N-Q 1 goodhaven_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY



Investment Company Act file number (811-23127)



GoodHaven Funds Trust
(Exact name of registrant as specified in charter)



4940 SW 83rd Street
                                          Miami, Florida 33143_______________________
(Address of principal executive offices) (Zip code)



Larry Pitkowsky
4940 SW 83rd Street
                                          Miami, Florida 33143_______________________
(Name and address of agent for service)



Registrant's telephone number, including area code: 626-914-7363



Date of fiscal year end: November 30


Date of reporting period:  February 28, 2019
 
Item 1. Schedule of Investments.
 
GoodHaven Fund
  
SCHEDULE OF INVESTMENTS at February 28, 2019 (Unaudited)
  
                   
Shares
  
COMMON STOCKS - 79.5%
 
  
  
Value
  
   
Air Transportation - 8.4%
          
     
136,000
  
American Airlines Group Inc.
       
$
4,845,680
  
     
60,000
  
Delta Air Lines, Inc.
        
2,974,800
  
                   
7,820,480
  
                       
       
Asset Management - 1.5%
            
     
33,000
  
Oaktree Capital Group, LLC
        
1,398,210
  
                       
       
Computer Hardware - 3.2%
            
     
150,400
  
HP Inc.
        
2,967,392
  
                       
       
Computer Software - 6.7%
            
     
5,610
  
Alphabet Inc. - Class C 1
        
6,282,751
  
                       
       
Consumer Products - 4.5%
            
     
78,475
  
Spectrum Brands Holdings, Inc.
        
4,250,991
  
                       
       
Diversified Holding Companies - 6.3%
            
     
29,400
  
Berkshire Hathaway Inc. - Class B 1
        
5,918,220
  
                       
       
Financial Services - 3.5%
            
     
111,143
  
Federated Investors, Inc. - Class B
        
3,306,504
  
                       
       
Financials - 6.8%
            
     
312,512
  
Jefferies Financial Group Inc.
        
6,334,618
  
                       
       
Flooring - 3.1%
            
     
21,000
  
Mohawk Industries Inc.1
        
2,858,520
  
                       
       
General Building Materials - 1.9%
            
     
129,400
  
Builders FirstSource, Inc.1
        
1,802,542
  
                       
       
Home Builder - 1.7%
            
     
40,946
  
Lennar Corporation - Class B
        
1,575,193
  
                       
       
Industrial Supplies - 2.7%
            
     
122,805
  
Systemax Inc.
        
2,488,029
  
                       
       
Marine Services & Equipment - 2.5%
            
     
174,455
  
Stolt-Nielsen Ltd.
        
2,348,725
  
                       
       
Metals & Mining - 7.9%
            
     
584,650
  
Barrick Gold Corp.
        
7,389,976
  
                       
       
Oil & Gas Exploration & Production - 11.6%
            
     
1,428,100
  
Birchcliff Energy Ltd.
        
3,917,657
  
     
36,445
  
Hess Midstream Partners LP
        
833,861
  
     
490,046
  
WPX Energy, Inc.1
        
6,047,168
  
                   
10,798,686
  
                       
       
Property/Casualty Insurance - 1.7%
            
     
2,400
  
Alleghany Corp.
        
1,543,104
  
                       
       
Real Estate - 1.0%
            
     
30,000
  
STORE Capital Corp. - REIT
        
974,100
  
                       
       
Retail - 1.3%
            
     
50,000
  
Macy's Inc.
        
1,239,500
  

       
Telecommunications - 3.2%
              
     
52,000
  
Verizon Communications Inc.
          
2,959,840
  
                         
         
TOTAL COMMON STOCKS
              
       
 (Cost $56,446,505)
          
74,257,381
  
                       
          PREFERRED STOCKS - 1.3%
             
       
Government Agency - 1.3%
              
     
7,750
  
Federal National Mortgage Association, Series E, 5.100% 1, 2
          
122,062
  
     
19,980
  
Federal National Mortgage Association, Series R, 7.625% 1,2
          
172,028
  
     
27,846
  
Federal National Mortgage Association, Series S, 8.250% 1,2,3
          
269,549
  
     
71,981
  
Federal National Mortgage Association, Series T, 8.250% 1,2
          
636,312
  
                     
1,199,951
  
                         
         
TOTAL PREFERRED STOCKS
              
       
 (Cost $1,077,942)
          
1,199,951
  
                       
Principal Amount
  
U.S. GOVERNMENT SECURITIES - 17.6%
  
 
 
        
         
United States Treasury Bills - 17.6%
              
   
$
5,000,000
  
2.355% due 3/21/2019 4
          
4,993,497
  
     
2,000,000
  
2.367% due 4/4/2019 4
          
1,995,562
  
     
4,000,000
  
2.440% due 5/2/2019 4
          
3,983,553
  
     
3,500,000
  
2.406% due 7/5/2019 4
          
3,470,631
  
     
2,000,000
  
2.443% due 8/15/2019 4
          
1,977,501
  
                     
16,420,744
  
                         
         
TOTAL U.S. GOVERNMENT SECURITIES
              
       
 (Cost $16,420,901)
          
16,420,744
  
                       
       
MISCELLANOUS SECURITIES - 0.3%1,5
  
Notional Value
 
        
         
TOTAL MISCELLANOUS SECURITIES
              
       
 (Cost $656,941)
 $ 
               79,240
 6
    
324,550
  
                         
         
Total Investments
              
         
(Cost $74,602,289) - 98.7%
          
92,202,626
  
         
Cash and Other Assets in Excess of Liabilities - 1.3%
          
1,232,346
  
         
TOTAL NET ASSETS - 100.0%
         
$
93,434,972
  

   
REIT -
  
Real Estate Investment Trust
    
             
   
1
  
Non-income producing security.
    
   
2
  
Perpetual maturity.
    
   
3
  
Variable rate dividend; rate shown is rate of last dividend.
    
   
4
  
Coupon represents the yield to maturity from the purchase price.
    
   
5
  
Represents previously undisclosed securities which the Fund has held for less than one year.
   
6
  
Value represented related to derivatives only.
    

 
GoodHaven Fund
Summary of Fair Value Exposure at February 28, 2019 (Unaudited)
 
The GoodHaven Fund (the "Fund") utilizes various methods to measure the fair value of most of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
 
• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
• Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar data.
• Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The following is a summary of the inputs used to value the Fund's investments as of February 28, 2019. See the Schedule of Investments for industry breakouts.

 
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments at Fair Value
                        
Common Stocks
  
$
74,257,381
    
$
–
    
$
–
    
$
74,257,381
  
Preferred Stocks
    
1,199,951
      
–
      
–
      
1,199,951
  
U.S. Government Securities
    
–
      
16,420,744
      
–
      
16,420,744
  
Miscelleneous Securities
    
297,150
      
27,400
      
–
      
324,550
  
Total Investments
  
$
75,754,482
    
$
16,448,144
    
$
–
    
$
92,202,626
  

Item 2. Controls and Procedures.
 
(a)
The Registrant’s President and Treasurer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d‑15(b) under the Securities Exchange Act of 1934, as amended.

(b)
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed 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) The GoodHaven Funds Trust                


By (Signature and Title) /s/ Larry Pitkowsky            
                                        Larry Pitkowsky
                                        Principal Executive Officer and Principal Financial and Accounting Officer

Date  April 26, 2019                                                  



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* Larry Pitkowsky                
                                         Larry Pitkowsky
                                         Principal Executive Officer and Principal Financial and Accounting Officer

Date   April 26, 2019                                                 

* Print the name and title of each signing officer under his or her signature.