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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Eagle Capital Growth Fund Inc | AMEX:GRF | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.055 | -0.59% | 9.30 | 9.35 | 9.05 | 9.35 | 7,300 | 21:00:00 |
ITEM 1. |
REPORT TO STOCKHOLDERS
|
Company
|
Market Value
|
Percentage of Portfolio
|
||||||
Berkshire Hathaway Inc. B
|
$
|
9,036,500
|
21.6
|
%
|
||||
Markel Corp.
|
$
|
2,309,911
|
5.5
|
%
|
||||
T. Rowe Price Group Inc.
|
$
|
2,061,168
|
4.9
|
%
|
||||
Alphabet, Inc. A
|
$
|
2,034,900
|
4.9
|
%
|
||||
Charles Schwab Corp.
|
$
|
1,927,120
|
4.6
|
%
|
||||
Franklin Resources, Inc.
|
$
|
1,869,700
|
4.5
|
%
|
||||
PepsiCo, Inc.
|
$
|
1,852,200
|
4.4
|
%
|
||||
Illinois Tool Works Inc.
|
$
|
1,751,120
|
4.2
|
%
|
||||
Diamond Hill Investment Group, Inc.
|
$
|
1,640,369
|
3.9
|
%
|
||||
Colgate-Palmolive Company
|
$
|
1,617,840
|
3.9
|
%
|
Luke E. Sims
|
David C. Sims, CFA
|
||
Email:
|
luke@simscapital.com
|
Email:
|
dave@simscapital.com
|
Phone:
|
414/530-5680
|
Phone: 414/765-1107
|
Assets
|
||||||||
Common stock--at market value (cost $21,046,252)
|
$
|
39,108,400
|
||||||
Money market funds
|
2,432,466
|
|||||||
Stock sales receivable
|
301,240
|
|||||||
Dividends receivable
|
53,150
|
|||||||
Prepaid fees
|
14,399
|
|||||||
Total assets
|
$
|
41,909,655
|
||||||
Liabilities
|
||||||||
Accounts payable
|
$
|
471
|
||||||
Investment advisor fee payable
|
29,678
|
|||||||
Total liabilities
|
$
|
30,149
|
||||||
Total net assets
|
$
|
41,879,506
|
||||||
Shareholders’ Equity
|
||||||||
Net Assets are Comprised of:
|
||||||||
Paid-in capital
|
||||||||
Common stock - $0.001 par value per share;
|
$
|
23,638,642
|
||||||
50,000,000 shares authorized, outstanding 3,967,836 shares
|
||||||||
Distributable earnings
|
18,240,864
|
|||||||
Total net assets
|
$
|
41,879,506
|
||||||
Net asset value per share
|
$
|
10.55
|
Investment Income
|
||||||||||||
Dividends
|
$
|
297,049
|
||||||||||
Interest
|
55,004
|
|||||||||||
Total investment income
|
$
|
352,053
|
||||||||||
Expenses
|
||||||||||||
Advisory fees
|
$
|
150,457
|
||||||||||
Legal fees
|
7,203
|
|||||||||||
Insurance
|
6,726
|
|||||||||||
Transfer agent
|
22,824
|
|||||||||||
Directors’ fees and expenses
|
44,875
|
|||||||||||
Custodian fees
|
4,791
|
|||||||||||
Listing fee
|
7,439
|
|||||||||||
Other fees and expenses
|
10,009
|
|||||||||||
Total expenses
|
$
|
254,324
|
||||||||||
Net investment income
|
$
|
97,729
|
||||||||||
Realized Gain and Change in Unrealized Appreciation on Investments
|
||||||||||||
Realized gain on investments:
|
||||||||||||
Net realized gain on investments
|
$
|
64,922
|
||||||||||
Unrealized appreciation on investments:
|
||||||||||||
Net change in unrealized appreciation on investments
