Schedule of Investments | |||||||
September 29, 2023 (unaudited) | |||||||
Matthew 25 Fund | |||||||
Shares or Principal | |||||||
Security Description |
|
| Amount ($) |
| Fair Value ($)(1) | ||
| |||||||
Common Stocks - 99.41% | |||||||
Air Courier Services - 10.72% | |||||||
FedEx Corp. | 107,000 | 28,346,440 | |||||
Apparel and other Finished Products Made from Fabrics and Similar Materials - 1.00% | |||||||
Under Armour, Inc. Class A (2) | 210,000 | 1,438,500 | |||||
Under Armour, Inc. Class C (2) | 190,000 | 1,212,200 | |||||
2,650,700 | |||||||
Business Services - 1.50% | |||||||
MasterCard, Inc. Class A | 10,000 | 3,959,100 | |||||
The Depository Trust & Clearing Corp. (2) (4) | 0 | 4,759 | |||||
3,963,859 | |||||||
Carpets & Rugs - 3.81% | |||||||
Interface, Inc. | 1,025,000 | 10,055,250 | |||||
Electronic Computers - 4.54% | |||||||
Apple, Inc. | 70,000 | 11,984,700 | |||||
Farm Machinery & Equipment - 1.93% | |||||||
Deere & Co. | 13,500 | 5,094,630 | |||||
Federal & Federally - Sponsored Credit Agencies - 7.58% | |||||||
Federal Agricultural Mortgage Corp. Class A | 74,631 | 9,140,805 | |||||
Federal Agricultural Mortgage Corp. Class C | 70,500 | 10,878,150 | |||||
20,018,955 | |||||||
Fire, Marine & Casualty Insurance - 4.83% | |||||||
Berkshire Hathaway, Inc. Class A (2) | 24 | 12,755,448 | |||||
Hotels & Motels - 8.93% | |||||||
Park Hotels & Resorts, Inc. | 1,050,000 | 12,936,000 | |||||
PENN Entertainment, Inc. (2) | 465,000 | 10,671,750 | |||||
23,607,750 | |||||||
Investment Advice - 4.86% | |||||||
KKR & Co., Inc. Class A | 208,500 | 12,843,600 | |||||
Motor Vehicles & Passenger Car Bodies - 16.24% | |||||||
Tesla, Inc. (2) | 171,500 | 42,912,730 | |||||
National Commercial Bank - 4.66% | |||||||
JP Morgan Chase & Co. | 85,000 | 12,326,700 | |||||
Real Estate Investment Trusts - 2.15% | |||||||
Vornado Realty Trust (2) | 250,000 | 5,670,000 | |||||
Retail-Catalog & Mail-Order Houses - 5.65% | |||||||
Amazon.com, Inc. (2) | 117,500 | 14,936,600 | |||||
Retail-Variery Stores - 3.96% | |||||||
Five Below, Inc. (2) | 65,000 | 10,458,500 | |||||
Security Brokers, Dealers & Exchanges - 7.65% | |||||||
Goldman Sachs Group, Inc. | 62,500 | 20,223,125 | |||||
Services-Prepackaged Software - 2.27% | |||||||
Microsoft Corp. | 19,000 | 5,999,250 | |||||
State Commercial Banks - 3.09% | |||||||
East West Bancorp, Inc. | 155,000 | 8,170,050 | |||||
Transportation Equipment - 4.04% | |||||||
Polaris, Inc. | 102,500 | 10,674,350 | |||||
Total Common Stock | (Cost $ 155,608,809) | 262,692,637 | |||||
Money Market Fund - 0.54% | |||||||
First American Government Obligation Fund Class Z 5.221% (3) | 1,426,347 | 1,426,347 | |||||
Total Money Market Registered Investment Companies | (Cost $ 1,426,347) | 1,426,347 | |||||
Total Investments - 99.95% | (Cost $ 157,035,156) | 264,118,984 | |||||
Other Assets Less Liabilities - .05% | 138,279 | ||||||
Total Net Assets - 100.00% | 264,257,263 | ||||||
(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 September 31, 2023 in valuing the Fund's assets carried at fair value: | |||||||
|
|
|
|
|
|
| Investments in |
Valuation Inputs |
|
|
|
|
| Securities | |
Level 1 - Quoted Prices |
|
|
|
| $ | 254,973,420 | |
Level 2 - Other Significant Observable Inputs |
|
|
|
| 9,140,805 | ||
Level 3 - Significant Unobservable Inputs |
|
|
|
| 4,759 | ||
Total |
|
|
|
|
| $ | 264,118,984 |
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 September 29, 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 (Sep 2023 report)
Filed: 21 Nov 23, 11:01am