Abrams Bison

Q3 2015 13F · by Gavin Abrams, portfolio manager

As of: Sep 30, 2015
Filed: Nov 16, 2015
US stock: $911M · prev $1.1B
Positions: 8 · prev 7
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

+11.4 pp in · −18.1 pp out

New 1 +11.42 pp
Added 0 0.00 pp
Trimmed 2 −18.15 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 46% a year, about 2.2 years per position

Low
Moderate
High

Top 5 positions75% of US stock

LB Bath & Body Works, Inc. trimmed−13.15 pp trimmed−13.1526.2%
SIG Signet Jewelers Limited held held13.2%
IBKR Interactive Brokers Group, Inc. Class A held held12.1%
KMX CarMax Inc. trimmed−5.00 pp trimmed−5.0011.8%
CACC Credit Acceptance Corp new+11.42 pp new+11.4211.4%

Positions8 in this filing · 0 exited


LBBath & Body Works, Inc.	26.22%	2,651,000	$239M	trimmed−46%	−13.15 pp	5 q
SIGSignet Jewelers Limited	13.22%	885,000	$120M	held	—	7 q
IBKRInteractive Brokers Group, Inc. Class A	12.08%	2,788,553	$110M	held	—	3 q
KMXCarMax Inc.	11.75%	1,804,331	$107M	trimmed−33%	−5.00 pp	6 q
CACCCredit Acceptance Corp	11.42%	528,749	$104M	new	+11.42 pp	new
unresolvedAon PLC	9.72%	1,000,000	$89M	held	—	7 q
GDGeneral Dynamics Corporation	8.28%	547,000	$75M	held	—	7 q
RNRRenaissanceRe Holdings Ltd.	7.30%	625,657	$67M	held	—	7 q

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0000919574-15-008244
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet