CET Central Securities Corp

  

 

CENTRAL SECURITIES CORPORATION

_________

INTERIM REPORT TO STOCKHOLDERS

AS OF SEPTEMBER 30, 2022

To the Stockholders of

Central Securities Corporation:

Financial data for the period ended September 30, 2022 prepared by management without audit by our independent registered public accounting firm and other pertinent information are submitted herewith.

Comparative net assets are as follows:

	​	Sept. 30, 2022	​	June 30, 2022	​	Dec. 31, 2021
Net assets	​	$1,097,215,049	​	$1,102,270,791	​	$1,332,590,581
Net assets per share of Common Stock	​	40.27	​	40.42	​	48.87
Shares of Common Stock outstanding	​	27,247,478	​	27,269,884	​	27,266,384

Comparative operating results are as follows:

	Nine months ended September 30,
	​	2022	​	2021	​
Net investment income	​	$14,204,186​	​	$23,064,911​	​
Per share of Common Stock	​	.52	*	.88	*
Net realized gain on sale of investments	​	49,445,882	​	55,508,126	​
Increase (decrease) in net unrealized appreciation of investments	​	(292,946,449	)	210,633,694	​
Increase (decrease) in net assets resulting from operations	​	(229,296,381	)	289,206,731	​

 

* Per-share data are based on the average number of Common shares outstanding during the nine-month period.

During the nine months ended September 30, 2022, the Corporation purchased 22,406 shares of its Common Stock at an average price of $34.24. The Corporation may from time to time purchase its Common Stock in such amounts and at such prices as the Board of Directors deems advisable in the best interests of stockholders. Purchases may be made in the open market or in private transactions directly with stockholders.

Stockholders’ inquiries are welcome.

John C. Hill   Wilmot H. Kidd   Andrew J. O’Neill

630 Fifth Avenue

New York, NY 10111

November 3, 2022

PRINCIPAL PORTFOLIO CHANGES

July 1 to September 30, 2022

(Common Stock unless specified otherwise)

(unaudited)

	​	Number of Shares
	​	Purchased	​	Sold	​	Held September 30, 2022
Alphabet Inc. Class A	​	475,000	*	​	​	500,000	​
Heritage-Crystal Clean, Inc.	​	​	​	320,000	​	—	​
MKS Instruments, Inc.	​	​	​	80,000	​	—	​
Star Group, L.P.	​	​	​	153,114	​	211,186	​

 

* Shares received in a 20 for 1 stock split.

TEN LARGEST INVESTMENTS

(excluding short-term investments)

September 30, 2022

(unaudited)

	​	Cost	​	Value	​	Percent of Net Assets	​	Year First Acquired
	​	(millions)			​	​	​	​
The Plymouth Rock Company, Inc.	​	$0.7​	​	$258.7​	​	23.6%	​	1982
Analog Devices, Inc.	​	5.8	​	62.0	​	5.7	​	1987
Motorola Solutions, Inc.	​	11.9	​	56.0	​	5.1	​	2000
Progressive Corporation	​	25.7	​	50.6	​	4.6	​	2015
Hess Corporation	​	19.4	​	50.1	​	4.6	​	2017
Alphabet Inc.	​	26.0	​	47.8	​	4.4	​	2015
The Charles Schwab Corporation	​	20.3	​	43.1	​	3.9	​	2016
AON plc	​	29.1	​	40.2	​	3.7	​	2020
American Express Company	​	24.0	​	36.4	​	3.3	​	2015
Keysight Technologies, Inc.	​	2.3	​	31.5	​	2.9	​	2005

BOARD OF DIRECTORS

Wilmot H. Kidd, Chairman

L. Price Blackford, Lead Independent Director

Simms C. Browning

Donald G. Calder

David C. Colander

John C. Hill

Jay R. Inglis

Wilmot H. Kidd IV

David M. Poppe

OFFICERS

John C. Hill, Chief Executive Officer and President

Marlene A. Krumholz, Vice President and Secretary

Andrew J. O’Neill, Vice President

Lawrence P. Vogel, Vice President and Treasurer

OFFICE

630 Fifth Avenue

New York, NY 10111

212-698-2020

866-593-2507 (toll free)

www.centralsecurities.com

TRANSFER AGENT AND REGISTRAR

Computershare Trust Company, N.A.

P. O. Box 43078, Providence, RI 02940-3078

800-756-8200

www.computershare.com

CUSTODIAN

UMB Bank, n.a.

Kansas City, MO

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

KPMG LLP

New York, NY

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