Investor Letters

Letters through May 31, 2026

3 letters reporting on the period ending May 31, 2026, in each firm's own reckoning.

GoodHaven Capital Management 2026 Semi-Annual Letter to Shareholders GoodHaven added to Builders FirstSource, Lennar and Asbury Automotive, arguing that housing supply constraints, dealership consolidation and resilient service businesses support longer-term value. It exited Vitesse Energy over management’s strategic and capital-allocation inconsistencies while retaining conviction in Berkshire Hathaway, Arrow Electronics, Alphabet and TerraVest. 2026 Semi-Annual ABG $3BARW $12BBLDR $5.8B
Forager Funds Management Monthly Report May 2026, Australian Shares Fund Catapult reported continued growth in annualised contract value, low customer churn and rising operating leverage as it cross-sold video solutions and added scouting and gym-monitoring products. OFX’s net operating income declined and left it roughly breakeven, while its strategic review was expected to test buyer interest in its client base, licences and new platform. May 2026 CAZGF $992MOFX $94M
Protean Funds Protean Small Cap celebrates a milestone Protean Small Cap reviews its three-year portfolio, arguing that contrarian entry points and active turnover produced winners such as Acast while narrative-driven small caps also created costly mistakes. The fund added Octave for its cash-generative software business, restored Truecaller after an operational trough, and joined Biomar's IPO on improving fish-feed pricing power. Protean Select closed to new subscriptions after crossing its assets threshold. May 2026 ACAST $615MBMKDF $36MOCTV $5.5B