Abrams Bison

Q1 2014 13F · by Gavin Abrams, portfolio manager

As of: Mar 31, 2014
Filed: May 15, 2014
US stock: $1.2B · prev $1.2B
Positions: 8 · prev 9
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves7 since the prior filing

0.0 pp in · −2.2 pp out

New 0 0.00 pp
Added 0 0.00 pp
Trimmed 5 −0.37 pp
Exited 1 −1.87 pp

Options: 1 move on a notional base, in the table below.

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions83% of US stock

GD General Dynamics Corporation trimmed−0.70 pp trimmed−0.7021.3%
SIG Signet Jewelers Limited trimmed+0.04 pp trimmed+0.0420.7%
unresolved Foster Wheeler AG trimmed+1.49 pp trimmed+1.4916.2%
PXD Pioneer Natural Resource Co. trimmed−0.81 pp trimmed−0.8113.0%
unresolved Aon PLC held held11.7%

Positions8 in this filing · 1 exited


GDGeneral Dynamics Corporation	21.34%	2,399,076	$261M	trimmed−19%	−0.70 pp	new
SIGSignet Jewelers Limited	20.69%	2,393,110	$253M	trimmed−30%	+0.04 pp	new
unresolvedFoster Wheeler AG	16.23%	6,130,193	$199M	trimmed−7%	+1.49 pp	new
PXDPioneer Natural Resource Co.	12.96%	847,666	$159M	trimmed−1%	−0.81 pp	new
unresolvedAon PLC	11.71%	1,701,363	$143M	held	—	new
BNYBank of New York Mellon Corporation	9.71%	3,370,000	$119M	held	—	new
RNRRenaissanceRe Holdings Ltd.	4.99%	625,657	$61M	trimmed−11%	−0.39 pp	new
PFEPfizer Inc.	2.36%	900,000	$29M	held	—	new
unresolvedDell Inc	—	−1,600,000	—	exited	−1.87 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0000919574-14-003461
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet