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Top Ten Equity Holdings

Ten Largest Equity Holdings

As of 03/31/2023
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 significant free cash flow.

524,895 $70,976,302 6.4%
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.

215,000 $61,984,500 5.6%
Arch Capital Group Ltd.

Arch Capital generates premiums of approximately $15 billion and has a high quality A+ rated balance sheet. The company’s management team exercises prudent underwriting discipline, insurance cycle management, expense control, and share buybacks yielding above average book value growth and shareholder returns.

863,403 $58,599,162 5.3%
ASML Holding N.V.

ASML is a global provider of lithography systems for the semiconductor industry, manufacturing highly complex equipment critical to the production of integrated circuits or microchips. ASML has established a dominant market share in next-generation lithography. ASML has strong growth prospects, margin leverage, and shareholder-friendly capital allocation.

79,600 $54,184,516 4.8%
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.

321,000 $52,932,900 4.7%
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. Berkshire is positioned to provide long term, relatively defensive returns due to its conservative balance sheet.

110 $51,216,000 4.6%
Everest Re Group, Ltd.

Everest Re is one of the largest independent U.S. property and casualty reinsurers, generates annual premiums of approximately $14 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.

129,196 $46,254,752 4.1%
Alphabet Inc. - Class C

Alphabet 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 has a wide competitive moat, a strong business franchise, and potential growth catalysts.

429,923 $44,711,992 4.0%
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 $41,146,209 3.7%
Nestlé S.A.

Nestlé is a global food company with a favorably-positioned product portfolio and a strong balance sheet. Market share, volume growth, pricing power, expense control, and capital management offer durable total return potential.

325,000 $39,591,781 3.5%
$521,598,114 46.7%
* Net Assets Applicable to the Company's Common Stock