# SECURITY ASSET MANAGEMENT

> Institutional holdings reported to the SEC as of Q1 2023 on Form 13F. CIK 899211. Source: https://holderbook.com/funds/899211-security-asset-management/

- Reported value: $170.9M
- Positions: 76
- Weight of the ten largest: 39.7%
- Filed: 2023-05-12

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $18.6M | 112,624 | 10.9% | 18 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $7.3M | 55,936 | 4.3% | 18 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $6.9M | 27,194 | 4.0% | 18 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $5.9M | 20,627 | 3.5% | 18 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $5.6M | 15,541 | 3.3% | 18 |
| ROPER TECHNOLOGIES INC | [ROP](https://holderbook.com/stocks/ROP/) | $5.2M | 11,827 | 3.0% | 18 |
| BLACKROCK INC | [BLKXXXX](https://holderbook.com/stocks/BLKXXXX/) | $4.9M | 7,366 | 2.9% | 18 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $4.7M | 45,805 | 2.8% | 18 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $4.7M | 44,980 | 2.7% | 18 |
| DOVER CORP | [DOV](https://holderbook.com/stocks/DOV/) | $4.1M | 26,790 | 2.4% | 18 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $4.1M | 21,241 | 2.4% | 18 |
| WEST PHARMACEUTICAL SVSC INC | [WST](https://holderbook.com/stocks/WST/) | $4.0M | 11,669 | 2.4% | 18 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $4.0M | 12,922 | 2.3% | 18 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $3.8M | 36,560 | 2.2% | 18 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $3.7M | 2,858 | 2.1% | 18 |
| MSCI INC | [MSCI](https://holderbook.com/stocks/MSCI/) | $3.6M | 6,418 | 2.1% | 13 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $3.5M | 22,670 | 2.1% | 18 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $3.5M | 15,446 | 2.0% | 18 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $3.5M | 16,997 | 2.0% | 18 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $3.4M | 20,666 | 2.0% | 18 |
| HEICO CORP NEW | [HEI](https://holderbook.com/stocks/HEI/) | $3.2M | 18,556 | 1.9% | 15 |
| AMETEK INC | [AME](https://holderbook.com/stocks/AME/) | $3.1M | 21,610 | 1.8% | 18 |
| IDEXX LABS INC | [IDXX](https://holderbook.com/stocks/IDXX/) | $3.1M | 6,178 | 1.8% | 18 |
| COPART INC | [CPRT](https://holderbook.com/stocks/CPRT/) | $2.9M | 38,662 | 1.7% | 11 |
| AMERICAN WTR WKS CO INC NEW | [AWK](https://holderbook.com/stocks/AWK/) | $2.9M | 19,502 | 1.7% | 18 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $2.8M | 4,920 | 1.7% | 5 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $2.4M | 15,242 | 1.4% | 18 |
| PAYCOM SOFTWARE INC | [PAYC](https://holderbook.com/stocks/PAYC/) | $2.4M | 7,925 | 1.4% | 13 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $2.4M | 14,482 | 1.4% | 18 |
| TYLER TECHNOLOGIES INC | [TYL](https://holderbook.com/stocks/TYL/) | $2.3M | 6,591 | 1.4% | 17 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $2.3M | 7,646 | 1.3% | 18 |
| TELEDYNE TECHNOLOGIES INC | [TDY](https://holderbook.com/stocks/TDY/) | $2.2M | 5,020 | 1.3% | 15 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $2.1M | 20,940 | 1.2% | 18 |
| TRADEWEB MKTS INC | [TW](https://holderbook.com/stocks/TW/) | $1.9M | 23,738 | 1.1% | 15 |
| VEEVA SYS INC | [VEEV](https://holderbook.com/stocks/VEEV/) | $1.8M | 9,610 | 1.0% | 10 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $1.6M | 22,250 | 1.0% | 1 |
| BLACKSTONE INC | [BX](https://holderbook.com/stocks/BX/) | $1.6M | 17,855 | 0.9% | 8 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $1.4M | 3,096 | 0.8% | 5 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $1.3M | 11,875 | 0.8% | 18 |
| ISHARES TR | [IBDP](https://holderbook.com/stocks/IBDP/) | $1.3M | 52,350 | 0.8% | 1 |
| ISHARES TR | [IBDO](https://holderbook.com/stocks/IBDO/) | $1.2M | 49,300 | 0.7% | 1 |
