Value Line Larger Companies Focused Fund, Inc.
Schedule of Investments (unaudited)
September 30, 2022
Shares | Value | |
COMMON STOCKS 98.4% | ||
COMMUNICATION SERVICES 15.2% | ||
INTERNET 13.2% | ||
82,000 | Alphabet, Inc. Class A(1) | $ 7,843,300 |
65,000 | Match Group, Inc.(1) | 3,103,750 |
65,000 | Meta Platforms, Inc. Class A(1) | 8,819,200 |
18,000 | Netflix, Inc.(1) | 4,237,920 |
43,000 | Roku, Inc.(1) | 2,425,200 |
210,000 | Snap, Inc. Class A(1) | 2,062,200 |
28,491,570 | ||
MEDIA 2.0% | ||
46,000 | Walt Disney Co.(1) | 4,339,180 |
32,830,750 | ||
CONSUMER DISCRETIONARY 16.9% | ||
AUTO MANUFACTURERS 4.3% | ||
100,000 | Rivian Automotive, Inc. Class A(1)(2) | 3,291,000 |
22,200 | Tesla, Inc.(1) | 5,888,550 |
9,179,550 | ||
ENTERTAINMENT 0.9% | ||
135,000 | DraftKings, Inc. Class A(1) | 2,043,900 |
INTERNET 7.7% | ||
30,000 | Alibaba Group Holding Ltd. ADR(1) | 2,399,700 |
87,000 | Amazon.com, Inc.(1) | 9,831,000 |
2,700 | Booking Holdings, Inc.(1) | 4,436,667 |
16,667,367 | ||
LEISURE TIME 0.7% | ||
225,000 | Peloton Interactive, Inc. Class A(1) | 1,559,250 |
RETAIL 3.3% | ||
11,000 | Lululemon Athletica, Inc.(1) | 3,075,160 |
10,000 | Ulta Beauty, Inc.(1) | 4,011,900 |
7,087,060 | ||
36,537,127 | ||
ENERGY 6.7% | ||
OIL & GAS 6.7% | ||
70,000 | Diamondback Energy, Inc. | 8,432,200 |
28,000 | Pioneer Natural Resources Co. | 6,062,840 |
14,495,040 | ||
FINANCIALS 8.3% | ||
BANKS 3.8% | ||
115,000 | Bank of America Corp. | 3,473,000 |
16,000 | Goldman Sachs Group, Inc. | 4,688,800 |
8,161,800 | ||
DIVERSIFIED FINANCIALS 3.1% | ||
50,000 | Blackstone, Inc. | 4,185,000 |
38,000 | Coinbase Global, Inc. Class A(1) | 2,450,620 |
6,635,620 | ||
INTERNET 1.4% | ||
300,000 | Robinhood Markets, Inc. Class A(1) | 3,030,000 |
17,827,420 | ||
HEALTHCARE 10.9% | ||
BIOTECHNOLOGY 7.0% | ||
370,000 | Exelixis, Inc.(1) | 5,801,600 |
Shares | Value | |
COMMON STOCKS 98.4% (continued) | ||
HEALTHCARE 10.9% (continued) | ||
BIOTECHNOLOGY 7.0% (continued) | ||
150,000 | Intercept Pharmaceuticals, Inc.(1) | $ 2,092,500 |
25,000 | Vertex Pharmaceuticals, Inc.(1) | 7,238,500 |
15,132,600 | ||
HEALTHCARE PRODUCTS 1.8% | ||
120,000 | Exact Sciences Corp.(1) | 3,898,800 |
PHARMACEUTICALS 2.1% | ||
57,000 | DexCom, Inc.(1) | 4,590,780 |
23,622,180 | ||
INDUSTRIALS 6.1% | ||
AIRLINES 1.6% | ||
120,000 | Delta Air Lines, Inc.(1) | 3,367,200 |
INTERNET 4.5% | ||
140,000 | Lyft, Inc. Class A(1) | 1,843,800 |
300,000 | Uber Technologies, Inc.(1) | 7,950,000 |
9,793,800 | ||
13,161,000 | ||
INFORMATION TECHNOLOGY 34.3% | ||
COMMERCIAL SERVICES 3.6% | ||
90,000 | PayPal Holdings, Inc.(1) | 7,746,300 |
COMPUTERS 4.0% | ||
38,000 | Apple, Inc. | 5,251,600 |
21,000 | Crowdstrike Holdings, Inc. Class A(1) | 3,461,010 |
8,712,610 | ||
DIVERSIFIED FINANCIALS 4.2% | ||
51,000 | Visa, Inc. Class A | 9,060,150 |
INTERNET 2.0% | ||
53,000 | Okta, Inc.(1) | 3,014,110 |
47,000 | Shopify, Inc. Class A(1) | 1,266,180 |
4,280,290 | ||
SEMICONDUCTORS 7.7% | ||
55,000 | Advanced Micro Devices, Inc.(1) | 3,484,800 |
42,000 | Micron Technology, Inc. | 2,104,200 |
