Federated Hermes, INC.

• GC GoodHaven Capital Management Annual Report ↗ GoodHaven Fund argues that WPX Energy, Birchcliff Energy and Barrick Gold offer discounted exposure to improving commodity fundamentals despite operational setbacks and market skepticism. It trimmed Alphabet and Systemax, added Builders FirstSource, Macy’s and Oaktree Capital, and retained substantial cash amid concerns over expensive passive-index markets. 2017 3804 $53MBIREY $1.8BBLDR $6.7B +7
• GC GoodHaven Capital Management Annual Report ↗ GoodHaven Fund retained large positions in WPX Energy and Barrick Gold, arguing that lower costs, reduced debt and improved asset portfolios have strengthened both businesses. It maintained cash amid elevated equity valuations, added selectively to Barrick, and warned that heavy flows into passive index funds could leave investors owning expensive securities. fiscal year ended November 30, 2016 BIREY $1.8BFHI $4.9BGOOGL $3.5T +4

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