Abrams Bison

Q2 2015 13F · by Gavin Abrams, portfolio manager

As of: Jun 30, 2015
Filed: Aug 14, 2015
US stock: $1.1B · prev $1.4B
Positions: 7 · 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%

Moves3 since the prior filing

0.0 pp in · −15.8 pp out

New 0 0.00 pp
Added 0 0.00 pp
Trimmed 2 −6.04 pp
Exited 1 −9.73 pp

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions87% of US stock

LB Bath & Body Works, Inc. held held39.4%
KMX CarMax Inc. trimmed+0.67 pp trimmed+0.6716.8%
IBKR Interactive Brokers Group, Inc. Class A held held10.8%
SIG Signet Jewelers Limited held held10.6%
unresolved Aon PLC held held9.3%

Positions7 in this filing · 1 exited


LBBath & Body Works, Inc.	39.37%	4,920,030	$422M	held	—	4 q
KMXCarMax Inc.	16.75%	2,709,782	$179M	trimmed−17%	+0.67 pp	5 q
IBKRInteractive Brokers Group, Inc. Class A	10.82%	2,788,553	$116M	held	—	2 q
SIGSignet Jewelers Limited	10.59%	885,000	$113M	held	—	6 q
unresolvedAon PLC	9.30%	1,000,000	$100M	held	—	6 q
GDGeneral Dynamics Corporation	7.23%	547,000	$78M	trimmed−62%	−6.71 pp	6 q
RNRRenaissanceRe Holdings Ltd.	5.93%	625,657	$64M	held	—	6 q
BNYBank of New York Mellon Corporation	—	−3,370,000	—	exited	−9.73 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0000919574-15-006374
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet