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Fund Times

Former Fairholme Managers Shun Financials in New Fund

GoodHaven loads up on Microsoft and other tech stocks.

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GoodHaven's (GOODX) first portfolio-disclosure report is out, and one thing is clear: Larry Pitkowsky and Keith Trauner, the former portfolio comanagers of  Fairholme  (FAIRX) who run the fund, are less enthusiastic about financials than is their former boss, Bruce Berkowitz.

The fund doesn't own one bank as of May 31, while Fairholme has big stakes in  Citigroup (C) and  Bank of America (BAC). Both are trading near their respective 52-week lows.

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Ryan Leggio has a position in the following securities mentioned above: BRK.B, FAIRX. Find out about Morningstar’s editorial policies.