CLIPPER FUNDSM
|
Schedule of Investments
|
September 30, 2022 (Unaudited)
|
Shares/Units
|
Value
|
|||||||||||
COMMON STOCK – (98.42%)
|
||||||||||||
COMMUNICATION SERVICES – (14.25%)
|
||||||||||||
Media & Entertainment – (14.25%)
|
||||||||||||
Alphabet Inc., Class A *
|
571,650
|
$
|
54,678,322
|
|||||||||
Alphabet Inc., Class C *
|
275,890
|
26,526,824
|
||||||||||
ASAC II L.P. *(a)(b)
|
407,313
|
399,167
|
||||||||||
Meta Platforms, Inc., Class A *
|
263,380
|
35,735,398
|
||||||||||
Total Communication Services
|
117,339,711
|
|||||||||||
CONSUMER DISCRETIONARY – (7.99%)
|
||||||||||||
Retailing – (7.99%)
|
||||||||||||
Amazon.com, Inc. *
|
320,900
|
36,261,700
|
||||||||||
JD.com, Inc., Class A, ADR (China)
|
332,950
|
16,747,385
|
||||||||||
Naspers Ltd. - N (South Africa)
|
26,650
|
3,305,228
|
||||||||||
Prosus N.V., Class N (Netherlands)
|
181,329
|
9,433,930
|
||||||||||
Total Consumer Discretionary
|
65,748,243
|
|||||||||||
FINANCIALS – (54.03%)
|
||||||||||||
Banks – (21.17%)
|
||||||||||||
Bank of America Corp.
|
460,790
|
13,915,858
|
||||||||||
DBS Group Holdings Ltd. (Singapore)
|
1,233,400
|
28,532,685
|
||||||||||
JPMorgan Chase & Co.
|
180,412
|
18,853,054
|
||||||||||
U.S. Bancorp
|
969,320
|
39,082,982
|
||||||||||
Wells Fargo & Co.
|
1,838,152
|
73,930,474
|
||||||||||
174,315,053
|
||||||||||||
Diversified Financials – (23.57%)
|
||||||||||||
Capital Markets – (5.34%)
|
||||||||||||
Bank of New York Mellon Corp.
|
1,141,583
|
43,973,777
|
||||||||||
Consumer Finance – (7.12%)
|
||||||||||||
American Express Co.
|
36,486
|
4,922,326
|
||||||||||
Capital One Financial Corp.
|
583,133
|
53,747,369
|
||||||||||
58,669,695
|
||||||||||||
Diversified Financial Services – (11.11%)
|
||||||||||||
Berkshire Hathaway Inc., Class A *
|
225
|
91,455,750
|
||||||||||
194,099,222
|
||||||||||||
Insurance – (9.29%)
|
||||||||||||
Life & Health Insurance – (3.41%)
|
||||||||||||
AIA Group Ltd. (Hong Kong)
|
1,329,470
|
11,069,038
|
||||||||||
Ping An Insurance (Group) Co. of China, Ltd. - H (China)
|
3,409,000
|
17,006,800
|
||||||||||
28,075,838
|
||||||||||||
Property & Casualty Insurance – (5.88%)
|
||||||||||||
Markel Corp. *
|
44,637
|
48,396,328
|
||||||||||
76,472,166
|
||||||||||||
Total Financials
|
444,886,441
|
|||||||||||
HEALTH CARE – (11.33%)
|
||||||||||||
Health Care Equipment & Services – (8.12%)
|
||||||||||||
Cigna Corp.
|
185,170
|
51,379,120
|
||||||||||
Quest Diagnostics Inc.
|
126,020
|
15,461,394
|
||||||||||
66,840,514
|
||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences – (3.21%)
|
||||||||||||
Viatris Inc.
|
3,105,250
|
26,456,730
|
||||||||||
Total Health Care
|
93,297,244
|
CLIPPER FUNDSM
|
Schedule of Investments - (Continued)
|
September 30, 2022 (Unaudited)
|
Shares/Principal
|
Value
|
||||||||||||||
COMMON STOCK – (CONTINUED)
|
|||||||||||||||
INDUSTRIALS – (2.75%)
|
|||||||||||||||
Capital Goods – (2.22%)
|
|||||||||||||||
Carrier Global Corp.
|
183,815
|
$
|
6,536,461
|
||||||||||||
Owens Corning
|
149,120
|
11,722,323
|
|||||||||||||
18,258,784
|
|||||||||||||||
Transportation – (0.53%)
|
|||||||||||||||
DiDi Global Inc., Class A, ADS (China)*
|
2,366,572
|
4,347,393
|
|||||||||||||
Total Industrials
|
22,606,177
|
||||||||||||||
INFORMATION TECHNOLOGY – (6.04%)
|
|||||||||||||||
Semiconductors & Semiconductor Equipment – (5.12%)
|
|||||||||||||||
Applied Materials, Inc.
|
287,220
|
23,531,935
|
|||||||||||||
Intel Corp.
