GoodHaven Fund's 2025 letter to shareholders: Tech investments still paying off, as long as you ignore the layoffs and pivots

The GoodHaven Fund has released its 2025 Annual Letter to Shareholders, providing an overview of the fund's performance and strategy. As of the end of 2024, the fund's portfolio consisted of 23 holdings, with the top five positions accounting for approximately 45% of total assets. The letter, signed by portfolio managers Larry Pitkowsky and Keith Trauner, highlights the fund's long-term approach to investing, focusing on undervalued companies with strong fundamentals. The fund's net asset value per share increased by 10.2% in 2024, outpacing the S&P 500 Index. GoodHaven Fund, a subsidiary of GoodHaven Partners, LLC, manages approximately $350 million in assets. The annual letter also discusses the fund's investment process, including its emphasis on thorough research and due diligence. With a track record of delivering strong returns, the GoodHaven Fund continues to attract investors seeking a disciplined and patient approach to investing. The fund's annual letter provides valuable insights into its investment strategy and performance, offering context for investors and industry observers.