NPORT-EX 2 goodhaven.htm GOODHAVEN FUND PART F 2/28/22

GoodHaven Fund
  
SCHEDULE OF INVESTMENTS at February 28, 2022 (Unaudited)
  

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COMMON STOCKS - 87.4%
 
  
 
 
  
Value
  
   
Banks-Diversified - 3.9%
              
 
          70,000
  
Bank of America Corp.
         $
         3,094,000
  
 
            8,000
  
JPMorgan Chase & Co.
          
            1,134,400
  
                 
            4,228,400
  
                     
   
Capital Markerts - 8.0%
              
 
        242,512
  
Jefferies Financial Group, Inc.
          
            8,618,876
  
                     
   
Diversified Holding Companies - 15.0%
              
 
          50,200
  
Berkshire Hathaway Inc. - Class B 1
          
          16,136,790
  
                     
   
General Building Materials - 6.9%
              
 
          99,400
  
Builders FirstSource, Inc. 1
          
            7,397,348
  
                     
   
Home Builder - 3.7%
              
 
          51,946
  
Lennar Corporation - Class B
          
            3,921,923
  
                     
   
Industrial Conglomerate - 1.8%
              
 
          25,000
  
EXOR NV
          
            1,900,522
  
                     
   
Interactive Media & Services - 15.4%
              
 
            5,310
  
Alphabet Inc. - Class C 1
          
          14,325,424
  
 
          10,300
  
Meta Platforms, Inc. -Class A 1
          
            2,173,609
  
                 
          16,499,033
  
                     
   
Internet & Direct Marketing Retail - 1.2%
              
 
          12,000
  
Alibaba Group Holding Ltd. 1
          
            1,262,280
  
                     
   
Investment Management - 4.4%
              
 
          36,555
  
Brookfield Asset Management, Inc. - Class A
          
            1,997,365
  
 
               252
  
Brookfield Asset Management Reinsurance Partners Ltd. 1
          
                 13,936
  
 
          45,000
  
KKR & Co, Inc.
          
            2,705,400
  
                 
            4,716,701
  
                     
   
Machinery, Equipment, and Supplies Merchant Wholesalers - 1.4%
              
 
          47,805
  
Global Industrial Co.
          
            1,519,243
  
                     
   
Metals & Mining - 3.4%
              
 
        161,650
  
Barrick Gold Corp.
          
            3,648,440
  
                     
   
Mortgage Banking - 2.1%
              
 
        185,011
  
Guild Holdings Co. - Class A 1
          
            2,214,582
  
                     
   
Oil & Gas Equipment & Services - 1.7%
              
 
          96,600
  
TerraVest Industries, Inc.
          
            1,812,346
  
                     
   
Oil & Gas Exploration & Production - 3.4%
              
 
          61,361
  
Devon Energy Corp.
          
            3,654,048
  
                     
   
Oil & Gas Infrastructure - 2.2%
              
 
          75,667
  
Hess Midstream LP - Class A
          
            2,418,317
  
                     
   
Property/Casualty Insurance - 7.2%
              
 
            6,050
  
Alleghany Corp.1
          
            4,004,616
  
 
          35,000
  
The Progressive Corp.
          
            3,707,550
  
                 
            7,712,166
  
                     
   
Real Estate - 3.5%
              
 
        124,000
  
STORE Capital Corp. - REIT
          
            3,809,280
  
                     
   
Special Realty - 2.2%
              
 
          42,000
  
Academy Sports & Outdoors, Inc. 1
          
            1,359,540
  
 
            2,500
  
RH 1
          
            1,004,675
  
                 
            2,364,215
  
                     
     
TOTAL COMMON STOCKS
          
 
  
 
(Cost $45,869,305)
          
          93,834,510
  
                 
 
 
PREFERRED STOCKS - 0.6%
 
  
 
 
  
 
  
   
Government Agency - 0.6%
              
 
          31,037
  
Federal National Mortgage Association, Series N, 5.500% 1,2
          
               112,040
  
 
            7,750
  
Federal National Mortgage Association, Series E, 5.100% 1,2
          
                 31,194
  
 
          69,980
  
Federal National Mortgage Association, Series R, 7.625% 1,2
          
               150,457
  
 
        171,881
  
Federal National Mortgage Association, Series T, 8.250% 1,2
          
               386,732
  
                 
               680,423
  
                     
     
TOTAL PREFERRED STOCKS
              
 
(Cost $833,486)
          
               680,423
  
                 
Principal Amount
 
U.S. GOVERNMENT SECURITIES - 9.3%
 
  
 
 
  
 
  
     
United States Treasury Bills - 9.3%
              
 $
    5,000,000
  
0.041% due 3/10/2022 3
          
            4,999,956
  
 
     5,000,000
  
0.522% due 7/7/2022 3
          
            4,991,019
  
                 
            9,990,975
  
                     
     
TOTAL U.S. GOVERNMENT SECURITIES
              
 
(Cost $9,990,687)
          
            9,990,975
  
                 
 
 
MISCELLANOUS SECURITIES - 0.4% 4,5
 
  
Notional Value
 
  
 
  
     
TOTAL MISCELLANOUS SECURITIES
              
 
(Cost $284,528)
   $
      3,729,660
    
               432,335
  
                     
     
Total Investments
              
     
(Cost $56,978,006) - 97.7%
          
        104,938,244
  
     
Cash and Other Assets in Excess of Liabilities - 2.3%
          
            2,445,704
  
     
TOTAL NET ASSETS - 100.0%
         $
     107,383,948
  

   
REIT -
Real Estate Investment Trust
        
   
1
Non-income producing security.
        
   
2
Perpetual maturity.
        
   
3
Rate represents the annualized effective yield to maturity from the purchase price.
   
4
Represents unrestricted previously undisclosed exchange-traded purchased options which the Fund has held for less than one year.
   
5
Notional value related to derivatives only.
        


GoodHaven Fund
  
Summary of Fair Value Exposure at February 28, 2022 (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, 2022. See the Schedule of Investments for industry breakouts.
  

Description
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
  
$
93,834,510
    
$
–
    
$
–
    
$
93,834,510
  
Preferred Stocks
    
649,229
      
31,194
      
–
      
680,423
  
U.S. Government Securities
    
–
      
9,990,975
      
–
      
9,990,975
  
Miscellaneous Securities
    
–
      
432,335
      
–
      
432,335
  
Total Investments
  
$
94,483,739
    
$
10,454,504
    
$
–
    
$
104,938,243