The Fund

The Fund | Holdings

The Ensemble Fund is committed to providing our investors with high levels of transparency into our investment process and holdings. This commitment is based on our belief that investors who understand what they own are better able to make smart decisions regarding buying, holding and selling.

While we are only obligated to report our holdings within approximately 60 days after each fiscal quarter end, we routinely update our holdings on a monthly basis. We reserve the right to delay updating our holdings if we believe that doing so is not in the best interest of our investors.

Holdings as of September 30, 2017

MA MasterCard, Inc. Class-A 7.5%
PAYX Paychex, Inc. 7.4%
BR Broadridge Financial Solutions, Inc. 7.2%
LB L Brands, Inc. 6.8%
DNOW Now, Inc. 5.2%
LSTR Landstar Systems, Inc. 5.0%
RACE Ferrari NV 4.9%
ST Sensata Technologies Holding NV 4.9%
SCHW Schwab Charles Corp. 4.8%
FAF First American Financial Corp. 4.7%
FRC First Republic Bank 4.5%
ORCL Oracle Corp. 4.2%
NKE Nike, Inc. 3.9%
GOOGL Alphabet, Inc. Class-A 3.7%
AAPL Apple, Inc. 3.6%
VRSK Verisk Analytics, Inc. 3.0%
PBH Prestige Brands Holdings, Inc. 2.9%
TDG TransDigm Group, Inc. 2.5%
ABCO Advisory Board Co. 1.7%
TIF Tiffany & Co. 1.5%
LUXTY Luxottica Group 1.5%
Net Cash* 8.6%

*Represents cash, cash equivalents (including U.S. Treasuries with maturities less than 1 year), and other assets less liabilities.