Schedule of Investments | |||||||
March 31, 2024 (unaudited) | |||||||
Matthew 25 Fund | |||||||
Shares or Principal | |||||||
Security Description |
|
| Amount ($) |
| Value ($)(1) | ||
| |||||||
Common Stocks - 99.38% | |||||||
Air Courier Services - 9.94% | |||||||
FedEx Corp. | 101,500 | 29,408,610 | |||||
Apparel and other Finished Products Made from Fabrics and Similar Materials - 1.21% | |||||||
Under Armour, Inc. Class A (2) | 220,000 | 1,623,600 | |||||
Under Armour, Inc. Class C (2) | 275,000 | 1,963,500 | |||||
3,587,100 | |||||||
Business Services - 1.63% | |||||||
MasterCard, Inc. Class A | 10,000 | 4,815,700 | |||||
The Depository Trust & Clearing Corp. (2) (4) | 0 | 4,758 | |||||
4,820,458 | |||||||
Carpets & Rugs - 4.90% | |||||||
Interface, Inc. | 861,100 | 14,483,702 | |||||
Electronic Computers - 3.91% | |||||||
Apple, Inc. | 67,500 | 11,574,900 | |||||
Farm Machinery & Equipment - 2.29% | |||||||
Deere & Co. | 16,500 | 6,777,210 | |||||
Federal & Federally - Sponsored Credit Agencies - 7.93% | |||||||
Federal Agricultural Mortgage Corp. | 62,500 | 12,305,000 | |||||
Federal Agricultural Mortgage Corp. Class A | 71,500 | 11,161,865 | |||||
23,466,865 | |||||||
Finance Services - 4.91% | |||||||
KKR & Co., Inc. Class A | 144,500 | 14,533,810 | |||||
Fire, Marine & Casualty Insurance - 4.72% | |||||||
Berkshire Hathaway, Inc. Class A (2) | 22 | 13,957,680 | |||||
Hotels & Motels - 6.74% | |||||||
Park Hotels & Resorts, Inc. | 837,500 | 14,647,875 | |||||
PENN Entertainment, Inc. (2) | 290,000 | 5,280,900 | |||||
19,928,775 | |||||||
Motor Vehicles & Passenger Car Bodies - 7.93% | |||||||
Tesla, Inc. (2) | 133,500 | 23,467,965 | |||||
National Commercial Bank - 4.98% | |||||||
JP Morgan Chase & Co. | 73,500 | 14,722,050 | |||||
Real Estate Investment Trusts - 2.19% | |||||||
Vornado Realty Trust (2) | 225,000 | 6,473,250 | |||||
Retail-Catalog & Mail-Order Houses - 7.17% | |||||||
Amazon.com, Inc. (2) | 117,500 | 21,194,650 | |||||
Retail-Variery Stores - 4.65% | |||||||
Five Below, Inc. (2) | 75,750 | 13,739,535 | |||||
Security Brokers, Dealers & Exchanges - 6.71% | |||||||
Goldman Sachs Group, Inc. | 47,500 | 19,840,275 | |||||
Semiconductors & Related Devices - 10.08% | |||||||
NVIDIA Corp. | 33,000 | 29,817,480 | |||||
State Commercial Banks - 4.01% | |||||||
East West Bancorp, Inc. | 150,000 | 11,866,500 | |||||
Transportation Equipment - 3.47% | |||||||
Polaris, Inc. | 102,500 | 10,262,300 | |||||
Total Common Stock | (Cost $ 138,699,202) | 293,923,115 | |||||
Money Market Fund - 0.44% | |||||||
First American Government Obligation Fund Class Z 5.196% (3) | 1,320,722 | 1,320,722 | |||||
Total Money Market Registered Investment Companies | (Cost $ 1,320,722) | 1,320,722 | |||||
Total Investments - 99.82% | (Cost $ 140,019,924) | 295,243,837 | |||||
Other Assets Less Liabilities - .18% | 522,236 | ||||||
Total Net Assets - 100.00% | 295,766,073 | ||||||
(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 28, 2024 in valuing the Fund's assets carried at fair value: | |||||||
|
|
|
|
|
|
| Investments in |
Valuation Inputs |
|
|
|
|
| Securities | |
Level 1 - Quoted Prices |
|
|
|
| $ | 284,077,214 | |
Level 2 - Other Significant Observable Inputs |
|
|
|
| 11,161,865 | ||
Level 3 - Significant Unobservable Inputs |
|
|
|
| 4,758 | ||
Total |
|
|
|
|
| $ | 295,243,837 |
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 28, 2024. |
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NPORT-P Filing
Matthew 25 Fund (MXXVX) NPORT-PMatthew 25 Fund (Mar 2024 report)
Filed: 24 May 24, 12:04pm