38,000 | NVIDIA Corp. | 4,612,820 |
56,000 | QUALCOMM, Inc. | 6,326,880 |
16,528,700 | ||
SOFTWARE 12.8% | ||
8,000 | Intuit, Inc. | 3,098,560 |
28,000 | Microsoft Corp. | 6,521,200 |
38,000 | Salesforce, Inc.(1) | 5,465,920 |
8,000 | ServiceNow, Inc.(1) | 3,020,880 |
40,000 | Splunk, Inc.(1) | 3,008,000 |
43,000 | Twilio, Inc. Class A(1) | 2,973,020 |
23,000 | Workday, Inc. Class A(1) | 3,501,060 |
27,588,640 | ||
73,916,690 | ||
TOTAL COMMON STOCKS (Cost $239,852,330) | 212,390,207 |
See Supplementary Notes to Financial Statements.
1
Schedule of Investments (unaudited) (continued)
Shares | Value | |
SHORT-TERM INVESTMENTS 4.7% | ||
MONEY MARKET FUNDS 4.7% | ||
3,661,695 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.94%(3) | $ 3,661,695 |
6,350,029 | State Street Navigator Securities Lending Government Money Market Portfolio(4) | 6,350,029 |
10,011,724 | ||
TOTAL SHORT-TERM INVESTMENTS (Cost $10,011,724) | 10,011,724 | |
TOTAL INVESTMENTS IN SECURITIES 103.1% (Cost $249,864,054) | $222,401,931 | |
EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (3.1)% | (6,608,260) | |
NET ASSETS(5) 100.0% | $215,793,671 |
(1) | Non-income producing. |
(2) | A portion or all of the security was held on loan. As of September 30, 2022, the market value of the securities on loan was $9,483,021. |
(3) | Rate reflects 7 day yield as of September 30, 2022. |
(4) | Securities with an aggregate market value of $9,483,021 were out on loan in exchange for $6,350,029 of cash collateral as of September 30, 2022. The collateral was invested in a cash collateral reinvestment vehicle. |
(5) | For federal income tax purposes, the aggregate cost was $249,864,054, aggregate gross unrealized appreciation was $45,973,484, aggregate gross unrealized depreciation was $73,435,607 and the net unrealized depreciation was $27,462,123. |
ADR | American Depositary Receipt. |
See Supplementary Notes to Financial Statements.
2
Supplementary Notes to Schedule of Investments
The Fund follows fair valuation accounting standards (FASB ASC 820-10) which establishes a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
•
Level 1 - Inputs that reflect unadjusted quoted prices are in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date;
•
Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in the markets that are not considered to be active;
•
Level 3 - Inputs that are unobservable.
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the inputs used to value the Fund's investments in securities as of September 30, 2022:
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total |
Assets | ||||
Common Stocks* | $212,390,207 | $— | $— | $212,390,207 |
Short-Term Investments | 10,011,724 | — | — | 10,011,724 |
Total Investments in Securities | $222,401,931 | $— | $— | $222,401,931 |
* | See Schedule of Investments for further breakdown by category. |
An investments asset or liability level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation techniques used.
During the period ended September 30, 2022, there were no Level 3 investments.
3