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Top Ten Equity Holdings

Ten Largest Equity Holdings

As of 12/31/2024
Holding Shares Value % Common
Net Assets*
Republic Services, Inc.

Republic Services is a provider of non-hazardous, solid waste collection and disposal services in the U.S. The efficient operation of its routes and facilities combined with appropriate pricing enables Republic Services to generate free cash flow.

395,625 $79,591,837 5.9%
Apple Inc.

Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. The company’s growth prospects look favorable as the shift to mobile computing expands globally and as more products and services are added to the Apple ecosystem.

316,000 $79,132,720 5.8%
Alphabet Inc. - Class C

Alphabet is a leading global technology firm that is extending its internet search capability and AI innovation to social media, enterprise IT, and mobile electronic devices. Alphabet also has significant optionality.

409,923 $78,065,736 5.8%
Microsoft Corporation

Microsoft is a global provider of software, services, and hardware devices. The company produces the Windows operating system, Office productivity suite, Azure public cloud service, and Xbox gaming console.

180,000 $75,870,000 5.6%
Berkshire Hathaway Inc. - Class A

Berkshire Hathaway is a holding company owning many subsidiaries mainly in the insurance, railroad, utility/energy, aerospace, manufacturing, retail, and finance industries. The company also holds various common stock investments.

110 $74,901,200 5.5%
The TJX Companies, Inc.

Through its T.J. Maxx and Marshalls divisions, TJX is the leading off-price retailer. The continued growth of these divisions in the U.S. and Europe, along with expansion of related U.S. and foreign off-price formats, provide ongoing growth opportunities.

525,092 $63,436,364 4.7%
Amazon.com, Inc.

Amazon serves consumers through online and physical stores. Amazon offers programs that enable sellers to grow their businesses, sell their products, and fulfill orders using services, and programs to publish and sell content. Amazon serves developers and enterprises through AWS, which offers technology services. Amazon also manufactures and sells electronic devices and provides advertising services to sellers, vendors, publishers, authors, and others.

286,000 $62,745,540 4.6%
Arch Capital Group Ltd.

Arch Capital has a high quality balance sheet. Management exercises prudent underwriting discipline, insurance cycle management, expense control, and share buybacks.

600,000 $55,410,000 4.1%
Everest Group, Ltd.

Everest is one of the largest independent U.S. property and casualty reinsurers and has a high quality investment portfolio. This Bermuda domiciled company has a strong management team that exercises prudent underwriting discipline and efficient expense control.

144,286 $52,297,903 3.9%
Broadcom Inc.

Broadcom is focused on technology leadership and category-leading semiconductor and infrastructure software solutions. They seek to achieve this through strategic acquisitions of businesses and technologies, as well as extensive internal research and development, to ensure their products retain technology market leadership.

190,000 $44,049,600 3.2%
$665,500,900 49.1%
* Net Assets Applicable to the Company's Common Stock