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Top Ten Holdings

Ten Largest Holdings

As of 06/30/2017
Holding Shares Value % Common
Net Assets*
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.

919,768 $66,379,656 6.1%
Republic Services, Inc.

Republic Services is a leading 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 significant free cash flow.

787,800 $50,206,494 4.6%
Microsoft Corporation

Microsoft is a leading 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.

605,686 $41,749,936 3.8%
Nestlé S.A.

Nestlé is a well-managed, global food company with a favorably-positioned product portfolio and an excellent AA rated balance sheet. High market share, solid volume growth, strong pricing power, expense control and steady capital management yield durable, above-average, long-term total return potential.

450,000 $39,178,404 3.6%
Arch Capital Group Ltd.

Arch Capital, a Bermuda-based insurer/reinsurer, generates premiums of approximately $6.5 billion and has a high quality, well-reserved A+ rated balance sheet. This company has a strong management team that exercises prudent underwriting discipline, efficient expense control, and steady capital management resulting in above-average earnings and book value growth.

400,000 $37,316,000 3.4%
Unilever N.V.

Unilever N.V. is a well-managed, primarily emerging market-based, global consumer goods manufacturer focusing on personal care, home care, food and refreshment products and operates with a solid A+ rated balance sheet. Advantaged geographies coupled with above average volume growth, pricing power and management execution generates above average long-term shareholder returns.

625,000 $34,539,737 3.2%
Gilead Sciences, Inc.

Gilead Sciences is a U.S. based biotechnology company that discovers, develops and commercializes therapeutics. Originally founded to focus predominantly on antiviral drugs to treat patients with HIV, Hepatitis B, CMV, influenza and Hepatitis C, the company has expanded its reach into cardiopulmonary medicine and oncology and other related areas.

483,600 $34,229,208 3.2%
Berkshire Hathaway Inc. Class A

Berkshire Hathaway is a holding company owning many well-operated subsidiaries mainly in insurance, railroad, utility/energy, aerospace, manufacturing, retail and finance industries. The company also holds various thoughtfully selected principally long-term common stock investments mostly in consumer non-durable and financial services industries. Berkshire is uniquely positioned to provide above average long term high quality relatively defensive returns operating a conservative well-reserved AA rated balance sheet.

     110 $28,017,000 2.6%
Everest Re Group, Ltd.

Everest Re is one of the largest independent U.S. property and casualty reinsurers, generates annual premiums of approximately $7 billion, has a high quality investment portfolio, and a well-reserved A+ balance sheet. This Bermuda domiciled company has a strong management team that exercises prudent underwriting discipline and efficient expense control, resulting in above-average earnings and book value growth.

110,000 $28,004,900 2.6%
Alphabet, Inc.

Alphabet Inc. is a global technology firm with a dominant market share in Internet search, online advertising, desktop and mobile operating systems, as well as a growing share of cloud computing platforms. Alphabet also sells related consumer and enterprise software and hardware products. Alphabet has a wide competitive moat, a strong business franchise, a reasonable valuation, several positive potential catalysts, and manageable risks.

30,500 $27,716,265 2.6%
$387,337,600 35.7%
* Net Assets Applicable to the Company's Common Stock