| CADENCE DESIGN SYSTEM INC | [CDNS](https://holderbook.com/stocks/CDNS/) | $1.2M | 5,896 | 0.7% | 3 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $1.2M | 4,240 | 0.7% | 4 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $1.1M | 7,280 | 0.6% | 18 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $943.1K | 8,864 | 0.6% | 18 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $929.5K | 5,697 | 0.5% | 11 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $900.5K | 3,525 | 0.5% | 3 |
| BLACKROCK TECH AND PRIVATE E | [BTX](https://holderbook.com/stocks/BTX/) | $861.9K | 107,336 | 0.5% | 1 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $729.4K | 17,877 | 0.4% | 18 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $725.2K | 3,000 | 0.4% | 18 |
| GENUINE PARTS CO | [GPC](https://holderbook.com/stocks/GPC/) | $644.8K | 3,854 | 0.4% | 18 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $639.7K | 9,230 | 0.4% | 18 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $625.6K | 1,259 | 0.4% | 2 |
| ISHARES TR | [IEI](https://holderbook.com/stocks/IEI/) | $617.7K | 5,250 | 0.4% | 1 |
| VANGUARD SCOTTSDALE FDS | [VMBS](https://holderbook.com/stocks/VMBS/) | $600.5K | 12,900 | 0.4% | 1 |
| ISHARES TR | [IEF](https://holderbook.com/stocks/IEF/) | $579.9K | 5,850 | 0.3% | 1 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $565.0K | 213 | 0.3% | 18 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $533.2K | 6,613 | 0.3% | 18 |
| TARGET CORP | [TGT](https://holderbook.com/stocks/TGT/) | $507.8K | 3,066 | 0.3% | 18 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $481.9K | 5,238 | 0.3% | 11 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $465.6K | 1 | 0.3% | 10 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $442.2K | 1,244 | 0.3% | 1 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $438.0K | 11,263 | 0.3% | 18 |
| ADAMS DIVERSIFIED EQUITY FD | [ADX](https://holderbook.com/stocks/ADX/) | $422.5K | 27,169 | 0.2% | 1 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $378.6K | 1,157 | 0.2% | 11 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $363.5K | 2,959 | 0.2% | 9 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $358.3K | 5,777 | 0.2% | 5 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $333.3K | 6,376 | 0.2% | 18 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $326.2K | 1,707 | 0.2% | 11 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $318.9K | 3,279 | 0.2% | 18 |
| SBA COMMUNICATIONS CORP | [SBAC](https://holderbook.com/stocks/SBAC/) | $283.2K | 1,085 | 0.2% | 10 |
| AES CORP | [AES](https://holderbook.com/stocks/AES/) | $257.7K | 10,700 | 0.2% | 10 |
| PRICE T ROWE GROUP INC | [TROW](https://holderbook.com/stocks/TROW/) | $252.9K | 2,240 | 0.1% | 2 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $246.7K | 6,600 | 0.1% | 9 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $209.1K | 2,400 | 0.1% | 11 |
| UNILEVER PLC | [ULXXXX](https://holderbook.com/stocks/ULXXXX/) | $208.7K | 4,018 | 0.1% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q1 2023 | +8.0% | +7.0% | +0.9% | 100% |
| Q4 2022 | +7.2% | +7.1% | +0.2% | 100% |
| Q3 2022 | -6.2% | -5.3% | -0.8% | 100% |
| Q2 2022 | -17.7% | -16.5% | -1.2% | 100% |
| Q1 2022 | -8.8% | -4.9% | -3.9% | 100% |
| Q4 2021 | +8.3% | +10.7% | -2.4% | 100% |
| Q3 2021 | +0.9% | +0.3% | +0.7% | 100% |
| Q2 2021 | +8.9% | +8.0% | +0.9% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2023 | $170.9M | 76 |
| Q4 2022 | $180.2M | 73 |
| Q3 2022 | $166.7M | 73 |
| Q2 2022 | $182.2M | 75 |
| Q1 2022 | $233.0M | 82 |
| Q4 2021 | $257.6M | 84 |
| Q3 2021 | $247.2M | 85 |
| Q2 2021 | $253.8M | 85 |
| Q1 2021 | $243.0M | 90 |
| Q4 2020 | $239.2M | 86 |
| Q3 2020 | $162.6M | 80 |
| Q2 2020 | $161.8M | 73 |