SCHEDULE OF INVESTMENTS
Eagle Capital Growth Fund, Inc.
Portfolio of Investments (as of September 30, 2022) (unaudited)
Common Stocks (88.3% of Total Investments) | LEVEL ONE | |||||||||||||||
Industry | Shares | Cost | Market Value | % Total Inv. | ||||||||||||
Advertising | ||||||||||||||||
Alphabet, Inc. A* | 17,000 | $ | 1,464,392 | $ | 1,626,050 | |||||||||||
MediaAlpha, Inc.* | 40,000 | 804,160 | 350,000 | |||||||||||||
$ | 1,976,050 | 5.4 | % | |||||||||||||
Bank | ||||||||||||||||
JPMorgan Chase & Co | 3,000 | 390,311 | $ | 313,500 | ||||||||||||
Wells Fargo & Co. | 10,000 | 403,661 | $ | 402,200 | ||||||||||||
$ | 715,700 | 2.0 | % | |||||||||||||
Brokerage | ||||||||||||||||
Charles Schwab Corp. | 10,000 | 337,286 | 718,700 | |||||||||||||
$ | 718,700 | 2.0 | % | |||||||||||||
Consumer | ||||||||||||||||
Colgate-Palmolive Company | 21,000 | 626,458 | 1,475,250 | |||||||||||||
Kimberly-Clark Corp. | 3,500 | 352,236 | 393,890 | |||||||||||||
Procter & Gamble Company | 2,000 | 145,879 | 252,500 | |||||||||||||
$ | 2,121,640 | 5.8 | % | |||||||||||||
Credit Card | ||||||||||||||||
Mastercard Inc | 1,000 | 219,636 | 284,340 | |||||||||||||
Visa Inc. | 1,500 | 225,957 | 266,475 | |||||||||||||
$ | 550,815 | 1.5 | % | |||||||||||||
Data Processing | ||||||||||||||||
Automatic Data Processing, Inc. | 3,000 | 82,775 | 678,570 | |||||||||||||
Paychex, Inc. | 6,000 | 140,075 | 673,260 | |||||||||||||
$ | 1,351,830 | 3.7 | % | |||||||||||||
Drug/Medical Device | ||||||||||||||||
Johnson & Johnson | 4,000 | 45,500 | 653,440 | |||||||||||||
Stryker Corp. | 4,500 | 19,055 | 911,430 | |||||||||||||
$ | 1,564,870 | 4.3 | % | |||||||||||||
Food | ||||||||||||||||
Kraft Heinz Company | 29,000 | 772,000 | 967,150 | |||||||||||||
PepsiCo, Inc. | 10,000 | 168,296 | 1,632,600 | |||||||||||||
$ | 2,599,750 | 7.1 | % | |||||||||||||
Industrial | ||||||||||||||||
Danaher Corporation | 1,000 | 254,997 | 258,290 | |||||||||||||
Illinois Tool Works Inc. | 7,000 | 295,051 | 1,264,550 | |||||||||||||
Waters Corp.* | 2,000 | 100,780 | 539,060 | |||||||||||||
$ | 2,061,900 | 5.7 | % | |||||||||||||
Insurance | ||||||||||||||||
Berkshire Hathaway Inc. B* | 26,500 | 4,320,855 | 7,076,030 | |||||||||||||
Markel Corp.* | 1,670 | 1,296,670 | 1,810,647 | |||||||||||||
$ | 8,886,677 | 24.4 | % | |||||||||||||
Mutual Fund, closed-end | ||||||||||||||||
New Ireland Fund | 10,200 | 90,905 | 67,014 | |||||||||||||
$ | 67,014 | 0.2 | % | |||||||||||||
Mutual Fund Managers | ||||||||||||||||
Diamond Hill Investment Group, Inc. | 9,576 | 1,338,331 | 1,580,040 | |||||||||||||
Franklin Resources, Inc. | 70,000 | 1,794,630 | 1,506,400 | |||||||||||||
T. Rowe Price Group Inc. | 17,100 | 2,257,154 | 1,795,671 | |||||||||||||
$ | 4,882,111 | 13.4 | % | |||||||||||||
Restaurant | ||||||||||||||||
Starbucks Corp. | 18,000 | 940,052 | 1,516,680 | |||||||||||||
$ | 1,516,680 | 4.2 | % |
Retail | ||||||||||||||||
Amazon.com Inc. | 7,000 | 874,928 | 791,000 | |||||||||||||
AutoZone Inc.* | 600 | 319,026 | 1,285,158 | |||||||||||||
eBay Inc. | 3,000 | 68,886 | 110,430 | |||||||||||||
O'Reilly Automotive Inc.* | 1,500 | 305,534 | 1,055,025 | |||||||||||||
$ | 3,241,613 | 8.9 | % | |||||||||||||
Total common stock investments | $ | 32,255,350 | 88.5 | % | ||||||||||||
Money Market Funds (10.2% of total investments) | ||||||||||||||||
Morgan Stanley Inst. Liquidity Fund, Treasury, 0.01% | 4,176,388 | 11.5 | % | |||||||||||||
Total investments | $ | 36,431,738 | ||||||||||||||
All other assets less liabilities | 9,758 | |||||||||||||||
Total net assets | $ | 36,441,496 | ||||||||||||||
*Non-dividend paying security |
Footnote:
The following information is based upon federal income tax costs of portfolio investments, excluding money market investments, as of September 30, 2022:
Gross unrealized appreciation: | $ | 13,640,589 | ||
Gross unrealized depreciation: | $ | 1,840,544 | ||
Net unrealized appreciation: | $ | 11,799,875 |
Federal income tax basis: $20,455,476