Quarterly Schedule of Portfolio Holdings of Registered
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Management Investment Company
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Investment Company Act file number: 811-05807
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Eagle Capital Growth Fund, Inc.
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(Exact name of registrant as specified in charter)
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225 East Mason Street, Suite 802, Milwaukee, WI 53202-3657
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(Address of principal executive offices) (zip code)
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Luke E. Sims, President
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Eagle Capital Growth Fund, Inc.
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225 East Mason Street
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Suite 802
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Milwaukee, WI 53202-3657
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(414) 765-1107
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(Name and address of agent for service)
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Registrant's telephone number, including area code:
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ITEM 1.
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SCHEDULE OF INVESTMENTS
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Common Stocks (92.4% of Total Investments)
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||||||||||||||||
Industry
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LEVEL ONE
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|||||||||||||||
Automotive
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Shares
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Cost
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Market Value
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% Total Inv.
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||||||||||||
General Motors Company
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30,000
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1,000,547
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$
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623,400
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||||||||||||
$
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623,400
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2.1
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%
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Bank
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||||||||||||||||
Wells Fargo & Co.
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10,000
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403,661
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287,000
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|||||||||||||
$
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287,000
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1.0
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%
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|||||||||||||
Brokerage
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||||||||||||||||
Charles Schwab Corp
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20,000
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807,900
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672,400
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|||||||||||||
$
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672,400
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2.2
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%
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Credit Card
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||||||||||||||||
Mastercard Inc
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1,000
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219,636
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241,560
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|||||||||||||
Visa Inc.
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1,500
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225,957
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241,680
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$
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483,240
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1.6
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%
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|||||||||||||
Consumer
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||||||||||||||||
Colgate-Palmolive Co.
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24,000
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810,965
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1,592,640
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|||||||||||||
Kimberly-Clark Corp.
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3,500
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352,236
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447,545
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|||||||||||||
Procter & Gamble Company
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2,000
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145,879
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220,000
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|||||||||||||
$
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2,260,185
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7.5
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%
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Data Processing
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||||||||||||||||
Automatic Data Processing, Inc.
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6,000
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169,333
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820,080
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|||||||||||||
Paychex, Inc.
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20,000
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628,288
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1,258,400
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$
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2,078,480
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6.9
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%
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|||||||||||||
Drug/Medical Device
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||||||||||||||||
Johnson & Johnson
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4,000
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45,500
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524,520
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|||||||||||||
Stryker Corp.
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6,400
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27,100
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1,065,536
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$
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1,590,056
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5.3
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%
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Food
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Kraft Heinz Company
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29,000
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772,000
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717,460
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PepsiCo, Inc.
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10,000
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168,296
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1,201,000
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$
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1,918,460
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6.4
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%
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Industrial
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Illinois Tool Works Inc.
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9,000
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379,352
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1,279,080
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Waters Corp.*
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6,000
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302,341
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1,092,300
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$
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2,371,380
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7.9
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%
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Insurance
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||||||||||||||||
Berkshire Hathaway Inc. B*
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32,000
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5,477,937
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5,850,560
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|||||||||||||
Markel Corp.*
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1,300
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831,360
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1,206,257
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$
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7,056,817
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23.5
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%
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|||||||||||||
Mutual Fund Managers
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Diamond Hill Investment Group
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13,711
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2,097,120
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1,237,281
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|||||||||||||
Franklin Resources, Inc.
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77,500
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2,311,283
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1,293,475
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|||||||||||||
T. Rowe Price Group Inc.
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13,800
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960,374
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1,347,570
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|||||||||||||
$
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3,878,326
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12.9
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%
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|||||||||||||
Restaurant
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||||||||||||||||
Starbucks Corp.
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22,000
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1,212,734
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1,446,280
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|||||||||||||
$
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1,446,280
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4.8
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%
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|||||||||||||
Retail
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||||||||||||||||
AutoZone Inc.*
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750
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398,782
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634,500
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|||||||||||||
eBay Inc.
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42,900
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1,072,753
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1,289,574
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|||||||||||||
O'Reilly Automotive Inc.*
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2,000
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407,379
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602,100
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|||||||||||||
$
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2,526,174
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8.4
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%
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|||||||||||||
Software
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||||||||||||||||
Alphabet, Inc. A*
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500
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583,844
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580,975
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|||||||||||||
$
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580,975
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1.9
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%
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|||||||||||||
Total common stock investments
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$
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27,773,173
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||||||||||||||
Money Market Funds (7.6% of total investments)
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LEVEL ONE
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|||||||||||||||
Morgan Stanley Inst. Liquidity Fund, Treasury, 0.64%
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$
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2,277,458
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7.6
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%
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||||||||||||
Total investments
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$
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30,050,631
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||||||||||||||
All other assets
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78,349
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|||||||||||||||
Accrued investment advisory fees
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(21,005
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)
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All other liabilities
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(9,593
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)
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||||||||||||||
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Total net assets
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$
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30,098,382
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*Non-dividend paying security
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Gross unrealized appreciation
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$
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9,041,184
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Gross unrealized depreciation
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3,080,570
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Net unrealized appreciation
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$
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5,960,614
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Federal income tax basis
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$
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21,812,558
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ITEM 2.
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Controls and Procedures
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(a) |
As of April 5, 2020, an evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) was performed by management with the participation
of the registrant's President and Chief Executive Officer (who is the principal executive officer of the registrant) and the registrant’s Chief Financial Officer (who is the principal financial officer of the registrant). Based on that
evaluation, the registrant's President and Chief Executive Officer and Chief Financial Officer concluded that the registrant's disclosure controls and procedures are effectively designed to ensure that information required to be disclosed
by the registrant is recorded, processed, summarized and reported within the time periods specified by the Commission's rules and forms, and that information required to be disclosed by the registrant has been accumulated and communicated
to the registrant's management, including its principal executive officer and principal financial officer, or persons performing similar functions as appropriate to allow timely decisions regarding required disclosure.
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(b) |
Fair Value Accounting—Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provides a framework for establishing that fair value. The framework for determining fair
value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value.
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(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made know to us by others within those entities, particularly during the period in which this report is being prepared;
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(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report, based on such evaluation; and
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(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and
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(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and
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(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date: April 10, 2020
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/s/ Luke E. Sims
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Luke E. Sims
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President and Chief Executive Officer
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(Principal Executive Officer)
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(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made know to us by others within those entities, particularly during the period in which this report is being prepared;
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(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report, based on such evaluation; and
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(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and
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(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and
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(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date: April 10, 2020
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/s/ David C. Sims
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David C. Sims
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Chief Financial Officer
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(Principal Financial Officer)
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