Abrams Bison

Q2 2014 13F · by Gavin Abrams, portfolio manager

As of: Jun 30, 2014
Filed: Aug 14, 2014
US stock: $1.2B · prev $1.2B
Positions: 9 · prev 8
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%

Moves4 since the prior filing

+4.2 pp in · −8.4 pp out

New 1 +4.15 pp
Added 0 0.00 pp
Trimmed 3 −8.45 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 6.0 years per position

Low
Moderate
High

Top 5 positions78% of US stock

GD General Dynamics Corporation held held23.3%
unresolved Foster Wheeler AG trimmed−0.88 pp trimmed−0.8815.3%
SIG Signet Jewelers Limited trimmed−7.02 pp trimmed−7.0213.7%
unresolved Aon PLC held held12.8%
PXD Pioneer Natural Resource Co. trimmed−0.55 pp trimmed−0.5512.4%

Positions9 in this filing · 0 exited


GDGeneral Dynamics Corporation	23.31%	2,399,076	$280M	held	—	2 q
unresolvedFoster Wheeler AG	15.35%	5,405,994	$184M	trimmed−12%	−0.88 pp	2 q
SIGSignet Jewelers Limited	13.67%	1,482,995	$164M	trimmed−38%	−7.02 pp	2 q
unresolvedAon PLC	12.78%	1,701,363	$153M	held	—	2 q
PXDPioneer Natural Resource Co.	12.41%	647,666	$149M	trimmed−24%	−0.55 pp	2 q
BNYBank of New York Mellon Corporation	10.53%	3,370,000	$126M	held	—	2 q
RNRRenaissanceRe Holdings Ltd.	5.58%	625,657	$67M	held	—	2 q
KMXCarMax Inc.	4.15%	958,419	$50M	new	+4.15 pp	new
PFEPfizer Inc.	2.23%	900,000	$27M	held	—	2 q

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0000919574-14-004861
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet