Schedule of Investments (unaudited)
June 30, 2020
BlackRock Capital Appreciation Fund, Inc.
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
Automobiles — 0.4% | |||
Ferrari NV | 88,901 | $ 15,202,960 | |
Beverages — 0.7% | |||
Constellation Brands, Inc., Class A | 142,049 | 24,851,473 | |
Biotechnology — 2.0% | |||
Biogen, Inc.(a) | 51,821 | 13,864,708 | |
Vertex Pharmaceuticals, Inc.(a) | 199,419 | 57,893,330 | |
71,758,038 | |||
Capital Markets — 3.7% | |||
CME Group, Inc. | 196,162 | 31,884,171 | |
S&P Global, Inc. | 313,266 | 103,214,882 | |
135,099,053 | |||
Chemicals — 1.5% | |||
Sherwin-Williams Co. | 92,161 | 53,255,234 | |
Commercial Services & Supplies — 0.4% | |||
Waste Management, Inc. | 150,720 | 15,962,755 | |
Containers & Packaging — 0.7% | |||
Ball Corp.(b) | 374,603 | 26,031,162 | |
Electronic Equipment, Instruments & Components — 1.1% | |||
Keysight Technologies, Inc.(a) | 406,401 | 40,957,093 | |
Entertainment — 3.3% | |||
Netflix, Inc.(a) | 264,405 | 120,314,851 | |
Equity Real Estate Investment Trusts (REITs) — 2.5% | |||
Prologis, Inc. | 236,178 | 22,042,493 | |
SBA Communications Corp. | 229,504 | 68,373,831 | |
90,416,324 | |||
Health Care Equipment & Supplies — 3.3% | |||
Boston Scientific Corp.(a) | 1,836,578 | 64,482,254 | |
Intuitive Surgical, Inc.(a) | 92,792 | 52,875,665 | |
117,357,919 | |||
Health Care Providers & Services — 3.7% | |||
Humana, Inc. | 134,405 | 52,115,539 | |
UnitedHealth Group, Inc. | 270,979 | 79,925,256 | |
132,040,795 | |||
Hotels, Restaurants & Leisure — 1.2% | |||
Domino’s Pizza, Inc. | 50,450 | 18,638,248 | |
Hilton Worldwide Holdings, Inc. | 354,184 | 26,014,815 | |
44,653,063 | |||
Industrial Conglomerates — 1.1% | |||
Roper Technologies, Inc. | 103,936 | 40,354,191 | |
Interactive Media & Services — 7.5% | |||
Alphabet, Inc., Class A(a) | 78,614 | 111,478,583 | |
Facebook, Inc., Class A(a) | 384,816 | 87,380,169 | |
Snap, Inc., Class A(a) | 3,003,051 | 70,541,668 | |
269,400,420 | |||
Internet & Direct Marketing Retail — 14.0% | |||
Alibaba Group Holding Ltd., ADR(a) | 342,854 | 73,953,608 | |
Amazon.com, Inc.(a) | 130,640 | 360,412,245 | |
MercadoLibre, Inc.(a) | 73,943 | 72,890,791 | |
507,256,644 | |||
IT Services — 13.3% | |||
Fidelity National Information Services, Inc. | 231,357 | 31,022,660 | |
GoDaddy, Inc., Class A(a) | 455,777 | 33,422,127 | |
Mastercard, Inc., Class A | 491,529 | 145,345,125 | |
PayPal Holdings, Inc.(a) | 327,667 | 57,089,422 |
Security | Shares | Value | |
IT Services (continued) | |||
Shopify, Inc., Class A(a)(b) | 41,821 | $ 39,696,493 | |
Visa, Inc., Class A | 891,203 | 172,153,684 | |
478,729,511 | |||
Pharmaceuticals — 2.6% | |||
AstraZeneca PLC, ADR | 654,793 | 34,632,002 | |
Zoetis, Inc. | 427,184 | 58,541,295 | |
93,173,297 | |||
Professional Services — 3.4% | |||
CoStar Group, Inc.(a) | 111,675 | 79,364,072 | |
TransUnion | 515,561 | 44,874,430 | |
124,238,502 | |||
Semiconductors & Semiconductor Equipment — 4.2% | |||
Analog Devices, Inc. | 472,802 | 57,984,437 | |
ASML Holding NV, Registered Shares(b) | 254,364 | 93,613,583 | |
151,598,020 | |||
Software — 20.8% | |||
Adobe, Inc.(a)(b) | 242,715 | 105,656,267 | |
Autodesk, Inc.(a) | 128,890 | 30,829,199 | |
Coupa Software, Inc.(a) | 65,912 | 18,260,261 | |
Intuit, Inc. | 330,560 | 97,908,566 | |
Microsoft Corp. | 1,423,062 | 289,607,348 | |
RingCentral, Inc., Class A(a) | 65,136 | 18,564,411 | |
salesforce.com, Inc.(a) | 392,728 | 73,569,736 | |
ServiceNow, Inc.(a)(b) | 286,863 | 116,196,727 | |
750,592,515 | |||
Specialty Retail — 3.4% | |||
Lowe’s Cos., Inc. | 488,147 | 65,958,423 | |
TJX Cos., Inc. | 1,107,743 | 56,007,486 | |
121,965,909 | |||
Technology Hardware, Storage & Peripherals — 2.4% | |||
Apple Inc. | 232,204 | 84,708,019 | |
Textiles, Apparel & Luxury Goods — 2.6% | |||
LVMH Moet Hennessy Louis Vuitton SE | 56,642 | 25,007,054 | |
NIKE, Inc., Class B | 717,260 | 70,327,343 | |
95,334,397 | |||
Total Common Stocks — 99.8% (Cost: $1,846,892,961) | 3,605,252,145 | ||
Preferred Securities | |||
Preferred Stocks — 0.9% | |||
Software — 0.9% | |||
Palantir Technologies, Inc., Series I (Acquired 02/07/14, cost $31,222,542)(a)(c)(d) | 5,093,400 | 34,991,658 | |
34,991,658 | |||
Total Preferred Securities — 0.9% (Cost: $31,222,542) | 34,991,658 | ||
Total Long-Term Investments — 100.7% (Cost: $1,878,115,503) | 3,640,243,803 |
1
Schedule of Investments (unaudited) (continued)
June 30, 2020
BlackRock Capital Appreciation Fund, Inc.
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Short-Term Securities(e)(f) | |||
Money Market Funds — 1.4% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.11% | 8,690,430 | $ 8,690,430 | |
SL Liquidity Series, LLC, Money Market Series, 0.50%(g) | 41,019,510 | 41,052,326 | |
Total Short-Term Securities — 1.4% (Cost: $49,741,979) | 49,742,756 | ||
Total Investments — 102.1% (Cost: $1,927,857,482) | 3,689,986,559 | ||
Liabilities in Excess of Other Assets — (2.1)% | (76,854,106) | ||
Net Assets — 100.0% | $ 3,613,132,453 |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $34,991,658, representing 0.9% of its net assets as of period end, and an original cost of $31,222,542. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
(g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended June 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Shares Held at 09/30/19 | Shares Purchased | Shares Sold | Shares Held at 06/30/20 | Value at 06/30/20 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class | 19,451,302 | — | (10,760,872)(b) | 8,690,430 | $ 8,690,430 | $ 106,460 | $ 51 | $ — | |||
SL Liquidity Series, LLC, Money Market Series | 7,574,799 | 33,444,711(b) | — | 41,019,510 | 41,052,326 | 54,356(c) | 16,964 | 777 | |||
$ 49,742,756 | $ 160,816 | $ 17,015 | $ 777 |
(a) | Includes net capital gain distributions, if applicable. |
(b) | Represents net shares purchased (sold). |
(c) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
Portfolio Abbreviation | |
ADR | American Depositary Receipt |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access
• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)
2
Schedule of Investments (unaudited) (continued)
June 30, 2020
BlackRock Capital Appreciation Fund, Inc.
• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments)
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.
Certain investments of the Fund were fair valued using net asset value per share (“NAV”) as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments | |||||||
Long-Term Investments | |||||||
Common Stocks | |||||||
Automobiles | $ 15,202,960 | $ — | $ — | $ 15,202,960 | |||
Beverages | 24,851,473 | — | — | 24,851,473 | |||
Biotechnology | 71,758,038 | — | — | 71,758,038 | |||
Capital Markets | 135,099,053 | — | — | 135,099,053 | |||
Chemicals | 53,255,234 | — | — | 53,255,234 | |||
Commercial Services & Supplies | 15,962,755 | — | — | 15,962,755 | |||
Containers & Packaging | 26,031,162 | — | — | 26,031,162 | |||
Electronic Equipment, Instruments & Components | 40,957,093 | — | — | 40,957,093 | |||
Entertainment | 120,314,851 | — | — | 120,314,851 | |||
Equity Real Estate Investment Trusts (REITs) | 90,416,324 | — | — | 90,416,324 | |||
Health Care Equipment & Supplies | 117,357,919 | — | — | 117,357,919 | |||
Health Care Providers & Services | 132,040,795 | — | — | 132,040,795 | |||
Hotels, Restaurants & Leisure | 44,653,063 | — | — | 44,653,063 | |||
Industrial Conglomerates | 40,354,191 | — | — | 40,354,191 | |||
Interactive Media & Services | 269,400,420 | — | — | 269,400,420 | |||
Internet & Direct Marketing Retail | 507,256,644 | — | — | 507,256,644 | |||
IT Services | 478,729,511 | — | — | 478,729,511 | |||
Pharmaceuticals | 93,173,297 | — | — | 93,173,297 | |||
Professional Services | 124,238,502 | — | — | 124,238,502 | |||
Semiconductors & Semiconductor Equipment | 151,598,020 | — | — | 151,598,020 | |||
Software | 750,592,515 | — | — | 750,592,515 | |||
Specialty Retail | 121,965,909 | — | — | 121,965,909 | |||
Technology Hardware, Storage & Peripherals | 84,708,019 | — | — | 84,708,019 | |||
Textiles, Apparel & Luxury Goods | 70,327,343 | 25,007,054 | — | 95,334,397 | |||
Preferred Securities | — | — | 34,991,658 | 34,991,658 | |||
Short-Term Securities | |||||||
Money Market Funds | 8,690,430 | — | — | 8,690,430 | |||
$ 3,588,935,521 | $ 25,007,054 | $ 34,991,658 | 3,648,934,233 | ||||
Investments Valued at NAV(a) | 41,052,326 | ||||||
$ 3,689,986,559 |
The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above. |
(a) | Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy. |
3