|
$
|
2,003,256
|
||||||||||
Net realized gain and change in unrealized appreciation on investments
|
$
|
2,068,178
|
||||||||||
Net increase from operations
|
$
|
2,165,907
|
Year Ended
December 31, 2022
|
Six Months Ended
June 30, 2023
|
|||||||
(unaudited)
|
||||||||
From Operations:
|
||||||||
Net investment income
|
$
|
81,389
|
$
|
97,729
|
||||
Net realized gain on investments
|
1,336,088
|
64,922
|
||||||
Net change in unrealized appreciation on investments
|
(3,223,386
|
)
|
2,003,256
|
|||||
Net increase (decrease) from operations
|
(1,805,909
|
)
|
2,165,907
|
|||||
Distributions to Shareholders from:
|
||||||||
Distributions
|
(1,453,013
|
)
|
-
|
|||||
From Capital Stock Transactions:
|
||||||||
Reinvested capital from distribution of shares
|
623,319
|
-
|
||||||
Share repurchases
|
(680,000
|
)
|
-
|
|||||
Decrease from capital stock transactions
|
(56,681
|
)
|
-
|
|||||
Total Net Assets:
|
||||||||
Beginning of period
|
43,029,202
|
39,713,598
|
||||||
End of period
|
$
|
39,713,598
|
$
|
41,879,506
|
||||
Shares:
|
||||||||
Shares outstanding at beginning of year
|
3,991,647
|
3,967,836
|
||||||
Shares issued, due to the distribution
|
61,189
|
-
|
||||||
Shares repurchased
|
(85,000
|
)
|
-
|
|||||
Shares outstanding at end of period
|
3,967,836
|
3,967,836
|
For the periods ended December 31:
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
six months
(unaudited)
|
||||||||||||||||||
Net asset value at beginning of year
|
$
|
9.14
|
$
|
8.15
|
$
|
9.21
|
$
|
9.53
|
$
|
10.78
|
$
|
10.01
|
||||||||||||
|
||||||||||||||||||||||||
Net investment income (A)
|
0.10
|
0.09
|
0.05
|
0.03
|
0.02
|
0.02
|
||||||||||||||||||
Net realized gain and unrealized appreciation (loss) on investments
|
(0.50
|
)
|
1.61
|
0.82
|
2.15
|
(0.47
|
)
|
0.52
|
||||||||||||||||
|
||||||||||||||||||||||||
Total from investment operations
|
(0.42
|
)
|
1.70
|
0.87
|
2.18
|
(0.45
|
)
|
0.54
|
||||||||||||||||
Distribution from:
|
||||||||||||||||||||||||
Net investment income
|
(0.08
|
)
|
(0.07
|
)
|
(0.06
|
)
|
(0.02
|
)
|
(0.03
|
)
|
-
|
|||||||||||||
Realized gains
|
(0.45
|
)
|
(0.49
|
)
|
(0.49
|
)
|
(0.95
|
)
|
(0.34
|
)
|
-
|
|||||||||||||
Total distributions
|
(0.53
|
)
|
(0.56
|
)
|
(0.55
|
)
|
(0.97
|
)
|
(0.37
|
)
|
-
|
|||||||||||||
Impact of capital share transactions
|
(0.04
|
)
|
(0.08
|
)
|
-
|
0.04
|
0.05
|
-
|
||||||||||||||||
Net asset value at end of period
|
$
|
8.15
|
$
|
9.21
|
$
|
9.53
|
$
|
10.78
|
$
|
10.01
|
$
|
10.55
|
||||||||||||
Per share market price, end of period last traded price
|
$
|
7.30
|
$
|
8.02
|
$
|
7.98
|
$
|
9.51
|
$
|
8.57
|
$
|
8.60
|
||||||||||||
Total Investment Return:
|
||||||||||||||||||||||||
Average annual return, based on market value (B):
|
(1.44
|
%)
|
18.13
|
%
|
6.36
|
%
|
