Abrams Bison

Q4 2015 13F · by Gavin Abrams, portfolio manager

As of: Dec 31, 2015
Filed: Feb 16, 2016
US stock: $993M · prev $911M
Positions: 8 · 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

+10.1 pp in · −6.7 pp out

New 0 0.00 pp
Added 2 +10.08 pp
Trimmed 1 −6.74 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions76% of US stock

CACC Credit Acceptance Corp added+10.02 pp added+10.0221.4%
LB Bath & Body Works, Inc. trimmed−6.74 pp trimmed−6.7419.5%
IBKR Interactive Brokers Group, Inc. Class A held held12.3%
KMX CarMax Inc. added+0.06 pp added+0.0611.8%
SIG Signet Jewelers Limited held held11.0%

Positions8 in this filing · 0 exited


CACCCredit Acceptance Corp	21.44%	994,239	$213M	added+88%	+10.02 pp	2 q
LBBath & Body Works, Inc.	19.48%	2,017,846	$193M	trimmed−24%	−6.74 pp	6 q
IBKRInteractive Brokers Group, Inc. Class A	12.25%	2,788,553	$122M	held	—	4 q
KMXCarMax Inc.	11.81%	2,172,656	$117M	added+20%	+0.06 pp	7 q
SIGSignet Jewelers Limited	11.03%	885,000	$109M	held	—	8 q
unresolvedAon PLC	9.29%	1,000,000	$92M	held	—	8 q
GDGeneral Dynamics Corporation	7.57%	547,000	$75M	held	—	8 q
RNRRenaissanceRe Holdings Ltd.	7.13%	625,657	$71M	held	—	8 q

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0000919574-16-011177
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet