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Top Ten Equity Holdings

Ten Largest Equity Holdings

As of 03/31/2022
Holding Shares Value % Common
Net Assets*
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.

235,000 $72,452,850 5.9%
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.

25,500 $71,221,245 5.8%
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 $69,548,588 5.6%
Berkshire Hathaway Inc. - Class A & B Shares (combined)

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.

21,659 $65,786,168 5.3%
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.

348,000 $60,764,280 4.9%
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 $53,167,228 4.3%
Amazon.com, Inc.

Amazon.com is the world’s largest online retailer and cloud services provider. Amazon provides individual websites, software development centers, customer service centers and fulfillment centers all over the world.

14,300 $46,617,285 3.8%
Arch Capital Group Ltd.

Arch Capital generates premiums of approximately $12 billion and has a high quality balance sheet. The company’s management team exercises underwriting discipline, expense control, and capital management.

937,459 $45,391,765 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 $42,275,851 3.4%
Everest Re Group, Ltd.

Everest Re is one of the largest independent U.S. property and casualty reinsurers, generates annual premiums of approximately $9 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.

121,500 $36,617,670 3.0%
$563,842,930 45.7%
* Net Assets Applicable to the Company's Common Stock