30.70
|
%
|
-6.57
|
%
|
0.04
|
%
|
||||||||||||
Average annual return, based on net asset value:
|
(4.41
|
%)
|
21.35
|
%
|
10.75
|
%
|
24.05
|
%
|
-3.73
|
%
|
11.08
|
%
|
||||||||||||
Net assets, end of period (000s omitted)
|
$
|
31,712
|
$
|
37,530
|
$
|
38,842
|
$
|
43,029
|
$
|
39,714
|
$
|
41,880
|
||||||||||||
Ratios to average net assets (C):
|
||||||||||||||||||||||||
Expenses to average net assets
|
1.34
|
%
|
1.29
|
%
|
1.30
|
%
|
1.26
|
%
|
1.36
|
%
|
1.29
|
%
|
||||||||||||
Net investment income to average net assets
|
1.10
|
%
|
0.95
|
%
|
0.57
|
%
|
0.30
|
%
|
0.20
|
%
|
0.47
|
%
|
||||||||||||
Portfolio turnover (annualized)
|
42
|
%
|
26
|
%
|
19
|
%
|
5
|
%
|
10
|
%
|
13
|
%
|
||||||||||||
Average commission paid per share
|
$
|
0.05
|
$
|
0.05
|
$
|
0.04
|
$
|
0.01
|
$
|
0.01
|
$
|
0.01
|
Common Stock (94.1% of total investments)
|
||||||||||||||||
Industry
|
Shares
|
Cost
|
Fair Value
|
Percent of
Net Assets
|
||||||||||||
Advertising
|
||||||||||||||||
Alphabet, Inc. A*
|
17,000
|
$
|
1,376,922
|
$
|
2,034,900
|
|||||||||||
MediaAlpha, Inc.*
|
9,876
|
166,690
|
101,822
|
|||||||||||||
2,136,722
|
5.1
|
%
|
||||||||||||||
Bank
|
||||||||||||||||
JPMorgan Chase & Co
|
3,000
|
390,311
|
436,320
|
|||||||||||||
US Bancorp.
|
12,000
|
503,758
|
396,480
|
|||||||||||||
Wells Fargo & Co.
|
10,000
|
403,661
|
426,800
|
|||||||||||||
1,259,600
|
3.0
|
%
|
||||||||||||||
Brokerage
|
||||||||||||||||
Charles Schwab Corp.
|
34,000
|
1,760,697
|
1,927,120
|
|||||||||||||
1,927,120
|
4.6
|
%
|
||||||||||||||
Conglomerate
|
||||||||||||||||
Berkshire Hathaway Inc. B*
|
26,500
|
4,320,855
|
9,036,500
|
|||||||||||||
9,036,500
|
21.7
|
%
|
||||||||||||||
Consumer
|
||||||||||||||||
Colgate-Palmolive Company
|
21,000
|
626,458
|
1,617,840
|
|||||||||||||
Procter & Gamble Company
|
2,000
|
145,879
|
303,480
|
|||||||||||||
1,921,320
|
4.6
|
%
|
||||||||||||||
Credit Card
|
||||||||||||||||
Mastercard Inc
|
1,000
|
219,636
|
393,300
|
|||||||||||||
Visa Inc.
|
1,500
|
225,957
|
356,220
|
|||||||||||||
749,520
|
1.8
|
%
|
||||||||||||||
Data Processing
|
||||||||||||||||
Automatic Data Processing, Inc.
|
3,000
|
82,775
|
659,370
|
|||||||||||||
Paychex, Inc.
|
6,000
|
140,075
|
671,220
|
|||||||||||||
1,330,590
|
3.2
|
%
|
||||||||||||||
Drug/Medical Device
|
||||||||||||||||
Johnson & Johnson
|
4,000
|
45,500
|
662,080
|
|||||||||||||
Stryker Corp.
|
4,500
|
19,055
|
1,372,905
|
|||||||||||||
2,034,985
|
4.9
|
%
|
||||||||||||||
Food
|
||||||||||||||||
Kraft Heinz Company
|
29,000
|
772,000
|
1,029,500
|
|||||||||||||
PepsiCo, Inc.
|
10,000
|
168,296
|
1,852,200
|
|||||||||||||
2,881,700
|
6.9
|
%
|
||||||||||||||
Industrial
|
||||||||||||||||
Danaher Corporation
|
1,000
|
254,997
|
240,000
|
|||||||||||||
Illinois Tool Works Inc.
