BONNESS ENTERPRISES INC

Key Holdings

The portfolio is dominated by Progressive Corp (PGR), which stands as an outlier position with a market value of $116.70 million. This single position constitutes 40.28% of the entire portfolio. This is an exceptionally high concentration for a portfolio of this size, indicating an extremely strong conviction in the insurer's business model, valuation, or growth prospects.

Beyond PGR, the portfolio shifts toward a more traditional diversified equity structure. The second-largest holding, Stryker Corporation (SYK), represents 7.76% of the portfolio ($22.47M), followed closely by major technology giants Microsoft (MSFT) at 6.43% ($18.64M) and Apple (AAPL) at 4.60% ($13.34M). The presence of IBM ($8.76M, 3.02%) in the top five is notable, as it suggests a value or turnaround-oriented investment thesis within the technology allocation, contrasting with the growth-heavy nature of MSFT and AAPL.