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Deep Dive: This fund makes the case for active management as stocks get pricey

In July, we interviewed Larry Pitkowsky and Keith Trauner of the high-flying GoodHaven Fund. The mutual fund managers acknowledged at the time how well index funds had been performing during the seven-year bull market in stocks. Yet, they said passive investing might stumble over the next several years as stock valuations soar.

The GoodHaven Fund GOODX, +0.76% had risen 16% from the start of the year until July 20, when the interview took place. The mutual fund has about $271 million in assets and is now up 23% for the year, more than double the benchmark S&P 500 Index’s SPX, +1.32% return of 10.5%.

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