Ocwen Financial Corporation

• GC GoodHaven Capital Management Annual Report ↗ GoodHaven Fund added materially to WPX Energy amid the oil selloff, retained a sizeable Hewlett-Packard stake through its planned split, and backed natural-gas producer Birchcliff Energy. The managers acknowledged an inadequate margin of safety in Ocwen Financial, shifted emphasis toward Walter Investment Management, and favored depressed energy, mortgage-servicing and gold-mining assets over richly valued broad markets. Year Ended November 30, 2014 BIREY $1.8BFHI $4.8BHPE $59B +2

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