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GOODHAVEN CAPITAL MANAGEMENT, LLC

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MILLBURN NJ Investment Advisor Hedge Fund
13F Summary

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Goodhaven Capital Management is based out of Millburn. Goodhaven Capital Management is a hedge fund with 66 clients and discretionary assets under management (AUM) of $336,365,846 (Form ADV from 2024-03-27). Their last reported 13F filing for Q1 2025 included $295,230,770 in managed 13F securities and a top 10 holdings concentration of 78.02%. Goodhaven Capital Management's largest holding is Berkshire Hathaway Inc Class B with shares held of 122,419. Whalewisdom has at least 54 13F filings, and 4 13G filings
Business Description
GoodHaven Capital Management, LLC was established in November 2010, with its first full month of managing accounts in March 2011. Larry Pitkowsky is the Manager of the firm, and GoodHaven is majority owned by entities controlled by Mr. Pitkowsky. Larry has more than thirty years of research and portfolio management experience, including a decade prior to joining GoodHaven where he held positions with Fairholme Capital Management, LLC. Artie Kwok is a minority partner in GoodHaven and a Managing Director/Senior Research Analyst. Markel Group and Keith Trauner are also minority partners but do not participate in the day-to-day management of the firm. The firm may conduct surveys, hire research personnel, employ consultants, and meet with management to gain insights into industries and companies. A normal portfolio will hold approximately 10-25 securities, but it is possible for a portfolio to hold a single security that accounts for 25% of the account’s value.
Investment Strategy
The primary investment strategy involves using fundamental research to identify securities of attractive businesses managed by talented owners, priced reasonably. Other strategies, where permitted, are based on fundamental research that seeks discrepancies between a security's market value and its estimated intrinsic value, or the value achievable if sold to a knowledgeable third party or in liquidation. The investment strategy is not formally limited by industry, sector, or market capitalization. The investment horizon is long-term, and relatively low portfolio turnover is expected. The strategies may result in greater volatility and risk of loss than more diversified strategies, exposing clients to concentration, market, interest rate, and illiquidity risks.
Owners
  • GREENWOOD MANAGEMENT LLC - MEMBER
  • PITKOWSKY, LARRY, STEVEN - MANAGING MEMBER
  • KWOK, ARTIE - MANAGING DIRECTOR
  • MURPHY, BERNADETTE - CHIEF COMPLIANCE OFFICER
  • TRAUNER, KEITH, DAVID - MEMBER
  • Click on the Ownership/Private Fund Data tab for more details.
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2025-03-31

Top Buys (13F)

2025-03-31

Top Sells (13F)

2025-03-31

13F Holdings Summary

2025-03-31

13F Activity

Market Value $295m, Prior: $310m
Inflows (Outflows) as % of Total MV (-0.5615)%
New Purchases 0 stocks
Added To 6 stocks
Sold out of 2 stocks
Reduced holdings in 16 stocks
Top 10 Holdings % 78.02%
Turnover %[1] 7.41%
Turnover Alt %[2] 3.63%
Time Held Top 20 18.4 quarters
Time Held Top 10 21 quarters
Time Held All 21.96 quarters

[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.

[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.

2025-03-31

13F Sector Allocation Over Time

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2025-03-31

Analysis

Top 20 equal-weighted holdings. Performance numbers calculated through 2025-03-31

Portfolio Performance