|
723,570
|
18,646,399
|
|||||||||||||
42,178,334
|
|||||||||||||||
Technology Hardware & Equipment – (0.92%)
|
|||||||||||||||
Samsung Electronics Co., Ltd. (South Korea)
|
206,540
|
7,583,992
|
|||||||||||||
Total Information Technology
|
49,762,326
|
||||||||||||||
MATERIALS – (2.03%)
|
|||||||||||||||
Teck Resources Ltd., Class B (Canada)
|
549,270
|
16,703,301
|
|||||||||||||
Total Materials
|
16,703,301
|
||||||||||||||
TOTAL COMMON STOCK – (Identified cost $632,967,259)
|
810,343,443
|
||||||||||||||
SHORT-TERM INVESTMENTS – (1.87%)
|
|||||||||||||||
StoneX Financial Inc. Joint Repurchase Agreement, 3.03%, 10/03/22,
dated 09/30/22, repurchase value of $8,823,227 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash account,
0.00%-9.00%, 11/01/22-09/20/70, total market value $8,997,420)
|
$
|
8,821,000
|
8,821,000
|
||||||||||||
Truist Securities, Inc. Joint Repurchase Agreement, 3.02%, 10/03/22,
dated 09/30/22, repurchase value of $6,558,650 (collateralized by: U.S.
Government agency mortgages in a pooled cash account, 3.00%-4.00%,
05/01/37-04/01/52, total market value $6,688,140)
|
6,557,000
|
6,557,000
|
|||||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $15,378,000)
|
15,378,000
|
||||||||||||||
Total Investments – (100.29%) – (Identified cost $648,345,259)
|
825,721,443
|
||||||||||||||
Liabilities Less Other Assets – (0.29%)
|
(2,376,981)
|
||||||||||||||
Net Assets – (100.00%)
|
$
|
823,344,462
|
|||||||||||||
ADR: American Depositary Receipt
|
|||||||||||||||
ADS: American Depositary Share
|
|||||||||||||||
*
|
Non-income producing security.
|
||||||||||||||
(a)
|
Restricted securities are not registered under the Securities Act of 1933 and may have contractual restrictions on resale. They are fair valued under methods approved by the Board of Directors. The
aggregate value of restricted securities amounted to $399,167 or 0.05% of the Fund's net assets as of September 30, 2022.
|
||||||||||||||
(b)
|
The value of this security was determined using significant unobservable inputs.
|
CLIPPER FUNDSM
|
Schedule of Investments - (Continued)
|
September 30, 2022 (Unaudited)
|
Level 1 –
|
quoted prices in active markets for identical securities
|
Level 2 –
|
other significant observable inputs (including quoted prices for similar investments, 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)
|
CLIPPER FUNDSM
|
Schedule of Investments - (Continued)
|
September 30, 2022 (Unaudited)
|
Investments in Securities at Value
|
|||||||||||
Valuation Inputs
|
|||||||||||
Level 2:
|
Level 3:
|
||||||||||
Other Significant
|
Significant
|
||||||||||
Level 1:
|
Observable
|
Unobservable
|
|||||||||
Quoted Prices
|
Inputs*
|
Inputs
|
Total
|
||||||||
Common Stock:
|
|||||||||||
Communication Services
|
$
|
116,940,544
|
$
|
–
|
$
|
399,167
|
$
|
117,339,711
|
|||
Consumer Discretionary
|
53,009,085
|
12,739,158
|
–
|
65,748,243
|
|||||||
Financials
|
388,277,918
|
56,608,523
|
–
|
444,886,441
|
|||||||
Health Care
|
93,297,244
|
–
|
–
|
93,297,244
|
|||||||
Industrials
|
22,606,177
|
–
|
–
|
22,606,177
|
|||||||
Information Technology
|
42,178,334
|
7,583,992
|
–
|
49,762,326
|
|||||||
Materials
|
16,703,301
|
–
|
–
|
16,703,301
|
|||||||
Short-Term Investments
|
–
|
15,378,000
|
–
|
15,378,000
|
|||||||
Total Investments
|
$
|
733,012,603
|
$
|
92,309,673
|
$
|
399,167
|
$
|
825,721,443
|
Beginning
Balance at
January 1,
2022
|
Cost of
Purchases
|
Proceeds
from Sales
|
Net Change in
Unrealized
Appreciation
(Depreciation)
|
Net Realized
Gain (Loss)
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Ending
Balance at
September 30,
2022
|
|||||||||||||||||
Investments in Securities:
|
||||||||||||||||||||||||
Common Stock
|
$
|
413,871
|
$
|
–
|
$
|
–
|
$
|
(14,704)
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
399,167
|
||||||||
Total Level 3
|
$
|
413,871
|
$
|
–
|
$
|
–
|
$
|
(14,704)
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
399,167
|
Fair Value at
|
Valuation
|
Unobservable
|
Impact to
Valuation from
|
||||||||
September 30, 2022
|
Technique
|
Input
|
Amount
|
an Increase in Input
|
|||||||
Investments in Securities:
|
|||||||||||
Common Stock
|
$
|
399,167
|
Discounted Cash Flow
|
Annualized Yield
|
4.185%
|
Decrease
|
|||||
Total Level 3
|
$
|
399,167
|
Cost
|
$
|
653,496,661
|
|
Unrealized appreciation
|
274,076,599
|
||
Unrealized depreciation
|
(101,851,817)
|
||
Net unrealized appreciation
|
$
|
172,224,782
|