HODGES FUND | ||||||||
SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS: 92.4% | ||||||||
Aerospace & Defense: 2.7% | ||||||||
20,000 | The Boeing Co. 1 | $ | 3,809,800 | |||||
Airlines: 0.7% | ||||||||
100,000 | Frontier Group Holdings, Inc. 1 | 1,027,000 | ||||||
Apparel: 3.7% | ||||||||
300,000 | On Holding AG - Class A 1 | 5,148,000 | ||||||
Auto Manufacturers: 3.0% | ||||||||
125,000 | General Motors Co. | 4,205,000 | ||||||
Banks: 1.2% | ||||||||
40,000 | Wells Fargo & Co. | 1,651,600 | ||||||
Biotechnology: 1.9% | ||||||||
15,000 | Moderna, Inc. 1 | 2,694,300 | ||||||
Building Materials: 7.0% | ||||||||
159,393 | The AZEK Co., Inc. - Class A 1 | 3,238,866 | ||||||
50,000 | Builders FirstSource, Inc. 1 | 3,244,000 | ||||||
25,000 | Eagle Materials, Inc. | 3,321,250 | ||||||
9,804,116 | ||||||||
Commercial Services: 2.7% | ||||||||
350,000 | The GEO Group, Inc. 1 | 3,832,500 | ||||||
Computers: 4.6% | ||||||||
25,000 | CyberArk Software Ltd. 1 | 3,241,250 | ||||||
140,000 | NCR Corp. 1 | 3,277,400 | ||||||
6,518,650 | ||||||||
Electrical Components & Equipment: 4.9% | ||||||||
50,000 | Encore Wire Corp. | 6,878,000 | ||||||
Entertainment: 2.2% | ||||||||
350,000 | Cinemark Holdings, Inc. 1 | 3,031,000 | ||||||
Healthcare Products: 2.4% | ||||||||
750,000 | ViewRay, Inc. 1 | 3,360,000 | ||||||
Insurance: 1.0% | ||||||||
40,000 | Goosehead Insurance, Inc. - Class A 1 | 1,373,600 | ||||||
Internet: 7.5% | ||||||||
145,000 | Revolve Group, Inc. - Class A 1 | 3,227,700 | ||||||
300,000 | Solo Brands, Inc. - Class A 1 | 1,116,000 | ||||||
250,000 | Uber Technologies, Inc. 1 | 6,182,500 | ||||||
10,526,200 | ||||||||
Iron & Steel: 6.2% | ||||||||
350,000 | Cleveland-Cliffs, Inc. 1 | 5,638,500 | ||||||
65,000 | Commercial Metals Co. | 3,139,500 | ||||||
8,778,000 | ||||||||
Leisure Time: 7.0% | ||||||||
150,000 | Norwegian Cruise Line Holdings Ltd. 1 | 1,836,000 | ||||||
278,000 | Topgolf Callaway Brands Corp. 1 | 5,490,500 | ||||||
100,000 | Vista Outdoor, Inc. 1 | 2,437,000 | ||||||
9,763,500 | ||||||||
Mining: 1.4% | ||||||||
50,000 | Freeport-McMoRan, Inc. | 1,900,000 | ||||||
Oil Companies Exploration & Production: 12.8% | ||||||||
70,000 | Chesapeake Energy Corp. | 6,605,900 | ||||||
200,000 | Matador Resources Co. | 11,448,000 | ||||||
18,053,900 | ||||||||
Oil Field Services: 1.4% | ||||||||
192,332 | ProPetro Holding Corp. 1 | 1,994,483 | ||||||
Private Equity: 1.2% | ||||||||
165,000 | P10, Inc. - Class A | 1,760,550 | ||||||
Semiconductors: 6.2% | ||||||||
50,000 | Micron Technology, Inc. | 2,499,000 | ||||||
100,000 | ON Semiconductor Corp. 1 | 6,237,000 | ||||||
8,736,000 | ||||||||
Software: 1.8% | ||||||||
350,000 | Upland Software, Inc. 1 | 2,495,500 | ||||||
Textiles: 0.6% | ||||||||
1,000,000 | The Dixie Group, Inc. 1,2 | 801,000 | ||||||
U.S. Royalty Trusts: 8.3% | ||||||||
5,000 | Texas Pacific Land Corp. | 11,721,150 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $111,891,395) | 129,863,849 | |||||||
Contracts | ||||||||
(100 shares per contract) | Notional Value | |||||||
CALL OPTIONS PURCHASED: 5.9% 1 | ||||||||
Biotechnology: 1.4% | ||||||||
450 | Amgen, Inc., Expiration: February 2023, Exercise Price: $220.00 | $ 11,818,800 | 1,984,500 | |||||
Lodging: 2.0% | ||||||||
1,000 | Wynn Resorts Ltd., Expiration: January 2023, Exercise Price: $55.00 | 8,247,000 | 2,765,000 | |||||
Machinery - Diversified: 1.2% | ||||||||
450 | AGCO Corp., Expiration: February 2023, Exercise Price: $100.00 | 6,241,050 | 1,775,250 | |||||
Pharmaceuticals: 1.3% | ||||||||
500 | Novo Nordisk A/S - Class A, Expiration: March 2023, Exercise Price: $100.00 | 6,767,000 | 1,837,500 | |||||
TOTAL CALL OPTIONS PURCHASED | ||||||||
(Cost $6,006,358) | 8,362,250 | |||||||
Shares | ||||||||
EXCHANGE-TRADED FUNDS: 1.6% | ||||||||
30,000 | Direxion Daily Financial Bull 3X Shares | 2,206,500 | ||||||
TOTAL EXCHANGE-TRADED FUNDS | ||||||||
(Cost $1,876,587) | 2,206,500 | |||||||
TOTAL INVESTMENTS IN SECURITIES: 99.9% | ||||||||
(Cost $119,774,340) | 140,432,599 | |||||||
Other Assets in Excess of Liabilities: 0.1% | 123,117 | |||||||
TOTAL NET ASSETS: 100.0% | $ | 140,555,716 |
1 | Non-income producing security. | ||||||
2 | Company is an “affiliated person” of the Hodges Fund (the “Fund”), as defined in the Investment Company Act of 1940. |
Hodges Fund | ||||
Summary of Fair Value Exposure at December 31, 2022 (Unaudited) | ||||
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP (Generally Accepted Accounting Principles) establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | ||||
• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. • Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar data. • Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | ||||
The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2022. See the Schedule of Investments for an industry breakout. |
Description | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Common Stocks | $ | 129,863,849 | $ | - | $ | - | $ | 129,863,849 | |||||||
Call Options Purchased | - | 8,362,250 | - | 8,362,250 | |||||||||||
Exchange-Traded Funds | 2,206,500 | 2,206,500 | |||||||||||||
Total Investments in Securities | $ | 132,070,349 | $ | 8,362,250 | $ | - | $ | 140,432,599 |
Affiliates Common Stocks | Share Balance December 31, 2022 | Value March 31, 2022 | Acquisitions | Dispositions | Realized Gain (Loss) | Change in Unrealized Appreciation/ Depreciation | Value December 31, 2022 | Dividend Income | |||||||||||||||||||||||
The Dixie Group, Inc. 1 | 1,000,000 | $ | 3,100,000 | $ | - | $ | - | $ | - | $ | (2,299,000 | ) | $ | 801,000 | $ | - | |||||||||||||||
Lubys, Inc. | - | $ | 3,732,314 | $ | - | $ | (3,272,879 | ) | $ | 1,931,542 | $ | (2,390,977 | ) | $ | - | $ | - | ||||||||||||||
Total | $ | 1,931,542 | $ | (4,689,977 | ) | $ | 801,000 | $ | - | ||||||||||||||||||||||
1 Non-income producing security. | |||||||||||||||||||||||||||||||
The Fund did not have investments in majority-owned subsidiaries or controlled companies. |