Jefferies Financial Group Inc.

• GC GoodHaven Capital Management 2025 Annual Letter to Shareholders ↗ GoodHaven reduced Alphabet after its gains widened the range of outcomes for digital advertising, while retaining it as a material holding. The fund added to Chubb and Lennar, established Toll Brothers, and argues that volatility can create opportunities to buy strong businesses with a margin of safety. 2025 BLDR $6BBRK.A $1.1TCB $129B +2
• Grey Owl Capital Management Fata Morgana ↗ Grey Owl Capital Management treated the fourth-quarter sell-off as a mirage rather than a bear-market signal, citing contained credit-spread widening and healthy market breadth. It used cash from Express Scripts, Zoe’s Kitchen and a TripAdvisor trim to raise equity exposure, adding Jefferies, Caesars, Allergan, Booking.com, MTUM and Labcorp while retaining Treasuries, gold and cash. fourth quarter of 2018 BKNG $118BCZR $6BJEF $10B +2
• Intrepid Capital Mutual Fund Commentary Intrepid Capital Fund 1Q 2026 ↗ Intrepid Capital Fund attributed the quarter’s market volatility to the Iran conflict, higher oil prices and rising Treasury yields. Sprott, Permian Resources, Fabrinet, Madison Square Garden Sports and Alphabet were leading contributors, while Fiserv, Jefferies and Take-Two were among the main detractors. 1Q 2026 —

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