Casualty Insurance - 2.7%
|
||||||
The Progressive Corp.
|
35,000
|
7,391,300
|
||||
Real Estate - 1.1%
|
||||||
Camden Property Trust
|
29,500
|
3,028,175
|
||||
Specialty Retail - 1.0%
|
||||||
Academy Sports & Outdoors, Inc.
|
45,000
|
2,596,050
|
||||
Technology Distributors - 1.5%
|
||||||
Arrow Electronics, Inc.(a)
|
30,500
|
4,004,955
|
||||
TOTAL COMMON STOCKS(Cost $91,874,351)
|
190,566,581
|
|||||
Contracts
|
||||||
WARRANTS - 1.5%
|
||||||
Oil & Gas Exploration & Production - 1.5%
|
||||||
Occidental Petroleum Corp., Expires August 03, 2027, Exercise Price $22.00(a)
|
103,522
|
4,160,549
|
||||
TOTAL WARRANTS
(Cost $4,034,209)
|
4,160,549
|
|||||
Shares
|
||||||
PREFERRED STOCKS - 0.6%
|
||||||
Government Agency - 0.6%
|
||||||
Federal National Mortgage Association
|
|
|
||||
Series E, 5.10%, Perpetual
|
7,750
|
57,311
|
||||
Series N, 5.50%, Perpetual
|
31,037
|
227,861
|
||||
Series R, 7.63%, Perpetual
|
69,980
|
293,216
|
||||
Series T, 8.25%, Perpetual
|
216,881
|
1,012,835
|
||||
TOTAL PREFERRED STOCKS(Cost $929,908)
|
1,591,223
|
|||||
Par
|
||||||
SHORT-TERM INVESTMENTS - 25.8%
|
||||||
U.S. Treasury Bills - 25.8%
|
||||||
5.25%, 06/04/2024(c)
|
5,000,000
|
4,999,278
|
||||
5.13%, 07/05/2024(c)
|
5,000,000
|
4,976,622
|
||||
5.16%, 07/18/2024(c)
|
9,000,000
|
8,940,994
|
||||
5.20%, 08/22/2024(c)
|
13,000,000
|
12,848,598
|
||||
5.23%, 09/05/2024(c)
|
5,000,000
|
4,931,915
|
||||
1
|
Back to Table of Contents
Par
|
Value
|
|||||
5.28%, 09/19/2024(c)
|
19,000,000
|
$18,701,923
|
||||
5.28%, 10/10/2024(c)
|
4,000,000
|
3,925,335
|
||||
5.29%, 11/07/2024(c)
|
11,000,000
|
10,752,440
|
||||
TOTAL SHORT-TERM INVESTMENTS
(Cost $70,071,456)
|
70,077,105
|
|||||
TOTAL INVESTMENTS - 98.1% (Cost $166,909,924)
|
$266,395,458
|
|||||
Money Market Deposit Account - 1.7%(d)
|
4,549,620
|
|||||
Other Assets in Excess of Liabilities - 0.2%
|
634,101
|
|||||
TOTAL NET ASSETS - 100.0%
|
$271,579,179
|
|||||
(a)
|
Non-income producing security.
|
(b)
|
Represents less than 0.05% of net assets.
|
(c)
|
The rate shown is the effective yield.
|
(d)
|
The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of May 31, 2024 was 5.17%.
