Stated simply, we are value investors focusing our efforts on making a few intelligent business decisions for our shareholders and ourselves in order to earn competitive long-term returns when compared to low risk alternatives and broad market indexes. We try to dig deep to understand the companies in which we invest and to make the results meaningful for shareholders by concentrating the Fund’s portfolio in our best ideas.
Focused research is a process. We try to understand the nature and value of a business, not just its price. Our research starts at the bottom and we just keep digging deeper, talking to customers, suppliers, competitors and anyone else that can share insights into the intrinsic value of a company.
Concentrating portfolios means prudently having more of your money in your best ideas - the best combination of business fundamentals, management, and discounts to intrinsic value. Why put more money into your fiftieth best idea if you can put more into your top five?
Figure out where an investment can kill you and then don't go there. We never want to be carried off the field due to an imprudent or speculative investment. This means understanding the difference between risk - the chance that you can permanently lose money, and volatility - which is the bouncing around of security prices. We don't mind volatility, but we try hard to avoid permanent loss.
The time-frame of the average investor is now milliseconds. An explosion of media outlets and Internet resources ensure that the smallest price squiggles are the subject of breathless discussion. In our view, a long-term investment outlook is both desirable and a competitive advantage. In effect, we are not in the get rich quick business; we are in the get rich slow business by trying to compound our money over time at reasonable and competitive rates. Albert Einstein, the great physicist and mathematician, was fond of saying that compound interest is the eighth wonder of the world.
People have interpreted our logo as depicting a shoreline sheltered from stormy seas, or an umbrella against the rain. Regardless of how you see it, we tried to create an image reflecting our belief that our job as portfolio managers is to attempt to both protect the wealth of our shareholders and also to compound that wealth over time. Although we cannot provide any guarantees and shareholders can lose money, we try hard to remember Warren Buffett’s two rules of money management:
Rule #1 – Don’t Lose!
Rule #2 – See Rule #1.
Before you invest in the GoodHaven Fund, please refer to the statutory prospectus or summary prospectus for important information about the investment company, including investment objectives, risks, charges and expenses. You may also obtain a hard copy of the prospectus by calling 1-855-OK-GOODX (1-855-654-6639). The prospectus should be read and considered carefully before you invest or send money.
The Fund is offered only to United States residents, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of the Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.
References to other mutual funds should not be interpreted as an offer of those securities.
Past performance does not guarantee future results.
Mutual fund investing involves risk. Principal loss is possible. The Fund is nondiversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The Fund invests in mid and smaller capitalization companies, which involve additional risks such as limited liquidity and greater volatility. The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The Fund may invest in REIT's, which are subject to additional risks associated with direct ownership of real property including decline in value, economic conditions, operating expenses, and property taxes. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment in lower-rated, non-rated and distressed securities presents a greater risk of loss to principal and interest than higher-rated securities.
The value of the Fund could be adversely affected in the event of a natural disaster, severe weather events, climate change, earthquakes, fires, war, terrorism, health pandemics and other public health crises.
The GoodHaven Funds are distributed by Quasar Distributors, LLC