SCHEDULE OF INVESTMENTS
Eagle Capital Growth Fund, Inc.
Portfolio of Investments (as of March 31, 2023) (unaudited)
Common Stocks (95.7% of Total Investments) | LEVEL ONE | |||||||||||||||
Industry | Shares | Cost | Fair Value | Percent of Net Assets | ||||||||||||
Advertising | ||||||||||||||||
Alphabet, Inc. A* | 19,000 | $ | 1,643,795 | $ | 1,970,870 | |||||||||||
MediaAlpha, Inc.* | 40,000 | 804,160 | 599,200 | |||||||||||||
$ | 2,570,070 | 6.5 | % | |||||||||||||
Bank | ||||||||||||||||
JPMorgan Chase & Co | 3,000 | 390,311 | $ | 390,930 | ||||||||||||
US Bancorp. | 12,000 | 503,758 | 432,600 | |||||||||||||
Wells Fargo & Co. | 10,000 | 403,661 | 373,800 | |||||||||||||
$ | 1,197,330 | 3.0 | % | |||||||||||||
Brokerage | ||||||||||||||||
Charles Schwab Corp. | 24,000 | 1,215,796 | 1,257,120 | |||||||||||||
$ | 1,257,120 | 3.2 | % | |||||||||||||
Conglomerate | ||||||||||||||||
Berkshire Hathaway Inc. B* | 26500 | 4,320,855 | 8,182,405 | |||||||||||||
IAC Inc. | 10000 | 486,155 | 516,000 | |||||||||||||
$ | 8,698,405 | 21.8 | % | |||||||||||||
Credit Card | ||||||||||||||||
Colgate-Palmolive Company | 21,000 | 626,458 | 1,578,150 | |||||||||||||
Kimberly-Clark Corp. | 3,500 | 352,236 | 469,770 | |||||||||||||
Procter & Gamble Company | 2,000 | 145,879 | 297,380 | |||||||||||||
$ | 2,345,300 | 5.9 | % | |||||||||||||
Consumer | ||||||||||||||||
Mastercard Inc | 1,000 | 219,636 | 363,410 | |||||||||||||
Visa Inc. | 1,500 | 225,957 | 338,190 | |||||||||||||
$ | 701,600 | 1.8 | % | |||||||||||||
Data Processing | ||||||||||||||||
Automatic Data Processing, Inc. | 3,000 | 82,775 | 667,890 | |||||||||||||
Paychex, Inc. | 6,000 | 140,075 | 687,540 | |||||||||||||
$ | 1,355,430 | 3.4 | % | |||||||||||||
Drug/Medical Device | ||||||||||||||||
Johnson & Johnson | 4,000 | 45,500 | 620,000 | |||||||||||||
Stryker Corp. | 4,500 | 19,055 | 1,284,615 | |||||||||||||
$ | 1,904,615 | 4.8 | % | |||||||||||||
Food | ||||||||||||||||
Kraft Heinz Company | 29,000 | 772,000 | 1,121,430 | |||||||||||||
PepsiCo, Inc. | 10,000 | 168,296 | 1,823,000 | |||||||||||||
$ | 2,944,430 | 7.4 | % | |||||||||||||
Industrial | ||||||||||||||||
Danaher Corporation | 1,000 | 254,997 | 252,040 | |||||||||||||
Illinois Tool Works Inc. | 7,000 | 295,051 | 1,704,150 | |||||||||||||
Waters Corp.* | 2,000 | 100,780 | 619,260 | |||||||||||||
$ | 2,575,450 | 6.5 | % | |||||||||||||
Insurance | ||||||||||||||||
Markel Corp.* | 1,670 | 1,296,670 | 2,133,275 | |||||||||||||
$ | 2,133,275 | 5.4 | % | |||||||||||||
Mutual Fund Managers | ||||||||||||||||
Diamond Hill Investment Group, Inc. | 9,576 | 1,338,331 | 1,576,018 | |||||||||||||
Franklin Resources, Inc. | 70,000 | 1,794,630 | 1,885,800 | |||||||||||||
T. Rowe Price Group Inc. | 17,100 | 2,257,154 | 1,930,590 | |||||||||||||
$ | 5,392,408 | 13.5 | % | |||||||||||||
Restaurant | ||||||||||||||||
Starbucks Corp. | 12,000 | 588,432 | 1,249,560 | |||||||||||||
$ | 1,249,560 | 3.1 | % |
Retail | ||||||||||||||||
Amazon.com Inc. | 9,000 | 1,064,151 | 929,610 | |||||||||||||
AutoZone Inc.* | 600 | 319,026 | 1,474,890 | |||||||||||||
eBay Inc. | 3,000 | 68,886 | 133,110 | |||||||||||||
O'Reilly Automotive Inc.* | 1,500 | 305,534 | 1,273,470 | |||||||||||||
$ | 3,811,080 | 9.6 | % | |||||||||||||
Total common stock investments | $ | 38,136,073 | 95.7 | % | ||||||||||||
Money Market Funds (4.3% of total investments) | LEVEL ONE | |||||||||||||||
Morgan Stanley Inst. Liquidity Fund, Treasury, 4.35% | 1,705,493 | 4.3 | % | |||||||||||||
Total investments | $ | 39,841,566 | ||||||||||||||
All other assets less liabilities | 32,513 | |||||||||||||||
Total net assets | $ | 39,874,079 | ||||||||||||||
*Non-dividend paying security |
Footnote:
The following information is based upon federal income tax costs of portfolio investments, excluding money market investments, as of March 31, 2023:
Gross unrealized appreciation: | $ | 17,174,013 | ||
Gross unrealized depreciation: | 1,287,941 | |||
Net unrealized appreciation: | $ | 15,886,072 |
Federal income tax basis: $22,250,000