|
7,000
|
295,051
|
1,751,120
|
|||||||||||||
Waters Corp.*
|
2,000
|
100,780
|
533,080
|
|||||||||||||
2,524,200
|
6.1
|
%
|
||||||||||||||
Insurance
|
||||||||||||||||
Markel Corp.*
|
1,670
|
1,296,670
|
2,309,911
|
|||||||||||||
2,309,911
|
5.6
|
%
|
Industry
|
Shares
|
Cost
|
Fair Value
|
Percent of
Net Assets
|
||||||||||||
Mutual Fund Management
|
||||||||||||||||
Diamond Hill Investment Group, Inc.
|
9,576
|
1,338,331
|
$
|
1,640,369
|
||||||||||||
Franklin Resources, Inc.
|
70,000
|
1,794,630
|
1,869,700
|
|||||||||||||
T. Rowe Price Group Inc.
|
18,400
|
2,399,683
|
2,061,168
|
|||||||||||||
5,571,237
|
13.4
|
%
|
||||||||||||||
Restaurant
|
||||||||||||||||
Starbucks Corp.
|
12,000
|
588,432
|
1,188,720
|
|||||||||||||
1,188,720
|
2.9
|
%
|
||||||||||||||
Retail
|
||||||||||||||||
AutoZone Inc.*
|
600
|
319,026
|
1,496,016
|
|||||||||||||
eBay Inc.
|
3,000
|
68,886
|
134,070
|
|||||||||||||
O’Reilly Automotive Inc.*
|
1,500
|
305,534
|
1,432,950
|
|||||||||||||
3,063,036
|
7.4
|
%
|
||||||||||||||
Technology Services
|
||||||||||||||||
Amazon.com Inc.
|
9,000
|
915,707
|
1,173,240
|
|||||||||||||
1,173,240
|
2.8
|
%
|
||||||||||||||
Total common stock investments (Cost $20,733,197)
|
$
|
39,108,400
|
||||||||||||||
Money Market Funds
|
||||||||||||||||
Morgan Stanley Inst. Liq. Fund, Treasury,
|
||||||||||||||||
Institutional Class, 4.94%**
|
$
|
2,432,466
|
||||||||||||||
2,432,466
|
$
|
2,432,466
|
5.9
|
%
|
||||||||||||
Total investments (Cost $23,165,663)
|
$
|
41,540,866
|
||||||||||||||
Other assets in excess of liabilities
|
12,863
|
|||||||||||||||
Total net assets
|
$
|
41,553,729
|
||||||||||||||
*Non-dividend paying security
|
||||||||||||||||
**7-day yield
|
(1) |
Organization.
|
(2) |
Significant Accounting Policies.
|
Gross unrealized appreciation
|
$
|
18,891,852
|
||
Gross unrealized depreciation
|
(829,704
|
)
|
||
Net unrealized appreciation
|
$
|
18,062,148
|
||
Cost basis of securities on tax basis:
|
$
|
23,779,958
|
Undistributed ordinary income
|
$
|
113,793
|
||
Unrealized appreciation on investments
|
18,062,148
|
|||
Undistributed capital gain
|
64,921
|
|||
Total accumulated earnings
|
$
|
18,240,863
|
(3) |
Certain Service Providers Arrangements
|
(4) |
Dividend Reinvestment and Cash Purchase Plan.
|
(5) |
Fund Investment Transactions
|
(6) |
Financial Highlights.
|
(7) |
Subsequent Events
|
1. |
To elect three (3) Directors to the Board.
|
2. |
To ratify the selection of Cohen & Company, Ltd as the independent registered public accountants of the Fund for the calendar year ending December 31, 2023.