|
2
|
Back to Table of Contents
ASSETS
|
|||
Investments in securities, at value (Cost $166,909,924) (Note 2)
|
$266,395,458
|
||
Cash equivalents
|
4,549,620
|
||
Receivables:
|
|||
Dividends and interest
|
154,292
|
||
Investments sold
|
2,609,760
|
||
Fund shares sold
|
912,780
|
||
Total assets
|
274,621,910
|
||
LIABILITIES
|
|||
Payables:
|
|||
Fund shares redeemed
|
2,793,084
|
||
Management fees
|
204,257
|
||
Support services fees
|
45,390
|
||
Total liabilities
|
3,042,731
|
||
NET ASSETS
|
$271,579,179
|
||
COMPONENTS OF NET ASSETS
|
|||
Paid-in capital
|
$169,068,579
|
||
Total distributable (accumulated) earnings (losses)
|
102,510,600
|
||
Net assets
|
$271,579,179
|
||
Net Asset Value (unlimited shares authorized):
|
|||
Net assets
|
$271,579,179
|
||
Shares of beneficial interest issued and outstanding
|
5,765,309
|
||
Net asset value, offering and redemption price per share
|
$47.11
|
||
3
|
Back to Table of Contents
INVESTMENT INCOME
|
|||
Dividend income
|
$1,274,286
|
||
(net of $17,244 in foreign withholding taxes)
|
|||
Interest
|
1,847,043
|
||
Total investment income
|
3,121,329
|
||
EXPENSES
|
|||
Management fees
|
1,098,905
|
||
Support services fees
|
244,201
|
||
Total expenses
|
1,343,106
|
||
Net investment income (loss)
|
1,778,223
|
||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS & FOREIGN CURRENCY
|
|||
Net realized gain (loss) on transactions from investments & foreign currency
|
1,408,633
|
||
Net change in unrealized appreciation/depreciation on investments & foreign currency
|
36,042,849
|
||
Net realized and unrealized gain (loss)
|
37,451,482
|
||
Net increase (decrease) in net assets resulting from operations
|
$39,229,705
|
||
4
|
Back to Table of Contents
Six Months Ended
May 31, 2024
(Unaudited)
|
Year Ended
November 30, 2023
|
|||||
INCREASE (DECREASE) IN NET ASSETS FROM:
|
||||||
OPERATIONS
|
||||||
Net investment income (loss)
|
$1,778,223
|
$1,723,072
|
||||
Net realized gain (loss) on investments & foreign currency
|
1,408,633
|
2,669,453
|
||||
Change in unrealized appreciation/depreciation on investments & foreign currency
|
36,042,849
|
19,318,718
|
||||
Net increase (decrease) in net assets resulting from operations
|
39,229,705
|
23,711,243
|
||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||
Net distributions to shareholders
|
(3,056,371)
|
(387,947)
|
||||
CAPITAL SHARE TRANSACTIONS
|
||||||
Net increase (decrease) in net assets derived from net change in outstanding shares1
|
32,384,251
|
72,681,696
|
||||
Total increase (decrease) in net assets
|
68,557,585
|
96,004,992
|
||||
NET ASSETS
|
||||||
Beginning of period
|
203,021,594
|
107,016,602
|
||||
End of period
|
$271,579,179
|
$203,021,594
|
||||
1
|
Summary of capital share transactions is as follows:
|
Six Months Ended
May 31, 2024
(Unaudited)
|
Year Ended
November 30, 2023
|
|||||||||||
Shares
|
Value
|
Shares
|
Value
|
|||||||||
Shares sold
|
1,007,199
|
$44,253,110
|
2,012,260
|
$78,894,571
|
||||||||
Shares issued on reinvestment of distributions
|
68,245
|
2,762,562
|
10,125
|
328,138
|
||||||||
Shares redeemed
|
(325,856)
|
(14,631,421)
|
(173,484)
|
(6,541,013)2
|
||||||||
Net increase (decrease)
|
749,588
|
$32,384,251
|
1,848,901
|
$72,681,696
|
||||||||
2
|
Net of redemption fees of $6,956.
|
5
|
Back to Table of Contents
Six Months Ended
May 31, 2024
(Unaudited)
|
Year Ended November 30,
|
|||||||||||||||||
2023
|
2022
|
2021
|
2020
|
2019
|
||||||||||||||
Net asset value at beginning of period
|
$ 40.48
|
$ 33.79
|
$ 34.89
|
$ 26.08
|
$ 24.48
|
$ 23.43
|
||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||
Net investment income
(loss)1
|
0.33
|
0.46
|
0.12
|
0.05
|
0.10
|
0.42
|
||||||||||||
Net realized and unrealized gain (loss) on investments
|
6.91
|
6.35
|
(1.17)
|
8.88
|
1.82
|
0.90
|
||||||||||||
Total from investment operations
|
7.24
|
6.81
|
(1.05)
|
8.93
|
1.92
|
1.32
|
||||||||||||
LESS DISTRIBUTION:
|
||||||||||||||||||
From net investment income
|
(0.37)
|
(0.12)
|
(0.05)
|
(0.12)
|
(0.32)
|
(0.27)
|
||||||||||||
From net realized gain
|
(0.24)
|
-
|
-
|
-
|
-
|
-
|
||||||||||||
Total distributions
|
(0.61)
|
(0.12)
|
(0.05)
|
(0.12)
|
(0.32)
|
(0.27)
|
||||||||||||
Paid-in capital from redemption fees
|
-
|
0.002
|
0.002
|
0.002
|
0.002
|
0.002
|
||||||||||||
Net asset value at end of period
|
$47.11
|
$40.48
|
$33.79
|
$34.89
|
$26.08
|
$24.48
|
||||||||||||
Total return
|
18.15%3
|
20.25%
|
-3.02%
|
34.39%
|
7.93%
|
5.83%
|
||||||||||||
SUPPLEMENTAL DATA/RATIOS:
|
||||||||||||||||||
Net assets at end of period (millions)
|
$271.6
|
$203.0
|
$107.0
|
$107.0
|
$84.0
|
$94.3
|
||||||||||||
Portfolio turnover rate
|
3%3
|
14%
|
17%
|
13%
|
32%
|
8%
|
||||||||||||
Ratio of expenses to average net assets
|
1.10%4
|
1.10%
|
1.10%
|
1.10%
|
1.11%
|
1.11%
|
||||||||||||
Ratio of net investment income (loss) to average net assets
|
1.46%4
|
1.25%
|
0.37%
|
0.15%
|
0.44%
|
1.81%
|
||||||||||||
1
|
Calculated using the average shares method.
|
2
|
Does not round to $0.01 or $(0.01), as applicable.
|
3
|
Not Annualized.
|
4
|
Annualized.
|
6
|
Back to Table of Contents
7
|
Back to Table of Contents
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Assets:
|
||||||||||||
Common Stocks
|
$190,566,581
|
$-
|
$ -
|
$190,566,581
|
||||||||
Warrants
|
4,160,549
|
-
|
-
|
4,160,549
|
||||||||
Preferred Stocks
|
1,533,912
|
57,311
|
-
|
1,591,223
|
||||||||
Short-Term Investments
|
-
|
70,077,105
|
-
|
70,077,105
|
||||||||
Total Investments
|
$196,261,042
|
$70,134,416
|
$-
|
$266,395,458
|
||||||||
Derivative
Instruments
|
Location of
Gain (Loss)
on Derivatives
Recognized
in Income
|
Realized
Gain (Loss)
on Derivatives
Recognized
in Income
|
Change in
Unrealized
Appreciation/
Depreciation
on Derivatives
Recognized
in Income
|
||||||
Equity Contracts:
Put Options Purchased
|
Realized and Unrealized
Gain (Loss) on Investments & Foreign Currency
|
$ 5,082
|
$ -
|
||||||
8
|
Back to Table of Contents
9
|
Back to Table of Contents
Average notional value of:
Options purchased
|
$ -
|
||
10
|
Back to Table of Contents
Purchases
at Cost
|
Sales or Maturity
Proceeds
|
||
$20,856,491
|
$5,457,641
|
||
May 31, 2024
|
November 30, 2023
|
|||||
Ordinary income
|
$1,843,138
|
$387,947
|
||||
Long-term capital gains
|
$1,213,233
|
$-
|
||||
Cost of investments
|
$136,085,326
|
||
Gross tax unrealized appreciation
|
65,697,487
|
||
Gross tax unrealized depreciation
|
(2,163,536)
|
||
Net unrealized appreciation (depreciation)
|
63,533,951
|
||
Undistributed ordinary income
|
1,722,901
|
||
Undistributed long-term capital gain
|
1,213,205
|
||
Total distributable earnings
|
2,936,106
|
||
Other accumulated gain/(loss)
|
(132,791)
|
||
Total accumulated gain/(loss)
|
$66,337,266
|
||
11
|
Back to Table of Contents
12
|
Back to Table of Contents
13
|
Back to Table of Contents
(b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
For the six months ended May 31, 2024, trustee fees paid by the Trust were $16,538.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.
Item 16. Controls and Procedures.
(a) | The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to previous Form N-CSR filing. |
(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | GoodHaven Funds Trust |
By (Signature and Title)* | /s/ Larry Pitkowsky | ||
Larry Pitkowsky, President and Principal Executive Officer |
Date | August 1, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Larry Pitkowsky | ||
Larry Pitkowsky, President and Principal Executive Officer |
Date | August 1, 2024 |
By (Signature and Title)* | /s/ Lynn Iacona | ||
Lynn Iacona, Treasurer and Principal Financial Officer |
Date | August 1, 2024 |