CET - Central Securities Corp

What this means for you

One large investor owns more than 5% of this fund but has told the regulator it is not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Feb 11, 2026

   Endeavor Foundation cut its stake to 32.5% (from 32.6%), as a passive investor.

   Original document →

2. Feb 7, 2025

   Endeavor Foundation now owns 32.6%, as a passive investor.

   Original document →

About this fund

• Run by Central Securities. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $1.84 billion of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0% a year in management fees; 0.5% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 53 funds we follow that invest in shares, none charges a lower management fee and none charges less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $2.70 a share. $0.85 of that was income; $1.85 came from gains. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $60.50. The shares traded at $50.71, about 16.2% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 6.3% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1996.

How this has changed

• Payouts per share: $2.70 in the fiscal year ended Dec 31, 2025; $2.25 in the year ended Dec 31, 2024; $1.85 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 0.46% a year in the fiscal year ended Dec 31, 2025; 0.55% a year in the year ended Dec 31, 2024; 0.56% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $1.79 billion at Dec 31, 2025; $1.57 billion at Dec 31, 2024; $1.32 billion at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: none at Dec 31, 2025; none at Dec 31, 2024; none at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• The fund had about 29.6 million shares at Dec 31, 2025, up 4.1% from Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +17%, counting payouts; the holdings +17.5%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +26.8%, counting payouts; the holdings +22.2%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +18.9%, counting payouts; the holdings +20.5%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -19.9%, counting payouts; the holdings -11.5%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +49.4%, counting payouts; the holdings +35.3%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +111.1%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $21,100 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +15.7%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 46 funds that invest in shares with a fiscal year ending within six months of this one, 26 reported a higher share return for that year and 19 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (95%), the rest cash and short-term holdings. About 96% issued in the U.S.

1. The Plymouth Rock Company Incorporated class A shares - 22.2%
2. Alphabet, Inc. class A shares - 7.8%
3. Analog Devices, Inc. - 7.6%
4. Progressive Corp. - 4.8%
5. Cash and short-term - 4.7%
6. Capital One Financial Corp. - 3.8%
7. Keysight Technologies, Inc. - 3.8%
8. Charles Schwab Corp. - 3.5%
9. Amazon.com, Inc. - 3.4%
10. Arthur J Gallagher & Co. - 3.2%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →