How we Manage Money

Our Investment Vehicles:

GSAP1The GoodHaven Separate Account Program (GSAP) manages investment accounts in excess of $1 million for individuals, corporations, and other entities using focused investment research and a concentrated portfolio management approach.

A normal portfolio will hold about 7-15 securities, and a single security may equal up to 25% of the account’s value (measured at the time of purchase), although we expect such deep concentration to be rare. However, a significant part of an account’s value is expected to consist of just a few securities, a strategy often described as "non-diversified." To the extent we are unable to identify undervalued securities, cash or equivalents may comprise a significant portion of account holdings until such time that investments meeting our criteria reappear. Patience is a virtue.

ISAPThe GoodHaven Institutional Separate Account Program (ISAP) manages accounts in excess of $25 million for corporations, ERISA accounts, and other qualified institutional entities using focused investment research and a concentrated portfolio management approach, and will utilize additional investment and risk-management strategies beyond those employed by GSAP.

These may include somewhat greater diversification than a GSAP account, the ability to buy stressed or illiquid assets such as “junk bonds”, bank debt, and other securities, and the ability to partly or fully hedge portions of the portfolio. Notwithstanding the above, we expect the bulk of the portfolio to be invested in common stocks, although from time to time we may have cash reserves as described above.

TheGoodHavenFundGoodHaven Capital Management is the investment advisor to the GoodHaven Fund, a no-load mutual fund, with a $10,000 minimum investment for an individual and $2,500 minimum investment for a Retirement Account. The GoodHaven Fund is offered only by prospectus and additional information may be found by cutting and pasting the following link into a web browser:

www.goodhavenfunds.com

 

For additional information about these programs, please navigate to the LINKS page of our site and download our Brochure.

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Our logo of stylized eggs in a basket answers the question: Is it better to avoid putting all your eggs in one basket or do so and watch the basket with great care? We believe that those who can tolerate and are prepared to take advantage of the periodic (and sometimes significant) price swings of public markets and individual securities will enjoy a more pleasant outcome by investing in a few carefully chosen investment securities when compared to highly diversified alternatives, even if the results are more volatile. As Warren Buffett once said, “Charlie [Munger] and I would much rather earn a lumpy 15% over time than a smooth 12%.”

CONTACT DETAILS

Tel: 305.677.7650
Fax: 305.677.7666
E-mail: info@goodhavenllc.com 


World Headquarters:
4940 SW 83rd Street
Miami, FL  33143


Branch Office:
Suite 306
374 Millburn Avenue 
Millburn, NJ  07041-1351

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