|
For
|
Withheld
|
|||||||
Jason W. Allen
|
2,440,320
|
32,186
|
||||||
Robert M. Bilkie
|
2,441,611
|
30,894
|
||||||
Phillip J. Hanrahan
|
2,420,267
|
52,236
|
For
|
Against
|
Abstain
|
Withheld
|
|||
2,460,160
|
7,853
|
4,492
|
0
|
Name, Position
|
Aggregate
Compensation
From Fund
|
Pension or Retirement
Benefits Accrued as
part of Fund
Expenses
|
Estimated
Annual
Benefits upon
Retirement
to Directors
|
Total
Compensation
from Fund and
Complex paid
|
David C. Sims,
VP, CFO, CCO,
Treasurer, Secretary,
and Director
|
None
|
None
|
None
|
None
|
|
|
|
|
|
Luke E. Sims,
Director, President,
CEO
|
None
|
None
|
None
|
None
|
Name, Position
|
Aggregate
Compensation
From Fund
|
Pension or Retirement
Benefits Accrued as
part of Fund
Expenses
|
Estimated
Annual
Benefits upon
Retirement
to Directors
|
Total
Compensation from Fund and
Complex paid
|
||||||
Jason W. Allen,
Director |
$
|
6,000
|
None
|
None
|
$
|
6,000
|
||||
Robert M. Bilkie, Jr.,
Director |
$
|
6,000
|
None
|
None
|
$
|
6,000
|
||||
Phillip J. Hanrahan,
Director |
$
|
6,625
|
None
|
None
|
$
|
6,625
|
||||
Carl A. Holth,
Director |
$
|
6,625
|
None
|
None
|
$
|
6,625
|
||||
Anne M. Nichols,
Director |
$
|
6,000
|
None
|
None
|
$
|
6,000
|
||||
Donald G. Tyler,
Director |
$
|
6,625
|
None
|
None
|
$
|
6,625
|
||||
Neal F. Zalenko,
Director |
$
|
7,000
|
None
|
None
|
$
|
7,000
|
Board of Directors
|
||||
Jason W. Allen
Director
Fox Point, WI
|
Robert M. Bilkie, Jr.
Chairman of the Board
Northville, MI
|
Phillip J. Hanrahan
Director
Whitefish Bay, WI
|
||
Carl A. Holth
Director
Dearborn, MI
|
Anne M. Nichols
Director
Huntington Woods, MI
|
Luke E. Sims
President & CEO
Milwaukee, WI
|
||
David C. Sims
VP, Treasurer, CFO, CCO
Secretary & Director
Milwaukee, WI
|
Donald G. Tyler
Director
Whitefish Bay, WI
|
Neal F. Zalenko
Director
Birmingham, MI
|
ITEM 2. |
CODE OF ETHICS
|
ITEM 3. |
AUDIT COMMITTEE FINANCIAL EXPERT
|
ITEM 4. |
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
ITEM 5. |
AUDIT COMMITTEE OF LISTED REGISTRANTS
|
ITEM 6. |
INVESTMENTS
|
ITEM 7. |
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED END MANAGEMENT INVESTMENT COMPANIES
|
ITEM 8. |
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
|
ITEM 9. |
PURCHASE OF EQUITY SECURITIES BY CLOSED END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
|
ITEM 10. |
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
|
ITEM 11. |
CONTROLS AND PROCEDURES
|
ITEM 12. |
DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
ITEM 13. |
EXHIBITS.
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant’s ability to record, process, summarize, and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: August 4, 2023
|
|
/s/ Luke E. Sims
|
|
Luke E. Sims
|
|
President and Chief Executive Officer (principal executive officer)
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating
to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant’s ability to record, process, summarize, and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
August 4, 2023
|
|
/s/ David C. Sims
|
|
David C. Sims
|
|
Chief Financial Officer (principal financial officer)
|
1. |
To elect three (3) Directors to the Board.
|
2. |
To ratify the selection of Cohen & Company, Ltd as the independent registered public accountants of the Fund for the calendar year ending December 31, 2023.
|
For
|
Withheld
|
||
Jason W. Allen
|
2,440,320
|
32,186
|
|
Robert M. Bilkie
|
2,441,611
|
30,894
|
|
Phillip J. Hanrahan
|
2,420,267
|
52,236
|
For
|
Against
|
Abstain
|
Withheld
|
|||
2,460,160
|
7,853
|
4,492
|
0
|
By: /s/ Luke E. Sims
|
|
Luke E. Sims
|
|
President and Chief Executive Officer (principal executive officer)
|
|
Dated: August 4, 2023
|
|
By: /s/ David C. Sims
|
|
David C. Sims
|
|
Chief Financial Officer (principal financial officer)
|
|
Dated: August 4, 2023
|
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