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:  August 31, 2019
 
Item 1. Schedule of Investments.
 
GoodHaven Fund
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited)

Shares
  
COMMON STOCKS - 70.3%
  
Value
  
   
Air Transportation - 7.1%
      
     
136,000
  
American Airlines Group Inc.
  
$
3,578,160
  
     
60,000
  
Delta Air Lines, Inc.
    
3,471,600
  
               
7,049,760
  
                   
       
Asset Management - 1.7%
        
     
33,000
  
Oaktree Capital Group, LLC
    
1,723,590
  
                   
       
Computer Hardware - 2.8%
        
     
150,400
  
HP Inc.
    
2,750,816
  
                   
       
Computer Software - 6.4%
        
     
5,310
  
Alphabet Inc. - Class C 1
    
6,308,811
  
                   
       
Consumer Products - 3.3%
        
     
59,134
  
Spectrum Brands Holdings, Inc.
    
3,303,816
  
                   
       
Diversified Holding Companies - 6.1%
        
     
29,400
  
Berkshire Hathaway Inc. - Class B 1
    
5,980,254
  
                   
         
Financial Services - 2.3%
        
     
71,143
  
Federated Investors, Inc. - Class B
    
2,279,422
  
                   
         
Financials - 5.5%
        
     
292,512
  
Jefferies Financial Group Inc.
    
5,452,424
  
                   
         
Flooring - 2.5%
        
     
21,000
  
Mohawk Industries Inc. 1
    
2,496,690
  
                   
         
General Building Materials - 2.6%
        
     
129,400
  
Builders FirstSource, Inc. 1
    
2,516,830
  
                   
         
Home Builder - 2.1%
        
     
51,946
  
Lennar Corporation - Class B
    
2,104,332
  
                   
         
Industrial Supplies - 2.5%
        
     
122,805
  
Systemax Inc.
    
2,464,696
  
                   
         
Marine Services & Equipment - 1.4%
        
     
130,823
  
Stolt-Nielsen Ltd.
    
1,417,027
  
                   
       
Metals & Mining - 8.9%
        
     
454,650
  
Barrick Gold Corp.
    
8,811,117
  
                   
       
Oil & Gas Exploration & Production - 8.3%
        
     
1,403,100
  
Birchcliff Energy Ltd.
    
1,865,320
  
     
36,445
  
Hess Midstream Partners LP
    
692,091
  
     
525,046
  
WPX Energy, Inc. 1
    
5,649,495
  
               
8,206,906
  
                   
       
Property/Casualty Insurance - 1.8%
        
     
2,400
  
Alleghany Corp. 1
    
1,798,344
  

                   
       
Real Estate - 1.2%
        
     
30,000
  
STORE Capital Corp. - REIT
    
1,132,800
  
                   
       
Retail - 1.0%
        
     
65,000
  
Macy's Inc.
    
959,400
  
                   
       
Telecommunications - 2.8%
        
     
48,000
  
Verizon Communications Inc.
    
2,791,680
  
                   
         
TOTAL COMMON STOCKS
        
       
 (Cost $53,148,714)
    
69,548,715
  
                   
       
PREFERRED STOCKS - 1.5%
        
       
Government Agency - 1.5%
        
     
7,750
  
Federal National Mortgage Association, Series E, 5.100% 1,2,3
    
155,000
  
     
19,980
  
Federal National Mortgage Association, Series R, 7.625% 1,3
    
215,784
  
     
27,846
  
Federal National Mortgage Association, Series S, 8.250% 1,3,4
    
337,494
  
     
71,981
  
Federal National Mortgage Association, Series T, 8.250% 1,3
    
791,791
  
               
1,500,069
  
                   
         
TOTAL PREFERRED STOCKS
        
         
(Cost $1,077,942)
    
1,500,069
  
       
         
Principal Amount
  
U.S. GOVERNMENT SECURITIES - 27.7%
        
         
United States Treasury Bills - 27.7%
        
   
$
2,000,000
  
2.391% due 9/19/2019 5
    
1,998,267
  
     
4,500,000
  
2.383% due 10/31/2019 5
    
4,485,970
  
     
8,000,000
  
2.034% due 11/21/2019 5
    
7,966,059
  
     
3,500,000
  
2.054% due 12/19/2019 5
    
3,480,375
  
     
8,000,000
  
2.020% due 1/9/2020 5
    
7,947,086
  
     
1,500,000
  
1.851% due 2/6/2020 5
    
1,488,097
  
               
27,365,854
  
                   
         
TOTAL U.S. GOVERNMENT SECURITIES
        
       
 (Cost $27,352,189)
    
27,365,854
  
       
         
         
Total Investments
        
         
(Cost $81,578,845) - 99.5%
    
98,414,638
  
         
Cash and Other Assets in Excess of Liabilities - 0.5%
    
458,818
  
         
TOTAL NET ASSETS - 100.0%
  
$
98,873,456
  

 
 
REIT - Real Estate Investment Trust
 
1
Non-income producing security.
 
2
A portion of this security is considered illiquid. As of August 31, 2019, the total value of illiquid securities was $58,125 or 0.1% of net assets.
 
3
Perpetual maturity.
 
4
Variable rate dividend; rate shown is rate of last dividend.
 
5
Rate represents the annualized yield to maturity from the purchase price.

 
GoodHaven Fund
Summary of Fair Value Exposure at August 31, 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 August 31, 2019. See the Schedule of Investments for sector breakouts.

 
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
  
$
69,548,715
    
$
–
    
$
–
    
$
69,548,715
  
Preferred Stocks
    
1,500,069
      
–
      
–
      
1,500,069
  
U.S. Government Securities
    
–
      
27,365,854
      
–
      
27,365,854
  
Total Investments
  
$
71,048,784
    
$
27,365,854
    
$
–
    
$
98,414,638
  
 
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   October 29, 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*  /s/ Larry Pitkowsky                                               
                                                        Larry Pitkowsky
                                                        Principal Executive Officer and
                                                        Principal Financial and Accounting Officer

Date   October 29, 2019                                                                                 


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