Schedule of Investments | |||||||
March 31, 2023 (unaudited) | |||||||
Mathew 25 Fund | |||||||
Shares or Principal | |||||||
Security Description |
|
| Amount ($) |
| Fair Value ($)(1) | ||
| |||||||
Common Stocks - 96.66% | |||||||
Air Courier Services - 10.61% | |||||||
FedEx Corp. | 120,000 | 27,418,800 | |||||
Apparel and other Finished Products Made from Fabrics and Similar Materials - 0.51% | |||||||
Under Armour, Inc. Class A (2) | 70,000 | 664,300 | |||||
Under Armour, Inc. Class C (2) | 80,000 | 682,400 | |||||
1,346,700 | |||||||
Business Services - 1.40% | |||||||
MasterCard, Inc. Class A | 10,000 | 3,634,100 | |||||
The Depository Trust & Clearing Corp. (2) (4) | .11 | 4,758 | |||||
3,638,858 | |||||||
Carpets & Rugs - 3.18% | |||||||
Interface, Inc. | 1,010,000 | 8,201,200 | |||||
Electronic Computers - 4.89% | |||||||
Apple, Inc. | 76,500 | 12,614,850 | |||||
Federal & Federally - Sponsored Credit Agencies - 7.57% | |||||||
Federal Agricultural Mortgage Corp. Class A | 80,060 | 8,745,754 | |||||
Federal Agricultural Mortgage Corp. Class C | 81,000 | 10,788,390 | |||||
19,534,144 | |||||||
Fire, Marine & Casualty Insurance - 4.51% | |||||||
Berkshire Hathaway, Inc. Class A (2) | 25 | 11,640,000 | |||||
Hotels & Motels - 7.61% | |||||||
Park Hotels & Resorts, Inc. | 1,055,000 | 13,039,800 | |||||
Penn National Gaming, Inc. (2) | 222,500 | 6,599,350 | |||||
19,639,150 | |||||||
Investment Advice - 4.78% | |||||||
KKR & Co., Inc. Class A | 235,000 | 12,342,200 | |||||
Motor Vehicles & Passenger Car Bodies - 11.65% | |||||||
Tesla, Inc. (2) | 145,000 | 30,081,700 | |||||
National Commercial Bank - 4.29% | |||||||
JP Morgan Chase & Co. | 85,000 | 11,076,350 | |||||
Radio & Tv Broadcasting & Communication Equipment - 4.82% | |||||||
Qualcomm, Inc. | 97,500 | 12,439,050 | |||||
Real Estate Investment Trusts - 2.68% | |||||||
Brandywine Realty Trust | 625,000 | 2,956,250 | |||||
Vornado Realty Trust | 257,500 | 3,957,775 | |||||
6,914,025 | |||||||
Retail-Catalog & Mail-Order Houses - 4.84% | |||||||
Amazon.com, Inc. (2) | 121,000 | 12,498,090 | |||||
Retail-Variery Stores - 3.55% | |||||||
Five Below, Inc. (2) | 44,500 | 9,165,665 | |||||
Security Brokers, Dealers & Exchanges - 12.97% | |||||||
Goldman Sachs Group, Inc. | 102,350 | 33,479,709 | |||||
State Commercial Banks - 3.65% | |||||||
East West Bancorp, Inc. | 170,000 | 9,435,000 | |||||
Transportation Equipment - 5.83% | |||||||
Polaris, Inc. | 136,000 | 15,045,680 | |||||
Total Common Stock | (Cost $ 158,343,926) | 249,597,146 | |||||
Money Market Fund - 0.48% | |||||||
First American Government Obligation Fund Class Z 4.613% (3) | 1,241,428 | 1,241,428 | |||||
Total Money Market Registered Investment Companies | (Cost $ 1,241,428) | 1,241,428 | |||||
Total Investments - 99.82% | (Cost $ 159,585,354) | 257,752,599 | |||||
Other Assets Less Liabilities - .18% | 460,778 | ||||||
Total Net Assets - 100.00% | 258,213,377 | ||||||
(1) Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments. | |||||||
These inputs are summarized in the three broad levels listed below. | |||||||
• Level 1 - quoted prices in active markets for identical securities | |||||||
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | |||||||
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | |||||||
The following is a summary of the inputs used as of March 31, 2023 in valuing the Fund's assets carried at fair value: | |||||||
|
|
|
|
|
|
| Investments in |
Valuation Inputs |
|
|
|
|
| Securities | |
Level 1 - Quoted Prices |
|
|
|
| $ | 249,002,087 | |
Level 2 - Other Significant Observable Inputs |
|
|
|
| 8,745,754 | ||
Level 3 - Significant Unobservable Inputs |
|
|
|
| 4,758 | ||
Total |
|
|
|
|
| $ | 257,752,599 |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term | |||||||
debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment | |||||||
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active | |||||||
market, such securities are reflected as Level 2. | |||||||
(2) Represents non-income producing securities. | |||||||
(3) Variable rate security; the rate shown represents the yield at March 31, 2023. | |||||||
(4) Fair valued security deemed as Level 3 security. |
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NPORT-P Filing
Matthew 25 Fund (MXXVX) NPORT-PMatthew 25 Fund (Mar 2023 report)
Filed: 26 May 23, 11:05am